Indian Law Firm Awards - India Business Law Journal

Indian Law Firm Awards 

February 2012 

India Business Law Journal’s 

2011 

Indian Law 

Intelligence report 

Firm Awards 

India Business Law Journal celebrates a glittering 

year of achievements and the outstanding Indian law 

firms that made them possible 

Vandana Chatlani reports 

Highlights and analysis: page 34 

Winners at a glance: page 53 

India Business Law Journal 33


Fluctuations in the Indian stock markets, the 

crippling effect of the euro crisis, and the 

implementation of new legislation has kept 

lawyers on their toes over the past 12 months. 

India’s legal professionals struck deals under 

difficult and demanding conditions and there’s no sign 

that 2012 will be any easier. Indeed, lawyers are sharpening 

their tools and bulking up weaker areas of their 

practices to give clients greater comfort at a time when 

the global economy is still sagging – threatened further 

by Europe’s collapse. 

Today’s lawyers must endeavour to fulfil the needs of the 

hour. Companies are demanding a new level of restructuring 

expertise, so as to dispense with failing businesses, 

secure exits from fracturing ventures and focus on core 

competencies. Firms are also answering tax calls, setting 

up new practice areas and hiring specialists to complement 

existing knowledge. 

Equally, there is new attention on firms able to deliver 

accurate advice on the takeover code, the competition 

regime and alternative dispute resolution. Although many 

foreign clients say their choice of law firm in India is a case 

of horses for courses, others look for practices that act as 

a one-stop shop. 

With investors’ renewed emphasis on infrastructure, 

fast-moving consumer goods, renewable energy, pharmaceuticals, 

retail and other areas, 2012 promises to be 

an exciting year. While focusing on the year ahead, India 

Business Law Journal also takes great pleasure in looking 

back at a glittering past year of achievements and the outstanding 

Indian law firms that made them possible. 

Difficult choices 

As in previous years, India Business Law Journal received 

hundreds of nominations for the best law firms from international 

and Indian law firms, corporate executives and 

corporate counsel. Nominations flooded in from places as 

diverse as Singapore, London, Missouri, Mumbai, Milan, 

Gibraltar, Zurich, Vancouver, New York, Delhi, Chennai, 

Hanover and Bangalore. 

India Business Law Journal’s editorial team conducted 

extensive research, considered the deals on which the 

winning firms advised, and took into account firms’ 

internal developments in order to choose six winners 

in each category. Votes and testimonials from eminent 

firms and companies such as Yahoo!, Bain Capital India, 

Yes Bank, Vodafone, Kirkland & Ellis, Star India, Sterlite 

Technologies, Sidley Austin, Kingfisher Airlines, Larsen & 

Toubro and Procter & Gamble India, add further credibility 

to the final results. 

We recognize that the Indian legal market is peppered 

with firms of varying stature. Increasingly, the new 

entrants are offspring of legacy firms – ambitious young 

lawyers gritting their teeth and risking it all to launch their 

own practices. In some cases, veterans of India’s legal 

fraternity are going it alone, eager to call the shots and 

prove that they can flourish on the same stage as any 

established brand name. 

Firms such as Phoenix Legal, Bharucha & Partners, 

Tatva Legal, Talwar Thakore & Associates, SRGR Law 

Offices and Argus Partners may not have won awards this 

year, but this does not take away from their talent and 

growing prominence in the Indian legal market. These are 

firms to watch. 

34 

India Business Law Journal 


[Our experience with J Sagar 

Associates] has been excellent 

and unparalleled as compared 

to other firms 

Gopal Saxena 

CEO 

BSES Rajdhani Power 

Law Firm of the Year 

The coveted law firm of the year award goes to AZB 

& Partners, which picked up awards in 12 of 20 practice 

areas, a feat matched by Amarchand & Mangaldas & 

Suresh A Shroff & Co. AZB’s unruffled attitude, composure 

and tenacity following two short-lived marriages, with 

Clifford Chance and Anup S Shah, indicate that this firm 

knows how to stay on its feet in times of crisis. 

Indeed, ending its partnership with the UK magic circle 

firm may have been the best decision AZB has made. 

AZB partner Bahram Vakil told India Business Law Journal 

a year ago that “there was disappointment on both sides 

about the level of inbound and outbound work that could 

be referred and that we could do together ... Most of the 

other major firms stopped giving us work, so that made it 

a difficult year.” 

Clearly, going solo has proved worthwhile, allowing AZB 

to flourish and capture meaty mandates. The 260-strong 

firm was a key adviser on a remarkable 19 deals in India 

Business Law Journal’s 2011 Deals of the Year (see India 

Business Law Journal December 2011/January 2012). Its 

most exciting achievements include representing Vedanta 

Group on its acquisition of a 59% stake in Cairn India for 

US$8.67 billion; advising Reliance Industries on the sale of 

a 30% stake in 23 oil and gas production-sharing contracts 

to BP for US$7.2 billion; and advising Pfizer on the sale of 

its Capsugel business to Chester Holdings (an affiliate of 

Kohlberg Kravis Roberts) for US$2.4 billion. In addition, the 

firm tackled a failing joint venture and a complex IP-related 

litigation on behalf of Enercon India, and advised Morgan 

Stanley on its partnership with Spanish infrastructure firm 

Isolux Corsan to develop highway concession projects in 

India. 

In a bid to pursue its growth strategy more aggressively, 

AZB & Partners has appointed senior partner Abhijit Joshi 

as its CEO. Joshi will focus on strategic management 

issues, talent retention, recruitment and a new phase of 

development. The firm’s muscle lies not only in the proficiency 

of its top-level partners, but also in its efforts to 

groom junior associates to handle deals carefully, expeditiously 

and independently. 

“Our relationship with AZB is old and has strengthened 

over time,” says Amit Chandra, the managing director at 

February 2012


Bain Capital India. “It is amongst a very small group of 

firms that we would go to for any legal matter. AZB is truly 

building a strong multi-layer firm. Its strength is that it does 

not just rely on one or two stars. We have had great experiences 

with managing partners, as well as the second and 

third line.” 

In addition to winning the award for law firm of the year, 

AZB & Partners receives awards for banking and finance; 

capital markets; construction and real estate; corporate 

and commercial; energy, projects and infrastructure; 

mergers and acquisitions; policy and regulation; private 

equity and venture capital; privatization and disinvestment; 

structured finance and securitization; taxation; technology, 

media and telecommunications; and best overall law 

firms. 

Best overall law firms 

Joining AZB & Partners on the winners’ table for best 

overall law firms are Amarchand Mangaldas, J Sagar 

Associates, Khaitan & Co, Luthra & Luthra and Trilegal. It 

was a comfortable victory for all six firms, which picked up 

an award in this category for the fourth consecutive year. 

Amarchand Mangaldas, a consistent all-rounder with a 

rock-hard reputation in India and globally, performed well 

in almost every category. Last year, it advised ICICI Bank 

on its US$5 billion global medium-term note programme, 

State Bank of India on its €750 million (US$1 billion) euro 

bond issue and Piramal Healthcare on its purchase of 

a stake in Vodafone Essar. It also advised Reliance Life 

Insurance on the sale of a 26% stake to Japan’s Nippon 

Life Insurance for US$680 million. 

While Amarchand and AZB are far ahead of their competitors 

in most categories, the votes indicate they enjoy 

a huge lead in four areas: banking and finance; corporate 

and commercial; mergers and acquisitions; and private 

equity and venture capital. 

Amarchand’s other awards are for capital markets; competition 

and antitrust; dispute resolution; energy, projects 

and infrastructure; policy and regulation; privatization and 

disinvestment; restructuring and insolvency; and structured 

finance and securitization. 

In December, Amarchand appointed Anshuman Jaiswal 

and Siddhartha Dutta as resident partners of its Hyderabad 

and Kolkata offices. 

Just down from the top two is the mighty Luthra & 

Luthra, which seized important roles on some billion-dollar 

deals last year. It was selected to advise Alstom Bharat 

Forge Power on a US$1.2 billion project financing for its 

joint venture companies. In addition, partners Madhurima 

Mukherjee and Deepak THM guided Malaysian oil and gas 

explorer Petronas on the sale of its stake in Cairn India to 

Sesa Goa for US$2.1 billion. Its role as one of the domestic 

advisers to Monsanto in the company’s dispute with 

Nuziveedu Seeds over the parent variety of hybrids of cotton 

was a boost for the firm’s disputes practice. 

Luthra & Luthra wins awards in the following 10 practice 

areas: aviation; banking and finance; capital markets; 

competition and antitrust; construction and real estate; 

corporate and commercial; energy, projects and infrastructure; 

insurance and reinsurance; policy and regulation; and 

privatization and disinvestment. This 288-lawyer firm has 

ramped up its document and information management 

systems and recently introduced a unified system to manage 

all administrative and billing related functions. 

