Argus Partners > New Delhi, India > Firm Profile
Argus Partners Offices
Express Building
9 – 10 Bahadur Shah Zafar Marg
New Delhi
110002
India
Argus Partners > The Legal 500 Rankings
City focus: Kolkata > Leading firms Tier 1
Argus Partners has a strong reputation for its full-service offering, with areas of expertise including advice on domestic banks on high-value deals; advising clients on real estate, banking, infrastructure and manufacturing projects. Arka Majumdar has recently been advising businesses on acquisitions, due diligence, with a particular focus on manufacturing sector. Soorjya Ganguli has vast experience of representing clients before the Supreme court, several High Courts across the country, including Bombay, Orissa, Punjab and Haryana, and national company law tribunal. Nidhi Arya and Pooja Chakrabarti are the other key individuals.Practice head(s):
Arka Majumdar; Nidhi Arya; Pooja Chakrabarti; Somdutta Bhattacharyya; Soorjya Ganguli
Key clients
Tata Steel Limited
HDFC Limited
Assets Care and Reconstruction Enterprise
SWAMIH Investment Fund I
McNally Bharat Engineering Company Limited
Sterling & Wilson Private Limited
Phoenix Mills Limited
Work highlights
- Advised Tata Steel on its proposed mega merger involving seven of its subsidiary and associate companies into Tata Steel.
- Represented Resolution Professional in the insolvency proceedings of Supertech Limited.
- Advised Assets Care and Reconstruction Enterprise on securing stressed loan portfolios worth ₹11.8bn from HDFC Limited.
City focus: Mumbai > Banking and finance Tier 1
Primarily based in Mumbai, the banking and finance practice at Argus Partners is particularly known for its sector-dedicated lawyers and ability to handle complex transactions. Key industries covered include real estate, renewable energy and infrastructure. Practice head Krishnava Dutt recently led the team in a standout highlight where the firm was counsel to HDFC Limited in its merger with HDFC Bank. Prakash Panjabi is regarded as one of the market’s leading practitioners in structured and asset finance and disbursement of credit facilities. Aastha is another key team member.Practice head(s):
Krishnava Dutt; Prakash Panjabi; Aastha
Testimonials
‘The team is experienced, commercial and solutions-focused.’
Key clients
HDFC Limited
Ares SSG Capital
HDFC Capital Affordable Real Estate Fund – III
Aditya Birla Finance Limited
India Resurgence Fund
Citibank NA
IARC
Altico Capital
SWAMIH Fund
Standard Chartered Bank
Assets Care and Reconstruction Enterprise Limited
H-CARE 3
Nisus Finance
BPEA Credit
ICICI Bank Limited
State Bank of India
Piramal Capital
IDBI Bank Limited
Bank of Baroda
Union Bank of India
Central Bank of India
Work highlights
- Advised HDFC Limited on its proposed merger with HDFC Bank, valued at approximately $60bn.
- Advised Assets Care and Reconstruction Enterprise on securing stressed loan portfolios worth $144.5m from HDFC Limited.
- Advised Polygenta Technologies Limited on Indian law aspects on the external commercial borrowing amounting to approximately $32.5m raised from DEG – German Investment and Development Company mbH and Danish development financier IFU.
City focus: Mumbai > Dispute resolution Tier 1
Argus Partners has a thriving and varied practice that advises both individual clients as well as domestic and corporate entities. Significantly, the partners appear before all courts and arbitral tribunals on commercial arbitration matters and have also undertaken some public interest cases. Recent case highlights have included issues related to the entry of women into the Sabarimala Hill shrine in Kerala and other cases related to establishing the law of limitation when it comes to the maximum period for filing a written statement against a counter-claim filed by a defendant. Abeezar Faizullabhoy, Ranjit Shetty and Murtaza Kachwalla, who lead the dispute practice, are well regarded for their work on contentious matters.Practice head(s):
Abeezar Faizullabhoy; Ranjit Shetty; Murtaza Kachwalla
Key clients
Sterling & Wilson Private Limited
HDFC Ventures Trustee Company Limited
IL&FS Investment Managers Limited
Work highlights
- Represented Sterling Wilson Private Limtied in its disputes with BDC, a member of the Chindata Group.
- Represented HDFC Ventures Trustee Company Limited in a matter before the Supreme Court of India.
- Represented Sardar Syedna Taher Saifudd in a matter involving the question of whether the practice of excommunication in the Dawoodi Bohra community could continue as a “protected practice” before a 5-judge Bench of the Supreme Court of India.
City focus: Mumbai > TMT Tier 1
Argus Partners advises healthcare, technology, media and entertainment companies on commercial, transactional, corporate and regulatory matters, including mergers and funding rounds. With a strong hold over litigious proceedings, the team is also growing its presence in fintech and e-commerce offerings. Abhinav Bhalaik stands out for advising various clients on investments and M&As.Practice head(s):
Abhinav Bhalaik
Key clients
Board of Control for Cricket in India
Dreamplug Technologies Private Limited
Piramal Capital and Housing Finance Limited
MedGenome
Work highlights
- Advised Board of Control for Cricket in India on IPL Media Rights Auction for 2023-2027 cycle for a combined amount of approximately $6.20bn.
- Advised the Board of Control for Cricket in India on the historic Women’s Indian Premier League media rights auction for the 2023-2027 cycle for a cumulative figure of ₹951cr.
- Advised fintech unicorn CRED (Dreamplug Technologies Private Limited) on raising $140m in its Series F funding round with a post-money valuation of $6.4bn.
City focus: National Capital Region: NCR > Dispute resolution Tier 1
Based out of Delhi, the Argus Partners practice has vast expertise in handling arbitration proceedings, alongside litigation in the Supreme Court and National Company Law Appellate Tribunal. The ‘very good’ team specialises in the manufacturing, infrastructure, and energy industries, with R. Sudhinder regularly advising creditors and engineering corporations, Udit Mendiratta representing social media companies on data privacy issues, whilst Namitha Mathews is a real estate expert.Practice head(s):
R. Sudhinder; Namitha Mathews; Udit Mendiratta
Testimonials
‘Very good team. always available and gives sound legal advice. very sound knowledge on commercial nature of litigation. The team has supported us a lot in product cases.’
