The Most Trusted Corporate and Commercial Law Firms Edition -2 December2021 - Insights Success

VOL 12 | ISSUE 09 | 2021
Law-Tech
Involvement of Technology
in Intellectual Property Rights
Legal Time Travel
The Evolution of
Legal Practices
VERITAS
LEGAL
Raising The Bar with Unparalleled Skills
Blended with Firm Culture
Abhijit Joshi
Founder and
Managing Partner
THE MOST
TRUSTED
CORPORATE
&COMMERCIAL
LAW FIRMS

Editor’s Note
ndian law firms are dynamic and changing according
Ito marketplace changes. The transformation of the
Indian law scenario and diversification in various
domains has been monumental. This service-based industry
is still evolving with demands in diversified legal fields.
A couple of decades back, criminal and civil law topped the
charts of any aspiring lawyer. With rapid corporate growth
and entrepreneurship, the need for different law domains
also grew, and lawyers no longer did the rounds to the
courts every day. They now occupied cabins in
sophisticated offices and visited the courts when needed.
From signing leases, contracts, agreements to helping with
mergers and acquisitions, protecting a company's
intellectual property rights to advising them on legal
compliances, and defending cases for the company in case
of litigations, corporate and commercial lawyers have their
THEY HELP YOU
OPERATE YOUR
BUSINESSES WITH
CONFIDENCE

hands full. Trustworthy lawyers can protect your business
from serious legal issues, and the pandemic stated this even
louder than before.
The COVID-19 pandemic has hugely impacted the Indian
corporate and commercial world. The lockdowns and travel
restrictions adversely affected the contracts and deals. This
called for greater attention of corporate and commercial law
firms to resolve issues. Overcoming the challenges posed
by the COVID-19 pandemic, lawyers have pulled up their
socks to deliver their services to companies. Lessons from
the pandemic can help law firms set the right strategies for
the future. Specialist and skillful lawyers are in demand like
never before. It is time for corporate and commercial
lawyers to be there for their clients and help them come out
of unprecedented challenges.
With the clients shifting their agendas and priorities,
lawyers are also pivoting their agendas to provide services
in their clients' interests.
It is challenging to pick the best for your legal needs with
several corporate and commercial law firms. We
handpicked a few law firms that have stayed ahead of the
cur to make things easier for you.
Read our latest edition of Insights Success - Most Trusted
Corporate and Commercial Firms to learn how corporate
and commercial law firms are helping their clients
accelerate out of crisis or taking them ahead with reforms.
Have a great read!
Sumita Sarkar
Editor-in-Chief
sumita@insightssuccess.com

10
Cover Story
Articles
20 34
VERITAS
LEGAL
Raising The Bar with Unparalleled
Skills Blended with Firm Culture
Law-Tech
Involvement of Technology
in Intellectual Property Rights
Legal Time Travel
The Evolution of
Legal Practices

Liberalisation in foreign
investment norms
for Indian Insurers
Content
28
N South Advocates
Forerunners of Modern
Corporate Law
Practitioners in India
24
KING STUBB &
KASIVA ("KSK")
Your Legal Thought
16
Ayana Legal
Ardent Advocacy with
Sustainable Legal Solutions
42
Taneja Law Of ce
A Family-based Law
Firm making Complex
Situations Easy
cxo
38

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Management Brief
Company Name
Mr Rajesh Sivaswami
Taneja Law Office
Ranjeev dubey,
Founder and
Managing Partner
Veritas Legal
N South Law
Advocate Rakesh Taneja,
General Practice Head
King Stubb and Kasiva is a full-service national law firm with offices
in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kochi and
Kolkata. KSK has alliances with associate lawyers in more than 24
states in India.
Taneja Law Office, A family-owned law office now in its second
generation operating from New Delhi specializing in General
Civil and Criminal Litigation besides Supreme Court practice.
N South is amongst India’s cutting edge commercial law firms
offering quality legal service supported by a network of professional
associates and relationships across the country giving us a national
footprint.
Veritas Legal is an Indian law firm established in February 2015 by
Abhijit Joshi. The team brings together the experience of lawyers
who have worked in India's leading law firms.
King Stubb and Kasiva
Abhijit Joshi,
Founder and
Managing Partner
Rama Iyer,
Founder and
Managing Partner
Giving direction to the commercial law practice of Legal Solutions,
Ayana Legal was conceptualized to give this sphere the required
importance..
AYANA LEGAL
THE MOST
TRUSTED
CORPORATE
&COMMERCIAL
LAW FIRMS