February 2012 


J Sagar Associates scoops up awards in nine practice 

areas. The firm’s standout roles include advising the Indian 

promoters of Hero Honda Motors on their acquisition of 

Honda Motor’s stake in Hero Honda for roughly `38 billion 

(US$800 million) and advising Hero Investments in relation 

to a `35 billion private equity investment in Hero Honda. It 

also advised the eldest Patni brother in iGate’s acquisition 

of a majority stake in Patni Computers. 

J Sagar Associates counts among its clients PepsiCo 

India, spice manufacturer McCormick, Tata Power and 

North Delhi Power, and Walt Disney. Gopal Saxena, CEO 

at BSES Rajdhani Power, enthuses: “For the past 10 years 

that we have dealt with JSA, the experience in terms of 

the quality of work, input, advice, and handling of complex 

matters involving techno-economic and regulatory 

aspects, has been excellent and unparalleled as compared 

to other firms who are in the top bracket.” 

In addition to best overall law firms, J Sagar Associates 

wins awards for banking and finance; capital markets; 

competition and antitrust; corporate and commercial; 

mergers and acquisitions; policy and regulation; private 

equity and venture capital; privatization and disinvestment; 

and structured finance and securitization. This 234-lawyer 

firm marked its 20th anniversary in November. 

Trilegal, which has steadily matured into one of India’s 

finest law firms, takes awards in seven practice areas. 

Last year, partners Anand Prasad and Christopher 

Krishnamoorthy advised International Paper, a global 

paper and packaging company, in its US$423 million purchase 

of Andhra Pradesh Paper Mills – the Indian paper 

industry’s biggest acquisition to date. 

Trilegal’s track record and finesse in the areas of infrastructure 

and banking earned it important roles on several 

India Business Law Journal Deals of the Year. The firm was a 

key adviser to Standard Chartered Bank, the lead arranger, 

in Mundra Port and Special Economic Zone’s acquisition 

of Abott Point Terminal and was also chosen to represent 

the lenders, including ICICI Bank, to facilitate Lanco 

Infratech’s acquisition of Griffin Coal Mining Company – 

one of the biggest investments by an Indian company in 

Australia. Trilegal partner Nishant Parikh, senior associate 

Rohan Ghosh Roy and associate Anirudh Agarwala acted 

for Sithe Global Power on its US$261 million investment 

in SKS Ispat and Power’s 1,200-megawatt power plant in 

Chattisgarh. 

Khaitan [& Co] has emerged as 

a formidable force in the 

Indian legal market 

Srinivas Kaushik 

Partner 

Kirkland & Ellis 



Trilegal has developed a secondment programme to 

strengthen its client service, and organizes discussion 

forums for in-house counsel, to update clients on the latest 

regulatory and market developments in India. This 160lawyer 

firm wins awards for banking and finance; corporate 

and commercial; energy, projects and infrastructure; mergers 

and acquisitions; policy and regulation; privatization 

and disinvestment; and restructuring and insolvency. 

Khaitan & Co, which received the law firm of the year 

award in 2009, receives awards this year in four practice 

areas: capital markets; corporate and commercial; mergers 

and acquisitions; and private equity and venture capital. 

The firm is a favourite of many international law firms, particularly 

in the UK market. 

Many clients offer glowing endorsements for managing 

partner Haigreve Khaitan. A member of the legal team at 

Yes Bank says he is “extremely sharp”, understands “the 

commercial nuances required to structure a deal” and is 

able to put clients at ease. “He creates win-win situations 

and his down-to-earth approach is truly appealing,” says 

the legal counsel. “He has the peculiar knack of dissecting, 

analysing and simplifying issues rather than making them 

appear extremely complex. He is not the kind of lawyer 

who creates fear in the mind of his clients.” 

Always on the hunt for new talent, Khaitan & Co hired 

in 2011 ex-Thakker & Thakker partners Anand Mehta and 

Ketan Kothari, Anindita Phukan from Bangalore-based 

Poovayya & Co, Abhilekh Verma from PAV Law Offices, and 

Sharad Abhyankar from ANS Law Associates. The firm, 

February 2012 


which celebrated its 100th anniversary in November, has 

300 lawyers, housed in its 35,000-square-foot sprawling 

office complex in Mumbai and newly renovated offices in 

New Delhi, Bangalore and Kolkata. 

Its many accomplishments in the past year include representing 

iGate on its acquisition of Patni Computers; advising 

Honda Motor on its sale of a 26% stake in Hero Honda 

Motors to Hero Investments; and acting as counsel to 

Welspun Group in one of the largest private equity investments 

in infrastructure in India. “Khaitan has emerged as a 

formidable force in the Indian legal market,” says Srinivas 

Kaushik, a partner at Kirkland & Ellis in New York. 

Aviation 

Bhasin & Co, Clasis Law, Desai & Diwanji, Gagrats, 

Luthra & Luthra and Rajinder Narain & Co all earn an award 

for their performance in the aviation sector. 

The highest number of votes went to Desai & Diwanji, 

a Mumbai-based firm which was the sole legal adviser to 

Indian budget airline GoAir on its purchase of 72 Airbus 320 

NEO aircraft. The acquisition was valued at US$7.2 billion. 

Bhasin & Co has long been a prominent name for aviation 

work, representing clients such as Air India and Thai Airways. 

Managing partner Lalit Bhasin is well known for his handling of 

commercial and contractual disputes and statutory air crash 

inquiries and specializes in drafting aircraft purchase agreements, 

lease and security agreements, finance agreements, 

and work on maintenance, repair and overhaul issues. 



Gagrats, at the forefront of many aviation transactions, 

last year advised long-standing client Jet Airways on the 

lease of 20 aircraft from an Irish special purpose vehicle 

(SPV) of GE Capital Aviation Services (GECAS) and five 

aircraft from an Irish SPV of the Bank of China. It also represented 

the airline on the sublease of its 777 aircraft to 

Thai Airways. 

Rajinder Narain & Co is a full-service firm but its aviation 

practice is one of its strongest. Partner Ravi Nath, 

an aviation expert, regularly advises on cross-border 

aircraft financing. His clients include Boeing, Barclays 

Bank, Aviation Capital Group, GECAS, Bank of America, 

Airbus, Deutsche Bank, Babcock & Brown, Macquarie and 

Bombardier. Nath was formerly the chair of the aviation 

committee of the International Bar Association. 

Less than a year old, Clasis Law wins support from clients 

and peers for its knowledge of aviation law. The firm, 

which is a breakaway from ALMT Legal, hired partner and 

aviation finance specialist Sidanth Rajagopal from its best 

friend-firm Clyde & Co last July. Dual-qualified in India, and 

England and Wales, Rajagopal has represented lenders, 

lessors and airlines on the financing, leasing and purchase 

of aircraft. 

Clients offer glowing endorsements of Rajagopal’s work. 

“Sidanth has several years of experience in aviation starting 

from Luthra & Luthra in India and then to Clyde & Co in 

London where he has sharpened and updated his knowledge 

of aviation law as well as the business side of aviation 

extensively,” says Bharath Raghavan, chief legal officer 

and company secretary at Kingfisher Airlines. “The important 

facet of Sidanth’s functioning is that he keeps himself 

abreast of developments in Indian law as well as the broad 

aviation market in general, and draws upon his experience 

to apply it in relevant transactions going forward.” 

Aviation is a core practice area for Luthra & Luthra, the 

other winner in this category. The firm advises clients on 

aircraft purchase contracts, aircraft financing transactions, 

syndicated loan agreements in relation to cross-border 

aircraft financing, fleet-wide maintenance contracts, 

buyer-furnished equipment purchase contracts, and the 

restructuring of airline companies. Last year, the firm represented 

Lufthansa Airlines and Austrian Airlines before 

the Competition Commission of India (CCI) in a dispute 

between the Travel Agents Association of India (TAAI) and 

a host of foreign airlines. TAAI had alleged that the foreign 

airlines were breaching India’s competition regulations by 

refusing to give commissions or pay transaction fees to 

travel agents for ticketing services. The CCI ruled in favour 

of the airlines. 

Banking and finance 

Luthra & Luthra also collects an award for banking 

and finance. Led by partners Piyush Mishra and Sameen 

Vyas, Luthra advised a consortium of 27 lenders led by 

Power Finance Corporation on a `121.4 billion loan to KSK 

Mahanadi Power Company. The loan – a senior secured 

syndicated rupee term and letter of credit facility – was for 

the construction and operation of a 3,600-megawatt coalfired 

thermal power project in Chattisgarh. “Luthra & Luthra 

is one of the best,” says a manager at an Indian bank in 

Mumbai. 

Luthra shares this award with Amarchand Mangaldas, 

AZB & Partners, J Sagar Associates, Trilegal and Wadia 

Ghandy & Co. 

38 



[S&R] probably possess the best 

drafting skills in any Indian firm 

Sumit Saha 

Vice-President and 

General Counsel 

DE Shaw & Co 

Wadia Ghandy & Co’s clients include HDFC Bank, Kotak 

Bank, HSBC and Barclays Capital. Last year, it opened two 

new offices, in New Delhi and Singapore, to better serve 

its domestic and international clients. In December, the 

firm advised Barclays India on the sale of its credit card 

business to the Indian arm of Standard Chartered Bank. 