‘Always a phone call away. good interpersonal skills. Frank and practical approach to law.’
Key clients
Western Concessions Private Limited
NTPC Limited
Volvo Auto India Private Limited
Voltas Limited
Resolution Professional of Supertech Limited
HDFC Limited
Skoda Auto Volkswagen India Private Limited
Mercedes Benz India Private Limited
Asset Care & Reconstruction Enterprise Limited
Capillary Technologies Pte. Ltd.
Work highlights
- Representing the Resolution Professional in the insolvency proceedings of Supertech Limited.
- Representing HDFC Limited in the corporate insolvency resolution process of IL&FS group entities.
- Representing Mercedes Benz India Private Limited before various courts, tribunals and other fora.
City focus: Bengaluru > Leading firms Tier 2
Argus Partners's Bengaluru office is home to Ankit Guha, an expert in PE, VC and M&A deals, who specialises in sectors such as TMT, fintech, gaming, insurance, financial services and agritech. The other key name locally is Bhavya Mohan who focuses on commercial dispute resolution, acting for clients from the manufacturing, real estate, banking and infrastructure industries, among others.Practice head(s):
Ankit Guha
Other key lawyers:
Key clients
Qapita Fintech India Private Limited
Arkam Ventures (Unitary Fund)
Fitterfly Healthtech Private Limited
Board of Control for Cricket in India (BCCI)
Dreamplug Technologies Private Limited
Piramal Capital and Housing Finance Limited
MedGenome
Healthquad Capital Advisors Private Limited
Whiteboard Capital Advisors LLP
Exness (SC) Ltd, Exness (VG) Ltd and Exness B.V.
Work highlights
- Advised Board of Control for Cricket in India (BCCI) in IPL Media Rights Auction for 2023-2027 cycle for a combined amount of approximately $6.20 billion.
- Advised Arkam Ventures on their investment in ChangeJar Technologies Private Limited as a part of its Series B funding round at a money valuation of $300 million.
- Advised Qapita Fintech India Private Limited on its 100% acquisition of KP Corporate Solutions Limited (ESOP Direct) for $20 million.
City focus: Mumbai > Real estate and construction Tier 2
Argus Partners advises on a wide range of real estate transactions, with a particular focus on the banking and finance sector. Prakash Panjabi heads the practice and has vast expertise in handling due diligence, investments and dealings in real estate assets.Practice head(s):
Prakash Panjabi
Key clients
HDFC Limited
Assets Care and Reconstruction Enterprise Limited
SWAMIH Investment Fund I
Edelweiss
State Bank of India
IndusInd Bank
KKR
Rustomjee Developers
Lodha Builders
Wadhwa Group
Shapoorji Pallonji
Work highlights
- Advised the SWAMIH Investment Fund I on their investments in various real estate projects including in Mumbai, Pune, NCR, Bangalore and Rajasthan.
- Advised Nisus Finance & Investment Managers LLP and Certus Investment Management Private Limited on their investment in Firstlight Properties Private Limited.
- Advised Polygenta Technologies Limited on Indian law aspects on the external commercial borrowing.
City focus: National Capital Region: NCR > Real estate and construction Tier 2
Argus Partners‘ real estate and construction practice is highly active in the NCR region, specialising in due diligence and title search reports for land transactions, with a specific focus on Delhi following the opening of its new office in 2022. Co-headed by Namitha Mathews and Rachika Sahay, the team excels in acquisitions, exemplified by its involvement in acquiring a company engaged in farmland development and hospitality services. The firm also advises on general real estate advisory matters.Practice head(s):
Namitha Mathews; Rachika Agrawal Sahay
Key clients
HDFC Limited
Assets Care and Reconstruction Enterprise Limited (ACRE)
SWAMIH Investment Fund I
Edelweiss
State Bank of India
IndusInd Bank
KKR
Rustomjee Developers
Lodha Builders
Wadhwa Group
Shapoorji Pallonji
Work highlights
- Conducted a thorough due diligence and prepared a title search report for title verification for a period of 30 (Thirty) years and issued a title search report in favour of the client in relation to land situated in Delhi for setting up of ground mounted solar power plant on behalf of Oakridge Rooftops Private Limited.
- Advised Whitestone Estate Private Limited on the acquisition and conducting due diligence of a company owning a luxury homestay in Haryana.
India > Corporate and M&A Tier 2
With expertise spanning across multi-jurisdictional M&A, joint ventures, and group restructurings, the Argus Partners team routinely represents international and domestic corporations. Displaying considerable strength in the finance, sports, and manufacturing spheres, the group is well equipped to handle public and private takeovers, along with complex spin-offs. In the Mumbai office, Krishnava Dutt and Adity Chaudhury specialise in dealing with strategic debt restructurings and joint ventures, whilst Abhinav Bhalaik focuses on investment work. In Kolkata, Arka Majumdar regularly acts on behalf of clients in the mining and engineering industries, and Bengaluru-based Ankit Guha provides general corporate and funding advice. Jitendra Soni is noted for his work on IPOs and seed funding rounds.Practice head(s):
Krishnava Dutt; Abhinav Bhalaik; Adity Chaudhury; Ankit Guha; Arka Majumdar; Armaan Patkar; Jitendra Soni; Neha Madan; Rachika Agrawal Sahay
Other key lawyers:
Armaan Patkar; Vallishree Chandra
Testimonials
‘The Team led by Krishnava Dutt and Adity Chaudhury is dynamic and solution oriented.’
‘They are hands on and billing is very reasonable.’
‘Extremely hard working and turnaround time is superb.’
‘The client handling is excellent.’
‘Mr. Krishnava Dutt- Problem Solver. He is the managing partner but is available whenever there is a crisis.’