Abhijit Joshi
Founder and
Managing Partner

The Most Trusted Corporate and Commercial Law Firms
C O V E R S T O R Y
VERITAS
LEGAL
Raising The Bar with Unparalleled
Skills Blended with Firm Culture
One has to be patient,
and employ a high standard
of work ethic and value
system, to lay a solid foundation
on which a very successful
and enjoyable legal
career can be built!
“
“

today, and fortunately for the firm, its
work speaks for itself. And none of this
would have been possible without the
distinct self-perpetuating culture of the
firm, which has formed the skeletal
framework needed to boost its growth
from the beginning.
Veritas Legal has its sole office in
Mumbai, thereby strategically placing
itself in the epicentre of all the
commercial activities. The firm also
has a unique pro-bono program. Pro
bono service has always been an
intrinsic part of the firm's culture and is
the backbone of its value system.
Lastly, and most importantly, as a firm,
Veritas Legal has always endeavored to
maintain a balanced male to female
ratio in the associates' pool. The
diversity is evident in the top layer as
well, with the recent promotion of four
women associates to partnership. In
fact, the firm has a very diverse pool
even in terms of race and ethnicity
spanning across various cross-sections
and communities of India. For a young
firm like ours, the conscious attempt
and success at ensuring diversity
across the board is no simple
achievement.
Exemplary Leader
Abhijit Joshi is the Founder and
Managing Partner of Veritas Legal.
Being a first-generation lawyer, Abhijit
embraced his entrepreneurial instincts
and founded Veritas Legal at the age of
46, after sacrificing his corner office as
the coveted CEO of AZB and Partners,
one of India's leading law firms.
Abhijit has not only worked on several
landmark deals and cases, but over the
course of his legal career spanning
almost 3 decades, he has successfully
carved a niche for himself, and is
highly regarded globally as a leading
corporate and commercial lawyer.
During the Covid-19 pandemic,
as the courts were shut,
people needed a law firm that
would understand their problems and
help them traverse their legal issues
without relying entirely on the courts.
These firms have really done an
incredible job during the pandemic by
advising and assisting clients in the
best possible way and caring for the
taskforce whilst upholding the
credibility of the firm. A display of
altruism when it mattered the most,
these firms have, even under normal
circumstances, consistently been
committed and devoted to the field of
law, and continually aspire to
contribute to the country's expanding
legal landscape.
These law firms have a team of the best
lawyers under one roof, who deliver
specialized offerings to their clients.
Veritas Legal is one such firm that has
a team of extremely knowledgeable
and passionate lawyers, and that makes
it one of the most trusted corporate and
commercial law firms. The firm was
founded by the dynamic Mr. Abhijit
Joshi.
A Firm with a Self-Perpetuating
Culture
Veritas Legal is a boutique business
law firm with a team size of over 50
lawyers, including twelve partners,
enriched with the requisite expertise
and specialized skill sets from having
previously worked at India's top law
firms.
Within a short span of six years, the
firm has displayed its commitment to
professional excellence by not only
carving a niche for itself with the
marquee deals and impressive list of
clients that the firm has been landing
right from its nascence, but also with
its exponential growth in size and
reputation.
The firm and its members have been
consistently recognized by global
publications like Chambers, Legal500,
IFLR1000, Asialaw, and ranked in
noteworthy league tables year after
year. A firm that was set up not so long
ago, today, has emerged as one of the
top 15 business law firms in India,
having been recognized by 'RSG in
partnership with Financial Times' as
the 'Fastest Rising Law Firm' and
ranked highest for client satisfaction
within just few years of inception.
Historically, Veritas Legal was the only
Indian law firm to have been the
subject of a case study by IIM
Ahmedabad.
Admittedly, it is the ceaseless effort of
the team coupled with the firm's
appetite for excellence that has brought
this once adolescent firm to where it is
We were one of
the rst rms of
our size to have
fully adopted
the remote working
model along with a
business continuity
plan in place
“
“