Trilegal partner Nishant Parikh, counsel Sakya Singha 

Chaudhuri and senior associate Rahul Singh advised 

Standard Chartered India on the purchase and helped the 

bank obtain clearance from the CCI. 

Capital markets 

The winners in the capital markets category are Amarchand 

Mangaldas, AZB & Partners, J Sagar Associates, Khaitan & 

Co, Luthra & Luthra and S&R Associates. 

Amarchand Mangaldas continues to bulldoze the competition 

on capital markets transactions. It was a legal 

adviser on 80% of India Business Law Journal’s capital 

markets Deals of the Year, representing clients such as Tata 

Steel, JSW Ispat Steel and State Bank of India, and was 

the sole Indian legal counsel on ICICI Bank’s global US$5 

billion medium-term note programme. 

S&R Associates, a full-service firm, has developed an 

enviable reputation for its skill in navigating capital markets 

deals. The firm was counsel to MakeMyTrip on its 

US$134.1 million follow-on public offering of 5.5 million 

shares on the Nasdaq global market. This was the only 

public offering by an India-focused company registered 

with the US Securities and Exchange Commission in 2011. 

In addition, S&R represented the underwriters on L&T 

Finance Holdings’ `12.4 billion initial public offering in India 

– the largest IPO in the private sector in India in 2011. 

Douglas Liedberg, associate general counsel at Dana 

Holding Corporation in Ohio, describes S&R as a “terrific 

firm” which offers “consistently high quality of service”. 

Helen Lamprell, corporate and commercial group legal 

director at Vodafone, is an admirer of S&R’s “first class” 

drafting. “S&R have provided excellent support across a 

very broad range of matters,” says Lamprell. “They are 

uniformly highly responsive with practical nuanced legal 

advice. The quality throughout the firm from partners to the 

most junior associates is very strong. We work most closely 

with Rajat Sethi and appreciate greatly his calm manner in 

sometimes challenging situations.” 

February 2012


Sumit Saha, vice-president and general counsel at DE 

Shaw & Co, says S&R “probably possess the best drafting 

skills in any Indian firm and tend to be highly responsive to 

client needs”. Saha particularly appreciates S&R’s responsiveness 

and ability to deliver results within compressed 

time frames. “Sandip Bhagat is a seasoned capital markets 

lawyer with exceptional technical skills and very good judgment,” 

he adds. 

Luthra & Luthra was also busy on the capital markets 

front, advising the bookrunners on Canara Bank’s US$445 

million qualified institutional placement, while AZB & 

Partners played a role on Vedanta Resources’ US$1.65 

billion bond offering. J Sagar Associates aided the joint 

lead managers and bookrunners on State Bank of India’s 

US dollar and euro bond issue while Khaitan & Co flexed 

its capital markets muscle advising on multimillion-dollar 

rights issues for Central Bank of India and hospitality 

group EIH. 

Competition and antitrust 

This category includes key architects of India’s competition 

law. Best known among them is Vinod Dhall, a former 

chairperson of the CCI who spearheads a boutique competition 

law practice, Dhall Law Chambers. Last year, the 

firm recruited three India-qualified competition lawyers. 

Dhall assisted Disney in gaining CCI approval for its acquisition 

of UTV Software Communications. 

The firm also represented Sumitomo in the first foreign- 

February 2012 


to-foreign CCI filing, for its merger with fellow steel major 

Nippon. It was a complex case as the parties were Japanbased 

and had eight overlapping products in the Indian market. 

Masaki Hanai from the legal department at Sumitomo 

Metal Industries worked with associate Sonam Mathur on 

the deal. “She had very good communications with us as 

well as with the CCI,” says Hanai. “She made efforts and 

duly helped us in obtaining CCI approval.” 

Joining Dhall Law Chambers in the winners’ circle are 

Amarchand Mangaldas, Economic Laws Practice, J Sagar 

Associates, Luthra & Luthra and P&A Law Offices. 

Pallavi Shroff, head of Amarchand’s competition practice, 

was one of nine members of the High Level Committee on 

Competition Policy and Law led by SVS Raghavan. In 

September, the firm assisted NHK Japan and NHK India in 

securing CCI approval to acquire the BCL Springs Division 

of Bombay Burmah Trading Corporation. 

Anand Pathak, the managing partner at P&A Law Offices, 

is another stalwart on the competition stage. Pathak was 

part of a committee led by Dhanendra Kumar, a former 

chairperson of the CCI, that was called together last year to 

discuss the implementation of a national competition policy 

and recommend measures to be taken by the government. 

Pathak represented MCX Stock Exchange in a case where 

the National Stock Exchange of India (NSE) was accused 

of abuse of dominant position. The CCI found that the NSE 

had abused its dominant position in terms of section 4(2)(a) 

(ii) and 4(2)(e) of the Competition Act. The NSE was ordered 

to stop “unfair pricing, exclusionary conduct and unfairly 



40 

[HSA Advocates has] 

good commercial lawyers 

who are easy to work with 

Martijn Wilder 

Partner 

Baker & McKenzie 

using its dominant position”, and to pay a penalty of `555 

million. 

Economic Laws Practice won the opportunity to draft 

Afghanistan’s new competition law in an open tender conducted 

by Adam Smith International, a UK-based governance 

and economic consultancy. Last year, the firm was 

also engaged by Google for advice on Indian merger control 

requirements in preparation for its global acquisition of 

Motorola Mobility. “Economic Laws Practice has proven to 

be very good and I am very impressed with Samir Gandhi, 

their competition law partner,” says Deepak Jacob, executive 

vice-president and general counsel of legal and regulatory 

affairs at Star India. 

Luthra & Luthra won a case last May when the CCI 

imposed fines of `100,000 each on 27 film producers that 

were charged with colluding through a cartel to exploit 

cinema owners. The case related to a strike in 2009 by film 

producers who refused to screen their films in multiplexes 

due to a dispute with cinema owners over revenue-sharing 

arrangements. This was the first time the CCI imposed a 

penalty for the abuse of dominant position. Senior partner 

Bobby Chandhoke, partner GR Bhatia and senior associate 

Ravisekhar Nair advised FICCI-Multiplex Association of 

India in the case. 

Construction and real estate 

AZB & Partners, Federal & Rashmikant, Hariani & Co, 

Kanga & Co, Luthra & Luthra and Wadia Ghandy & Co all 

pick up a prize for construction and real estate. 

Kanga & Co helped the Ajay Piramal Group gain the 

development rights for a seven-acre plot in Byculla, 

Mumbai. The group acquired the land from Mafatlal 

Industries for `7.5 billion. Because the government was a 

lessor of the land, Kanga had to address claims made by 

the government in relation to the transfer. The firm also had 

to deal with interests created in favour of third parties and 

issues arising out of regulations relating to the redevelopment 

of mill lands. 

“We are a contented client of Mr ML Bhakta at Kanga & 

Co, who was recommended to us many years ago, and we 

appreciate the excellent help and advice he gives us with all 

legal matters in India,” says the associate director at a UK 

company. ”We have also had occasion to be involved with 

Hariani & Co, whom we also found excellent,” he says. 



Hariani & Co, a 79-lawyer firm with offices in Mumbai, 

Pune and Goa, has been a consistent leader for real 

estate work. Last year, it negotiated several terms and 

conditions in a construction contract for a large development 

that its client planned to issue to a Korean 

construction company. It was also involved in real estate 

litigation and acquisitions. The firm’s clients include 

IL&FS, Oberoi Realty, Ackruti City, Dheeraj Realty and 

Parmar Builders. 

Wadia Ghandy & Co worked on the sale and transfer 

of a 100-acre plot belonging to Bayer CorpScience in 

Thane, which had been on the market for three or four 

years. The deal involved a complex title as well as negotiations 

with multiple bidders. Federal & Rashmikant was 

one of the advisers to the successful bidder, Agile Real 

Estate. 

Corporate and commercial 

The winners for corporate and commercial work 

are Amarchand Mangaldas, AZB & Partners, J Sagar 

Associates, Khaitan & Co, Luthra & Luthra and Trilegal. 

Saxena at BSES Rajdhani Power says of J Sagar 

Associates: “The diligence, eye for detail, anticipation 

of problems and issues is remarkable, which helps our 

company obviate and pre-empt adverse situations and 

possibilities.” Pramod Chaudhari, executive chairman 

at Praj Industries, a client of the firm for over 15 years, 

commends it for being “very thorough, professional, 

offering an integrated approach and understanding 

practical difficulties”. 

Amarchand is also well appreciated. “I work with two 

legal firms – Amarchand Mangaldas and Trilegal – and 

they are equally competent,” says Upinder Singh at 

Larsen & Toubro. Another client says Amarchand is 

“always helpful and prompt”. 