Ms. Adity Chaudhary- She is the best in the business. Hands-on on each matter. Attention to details is terrific.’
Ms Navya Pathak- Hard working, thorough, courteous and sharp.’
Mr Tushar Oberoi- Hard working, diligent and attention to details.’
Key clients
HDFC Limited
Tata Steel Limited
Board of Control for Cricket in India (BCCI)
Qapita Fintech India Private Limited
Kotak Pre-IPO Opportunities Fund
OfBusiness
Baba Fine Chemicals
Work highlights
- Advising HDFC Limited on its proposed merger with HDFC Bank valued at approximately USD 60 billion to create the second largest bank in India.
- Advised the Board of Control for Cricket in India (BCCI) on the Indian Premier League (IPL) media rights auction (TV and Digital Rights) for the 2023-2027 cycle for a combined amount of approximately $6.20 billion.
- Advising Tata Steel Limited on its proposed merger involving seven of its subsidiary and associate companies into Tata Steel.
India > Banking and finance Tier 4
Argus Partners‘ broad practice encompasses structured finance, promoter funding and securitisation mandates. The group advises a range of domestic and international banks, asset reconstruction companies and other banking financial institutions. Managing partner Krishnava Dutt leads the banking and finance team from Mumbai, while Prakash Panjabi is an experienced figure in debt issuances and debt restructurings. Aastha represents a range of lenders and borrowers in syndicated lending and project finance transactions, while Nidhi Arya regularly assists with transactional matters, including construction financings and external commercial borrowing, with a particular focus on the real estate sector.Practice head(s):
Krishnava Dutt; Prakash Panjabi; Aastha; Nidhi Arya; Rachika Agrawal Sahay
Testimonials
‘Experienced, commercial and solution focused.’
‘Aastha, Krishnava Dutt and team are solution oriented and extremely responsive, have had only good experiences working with the team. They’re supportive and pragmatic during negotiations with counterparties and do not unnecessarily prolong discussions on drafts and provide quick turnarounds.’
Key clients
HDFC Limited
Ares SSG Capital
Aditya Birla Finance Limited
India Resurgence Fund
IARC
Altico Capital
SWAMIH Fund
Standard Chartered Bank
Assets Care and Reconstruction Enterprise Limited
H-CARE 3
Nisus Finance
BPEA Credit
ICICI Bank Limited
State Bank of India
Piramal Capital
IDBI Bank Limited
Bank of Baroda
Union Bank of India
Central Bank of India
Work highlights
- Advised HDFC Limited on its proposed merger with HDFC Bank valued at approximately $60bn.
- Advised Assets Care and Reconstruction Enterprise on securing stressed loan portfolios worth $144.5m from HDFC Limited.
- Advised Polygenta Technologies Limited on the Indian law aspects of the external commercial borrowing amounting to approximately $32.5m raised from DEG – German Investment and Development Company mbH and Danish development financier IFU.
India > Restructuring and insolvency Tier 4
With experience in matters relating to corporate restructuring and distressed assets, Argus Partners has advised financial creditors, investors, asset reconstruction companies, and corporate debtors. Managing partner Krishnava Dutt leads the team, alongside Aastha, Adity Chaudhury, and Arka Majumdar. Their collective experience includes advising on liquidations, CIRPs, stressed loans, resolution plans, and debt restructuring.Practice head(s):
Krishnava Dutt; Aastha; Adity Chaudhury; Arka Majumdar
Testimonials
‘Experienced, commercial and solutions-focused.‘
Key clients
HDFC Limited
Grant Thornton Bharat LLP
Ares SSG Capital
Assets Care and Reconstruction Enterprise Limited
Tata Steel Limited
KKR India Financial Services Limited
Piramal Capital & Housing Finance Limited
IIFL Wealth Limited
Work highlights
- Advising and representing HDFC Limited in the corporate insolvency resolution process of 348 group entities of Infrastructure Leasing & Financial Services (IL&FS) under the aegis of the Insolvency and Bankruptcy Code, 2016.
- Advising and representing the Resolution Professional in the corporate insolvency resolution proceedings of Supertech Limited.
- Advised Tata Steel Limited in their bid to acquire Rohit Ferro-Tech Limited through its wholly owned subsidiary, Tata Steel Mining Limited under the aegis of the Insolvency and Bankruptcy Code, 2016.
India > TMT Tier 4
With a strong tech practice spanning transactional, corporate, and regulatory advice, the Argus Partners team draws upon its network of offices in New Delhi, Mumbai, and Bangaluru. The firm is especially strong in litigious proceedings, as well as boasting a growing fintech and e-commerce offering. Mumbai-based Abhinav Bhalaik and Jitendra Soni in New Delhi advise on M&A and strategic investments, and Mumbai-based Krishnava Dutt assists with financing transactions. From Delhi, Neha Madan represents clients from the IT and healthcare industries. Ankit Guha operates out of the firm's Bengaluru office.Practice head(s):
Abhinav Bhalaik; Ankit Guha; Jitendra Soni; Neha Madan; Udit Mendiratta
Key clients
Board of Control for Cricket in India (BCCI)
Dreamplug Technologies Private Limited (CRED)
Piramal Capital and Housing Finance Limited
MedGenome
Healthquad Capital Advisors Private Limited
Qapita Fintech India Private Limited
Whiteboard Capital Advisors LLP
Exness (SC) Ltd, Exness (VG) Ltd and Exness B.V.
Arkam Ventures
Whiteboard Capital Advisors LLP
Work highlights
- Advised Board of Control for Cricket in India (BCCI) in IPL Media Rights Auction for 2023-2027 cycle for a combined amount of approximately $6.20 billion.
- Advised the Board of Control for Cricket in India (BCCI) in the historic Women’s Indian Premier League (WIPL) media rights auction for the 2023-2027 cycle for a cumulative figure of Rs. 951 crores.
- Advised fintech unicorn CRED on raising USD 140 million in its Series F funding round with a post-money valuation of USD 6.4 billion.