Abhijit is enrolled in India with the Bar
Council of Maharashtra and Goa, and
as a Solicitor with the Bombay
Incorporated Law Society.
Internationally, he is enrolled as a
Solicitor with the Law Society
(England and Wales) and is a member
of two reputed worldwide communities
viz. the Entrepreneurs' Organization
and the Young Presidents'
Organization. He serves on the current
Steering Committee of Cambridge
Forums and the Advisory Board of the
Oberoi International School in
Mumbai. Additionally, Abhijit is also
involved with numerous philanthropic
organizations with a global outreach.
An Inspiring Journey
Abhijit started his career in the early
90s. At the time when India was just
beginning its journey with
liberalizations, there were hardly any
specializations in the field of law.
Corporate and commercial law was a
sector, which was likely to grow with
the liberalization of the economy, and
as such impressed Abhijit. He started
his career with Amarchand Mangaldas,
which had a fair amount of work from
the commercial sector of India, and
that made it easy for Abhijit to get
experience in the field.
Commendable Accolades
The firm has been recognized by Forbes in the Legal
Powerlist 2021 in all three law firm categories, viz.
(i) ‘Top Law Firm’ (below 10 years of experience)
for Life Sciences and Pharmaceuticals, Mergers
and Acquisitions, and Private Equity and
Venture Capital
(ii) ‘Top Managing Partner - Abhijit Joshi’ (above 10
years’ experience)
(iii) ‘Top Individual Lawyers - Abhijit Joshi (above
10 years’ experience)
Don’t learn the
tricks of the
trade, but
learn the trade
“
“

Exhibiting Excellence
In 2015, Veritas Legal started as a
boutique firm providing quality
services in corporate/ mergers and
acquisitions, private equity, and dispute
resolution.
Over the years, the firm has not only
deepened the scope of its core practice
areas mentioned above but has also
expanded its full-service operations to
further include real estate, competition,
white-collar crime, private client
practice, labour and employment, data
protection and privacy, and
restructuring and insolvency. And
luckily, there is an immense amount of
work pouring in for each of these niche
practice areas, despite the pandemic
situation.
The firm has marked its niche presence
in each of the above-mentioned
practice areas, across numerous
sectors, specifically including
pharmaceuticals, healthcare and life-
sciences, e-commerce, retail and
franchise, and hotels and hospitality,
where the firm has been able to
distinguish itself and emerge as top-
class.
Impediments Encountered
The management believes that
challenges cannot be characterized
based on any specific practice area.
One must be thorough with the law and
fundamentals, and then go on to build a
great work ethic through perseverance
and hard work. Once these core issues
are at bay, challenges will
automatically recede and allow one to
enjoy the practice of law.
The biggest challenge faced in recent
times was the fact that the world had
plunged into the unknown. The
challenges were unknown. The path
forward was unknown. In such times,
to keep one's logic absolutely sharp,
and morale up, is and was the greatest
challenge. This was not in relation to
one person at Veritas Legal, but to the
firm in totality, and as such, it is even
harder to keep the collective morale
high in times of extreme uncertainty.
Having said that, the management
navigated through these trying times to
the best of their abilities and marched
forward. Some of the initiatives taken
by the management during the
pandemic are:
Ÿ Veritas Legal was one of the first
the internship experience enabling
it to effectively assess and offer
Pre-Placement Offers (PPOs) to
few graduating students.
Ÿ The firm has successfully arranged,
at the firm's expense, first and
second doses of vaccines for
everybody who is working with
them and at times, for their
extended family.
Ÿ Veritas Legal also followed contact
tracing norms and regular testing of
its members throughout the bleak
period. The cost of all the above
was borne by the firm.
Remarkable Endorsements
Ÿ Recognized as 'India Firms to
Watch' by Asian Legal Business
2021
Ÿ Awarded 'Boutique Law Firm of the
Year' by Asian Legal Business India
Law Awards 2021
Ÿ Awarded 'Rising Star Firm of the
Year' by IFLR1000 India Awards
2020
Ÿ Awarded 'Pharma & Life Science
Law Firm of the Year' in the
Business World Legal Leaders
Awards 2019
Ÿ Recognized as 'Employer of
Choice' (India) in 2019 by Asian
Legal Business
Ÿ Awarded 'Most Promising Law
Firm of the Year (Three years and
above)' by LegalEra Indian Legal
Awards 2019-2020
Know from the Best
When we asked Abhijit, what advice he
would give to the young generation of
legal enthusiasts, he answered, "The
advice is actually quite basic and
simple. Keep your level of
inquisitiveness high. Keep your work
ethic high. Don't learn the tricks of the
firms of its size to have fully
adopted the remote working model
along with a business continuity
plan in place.
Ÿ Mental health of the firm's team
members, which has anyways been
a priority, took precedence above
all else, and counselling services
were made available gratis to
members of the firm and their
families.
Ÿ The firm introduced a robust virtual
internship model, that heightened
We have a culture
of togetherness and
transparency,
and will continue
building up on that
“
“