Nasser Kabir, vice-president of legal at Indian pharmaceutical 

company Strides Arcolab, says of Luthra & 

Luthra and AZB & Partners: “They give us the attention 

and focus we seek and are a bunch of talented people.” 

Sandeep Deshmukh, company secretary and head 

of legal at Sterlite Technologies, uses Khaitan & Co 

because it “provides all kinds of services”. Deshmukh 

adds that the firm is “professional, well structured” and 

offers “quality inputs and timely delivery”. 

[Raian Karanjawala has taught] 

me all the nuances of 

litigation strategy 

Nasser Kabir 

Vice President – Legal 

Strides Arcolab 

February 2012


Dispute resolution 

Victorious in the category of dispute resolution are 

Amarchand Mangaldas, Federal & Rashmikant, Karanjawala 

& Co, Mulla & Mulla & Craigie Blunt & Caroe, PH Parekh & 

Co and Wadia Ghandy & Co. 

Karanjawala & Co, a 58-lawyer firm, frequently appears 

on behalf of clients such as Tata Sons, Procter & Gamble 

and Hindustan Times. The firm has advised Procter & 

Gamble India for over 15 years, providing litigation and 

drafting support, legal advisory and references for counsel 

in courts across India. “I would give them 10 out of 10,” 

says Amit Vyas, general counsel at the company. “They are 

very reliable, dependable and in tune with the ethical conduct 

standards of Procter & Gamble.” Vyas recommends 

Ruby Singh Ahuja for all matters and also praises Kavin 

Gulati, Gauri Subramanian and Darpan Wadhwa. “Apart 

from subject mastery they are also deep into creative legal 

support,” he says. 

Kabir at Strides Arcolab credits Raian Karanjawala for 

“teaching me all the nuances of litigation strategy and how 

the handle a matter end to end”. 

Karanjawala & Co has represented former telecom 

minister A Raja, his former aides and corporate bosses in 

their defence against corruption charges related to the 2G 

spectrum scam. Representing Tata Group chairman Ratan 

Tata before the Supreme Court of India, the firm filed a writ 

petition against the government and its agencies to enquire 

into the leakage of a private conversation between Tata and 

February 2012 


Nira Radia, a political lobbyist. Tata has asserted his right 

to privacy under article 21 of the constitution. The matter 

will be heard later this year. 

Mulla & Mulla’s strong shipping practice is bringing in 

an increasing amount of court work. The firm acted for 

Halcyon Ocean Shipping, a subsidiary of Far Eastern 

Horizon, which is part of a large Chinese shipping group. 

Mulla & Mulla secured a judgment in favour Halcyon in 

Bombay High Court when its vessel MV Tongli Yantai was 

arrested in the Port of Chennai. 

Pravin Parekh, who founded PH Parekh & Co, is currently 

the president of the Supreme Court Bar Association 

(SCBA), after serving for four terms as the SCBA’s president 

from 2004 until 2009. He has appeared for clients including 

Reliance Industries, Gujarat Gas, Indian Oil Corporation, Taj 

Group of Hotels, the Indian Sugar Mills Association, HSBC, 

State Bank of India, Air India and the National Institute of 

Fashion Technology. The firm continues to attract highprofile 

clients. 

Employment and industrial relations 

Kochhar & Co wins this award for the third time. The 

firm’s employment practice is co-chaired by senior partner 

Manishi Pathak, a frequent speaker on labour law issues. 

Pathak advises clients on employment documentation and 

employee handbooks, stock option schemes, termination 

of employment, transfer of employees, and litigation. 

Majmudar & Co, another winner, draws generous praise 



from clients. “Majmudar is a quality outfit,” says a partner 

at a UK law firm. “We have worked with them on joint 

mandates for clients such as Rolls-Royce, Capita Group, 

Goldman Sachs and Barclays. The feedback we get is that 

they are not the largest firm, but they’re upper midmarket.” 

Managing partner Akil Hirani is recommended as are partners 

Neerav Merchant and Rukshad Daver. Daver joined 

the firm in January 2011. The firm advises on all aspects of 

employment law, as well as employment due diligence and 

IP audits of Indian companies. 

“I really enjoyed working with Majmudar & Co,” says 

Sven Hettesheimer, legal counsel at KSPG, a German automotive 

supplier. “The legal support being provided was 

excellent and always very speedy.” He adds that the firm is 

“very business-orientated” and capable of “finding creative 

solutions for the problems we faced in our negotiations.” 

Other winners in this category are Crawford Bayley & Co, 

DSK Legal, Mulla & Mulla and Singhania & Partners. 

Crawford Bayley’s clients include Hindustan Unilever, 

Asian Paints, Bombay Dyeing, Piramal Healthcare and 

Essar Steel. Senior partner Darius Shroff is a labour 

law expert and advises on a variety of employment law 

matters. 

Singhania & Partners’ employment practice is led by 

senior partner Sunil Kumar and partner Shambu Sharan. 

Both advise clients on India’s complex and rigid labour 

laws and offer solutions on the gamut of employment law 

questions. The firm handles employment claims and disputes 

in addition to providing advice in non-contentious 

matters. 

DSK Legal’s employment team offers expertise on Indian 

labour laws and regulatory requirements for employers, 

drafting and reviewing of employment contracts and 

employee manuals, due diligence reviews of employment 

law compliance, advice on data protection and privacy, 

and guidance on termination strategies and retirement 

policies. The firm’s lawyers receive widespread praise, particularly 

managing partner Anand Desai. “Anand Desai has 

always been an excellent lawyer and a man who is always 

available to clarify difficult issues in the simplest terms,” 

says Kabir at Strides Arcolab. 

Energy, projects and infrastructure 

The majority of winners in this category have also 

picked up awards for best overall firms. Excellent past 

performance on projects and infrastructure has ensured 

that Amarchand Mangaldas, AZB & Partners, Luthra & 

Luthra and Trilegal continue to be magnets for such work. 

Outstanding work and acumen catapulted HSA Advocates 

(formerly Hemant Sahai Associates) and Link Legal into the 

remaining spots. 

Amarchand and Luthra & Luthra have had great success 

advising on the financing of large India projects. Amarchand 

enjoys a huge lead in votes in this category. Last year, it 

advised GE Energy Financial Services on its agreement to 

invest US$50 million in India-based clean energy developer 

Greenko Group to develop wind projects in India. 

Martijn Wilder, a Sydney-based partner at Baker & 

McKenzie who is head of the firm’s global environmental 

markets and climate change practice, has consulted HSA 

on climate change, energy and environment matters, M&A 

and regulatory matters. Wilder says Baker & McKenzie was 

initially doing a lot of climate change and renewable energy 

work and HSA was recommended as the go-to firm. “They 

February 2012 


Experience with K&S Partners, 

particularly with Mr Ravi Bhola, 

has been very good 

Charanjit Sehgal 

Head of IPR 

Arch Pharmalabs 

built up a real expertise in this area which over time has 

made them the legal leader in this area,” he says. Wilder 

continues to work with the firm because of its “expertise, 

excellent advice” and because it has “good commercial 

lawyers who are easy to work with”. 

Last year, the firm acted as the sole legal adviser to 

Novatec Solar on its equity investments and solar projects 

in Gujarat. It represented another German company, Allianz 

Climate Solutions, on its investments in hydro projects in 

Sikkim. The firm was also appointed as the legal adviser for 

the Mumbai Trans Harbour Link project. 

Litigation specialist Meenakshi Arora and banking lawyer 

Anjan Dasgupta joined the firm last April. Abhishek Dutta 

and Nand Kishore were poached from BMR to launch 

HSA’s indirect tax practice last June. 

Wilder recommends managing partner Hemant Sahai 

and partner Aparajit Bhattacharya. “I used a few [law 

firms in India] many years ago but now only use HSA 

as they are very reliable and all our international clients 

including Asian Development Bank, Macquarie Bank, JP 

Morgan, Rabobank, HP, etc., are very, very happy with 

them.” 

Link Legal was a legal adviser on four of India Business 

Law Journal’s 10 infrastructure Deals of the Year. Partner 

Ajay Sawhney was the project counsel to turbine manufacturer 

Suzlon Energy on its agreement with Mytrah Energy 

India to develop wind power projects across India. Trilegal 

partner Charandeep Kaur advised Mytrah on the US$1.28 

billion deal. Link Legal also advised a consortium of lenders 

on a US$937 million loan for Moser Baer Power’s Jaithari 

thermal project and a US$470 million loan facility for 

NTPC’s power project in Bihar. 

Insurance and reinsurance 

Tuli & Co, a 20-lawyer insurance boutique led by Neeraj 

Tuli, handles exclusively contentious and non-contentious 

insurance and reinsurance mandates and commercial litigation 

and dispute resolution matters. 