India > Private equity and investment funds Tier 6
Argus Partners advises on the full lifecycle of private equity transactions, ranging from the initial investment to exit strategies, in addition to structuring investments and negotiations. Based in Mumbai, Krishnava Dutt co-leads the team and is supported by Ankit Guha, who operates from the firm’s Bengaluru office. In Kolkata, Arka Majumdar acts for domestic and international clients in primary and secondary investments, and New Delhi-based Jitendra Soni is another key contact in the group.Practice head(s):
Krishnava Dutt; Abhinav Bhalaik; Adity Chaudhury; Ankit Guha; Arka Majumdar; Armaan Patkar; Jitendra Soni; Neha Madan
Key clients
CRED (Dreamplug Technologies Private Limited)
Piramal Capital and Housing Finance Limited
MedGenome
Together Fund
Fitterfly Healthtech Private Limited
Exponent Energy
Malabar Investments
Kotak Pre-IPO Opportunities Fund
HDFC Limited
Sequoia Capital
Chiratae Ventures
Negen Capital
Arkam Ventures
Whiteboard Capital
Bharat Innovation Fund
Antler India
3one4 Capital
Kapiva Ayurveda
Work highlights
- Advised CRED (Dreamplug Technologies Private Limited) on raising USD 140 million in its Series F funding round with a post-money valuation of USD 6.4 billion.
- Advised Piramal Capital and Housing Finance Limited invested in Pune-based fintech start-up, ‘EarlySalary’ which raised a total of USD 110 million.
- Advised MedGenome on its USD 50 million Series D fund-raise, led by Novo Holdings.
Argus Partners > Firm Profile
Argus Partners is a leading Indian law firm with offices in Mumbai, Delhi, Bengaluru, and Kolkata.
The professionals of the firm are business lawyers who understand businesses and the financial issues associated with it which in turn help in identifying real risks and provide practical legal solutions to drive the growth of our clients’ businesses.
Each of the lawyers are trained to have a multi-disciplinary and holistic approach while addressing any issue and to offer the most efficacious legal solutions to our clients’ business needs. The firm’s approach is to treat each client as the only client. The firm strives to understand their business, aspirations, concerns and constraints in order to structure transactions in a manner that enables clients to efficiently overcome business challenges and effectively achieve their goals.
The firm has built a formidable reputation for its consistent high performance. The partners and associates of the firm have a rich domestic and international experience and have been recognised and awarded by several publications. The presence across India also gives the firm a distinct advantage in serving its clientele that includes industry and business leaders from all segments of the market.
Notable work:
- Advised the Board of Control for Cricket in India on the tendering of media rights for the Indian Premier League for more than USD 6 billion, making it the 2nd most valued sporting league in the world in terms of per match value.
- Advising Tata Steel in the proposed mega merger of its seven group companies (4 being listed) into Tata Steel.
- Advised HDFC Limited on its proposed merger with HDFC Bank to create India`s second largest bank. This deal marks India’s largest ever public M&A transaction valued at USD 60 Billion.
- Advised India Resurgence Fund promoted by Piramal Enterprises Limited and Bain Capital Credit in its investment of up to Rs 615 crore ($83 million) in Gujarat-based Setco Group.
- Advised HDFC Limited in inking the landmark deal wherein HDFC Limited has entered into an agreement to sell 10% of the fully diluted paid-up share capital of its wholly owned subsidiary, HDFC Capital Advisors, to an affiliate of the Abu Dhabi Investment Authority (ADIA).
- Advised Tata Steel Limited, in their bid to acquire Rohit Ferro-Tech Limited through its wholly-owned subsidiary, Tata Steel Mining Limited, under the aegis of the Insolvency and Bankruptcy Code, 2016.
- Advised HDFC Limited on the investment in HDFC Capital Affordable Real Estate Fund – 3 (H-CARE-3). H-CARE 3 is one of the largest funds raised to invest in the residential real estate sector in India, with investors committing in excess of $1.22 billion towards the first close- which combined with potential reinvestments by the fund- creates an estimated total fund corpus of $1.88 billion.
- Advised Polygenta Technologies Limited (a leading PET recycling company engaged in sustainable circular economy), on Indian law aspects on the external commercial borrowing raised from DEG – German Investment and Development Company mbH and Danish development financier IFU.
- Advised fintech unicorn, CRED (Dreamplug Technologies Private Limited), on raising USD 140 million in its Series F funding round with a post money valuation of USD 6.4 billion.
- Advising and handling various matters for Ex. Partners of Price Waterhouse in the Satyam Scam before various fora like SEBI, SAT, High Courts, Supreme Court, ICAI, etc.
- Advised Gruh Finance Limited (a subsidiary of HDFC Ltd) in the merger with Bandhan Bank Limited. We were the lead lawyers advising HDFC/Gruh Finance on the transaction. This is probably the largest deal in the financial services space with a combined market cap of approximately USD 12 billion on the date of announcement of the deal.
- Advised the Committee of Creditors of Binani Cement Limited, which has been one of the most contentious matters under the IBC. The acquisition of Binani Cement under the aegis of the Insolvency and Bankruptcy Code, 2016 involved several challenges and nuanced points of law. Ultimately, some of the issues raised in this matter were decided by the judiciary in a landmark decision.
- Advised Tata Steel Limited on its acquisition of the steel division of Usha Martin. This deal was one of the larger deals in the distressed M&A space outside the Insolvency and Bankruptcy Code, 2016.
- Representing the Pension Fund Regulatory and Development Authority before the Supreme Court in the matter involving mandatory linking of Aadhaar in order to avail various benefits under Government Schemes.
- Advising the liquidator of Concast Steel & Power Limited. This is one of the largest liquidation cases under IBC with a total creditor claim in excess of Rs 10,000 crore. This is also one of the first of the cases where the ‘sale as a going concern of a unit of a company under liquidation’ was ordered by the NCLT.