It is said that doctors and lawyers are
necessary evils! Nobody wants them,
but people can't do without them.
Therefore, the outlook for the practice
of law will always hold good, and that
coupled with a buoyant economy, can
have a multiplier effect. Veritas has
been moving steadily and
progressively through the 6 years and
aspires to continue its journey upwards
on the growth curve year after year.
Veritas Legal's team is optimistic about
its future and is excited about its
measured growth and transition to a
medium-sized firm from a small-sized
firm.
trade, but learn the trade, and last but
not least, continue working at a place
for at least few years in order to get the
benefit. If you try and do all of the
above, then there are good chances that
you start enjoying what you are doing,
and as a result excel at your job."
The Celebrated Visionary
The management has always
maintained that they would like to go
deep as opposed to wide in their
relationships with clients and will do
the job that they are doing better than
yesterday. They are quite proud of their
culture within the firm. It is a culture of
togetherness and transparency, and it
will continue building up on that.
Management also thinks that if they are
able to achieve the above, the rest will
follow.
The outlook for the
practice of law will
always hold good,
and that coupled
with a buoyant
economy can have
a multiplier effect
“
“

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AYANA
LEGAL
C
orporate law refers to law identities that deal with
issues like corporate elements and investor
understandings, etc.
Commercial law has grown quickly in modern years,
providing many opportunities for contract law in the
twenty-first century. Globalization brought a revolution in
international trades with enhancing participation and
engagement of countries and greater access to domestic
economies while the pace of the legal industry continues to
climb. On the other hand, technology use has increased, and
alternative business models have jumped up.
The client's demand for better value for money and
contained prices is also increasing. The demand for lawyers
especially in the full-service law firms which offer
sustainable advice and services have grown eventually. This
is where Ayana Legal comes into the picture.
Ayana Legal offers a wide range of services in the corporate
sector with a wholehearted approach towards helping their
clients to find the perfect solution to help them achieve their
goals.
In an exclusive interview with Insights Success, Dr Rama
Iyer, Founder and Managing Partner of Ayana Legal
shed light on the company's journey, the current industry
scenario, and her opinions on the future of the company.
Dr Rama, please describe Ayana Legal to our audience.
Ayana Legal is a full-service law firm located in Bengaluru.
Ayana Legal was conceptualized to provide legal services
to businesses with the consolidation of more than eight
decades of legal expertise of senior lawyers.
Upholding the meaning of the name 'Ayana,' the firm's
inception reiterated the definite intent of delivering
seamless legal services in "Corporate Advisory,
Commercial Transactions, Dispute Resolution and
Arbitration, Real Estate, Intellectual Property Rights,
Insurance, Consumer laws and Banking, Start-up Advisory,
HR, Employment and Labor Laws, and Media and
Entertainment" to a diverse clientele and sustains their
success by the manifestation of quality legal advice.
Derived from Sanskrit, Hebrew, and Arabic, 'Ayana' means
direction, progress, development, the aestheticism of
mystical flower, path to success, eye for perfection, 'well-
spring of goodwill', and subtly, implies the sanctuary of
refuge and dependability.
Over a period, the firm has diversified to include in its areas
of practise family law, criminal law, constitutional law, etc.
Our team of expert lawyers endeavour to provide the
services to their clientele to reach new heights of success.
Equipped with varied experience across diverse sectors and
focused practice areas, the core team of lawyers renders
cohesive legal services focusing on timelines and
effectiveness.
Ardent Advocacy with Sustainable Legal Solutions
16 | December 2021 | www.insightssuccess.in