The firm, a pioneer in insurance work, continues to 

receive instructions on high-value and complex insurance 

and reinsurance disputes. The firm has been instructed on 

a directors and officers liability claim arising from litigation 

in Australia against an Indian company concerning a 

long-term coal supply agreement. The claim value exceeds 



US$3.5 billion. It has also been engaged to provide errors 

and omissions coverage advice in relation to proceedings 

initiated by a European entity against a major Indian software 

company for the negligent provision of services. The 

claim value in this case is around US$100 million. 

Tuli & Co has reviewed the terms and conditions of 

Metlife India Insurance’s products, reviewed its reinsurance 

treaties and provided general advice on insurance matters. 

Anil PM, deputy director of legal at Metlife, recommends 

Celia Jenkins and Neeraj Tuli “for their insurance domain 

knowledge and quality of work product”. 

Praveen Gupta, managing director and CEO of Raheja 

QBE General Insurance Company, shares a “long-standing 

and highly satisfying professional relationship” with Tuli 

& Co. Gupta consults the firm on product development 

and occasionally on regulations and related claims. He 

describes his experience with the firm as “exceptional”, 

adding that its focus, diligence and quality of professional 

work is outstanding”. Neeraj Tuli, Celia Jenkins and Mrinal 

Ojha are “great professionals”, he says. 

Mumbai-based Desai & Chinoy provides all kinds of legal 

advice and enjoys a strong reputation in the field of insurance. 

This is the first time the firm has received an award 

from India Business Law Journal. Partner Phiroze Mehta 

is often singled out as an insurance specialist. Associate 

Bakhtawar Daruvala also focuses on insurance, including 

litigation matters. 

Fellow Mumbai firm Solomon & Co is favoured for contentious 

insurance work. In addition to handling insurance 

44 



[Sidharth Chopra at Saikrishna 

& Associates] handles work 

independently and with great 

alacrity and proactiveness 

Deepak Jacob 

Executive Vice-President and 


Star India 

claims and disputes, veteran practitioner Jonathan Solomon 

also handles civil disputes, domestic and international arbitration, 

securities and finance claims and disputes, and 

regulatory inquiries. His astuteness on insurance matters 

has been described as “first class”. 

Clients speak enthusiastically of their experiences with 

February 2012


the firm. “Aaron Solomon’s sound knowledge of legal 

issues and practical approach made me choose Solomon 

& Co for legal advice,” says Rachna Singh, senior legal 

counsel at HSBC India. “I have known Aaron for many 

years now and it has always been a pleasure to work with 

him. His solution-oriented approach is his biggest plus 

point. I have interacted with Solomon & Co on various 

corporate law-related issues and have always found their 

service prompt, cost-efficient and of high quality.” 

Few firms have a specialized focus on the tightly regulated 

insurance sector so only five winners were chosen in 

this category. The other winners are Luthra & Luthra and 

Mulla & Mulla. 

Intellectual property 

A more popular niche specialization is intellectual property. 

India is peppered with dozens of IP boutiques, the 

oldest being award winner Remfry & Sagar. 

Remfry & Sagar owes much of its fame and fortune to 

senior partner Vidya Sagar who, sadly, passed away last 

March. A legendary figure among the IP fraternity and one 

of India’s most formidable IP lawyers, he is remembered 

as a strong-willed visionary who contributed immensely to 

the development of IP in India. As one IP lawyer remarked: 

“What Dr Sagar has built is not just another IP law firm. It 

is an institution in itself. In the early 1990s, IP in India was 

only Remfry & Son. Although the scenario has changed, 

Remfry & Sagar has retained its position as an institution.” 

Despite Sagar’s loss, the firm appears to be in good 

hands with managing partner Ashwin Jhulka at the helm. 

Last May, the firm secured a favourable decision for client 

Gorbatschow Wodka, whose trademark rights in the 

unique shape of a vodka bottle were recognized and 

upheld. In October, the firm persuaded the Delhi Patent 

Office to reject three pre-grant oppositions against against 

a patent application covering retapamulin, an antibiotic 

developed by GlaxoSmithKline and SmithKline Beecham. 

The objections raised were based on a lack of inventiveness. 

The decision is a rare instance where the applicant 

succeeded in overcoming the opponents’ objections under 

section 3(d) of the Patents Act. 

The firm’s list of clients includes Audi, Sony, Porsche, 

Procter & Gamble Singapore, Carlsberg India and The 

Financial Times. Jon Webster, senior trademarks counsel 

at Bausch & Lomb, praises Remfry & Sagar for being 

“practical, responsive and creative”. 

Among Anand and Anand’s clients are Huawei, Tata 

Sons, Mars, Abbott Laboratories, Toyota Motors, Philips 

India and Visa International Service Association. Anand 

and Anand is keen to develop its expertise in new areas of 

IP such as plant variety registration and litigation, customs 

and border enforcement of patent rights, sports law and 

geographical indications cases. 

Last year, the firm obtained ex parte interim injunctions 

against the defendants in four patent cases: Vifor 

(International) Ltd v Dr D Mohan Rao & Ors, United Phosphorus 

Pvt Ltd v M/s Gujarat Pesticides, Yuhan v Ajanta and Dong 

and A Pharma Co Ltd v Emcure Pharmaceuticals Ltd. The 

firm has also helped restrain parties from counterfeiting 

and infringing trademarks for clients such as Ferrero 

Rocher, Louis Vuitton and Zippo. 

Clients describe managing partner Pravin Anand as 

“articulate” and “by far the best”. “He is a pioneer in IPR 

litigation,” says Kabir at Strides Arcolab. “All of us owe a 

February 2012 


lot to how he handled IPR issues and the rulings that help 

us now.” 

Anand and Anand plans to publish an IP comic book this 

year. 

Krishna & Saurastri, K&S Partners, Saikrishna & 

Associates and Singh & Singh also win awards for intellectual 

property. 

Mumbai-based Krishna & Saurastri has initiated more 

than 2,500 criminal cases across India over the past 10 

years, relating to food, medicine, cosmetics, clothing, footwear, 

textiles, engineering, electronic goods, automobiles 

and more. The firm is headed by Sunil Krishna and Manish 

Saurastri. Krishna counsels a wide range of Indian and 

multinational clients on the development of IP portfolios, 

licensing and joint ventures. 

The modest K&S Partners is a quiet yet powerful contender 

for path-breaking IP work. The firm boasts dynamic 

litigators and effective trademarks, copyright and patents 

practices. “Experience with K&S Partners, particularly with 

Mr Ravi Bhola, has been very good,” says Charanjit Sehgal, 

head of IPR at Arch Pharmalabs in Mumbai. 

Another standout firm for IP litigation is Singh & Singh. 

Led by the driven and vivacious Pratibha Singh, this firm 

has “done a lot of work on patent litigation, winning most 

cases” according to one peer. 

Noida-based Saikrishna & Associates is a young firm not 

to be underestimated. Representing the likes of eBay India, 

Walt Disney, Pfizer and Microsoft, Saikrishna has proved 

that it has the gumption and talent to win big clients and 

bigger cases. Despite its heavy workload, the firm makes 

time to actively assist I-Probono, an online network offering 

free advice through a network of lawyers. The firm has 

advised TARSHI (Talking About Reproductive and Sexual 

Health Issues) – an NGO based in New Delhi – on IP and 

IT laws. 

The firm recruited five associates last year taking its head 

count to 32. 

Jacob at Star India has consulted Saikrishna primarily on 

IP and litigation matters but now uses the firm for all media 

and entertainment-related legal issues including laws relating 

to the Telecom Regulatory Authority of India. “They 

have outstanding turnaround times, personalized services, 

highly competent and skilled lawyers with very good legal 

understanding, not only on substantive laws but also on 

procedural aspects,” says Jacob. He commends Sidharth 

[Mulla & Mulla has a] high 

reputation with overseas 

investors 

Andrea Clavarino 

CEO 

Coeclerici Logistics 



Chopra, having worked with him since he first joined the 

firm. “After eight years of practice he now advises, opines 

and handles work independently and with great alacrity 

and proactiveness,” says Jacob. 

Mergers and acquisitions 

The award for mergers and acquisitions is dominated by 

some of India’s largest firms due to the sheer volume of 

big-ticket and complex deals channelled their way. For tips 

and tactics on India-related shopping, these are the firms 

to call: Amarchand Mangaldas, AZB & Partners, Desai & 

Diwanji, J Sagar Associates, Khaitan & Co and Trilegal. 

The M&A heavyweights bagged roles on a spate of 

big-ticket deals last year: AZB & Partners on Reliance 

Industries’ US$7.2 billion stake sale to BP; Khaitan & Co 

and J Sagar Associates on iGate’s acquisition of Patni 

Computers; Amarchand on Piramal Healthcare’s stake in 

Vodafone Essar; Desai & Diwanji and J Sagar Associates 

on Saint Gobain’s purchase of Electrotherm’s pipe division; 

and Trilegal and Khaitan & Co on the International 

Paper deal. 

“Khaitan played a stellar role in the iGATE-Patni deal,” 

says Kaushik at Kirkland & Ellis. 