- Advised the Resolution Professional (who was assisted by Grant Thornton) on the acquisition of Monnet Ispat by the consortium of JSW Steel and AION Capital.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Corporate and M&A | |||
Finance | |||
Restructuring & Insolvency | |||
Private Equity & Venture Capital | |||
Disputes | |||
Energy & Infrastructure | |||
Technology & Data Privacy | |||
Real Estate | |||
Competition | |||
Indirect Tax | |||
Labour & Employment | |||
Estate & Succession Planning |
Lawyer Profiles
Photo | Name | Position | Profile |
---|---|---|---|
Mr Udit Mendiratta | Partner | View Profile | |
Mr R. Sudhinder | Senior Partner | View Profile |
Staff Figures
Number of Partners : 22 Number of Lawyers : 150Languages
English Regional Indian LanguagesPress Releases
Argus Partners advises Dalmia Polypro Industries on raising USD 30 million external commercial borrowing from DFC for establishing a greenfield recycling facility in Maharashtra
8th April 2024 We are pleased to share that Argus Partners has advised Dalmia Polypro Industries Private Limited (“Dalmia Polypro”) on raising an external commercial borrowing of USD 30 million from United States International Development Finance Corporation (DFC) for establishing a new greenfield recycling facility (“Facility”) in Nashik, Maharashtra.Argus Partners advises Balrampur Chini Mills Limited to establish India’s first industrial bioplastics manufacturing plant
27th March 2024 We are pleased to share that Argus Partners has advised Balrampur Chini Mills Limited (BCML),Partner Promotions
22nd March 2024 It gives us immense pleasure to announce that Nidhi Arya, Rachika Agrawal Sahay and Udit Mendiratta have been elevated to the Firm's Equity Partnership,Argus Partners advises pharmacy start-up, Zeno Health on its $25 million Series C funding round
20th March 2024 We are pleased to share that Argus Partners has advised Zeno Health, a health-tech startup and omnichannel pharmacy platform for generic and branded medicines, on raising $25 Million in its Series C funding round.Argus Partners advises Exponent Energy on raising $26.4 million in a Series B round led by Eight Roads Ventures
3rd January 2024 We are pleased to share that Argus Partners has advised electric vehicle charging infrastructure startup, Exponent Energy (Exponent Energy Private Limited) on raising $26.4 million in a Series B round led by Eight Roads Ventures.Argus Partners successfully represented HDFC before the Supreme Court against IL&FS
7th December 2023 We are pleased to share that Argus Partners has successfully represented the erstwhile Housing Development Finance Corporation Limited (since merged with HDFC Bank Limited) (‘HDFC’) before the Supreme Court, against Infrastructure Leasing and Financial Services Limited (‘IL&FS’).Argus Partners represents Texmaco Rail & Engineering Limited before the Calcutta High Court.
7th December 2023 In a recent decision, the Calcutta High Court has observed that to ensure that the best competitor is chosen, the process of selection adopted by a public undertaking is required to be transparent.Argus Partners represents Standard Chartered Bank before NCLT, Mumbai in the insolvency and liquidation proceedings of Prag Distillery.
7th December 2023 The National Company Law Tribunal, Mumbai (“NCLT”) using its discretionary powers has recently permitted Prag Distillery, a subsidiary of Indian made foreign liquor manufacturer, Tilaknagar Industries, to move out of the liquidation process and, reinstated the board of directors for management of its operations.Argus Partners advises on one of the biggest Industrial RTC power projects in India under Group Captive Regime
7th December 2023 We are pleased to share that Argus Partners has advised Tata Steel Limited on its investment in one of the biggest industrial RTC (Round-the-clock) hybrid renewable power projects in India under Group Captive Regime, being set up by TP Vardhaman Surya Limited (subsidiary of Tata Power Renewable Energy Limited). Tata Steel will invest 26% equity in the said project.Argus Partners advises Ind Swift Laboratories Limited and its promoters on the sale of its API and CRAMS businesses for INR 1,650 crores and the sale of the intermediates manufacturing business of Essix Biosciences Limited to India Resurgence Fund
7th December 2023 We are pleased to inform that Argus Partners advised Ind Swift Laboratories Limited (ISLL) (a global manufacturer of APIs, Intermediates, and formulations) and its promoters on the sale of its active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) businesses to Synthimed Labs Private Limited (a special purpose vehicle of India Resurgence Fund) for INR 1,650 crores. Argus Partners also advised Essix Biosciences Limited in relation to the sale of its intermediates manufacturing business to Synthimed and an INR 80 crore investment by ISLL in CCPS and NCDs to be issued by Synthimed. Ind-Swift is amongst the top ten independent merchant API businesses in India in size, with two manufacturing sites in Punjab and Jammu, and a combined reactor capacity of ~700 KL catering to both regulated and unregulated markets. The API business has strong market and cost position with diverse therapeutic presence across the US, Japan, Korea, EU, Brazil and India. Ind-Swift reported a consolidated revenue of INR 1,207 Cr and consolidated EBITDA of INR 256 Cr in FY23. India Resurgence Fund is a leading India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital. Mr. N.R. Munjal, Chairman and Managing Director of Ind-Swift on this occasion said “Ind-Swift is amongst the largest independent API players in India and has had the track recording of developing API molecules with customer centric approach and has created high quality facilities. We are delighted that IndiaRF, which has a pedigree and track record in transforming businesses across varied sectors, will support and invest in the growth of the business. We are grateful to our team and wish them the best to scale the business to newer heights under the IndiaRF’s stewardship.” The transaction team consisted of Abhinav Bhalaik, Armaan Patkar, Aastha (Partners), Mayank Jhunjhunwala (Principal Associate), Tanya Nair, Ayushi Khetan, Aditi Singh Kashyap and Tweesha Gosar (Associates). Read more at: BWLegalWorldArgus Partners advises BCCI on the media rights auction for International and Domestic Matches of the Indian Cricket Team
7th December 2023 We are pleased to inform that Argus Partners has advised the Board of Control for Cricket in India (“BCCI”) on the successful auction of TV and Digital Media rights for international and domestic matches of the Indian Cricket Team for September 2023 to March 2028 cycle. The media rights have been acquired by Viacom18 Media Private Limited for a cumulative figure of Rs. 5,963 crores.Argus Partners advises Arkam Ventures on their investment in the Series A funding round of Smartstaff
7th December 2023 We are pleased to inform that Argus Partners has advised Arkam Ventures on their investment in Qikwork Services Private Limited which owns and operates the blue-collar staffing platform, ‘Smartstaff’. Smartstaff has raised $6.2 million as a part of its Series A funding round.Argus Partners advises an entity forming part of the Conscient Group on its purchase of industrial building and land from Benetton India.