Rama Ayer 'Advocate' is the Managing Partner of Ayana Legal which is
based in Bengaluru with offices in other metro cities. She has
specialized in corporate and commercial transactions.
Equipped with thirty years of experience Rama Iyer has represented
leading organizations, individuals, financial institutions, hospitals,
business establishments, trusts, associations etc. in various fora
including the Supreme Court of India, Trial Courts, Tribunals, and
Commissions to name a few. She was a partner with Legal
Solutions from which branched off Ayana Legal with its core thrust
on corporate and commercial law practice.
She is the director of the International Council of Jurists based in
London. She heads their women's division. She has a passion for
helping women entrepreneurs in start-up companies. She also
advises many companies in their business as well as policy-related
issues.
She has formulated the Prevention of Sexual Harassment Policy of many
organizations in addition to training the employees, the ICC etc. and being
in the ICC of various organizations including Private Limited
Companies, Banks, educational institutions as an external
member.
She has been bestowed with prestigious accolades
and highly acclaimed by the legal fraternity. Over
the years, she has been invited to share her
knowledge in various significant forums both
nationally and internationally as a thought
leader.
She was invited by the President of the
International Court of Justice at The
Hague, Netherlands for consultation on
International Laws regarding women in
the corporate space in February 2014.
Passionately believing in empowering
lives, Ms Iyer regularly conducts
training programs of various
organizations and devotes time to
assist a few NGOs, mostly pro
bono, in matters of civic
importance.
Ardent Advocate
Dr Rama Ayer
Founder and Managing Partner
of Ayana Legal

Ayana Legal delivers legal strategies that directly sustain
the client's business objectives, compliant with the best
practices across the world and the highest level of
professional ethics.
The firm is fully equipped to offer immaculate legal advice
that derives ideal solutions and complement realities. The
firm also has eminent advisors and consultants from various
fields who complement and strengthen the firm in its
endeavour to provide quality service.
What kind of offerings does Ayana Legal provide to its
clients?
We offer a wide range of services in the corporate sector
with a wholehearted approach towards helping our clients
to find the perfect solution to help them achieve their goals.
Our resolute corporate team is equipped with a realistic and
pragmatic view of the various specifics of the corporate
sphere, approach each case with a unique blueprint tailor-
made for the requirements of the client.
The solutions we provide include but are not limited to
structuring transactions, advisory on issues faced in the
capital market, initial public offerings and subsequent
offerings, international trade, mergers and acquisitions, joint
ventures, finance-related transactions, corporate
governance, contracts, corporate regulatory compliances,
trade regulations, and so forth.
We are also actively involved in corresponding with
government agencies and regulatory bodies, to ensure that
all areas are properly covered. Our diverse knowledge and
expertise in the corporate sphere help us anticipate and
thoroughly navigate the otherwise unforeseen pitfalls which
plague the clients. The same is shaped due to the dedication
and innovative approach ingrained in our corporate team
through years of experience and a multi-faceted approach.
What made you venture into the corporate and
commercial law sector?
The specialization and Master's in law studies was focused
on corporate and commercial laws, it became quite natural
for our firm to focus on these areas. Though we do practice
in other areas of law, corporate and commercial law is a
major area of our practice
How much your Ayana Legal was affected in these
pandemic times and what were the steps taken by you to
curb the damages all the while helping your clients and
maintaining the safety of your employees?
As with the rest of the world, we too had to adapt to the
changing times. We shifted to working through data on the
cloud in the COVID-19 imposed lockdown. It was a
blessing as we were all able to work remotely. We did not
face much of a struggle at that time though some clients
who were used to meeting in person had to be coaxed to
virtual meetings.
Ayana Legal delivers
legal strategies
that directly sustain
the client's business
objectives.