AZB & Partners leads the scoreboard having advised on 

five out of 12 of India Business Law Journal’s Deals of the 

Year. “When a deal needs an Indian magic circle name, you 

don’t get any better than Zia Mody, Bahram Vakil and their 

team,” says the head of the India practice at a UK law firm. 

46 


Policy and regulation 


Law firms usually receive either a token fee or no remuneration 

at all when called on to draft legislation in new 

and emerging areas. However, these assignments are still 

attractive. Most lawyers hope that accepting them will 

sweeten their relationships with ministers and bureaucrats 

in the long run. 

Amarchand Mangaldas, AZB & Partners, Economic Laws 

Practice, J Sagar Associates, Luthra & Luthra and Trilegal 

win awards for their prowess in the category of policy and 

regulation. 

Luthra & Luthra has long worked on government policy 

projects. Mohit Saraf, a senior partner at the firm, was 

hired several years ago by the National Council of Applied 

Economic Research, which had been contracted to draft 

India’s Electricity Act. 

J Sagar Associates has advised and acted for BSES 

Rajdhani Power on a range of policy and regulatory issues 

related to tariff determination, tariff orders and proceedings 

before the Appellate Tribunal for Electricity, Delhi 

High Court, the Supreme Court and the State Regulatory 

Commissions. “For policy, regulatory and contentious matters 

before various fora, JSA has given excellent results in 

having tricky policy issues and precedent-setting matters 

decided in favour of the discoms [distribution licensees],” 

says Saxena at BSES Rajdhani Power. “The JSA regulatory 

and policy practice is perhaps unequalled in thought 

leadership and expertise on diverse issues related to the 

February 2012


electricity sector, their forte being domain knowledge.” 

Saxena applauds Amit Kapur and Anupam Varma for 

“their outstanding contribution and excellent advisory role 

as well as their handling and arguing of matters for us. 

Both of them have superb domain knowledge and depth of 

understanding.” 

Private equity and venture capital 

The past year has been relatively buoyant from a private 

equity perspective. India witnessed a healthy dose of 

new funding in infrastructure, retail, water and wastewater, 

power, real estate and the automotive sector, among 

others. 

One of the most talked about deals was Hero’s acquisition 

of Honda’s shares in Hero Honda, funded by BC India 

Private Investors II, an affiliate of Bain Capital, and Lathe 

Investment, a subsidiary of Government of Singapore 

Investment Corporation (GIC). Anil Kasturi, a partner at 

AZB & Partners, advised Bain, while partners Vishwang 

Desai and Vihang Virkar and associate partner Shyam 

Pandya at Desai & Diwanji advised GIC. 

“Apart from AZB, we also work closely with Amarchand 

Mangaldas, who we regard highly,” says Chandra at Bain 

Capital India. “We have also had some exposure to Desai 

Diwanji and J Sagar Associates. We think highly of all these 

firms and would be surprised if they would not be in any list 

of leading Indian law firms.” 

Samir Gandhi, a partner at Sidley Austin, is another 

fan of J Sagar Associates. “Varghese Thomas from J 

Sagar Associates worked on the investment by Equity 

International into SAMHI and was outstanding,” he says. 

International clients have been equally impressed with 

the quality of Khaitan & Co and AZB & Partners, says 

Kaushik at Kirkland & Ellis. 

DSK Legal is also showered with praise. “Raksha Kothari 

and Nirav Shah at DSK Legal stand out as two outstanding 

lawyers who are both very humble and knowledgeable,” 

says Kabir at Strides Arcolab. The firm opened an office in 

Bangalore last year and moved to new premises in Mumbai 

and New Delhi to accommodate its expanding practices. 

Joining Amarchand Mangaldas, AZB & Partners, DSK 

Legal, J Sagar Associates and Khaitan & Co in the category 

of private equity and venture capital is Nishith Desai 

Associates. 

Nishith Desai Associates hired 15 lawyers last year 

and currently has a headcount of 71 professionals. The 

firm’s beefy private equity practice draws clients such as 

Pacific Alliance Group, ICICI Venture, Providence Equity 

Advisors, Aditya Birla Private Equity Fund, Nirvana Venture 

Advisors, SEAF Agribusiness Fund, IndiaReit Domestic 

Fund, Blackstone, Kaizen Private Equity, Sequoia Capital 

India, Everest Capital and Silicon Valley Bank India. “They 

were very good, very professional and have the resources 

to support large transactions,” says the managing director 

at an alternative investment firm. 

Privatization and disinvestment 

Disinvestments by large state-owned companies 

require extensive legal and financial expertise. The Indian 

government’s disinvestment programme raised `221.44 

billion in fiscal 2011, including US$3.4 billion raised from 

the Coal India IPO. Other successful disinvestments 

include offerings by Power Finance Corporation, MOIL 

February 2012 


Bose & Mitra has strong and 

particular expertise in 

maritime matters 

Charles Cummings 

Partner 

Baker & McKenzie 

and Power Grid Corporation. 

The government’s divestment target for 2012 is an ambitious 

`400 billion. Large public follow-on offerings are 

expected from Oil and Natural Gas Corporation and other 

public-sector enterprises. 

AZB & Partners and Amarchand Mangaldas both worked 

on Power Finance Corporation’s US$1 billion FPO – one of 

the largest FPOs in India last year. It consisted of a fresh 

issue of equity shares and additional shares, and was 

marketed in the US and elsewhere under Rule 144A and 

Regulation S. 

The six firms awarded in this category are Amarchand 

Mangaldas, AZB & Partners, Crawford Bayley & Co, J 

Sagar Associates, Luthra & Luthra and Trilegal. 

In the past, Crawford Bayley has advised the Indian government 

on its disinvestment in Videsh Sanchar Nigam and 

its sale of a stake in Steel Authority of India. 

Praveen Verma, manager of the legal department 

at Power Finance Corporation, considers Amarchand 

Mangaldas, Trilegal and Luthra & Luthra to be among the 

top law firms in India “as far as the delivery and deal opinions 

are concerned”. 

Restructuring and insolvency 

Many lawyers have expressed concerns about whether 

India’s lawyers have the skills required to undertake the 

wave of restructuring work expected this year. The firms 

that have recognized restructuring practices win awards in 

this category. They are Amarchand Mangaldas, Dhir & Dhir, 

Kaden Boriss (formerly Kesar Dass B & Associates), Mulla 

& Mulla, Sibal & Co and Trilegal. 

Experienced litigator Vivek Sibal of Sibal & Co is widely 

acclaimed for his insolvency work, arguing cases for clients 

before forums such as the Board for Industrial and 

Financial Reconstruction and the Appellate Authority for 

Industrial and Financial Reconstruction. Sibal is a member 

of INSOL India, an affiliate of INSOL International, which is 

a global federation of lawyers and accountants who specialize 

in insolvency. 

Dhir & Dhir specializes in corporate reorganization, corporate 

insolvency, M&A deal structuring and corporate 

litigation. Managing partner Alok Dhir along with Maneesha 

Dhir, Nilesh Sharma and Purti Marwaha are identified as 

experts in the field. 



48 

[Economic Laws Practice 

offers] personalized attention 

and strategizing 

Sandeep Deshmukh 

Company Secretary 

and Head of Legal 

Sterlite Technologies 

Trilegal worked on the restructuring of the debt portfolios 

of Share Microfin and Asmitha last year. Both companies 

had diversified loan portfolios and each had raised debt 

capital from over 30 banks and financial institutions. In 

addition, both entities had raised substantial equity capital 

from non-resident private equity investors. 

Kaden Boriss, a firm with offices in Delhi and Sydney, 

is headed by executive managing partner Hemant Batra. 



Sumant Batra, who leads the firm’s international business 

advisory work, is lauded for his knowledge of corporate 

insolvency and restructuring matters. He has advised on 

high-profile global and Indian insolvencies as well as formal 

and informal restructurings. He is a member of the Ghana 

Association of Restructuring and Insolvency Advisors, a 

member of the insolvency and creditor rights committee of 

the International Bar Association, the co-chair of the INSOL 

membership approval committee, and a member of the 

advisory panel for the American Bankruptcy Institute and 

INSOL’s global insolvency website. 

Hemant Batra and partner Kanisshka Tyagi are also 

frequently instructed for restructuring assignments. The 

firm’s extensive client list features Coca-Cola, Philip Morris, 

Suzuki, Accor, Western Union, Siemens, American Express 

and Godfrey Philips. 

Shipping and maritime 

Mulla & Mulla picks up its third award for its shipping and 

maritime practice. Last year, the firm acted for The Shipping 

Corporation of India in its acquisition of two 57,000-deadweight-ton 

supramax bulk carriers for US$29.95 million 

each. The carriers were purchased from Hong Kong-based 

Grand Yard Investments, which in turn had purchased 

them from Yangzhou Guoyo Shipbuilding in China. 

Andrea Clavarino, CEO of Coeclerici Logistics in Milan, 

respects Mulla & Mulla’s trustworthiness, professionalism 

and “high reputation with overseas investors”. 