9th August 2023 We are pleased to share that Argus Partners has advised an entity forming part of the Conscient Group pertaining to the purchase of industrial building and land measuring 6.6 acres in Gurugram from Benetton India.Argus Partners represents Texmaco Rail & Engineering Limited before the Calcutta High Court
9th August 2023 In a recent decision, the Calcutta High Court has observed that to ensure that the best competitor is chosen,Argus Partners represents Standard Chartered Bank before NCLT, Mumbai in the insolvency and liquidation proceedings of Prag Distillery
9th August 2023 The National Company Law Tribunal, Mumbai (“NCLT”) using its discretionary powers has recently permitted Prag Distillery, a subsidiary of Indian made foreign liquor manufacturer,Argus Partners advises Arkam Ventures on their investment in the Series A funding round of Smartstaff
9th August 2023 We are pleased to inform that Argus Partners has advised Arkam Ventures on their investment in Qikwork Services Private Limited which owns and operates the blue-collar staffing platform, ‘Smartstaff’. Smartstaff has raised $6.2 million as a part of its Series A funding round.Argus Partners advises Baba Fine Chemical (BFC) and its founders on the acquisition of 55% stake in BFC by Ami Organics.
9th August 2023 We are pleased to inform that Argus Partners has advised Baba Fine Chemical (BFC) and its founders in negotiating and finalizing the purchase agreement in relation to the acquisition of 55% stake in BFC by Ami Organics.Argus Partners advises OfBusiness in relation to its acquisition of 100% stake in Koeleman India from Koeleman Foods International B.V.
12th April 2023 We are pleased to inform that Argus Partners has advised Softbank and Tiger Global backed, OfBusiness (a raw material procurement and financing platform for small and medium enterprises), in relation to its acquisition of 100% stake in Koeleman India from Koeleman Foods International B.V.Argus Partners advises Spendflo and its promoters on their USD 11 Million Series A Fundraise
12th April 2023 We are pleased to inform that Argus Partners has advised SaaS buying and management platform, Spendflo and its promoters, on their Series A fundraise of USD 11 million led by Naspers Ventures (Prosus), with participation from Accel, Together Fund and certain other angel investors.Argus Partners advises Tega Industries Limited on its resolution plan for acquisition of McNally Sayaji Engineering Limited
14th March 2023 We are pleased to inform that Argus Partners has successfully advised Tega Industries Limited (“Tega”) in obtaining approval from the Kolkata bench of National Company Law Tribunal for the resolution plan submitted for acquisition of McNally Sayaji Engineering Limited (“MSEL”), which was undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.Argus Partners advises Whiteboard Capital Fund in ONWO’s Seed Funding Round
21st February 2023 We are pleased to announce that Argus Partners has acted as the legal counsel to Whiteboard Capital Fund in relation to its participation in USD 1.6 million seed funding round of Onwo Trade India Private Limited (which operates a B2B cross-border marketplace to transact and fulfil orders of processed food products from Indian manufacturers under the brand name “ONWO”).Argus Partners advises BCCI in the historic Women`s Indian Premier League media rights auction for the 2023‐2027 cycle
24th January 2023 We are delighted to inform that Argus Partners has advised the Board of Control for Cricket in India (BCCI) in the historic Women’s Indian Premier League (WIPL) media rights auction for the 2023‐2027 cycle.Argus Partners Equity Compensation Structure
24th January 2023 We are pleased to inform that Argus Partners has transformed its equity partnership structure into a ‘Modified Lockstep’ model. The lockstep model adopted by the Firm is based on the principles of transparency, fairness and clarity in progression. The model aims to be open, performance driven yet, accommodative and serve as an instrument of good governance for the Firm.Argus Partners advises Piramal Capital and Housing Finance Limited in connection with its investment in EarlySalary
7th September 2022 Argus Partners has acted as the legal counsel to Piramal Capital and Housing Finance Limited in connection with its investment in fintech start-up, ‘EarlySalary’.Argus Partners advises Phoenix Mills Limited in its successful bid to acquire 5.6 acres of mixed-use plot in the prime location in Alipore, Kolkata
7th September 2022 Argus Partner has acted as the legal counsel to Phoenix Mills Limited in its successful bid to acquire 5.6 acres of mixed-use plot in the prime location in Alipore, Kolkata.Argus Partners advises MedGenome in its USD 50 million Series D fund-raise
7th September 2022 Argus Partners has acted as the legal counsel for MedGenome, a Bengaluru based genetic diagnostics, research and data company, in its USD 50 million Series D fund raise, led by Novo Holdings.Argus Partners advises Together Fund in Privado`s Series A fundraise of $14 million
7th September 2022 Argus Partners has acted as the legal counsel for Together Fund in data privacy start-up, Privado`s, fundraise of $14 million (~Rs. 111 crore) in its Series A round.Legal Developments
Assessing Damages in Construction Contracts – Part II
7th May 2024I. INTRODUCTION
This is the second part of our series on the subject of damages in construction and infrastructure disputes. The first part can be accessed, here.The Exclusive Jurisdiction of Courts regarding Wills -Scope for arbitration/mediation of disputes arising out of a Will
8th December 2023I. Introduction
A probate[1], as per the Indian Succession Act, 1925 (“Succession Act”), means a copy of a will[2] certified under the seal of a court of competent jurisdiction with a grant of administration to the estate of the testator.Angel Tax and the (un)Ease of Doing Business in India
8th December 2023I. Introduction
The provisions relating to angel tax in the Income Tax Act, 1961 (“IT Act”) were primarily introduced to regulate funding received by unlisted companies from angel investors and specifically, to curb money laundering and funnelling of black money into the start-up ecosystem.GREEN HYDROGEN (SERIES II): A PRACTICAL INSIGHT INTO GREEN HYDROGEN PROJECT DEVELOPMENT
8th December 2023I. INTRODUCTION