During the lockdown, we were constantly in touch with our
colleagues and our clients as well. Communicating and
getting work done remotely was not much of a challenge as
we used the essential tools to communicate and work.
We ensured that we continued to keep up with all our
commitments and keep our clients abreast with any latest
developments. Litigation did suffer during the lockdown
with the courts functioning skeletally and taking up only
urgent matters and not accepting fewer pressing matters.
Safety was a priority; we followed all government and
safety protocols and took all necessary precautions while
returning to normal office life. Our employees/staff took
preventive measures by getting themselves fully vaccinated,
sanitizing themselves when returning from outside and
prioritizing wearing masks all the time.
What would you like to advise the young generation of
legal enthusiasts?
Law is an amazing field. The more you delve into it, the
more wonderful it gets. There are many areas that one can
specialize in. It is necessary to understand one's strengths,
interests, and passion before choosing one's line.
One should be initiative-taking and willing to learn,
unlearn, and re-learn. Get a mentor under whom you can
work and learn. Do not be hesitant to realign your efforts to
reach your goal. Decide and work towards it. Be positive,
dedicated and work hard. Have a hobby which gives you
pleasure and enjoy your personal time.
Be innovative and adapt to embrace the changes that you
will experience.
Where do you envision your Ayana Legal to be
eventually and what are your future goals? How do you
plan to embrace the changes happening in the corporate
and commercial law sector?
Core Values at Ayana Legal
Each professional at Ayana Legal inculcates the values of
the firm and encourages a culture of independent
responsibility with team participation. Leadership qualities
are developed along with the onus of matchless
performance.
• Ensuring seamless delivery of legal services
• Imbibing leadership qualities in individuals
• Motivating innovation
• Accomplishing firm's vision with unwavering
dedication
• Upholding consistency in performance
Our future goal is to create an impact with our vision of
creating a difference in society with our legal solutions. We
would also like to continuously keep the legal professionals
in our firm abreast with the happenings in the industry and
be future-ready by upgrading the skill set that is necessary
for the industry.
What is the current industrial scenario of the corporate
The major industries in India, by share of GDP, are
construction, automobile manufacturing, IT and ITeS,
telecommunication services, financial services, and
manufacturing. 2020-2021 saw industries that were contact-
based being affected due to the pandemic.
Many changes were brought in by the government which
meant that though the industry was affected, it did not
translate to a kind of blood bath as was expected.
Moratorium announced by the government at the beginning
of the lockdown and extended for up to two years which
was announced in September 2020 is a great relief for
distressed corporates which may look at M&A.
Insolvency proceedings under the Insolvency and
Bankruptcy Code, 2016 being suspended brought great
relief to the financial creditors. Force majeure disputes.
especially in infrastructure, is one area where litigation has
increased.
White-collar crime litigation has also increased.
Fintech products and services like cryptocurrency platforms
are beginning to be recognized by the government with the
requirement for these fintech companies requiring to be
registered with RBI as NBFCs.
Restructuring and retrenchment has posed a lot of
challenges in the labour and employment sector and also
the Code of Wages which protects some unprotected sector
of labour.

The
Evolution
of
Legal
Practices
Legal Time Travel

well-organized system of judicial administration
Apostulates a properly equipped and eﬃcient Bar." –
Law Commission's XIV Report, 556 (1958)
In the pyramid model of our society, judiciary is at the
topmost end of that pyramid of law and justice system.
While the common man lies at the bottom of that pyramid.
Thus, it is usually observed that the cord in between the
common man and the judiciary is formed by the legal
profession, which binds them together in the law. And this
legal profession had its own history of evolution.
Ancient Times
It is fascinating to know that in the ancient times almost all
of the India lived in the groups of tribes, and communities
scattered in micro, tiny, small, and large villages. These
group of tribes administered their own law and justice
system with the help of tribal heads. And thus, they solved
their internal disputes.
When these tribal communities evolved to include kingship,
they became kingdoms. And the king and his ﬁefdom of
administrators began doling out justice through King's
court, helped by the king's councillors. These councillors
would also advice the King in various other matters.
Chanakya (350-275 BCE) was the most famous of them.
The councillor's advice would be based on the principles of
Dharma (Hindoo) or Dhamma (Buddhist). This way the
Embrace the reliability
“