February 2012


Joining Mulla & Mulla in the winners’ circle are Bharucha 

& Associates, Bhatt & Saldanha, Bose & Mitra, Brus 

Chambers and S Venkiteswaran. 

Bharucha & Associates, led by the esteemed Zarir 

Bharucha, is well known for its shipping practice. Bharucha, 

a Cambridge graduate, is a frequent speaker and writer on 

maritime law and an authority on maritime disputes. 

Bhatt & Saldanha is a leading Indian maritime law firm 

with an established contentious and non-contentious 

practice in wet and dry shipping matters. The firm has 

drafted pleadings and obtained the arrest of vessels in 

various ports across India, repatriated the crews of vessels 

detained without cause and defended in cases of wrongful 

arrests. 

Shipping boutique Bose & Mitra is assisting fishermen 

affected by the MSC Chitra oil spill and the Maharashtra 

Pollution Control Board in a multimillion-dollar claim against 

Mediterranean Shipping Company related to the spill, the 

largest in India to date. The firm’s Amitava Majumdar is 

involved in the “magic pipe pollution case” before the US 

District Court for the Southern District of Alabama, on 

behalf of one of the largest Indian ship owners. Bose & 

Mitra is also handling several arbitration matters, including 

a Singapore arbitration dealing with the failure of a tug to 

perform anchor handling operations, and a London arbitration 

relating to dredging contracts between private parties 

and an Indian public-sector undertaking. 

Charles Cummings, a partner at Baker & McKenzie in 

New York, has worked jointly with Bose & Mitra on several 

maritime matters including a litigation matter in the 

US. “Bose & Mitra has strong and particular expertise in 

maritime matters,” says Cummings. “This is a specialized 

practice that many law firms do not do or do not do well. 

Bose & Mitra is very good. Both I and our mutual client 

were highly satisfied with Bose & Mitra’s work.” Cummings 

works predominantly with Majumdar, and says: “He is a 

first-rate lawyer and I recommend him highly.” 

Brus Chambers is advising Global Bunkers on the arrest 

of the MV Kormel for unpaid bunker dues and acting for 

Chambal Fertilisers and Chemical on shortlanding of cargo 

on the Pacific Wind. It is also advising and representing 

Schenker International Hongkong and Schenker India 

in relation to a suit filed in Bombay High Court against 

them pertaining to the loss and damage of cartons and 

consignments. 

With over 40 years of legal practice under his belt, veteran 

practitioner S Venkiteswaran has extensive experience 

in port and shipping management and has also been 

associated with international shipping litigation and arbitrations. 

He has been credited for his recommendations relating 

to amendments to India’s admiralty laws. 

Structured finance and securitization 

Scoring top marks for structured finance and securitization 

are Amarchand Mangadas, AZB & Partners, Dave & 

Girish & Co, J Sagar Associates, Juris Corp and Wadia 

Ghandy & Co. 

Dave & Girish & Co is a name synonymous with this practice 

area. The firm drafts documentation relating to security 

creation and structured finance, and advises on money 

market instruments, securities law for both domestic and 

offshore issues, corporate restructuring, securitization, 

derivatives, and intricate financial structures for banks and 

companies. Girish Dave and Mona Bhide are acclaimed 

February 2012 


practitioners in these areas. “Dave & Girish have been very 

helpful on banking matters,” says David Dannreuther, a 

partner at Withers. 

At full-service firm Juris Corp, structured finance emerges 

as one of the strongest practices. Clients assessing their 

financial options can also benefit from the firm’s strong 

litigation practice. Juris Corp has advised and represented 

several banks on the classification of companies as wilful 

defaulters, in line with a Reserve Bank of India circular. 

Bombay High Court has held that the wilful defaulter circular 

would apply to derivative transaction defaulters which 

have the capacity to pay and deliberately default on their 

payment obligations. 

The firm has expanded with the addition of Mustafa 

Motiwala and his team of lawyers who specialize in commercial 

law, dispute resolution, IP and real estate. 

Mickey Commar, managing director at QVT Financial 

Singapore, worked extensively with Sonali Sharma, a 

partner at Juris Corp, on a ground-breaking litigation matter. 

“While the firm is known as an expert in the financial 

services space, in relation to the Wockhardt litigation, 

based on recommendations from other bondholders it 

seemed like a good choice given their experience in the 

banking space and their commercial understanding of 

matters,” he says. 

To ensure full repayment of the monies owed by 

Wockhardt under foreign currency convertible bonds, the 

bondholders – including QVT – were challenging the terms 

of the corporate debt restructuring scheme intended to be 

implemented by Wockhardt and its secured creditors. ”The 

strategy for the litigation was virtually run by Juris Corp 

acting for the bondholders. The ultimate outcome of the 

Wockhardt litigation and the dedication of the team not 

only from a legal perspective but also in understanding 

commercial aspects played a crucial role in obtaining the 

order from the court. We were delighted.” 

Taxation 

Taking awards for their tax practices are AZB & Partners, 

DM Harish & Co, Economic Laws Practice, Lakshmi 

Kumaran & Sridharan, Nishith Desai Associates and Vaish 

Associates. 

Vaish Associates, which celebrated its 40th anniversary 

last year, was founded as a tax practice in New Delhi by 

Naik Naik & Co is the best in 

the country [for copyright and 

filmed entertainment] 

Madhu Mantena 

Director at Kwan Entertainment 

& Marketing Solutions 



OP Vaish, who is now a senior Supreme Court advocate. 

Today a full-service law firm with offices in New Delhi, 

Mumbai, Gurgaon and Bangalore, Vaish continues to be a 

pre-eminent firm for tax advisory. Last August, Sachit Jolly, 

a senior member of Vaish’s tax team in Delhi, relocated to 

Mumbai to head a new direct tax practice. Jolly has argued 

cases before the Income Tax Appellate Tribunal (ITAT), various 

high courts and the Authority for Advance Rulings in 

Delhi. The firm is keen to further expand this practice in the 

coming months. 

AZB & Partners receives glowing endorsements not just 

for its tax expertise. “We interact frequently with Ajay Bahl 

and Anil Kasturi at AZB in Delhi and appreciate their wide 

ranging knowledge and good sense,” says Lamprell at 

Vodafone. 

“AZB combines the obvious benefits of dealing with a 

large top-notch firm – such as track record, geographic as 

well as product diversity – with the personal attention and 

time commitment that you would typically expect from a 

smaller boutique,” says Chandra at Bain Capital India. 

Economic Laws Practice has attracted a spate of tax 

assignments over the past 12 months. The firm is providing 

liquor manufacturer Diageo with litigation support services 

and advice in relation to indirect and direct taxation 

with a specific focus on transfer pricing and customs in 

India. In addition, companies in the media, entertainment, 

real estate, mining, aviation and telecom industries have 

benefited from huge tax savings as a result of the firm’s 

advice on tax optimization initiatives. 

50 



Satish [Kishanchandani at DSK 

Legal] is very practical [and] 

very good with negotiations 

Rohit Dave 


SRS Investment Advisors 

Deshmukh at Sterlite Technologies considers Economic 

Laws Practice to be among the best firms in India due to its 

“personalized attention and strategizing”. 

Lakshmi Kumaran & Sridharan has a formidable reputation 

for tax advice. The firm provides advisory, litigation 

and compliance support in three categories: direct tax, 

indirect tax and international trade. This includes guidance 

on customs, excise, service tax, value-added tax, special 

economic zones, corporate taxation, international taxation, 

February 2012


transfer pricing, WTO safeguards and anti-dumping. Legal 

luminaries in this field include founder and managing 

partner V Lakshmi Kumaran, and partners Madhav Rao 

AR, Nambirajan R, Shivadass G, Seetharaman S and K 

Swaminathan. The firm recently poached a seven-member 

team from Khaitan & Co for its corporate law division. 

Taxation is an integral part of DM Harish & Co’s practice. 

Founded in 1957, in the area of domestic tax the firm 

offers advice on litigation strategies, appeals before the 

Commissioner of Income Tax and the ITAT, search and 

seizure, and transfer pricing issues. On the international 

tax front, it offers guidance on double taxation avoidance 

agreements, court cases and the structure of cross-border 

transactions. Partners Anil Harish and Shobha Jagtiani are 

key advisers at the firm. 

Taxation is also an essential pillar at Nishith Desai 

Associates. The firm offered legal and tax advice to 

Siemens Project Ventures on the transfer of its 14% stake 

in Bangalore International Airport to Bangalore Airport and 

Infrastructure Developers, one of the GVK group’s entities. 

The transaction was valued at US$125 million. 

Technology, media and telecommunications 

Nishith Desai Associates collects its final award for 

its premier technology, media and telecommunications 

(TMT) practice. The firm was engaged by Reliance Group’s 

Reliance Broadcast Network on the setting up of its 

50-50 joint venture with RTL Group – part of Germany’s 

Bertelsmann group. The joint venture was formed to launch 

two English-language TV channels: a reality channel with 

international content, mainly from RTL Group production 

arm FremantleMedia, and a channel with action-oriented 

content primarily targeted at male viewers. 