The green hydrogen sector has seen rampant development in recent years with the international community showing significant interest in reducing the reliance on fossil fuels and preventing harmful climate change.REGULATING AI
9th June 2023 It is undeniable that over the last 2 (two) decades or so, technology has taken a huge leap forward.CHANGES TO THE MERGER CONTROL REGIME IN INDIA – COMPETITION LAW UPDATE
5th May 2023 Recently the Indian Parliament approved the Competition (Amendment) Bill, 2022 (“Bill”) which introduces significant changes to the Competition Act, 2002 (“Act”).WINDING UP AIFS SET UP IN THE FORM OF TRUSTS
5th May 2023 This paper seeks to outline the grounds for, and compliances involved in winding up of an “alternative investment fund” set up as a trust and discusses a few lacunae in the law in this regard and some common practical issues faced by the fund upon winding up.TO ‘PERKINS’ OR NOT TO ‘PERKINS’
5th May 2023 Recently, a Single Bench of the High Court of Calcutta has delivered a judgment, McLeod Russel India Limited v. Aditya Birla Finance Limited (“McLeod Russel”)[1] in an application under Section 14 of the Arbitration and Conciliation Act, 1996[2] (“Act”).THE DIGITAL PERSONAL DATA PROTECTION BILL 2022 – An Analysis
5th May 2023 The draft Digital Personal Data Protection Bill, 2022 (“DPDPB”) was released on November 18, 2022 by the Ministry of Electronics and Information Technology (“MeitY”) for public consultation, pursuant to its withdrawal of the draft Personal Data Protection Bill 2019 (“PDPB 2019”) in August 2022.SEBI’S PROPOSAL FOR PROVIDING EXITS FROM AIFS – A CRITIQUE
5th May 2023 On February 3, 2023, the Securities and Exchange Board of India (“SEBI”) issued a consultation paper (“Consultation Paper”) which sought the views of the general public on proposals floated by SEBI for providing options to Alternative Investment Funds (“AIFs”) and their investors to carry forward unliquidated investments of a scheme upon expiry of its tenure under the SEBI (Alternative Investment Funds) Regulations, 2012 (“SEBI AIF Regulations”), while ensuring proper recognition of asset value and fund performance.RERA REGIME – The Exemption Conundrum
5th May 2023 Over the years, since the enactment of the Real Estate (Regulation and Development) Act, 2016 (“RERA”), the authorities constituted under RERA (“Authority(ies)”) have adjudicated on various complex issues stemming therefrom. One such issue revolves around the exemptions available to certain real estate projects[1] from being registered under RERA[2].Open Network for Digital Commerce (ONDC)
5th May 2023 Digital commerce, over decades, has grown exponentially and reshaped the global business environment and the manner in which buyers and sellers across the globe transact with each other, leading to a fairer marketplace for all businesses, including small businesses, across the globe. This exponential increase in digital commerce was further fueled by the advent of the COVID-19 Pandemic.Fintech Primer – II
5th May 2023 Banks and other financial institutions have always been at the forefront of technology usage for their business purposes. This is usually driven by the need to cut costs, make more profits for shareholders and provide better customer service.NON-FUNGIBLE TOKENS: TRAVERSING THE CRYPTOVERSE
28th November 2022 Non-fungible tokens or NFTs, as they are more popularly known, are digital collectible tokens, unique in form (hence non-fungible) which are verified and secured by a blockchain. NFTs provide and represent the authenticity of origin of an underlying work/item, its ownership, scarcity as well as its permanence.BINDING NON-SIGNATORIES TO ARBITRATION: TRACING THE EVOLUTION OF THE LAW SINCE MTNL V. CANARA BANK
28th November 2022 In November, 2019, in our paper titled, ‘Charting the Shifting Paradigms of Binding Non-Signatories to an Arbitration’ [1], we had analysed the issue, whether a party who was not a signatory to an arbitration agreement could also be bound by such an agreement?INTERPLAY BETWEEN THE MSME ACT, 2006 AND THE ARBITRATION AND CONCILIATION ACT, 1996
25th November 2022 In India, most arbitrations are governed by the Arbitration and Conciliation Act, 1996 (“1996 Act”). However, in certain cases, statutes provide for a statutory mechanism of arbitration where the Act may or may not apply [1]. In the case of the Micro, Small, and Medium Enterprises Development Act, 2006 (“MSME Act”), the same provides for statutory arbitration governed by the MSME Act for resolution of disputes between the parties, with the provisions of the 1996 Act also being applicable to such arbitral process.ELECTRIC VEHICLE INDUSTRY IN INDIA- A Regulatory Overview
25th November 2022 To reduce its carbon emissions and give a much-needed boost to the manufacturing and adoption of Electric Vehicles (“EV”), the Government of India, in March 2011, launched the National Mission of Electric Mobility (“Mission”) to promote electric mobility in the country. India also made a firm commitment at the United Nations Climate Change Conference held in Paris on December 12, 2015, to reduce its carbon footprints and revamp the existing energy infrastructure to make it more sustainable and viable.CERT-IN’S SIX HOUR REPORTING RULE FOR CYBER SECURITY INCIDENTS- Statutory Interpretation and Analysis
25th November 2022 Any person affected by a cyber security incident is required to mandatorily report such incident to the Indian Computer Emergency Response Team (“CERT-In”) if it is of a specified type. With effect the June 27, 2022, the deadline for such reporting has been fixed at 6 (six) hours of the incident being noticed or being brought to the attention of the concerned person. This paper analyses this new rule and its impact and compares it against similar rules for reporting cyber security incident across the world.GETTING PRIORITIES RIGHT ANALYSIS OF PRIORITY OF PROVIDENT FUND DUES IN RELATION TO A COMPANY UNDERGOING CIRP
25th November 2022 The Employees Provident Funds Miscellaneous Provisions Act, 1952 (“EPF Act”) was enacted as a statute keeping in mind the Directive Principles of State Policy enshrined under Articles 38 and 43 of the Constitution of India to ensure social security for the employees working in an establishment. Whilst the EPF Act has an in-built mechanism to protect the interests of the employees from erring employers failing to pay their relevant contribution, priority of such dues assumes different dimension when the company is undergoing corporate insolvency resolution process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”).VALUATION OF COMPANIES: A LEGAL ANALYSIS