internal matters of a kingdom were resolved. For the intra-
kingdom disputes, a Chakravarthy Samrat's court would be
approached. Many of the times such disputes lead to battles
or wars. The most famous of them is The Battle of Ten
Kings or Mahabharata (circa 1450 and 1300 BCE).
Medieval Times
Still without any semblance of legal profession, in these
periods, as a common rule of legal practice, the litigating
parties involved Vakils, appointed by Courts using their
power. The Vakils merely acted as agents, paid in
percentage-based commissions.
British Era
The first organised legal profession came into existence in
the time of British rule in India. The courts derived their
power from the East India Company till 1726, post which
the power shifted to the British Crown, with the
establishments of Mayor's courts (aka Royal courts) in the
British presidency towns of Bombay, Calcutta and Madras.
The procedure imitated 1661's English law. But the courts
lacked trained people of proper legal acumen.
In fact, the practitioners in the court were as good as
laymen. Neither they had any jurisdiction in criminal
matters (which was a sole exclusivity of the Governor), nor
they had any expertise. A futile attempt to regulate the legal
practices was made in 1753.
In 1773, by the virtue of Regulating Act, Supreme courts
were established, and legal profession was organised. The
Supreme court framed rule of procedures, for the
administration of justice using its power of execution.
Though, it only allowed British barristers, attorneys, and
advocates (and not native Indians) to practice the law inside
the courts.
Then in 1846, came The Legal Practitioners Act. Called as
the first charter of the legal profession, it allowed people to
act as pleaders, irrespective of their nationality or religion.
It also allowed barristers who were enrolled in Her
Majesty's Indian courts and attorneys to practice in Sardar
Adalat (of company's).
Year 1861's, The Indian High Court Act authorised the
establishments of High courts in three presidency towns.
Afterwards, civil, and later criminal courts were also
organised at different towns, by the Criminal Procedure
Code, of 1898.
Then, 1879's Legal Practitioners Act repealed The Pleaders,
Mukhtars and Revenue Agents Act, of 1865. After the
founding of High courts, legal practices were divided into
six grades, that is, attorneys (solicitors), advocates, vakils of
high court, mukhtars, pleaders, and revenue agent. Under
the jurisdiction of High court all these professions were
brought under one legal system.
Then, to provide a Bar Council for each High court, Indian
Bar Councils Act 1926 was enacted. Subsequently, the
distinction between Barristers and advocates was removed.
Though the mukhtars practicing in Mofussil Courts and
pleaders were outside the purview of this Act, it had the
powers of approval for the rules made by various Bar
Councils. And they were also empowered to reprimand,
remove, or suspend any advocate of the High Court from
the practice, if found guilty of professional or other
misconduct.
The Independent Indian Legal Profession
In 1961, finally, Indian Legal Profession got a unified All-
India Bar with its one grade of practitioners only. The
Advocate Act,1961, provides for an autonomous bar
council in each state and All India Bar Council consisting
mainly of the representatives of the state bar councils which
enrols the qualified person as advocates and prepares a roll
of advocates practicing in the state.
While the Bar Council of India prepares a common roll of
all the Indian advocates, the Advocates could practice in all
courts in India including the Supreme Courts.
The Bar Council of India is entrusted with admission of
advocates, their practice, ethics, privileges. It also regulates
and disciplines their conduct. It is for the improvement of
the profession by itself. Year 2002's 184th Law
Commission Report, and recent 266th Report further
regulated the legal professionals.
Modern Futuristic Times
Thus, the legal profession, which was almost stagnant from
millennia, and evolved through the colonial India, has
further went through a huge transformation since our
independence. And today, it has reached the stage where,
with more than 1.4 million enrolled advocates nationwide,
it is one of the largest in the world.
The efforts of the profession to achieve excellence in all its
spheres of practises through stiff competition while dealing
with newer technological and other developmental
challenges has culminated in the global recognition they
earned. And now with online hearings and all, they are
completely ready for the future.

They are also, well aware that, there is such a law firm,
which had always been there for them, through their thick
and thin. In fact, over the span of the last 15 years, the law
firm became synonymous with its legal thought. That is,
whenever a corporate thinks of legal counsel, the first name
on its mind is King Stubb & Kasiva ("KSK").
You must be curious about, why is that? Let us find out the
reasons, from the firm's Co-founder, Senior Partner and
Corporate M&A Lawyer, Rajesh Sivaswamy. Below
Establishing, running, and managing a company is a
herculean task. Raising finances to find the
operational space and recruiting the right people,
are the priorities, which comes to everyone's mind, whoever
thinks of being an entrepreneur and setting up an enterprise.
Though already established professionals in the corporate
arena know, that company's legal aspects, are one of the
topmost priorities, for any business, from its inception to its
expansion, to its ultimate success. And for any kind of legal
counsel, they need top-notch corporate legal counsellors.
Frequent amendments
in the law
governing company
jurisprudence,
can have far-reaching
positive
consequences.
”
“
Your Legal Thought
KingStubb&Kasiva("KSK")
Mr. Rajesh Sivaswamy
Co-founder, Senior Partner,
and Corporate M&A lawyer