Sharing this award are ALMT Legal, AZB & Partners, DSK 

Legal, Naik Naik & Co and Seth Dua & Associates. 

Hitesh Jain runs ALMT Legal’s entertainment law practice 

in addition to its dispute resolution and real estate 

practices. His experience in sports law gave him an opportunity 

to act on matters pertaining to the Commonwealth 

Games, the Indian Olympic Authority, the Board of Control 

for Cricket in India and Hockey India. Garima Bharati Basu 

joined ALMT Legal last year to bolster the firm’s presence 

in London following the departure of some of ALMT’s partners 

and the end of its relationship with Clyde & Co. Prior to 

joining the firm as a partner, Basu ran her own firm, LCGB, 

in London and Delhi. 

Senior partner Sunil Seth at Seth Dua & Associates is well 

respected for his knowledge of telecom laws. The firm is an 

established leader in this area and its winning combination 

of legal, tax and dispute resolution capabilities continues to 

attract high-profile clients from India and internationally. 

Consistently in the limelight for its vibrant media practice 

is Naik Naik & Co. A glance at the firm’s client portfolio 

says it all: Reliance Big Entertainment, Reliance 

Mediaworks, Shringar Films, Sahara, Warner Bros and 

Kwan Entertainment & Marketing Solutions. The firm won 

a landmark victory last year on behalf of Bollywood producer-director 

Prakash Jha in relation to his film Aarakshan. 

Jha filed a writ petition in the Supreme Court challenging 

three state governments for banning or suspending the 

exhibition of the film. The Supreme Court affirmed that 

once a film has been certified as fit for public exhibition by 

the Central Board for Film Certification, state governments 

would not be able to ban or suspend its exhibition. 

February 2012 


“I work with Naik Naik & Co primarily because of their 

deep understanding and experience in the copyright and 

filmed entertainment fields in India,” says Madhu Mantena, 

director at Kwan. “I have worked with various firms in the 

past but I feel Naik Naik & Co is the best in the country in 

this field. I have also seen that their response to any query 

or requirement has been the quickest in the industry. [Our 

experience has been] extremely satisfactory with a 90% 

success in our litigation matters alone.” 

In December, Naik Naik & Co opened a new office in 

Delhi with a focus on corporate law. It also strengthened 

its financial markets and securities regulatory capability 

through a strategic alliance with PR Ramesh and Yogesh 

Chande of Prism Partners. 

Rohit Dave, general counsel at SRS Investment Advisors, 

has worked with Naik Naik & Co for the past three years 

and says Ameet Naik is “very accessible, committed, passionate, 

offers practical advice and is well-networked. We 

were pretty impressed.” 

Dave has also consulted DSK Legal and is an admirer 

of partner Satish Kishanchandani’s work. “Satish is very 

practical,” he says. “He’s very good with negotiations and 

a very hands-on guy.” The firm has an impressive media 

practice advising celebrities, production houses and entertainment 

and media companies on brand management, 

film financing, broadcasting rights, movie sponsorship and 

product endorsement agreements, IP management, content 

regulations, litigation and arbitration. 

Best new firm 

The award for best new firm goes to Clasis Law. With 

operations in full swing for less than a year, the firm is 

already wowing peers and clients alike. Its professionalism, 

vision and ambition are factors that could likely earn 

the firm a place among India’s top legal establishments. 

Admittedly, the firm’s partners are already established 

legal professionals in India and overseas. Clasis Law 

is the brainchild of five former ALMT Legal partners: 

Shalini Agarwal and Sakate Khaitan in London, Vineet 

Aneja in New Delhi, and Ishtiaq Ali and Renu Parekh in 

Mumbai. Joined by several associates, they launched 

Clasis last April, soon after severing ties with ALMT. 

Clyde & Co, ALMT Legal’s former best friend, transferred 

Sakate Khaitan and Shalini 

Agarwal [at Clasis Law] have 

given excellent advice 

over a long period 

David Dannreuther 

Partner 

Withers 


Economic Laws Practice Advocates & Solicitors 

Established in 2001 

Total number of Partners: 20 Contact: 

Total number of Associates: 85 

Rohan Shah, Managing Partner 

Key areas of practice: rohanshah@elp-in.com 

* Corporate, Commercial & Acquisition 

* Banking & Finance Suhail Nathani, Partner 

* Tax suhailnathani@elp-in.com 

* Competition & Anti-trust 

* Litigation & Dispute Resolution Sujjain Talwar,Partner 

* Private Equity Investment sujjaintalwar@elp-in.com 

* Infrastructure 

* Media & Entertainment Vikram Nankani, Partner 

* International Trade and WTO vikramnankani@elp-in.com 

Mumbai Delhi Ahmedabad Pune 

1502, Dalamal Towers 405-406, 801, Abhjieet III, Suyog Fusion 

15 th Floor, World Trade Centre, Mithakali Six Roads, 7 th Floor, No. 1, 

Nariman Point, Barakhamba Lane, Ellis Bridge, 97, Dhole Patil Road, 

Mumbai 400021 New Delhi 110001 Ahmedabad 380006 Nr. Ruby Hall Clinic, 

Tel: +91 22 6636 7000 Tel: +91 11 4152 8400, Tel: +91 79 6605 4480, Tel: +91 20 41467400, 

Fax: +91 22 6636 7172 23418633, 23418646 66054481 41467402 

Fax: +91 11 4152 8404 Fax: +91 79 6605 4482 Fax: +91 20 41467499


its allegiance to Clasis after the split. The firm currently 

comprises 10 partners and nine senior associates 

spread across three offices, in Mumbai, New Delhi and 

London. Clasis offers the full spectrum of legal services 

with clear strengths in employment and immigration law, 

corporate law, project finance, dispute resolution, aviation 

and shipping. 

February 2012 


“Sakate Khaitan and Shalini Agarwal have given excellent 

advice over a long period,” says Dannreuther at 

Withers. 

For now, Clasis Law looks set to take India’s legal fraternity 

by storm. But fierce competition, a proliferation of new 

firms and growing talent mean it may be forced to raise its 

game again next year. g 

Winners at a glance 

The full results of India Business Law Journal’s 2011 Indian Law Firm Awards 

Firms in the following tables are listed alphabetically, not in rank order. All winners in each category are of equal standing 

Best overall law firms 

Amarchand Mangaldas 

AZB & Partners 

J Sagar Associates 

Khaitan & Co 

Luthra & Luthra 

Trilegal 

Aviation 

Bhasin & Co 

Clasis Law 

Desai & Diwanji 

Gagrats 


Rajinder Narain & Co 

Banking & finance 





Trilegal 

Wadia Ghandy & Co 

Capital markets 




Khaitan & Co 


S&R Associates 

Competition & antitrust 


Dhall Law Chambers 

Economic Laws Practice 



P&A Law Offices 

Law Firm of the Year 


Best new firm 

Clasis Law 

Construction & real estate 


Federal & Rashmikant 

Hariani & Co 

Kanga & Co 



Corporate & commercial 




Khaitan & Co 


Trilegal 

Dispute resolution 


Federal & Rashmikant 

Karanjawala & Co 

Mulla & Mulla 

PH Parekh & Co 


Employment & industrial relations 

Crawford Bayley & Co 

DSK Legal 

Kochhar & Co 

Majmudar & Co 

Mulla & Mulla 

Singhania & Partners 



54 

Energy, projects & infrastructure 




HSA Advocates 

Link Legal 


Trilegal 

Insurance & reinsurance 

Desai & Chinoy 


Mulla & Mulla 

Solomon & Co 

Tuli & Co 

Intellectual property 

Anand and Anand 

K&S Partners 

Krishna & Saurastri 

Remfry & Sagar 

Saikrishna & Associates 

Singh & Singh 

Mergers & acquisitions 



Desai & Diwanji 


Khaitan & Co 

Trilegal 

Policy & regulation 






Trilegal 

Private equity & venture capital 



DSK Legal 


Khaitan & Co 

Nishith Desai Associates 

Privatization & disinvestment 



Crawford Bayley & Co 



Trilegal 

Restructuring & insolvency 


Dhir & Dhir 

Kaden Boriss 

Mulla & Mulla 

Sibal & Co 

Trilegal 

Shipping & maritime 

Bharucha & Associates 

Bhatt & Saldanha 

Bose & Mitra 

Brus Chambers 

Mulla & Mulla 

S Venkiteswaran 


Structured finance & securitization 



Dave & Girish & Co 


Juris Corp 


Taxation 


DM Harish & Co 


Lakshmi Kumaran & Sridharan 


Vaish Associates 

TMT 

ALMT Legal 


DSK Legal 

Naik Naik & Co 


Seth Dua & Associates 

February 2012

Indian Law Firm Awards - India Business Law Journal

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