25th November 2022 The issue or transfer of equity shares or other securities invariably involves the valuation of the underlying company. The principles and rules for valuing companies lie at the intersection of law and accounting. Various statutes and regulators are involved in this crucial activity. Company law seeks to ensure that companies do not shortchange their existing shareholders by issuing securities below their fair market value. The Reserve Bank of India has issued a number of rules and regulations under the Foreign Exchange Management Act, 1999 to staunch the outflow of foreign exchange on account of non-residents underpaying for Indian securities or selling Indian securities to Indian residents at prices exceeding their fair market value. The Securities and Exchange Board of India endeavours to prevent investors, especially retail investors, from being offered securities at a value higher than the applicable fair market value. Income tax authorities too have an interest in ensuring fair valuation of securities that are issued or bought and sold, to prevent tax evasion. This paper delves into the myriad laws, rules and regulations that are at play, in relation to the valuation of companies.PROTECTION OF CONFIDENTIAL INFORMATION WITHOUT A CONTRACT
2nd October 2020Introduction
Signing of confidentiality agreements to protect confidential information is common practice. However, what happens when there is no such confidentiality agreement? Is confidentiality of confidential information required to be maintained even if there is no express contract, or is a written contract necessary to protect confidentiality? This is the question that is explored in this paper.FORCE MAJEURE IN THE TIME OF COVID-19
28th April 2020 While the world is grappling with the outbreak of the novel coronavirus (Covid-19), the lockdowns and restrictions that have been imposed to contain this pandemic, have brought businesses to a grinding halt. In such unprecedented times, when the wheels of global and regional supply chains are clogged, it becomes imperative to have a relook at all existing contractual arrangements, so that bullets of breaches and damages may be dodged in time.Employing Caution – A Practical Guide for Employers to deal with COVID-19 Situation in Workplace
28th April 2020 These are extraordinary times. People are unsure as to when pandemic created by the novel coronavirus (Covid-19) would cease and the normalcy would return. With the vast majority of the labour force having returned to their homes, most factories across the country have either suspended operations or operating significantly below their stated capacity. The economic burden will be staggering and establishments shall have to take a relook at their wage cost. The present FAQs is an attempt to explain the extant labour specific laws in a simple manner to the countless employers, who are searching for solutions for various issues.Private Funds Update – Some Issues arising out of SEBI’S Circular dated February 5, 2020 for Alternative Investment Funds
3rd March 2020 The Securities and Exchange Board of India (“SEBI”) issued circular no. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020 (“Circular”) that introduces standard templates for alternative investment funds’ (“AIF”) private placement memorandums (“PPM”), annual audits of compliance with the terms of the PPM and mandatory performance benchmarking for AIFs with provisions for additional customised performance reporting. An overview of the key changes introduced by the Circular can be found here. This note discusses a few issues arising out of the Circular.New Rules for Takeover of Unlisted Companies and consequent Minority Squeezeout
24th February 2020 Section 230 of the Companies Act, 2013 (“Companies Act”) sets out the process for a scheme of arrangement between a company and its creditors and shareholders (“Scheme”). Such Schemes have to be approved by the National Company Law Tribunal (“NCLT”).The Mineral Laws (Amendments) Ordinance – Key Changes
10th February 2020 The mining industry has historically been one of the more heavily regulated industries in India, with a strong legal and regulatory structure governing the same. With a view to leverage this market and to ensure continuity in mining operations, the Mineral Laws (Amendment) Ordinance, 2020 (the “Ordinance”) was promulgated on January 10, 2020.Private Funds Update – SEBI introduces new requirements for AIFs
10th February 2020 On February 5, 2020, the Securities and Exchange Board of India (“SEBI”) issued a circular (“Circular”) introducing significant changes to the existing legal regime concerning alternative investment funds (“AIFs”). AIFs are privately-pooled investment funds which collect funds from investors, whether Indian or foreign, for investing in accordance with a defined investment policy for the benefit of the investors. AIFs are governed by the SEBI (Alternate Investment Fund) Regulations, 2012 (“AIF Regulations”).SELF-REPORTING A PERSONAL DATA BREACH – AN OBLIGATION UNDER THE PERSONAL DATA PROTECTION BILL 2019
28th January 2020 Imagine for a moment that traffic rules required every motorist and pedestrian to self-report any violation of traffic rules. If you violate any traffic rule, you have to inform the traffic police by filing an online report within 12 (twelve) hours of the violation. After you report, you will receive a suitable punishment, which could be a fine or imprisonment or both. The traffic police department may also publicise your violation, at its discretion, either by posting details of your violation on the traffic police department’s website or by ordering you to stick a notice containing details of your violation on an outer wall of your dwelling or both. In case you fail to report and your violation is detected through any other means, be it a security camera or on account of any other motorist or pedestrian reporting an incident, you shall also, in addition to the penalty for your violation, be penalised for the failure to report.Blockchain Technology – A Review
20th January 2020 A blockchain, as its name suggests, is a virtual chain made of blocks, where each block contains information.- City focus: Kolkata > Leading firms
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