given, are the excerpts, from his exclusive interview with
Insights Success.
Sir, please describe KSK in detail.
King Stubb & Kasiva ("KSK") - Advocates & Attorneys, is
a full-service law firm in India, with offices in New Delhi,
Mumbai, Bangalore, Chennai, Hyderabad, Kochi, Kolkata
& Milan (Italy), with 120+ professionals. We, inter alia,
assist multinational companies, banks, private equity and
venture capital funds, and financial institutions in India. Our
delivery of legal services is supported at both the individual
office level and through various firm-wide Practice Areas
viz., Litigation and ADR, Commercial Transactions,
Corporate, Regulatory and Allied Laws, Labour &
Employment, Tax (Indirect and Direct), Customs & Trade,
Intellectual Property Rights, Infrastructure, Power&
Energy, M&A, VC & PE and Capital Market.
The firm has developed a unique service delivery model,
that enables us to serve client requirements across 900
locations in the country. This ability, combined with the
competency of the lawyers in the firm, has enabled us, to
garner several marquee clients, over the years. King Stubb
& Kasiva's lawyers have an extensive understanding of the
issues, that involve the internet, cyber security, data privacy,
encryption, and other related matters. We are one of the top
and fastest-growing law firms in India, which advises
several clients, from domestic as well as international
markets. Recently, we were also awarded as "Top 30 Fastest
Growing Law Firm in Asia -2021", by ALB.
Rajesh Sivaswamy sir, will you brief us about yourself
and shed some light on your professional journey so far.
I am a corporate M&A lawyer based in New Delhi with 20
plus years of experience. I focus primarily on mergers and
acquisitions, private equity, divestitures and sales of
businesses, joint ventures and strategic alliances, with
particular emphasis on cross-border transactions. I advise a
broad spectrum of clients, working primarily with
institutions, private equity funds, and Multi-National
companies. I also act for a number of Indian companies,
particularly in the context of cross-border transactions and
advise the Government of India in my capacity as a legal
advisor to the Make in India initiative.
During the time I was doing law at Bangalore, I had the
opportunity to interact and collaborate on various aspects of
law and of all the areas of law; I had a particular leaning
towards corporate commercial laws. Corporate lawyers not
only solve problems of the business, but they also prevent
them. Hence there is a lot of dependence on solution-
oriented lawyers, which is one of the reasons, I intended to
make a career, of being a corporate lawyer.
What kind of offerings do you provide to your clients?
KSK is a full-service law firm but our signature practice,
Mergers & Acquisitions, has earned praise for its innovative
approach to transactions. With our team advising on some
of India's most high-profile and cutting-edge M&A
transactions, takeover bids, on-market exits, public offers,
delisting and block deals, year after year.
Execution of complex M&A transactions, even in the most
compressed timelines, is our forte. With decades of
transactional expertise, representing diverse stakeholders,
we have garnered extensive knowledge in multivariate
challenges and solutions in M&A transactions. This, along
with our ability to set and anticipate market trends, basic
deep understanding of domestic and global industries,
sectors and markets, sets us apart.
Corporate and Commercial Advisory practise provides
advice on a range of transactional and regulatory matters,
advising companies, directors, shareholders, partnerships,
limited liability partnerships, trusts and other business
entities, on:
• Doing business in India
• Structuring and setting up operations in India,
including applying for and obtaining requisite
approvals
• Legal and regulatory implications in the context of a
business structure, including Company Law, corporate
social responsibility, director's duties and FDI
• Partnership and Limited Liability Partnership matters
• Trust law, foreign contributions and their regulation
• Structuring, drafting and negotiating contracts,
including consultancy, confidentiality, services,
strategic alliance, distribution, franchising, marketing,
teaming, joint venture licenses, technology licensing,
technology transfer and cooperation, reseller and
consortium agreements
• Commercial law
• Re-structuring, exit strategies, winding up and
repatriation of proceeds
• M&A Disputes, both domestic and international
matters

Advantage KSK:
Our cross-border capabilities, including our ability to work
on multi-jurisdictional transactions, are one of the
distinguishing features of our M&A practice. By way of an
example, we advised Quest Global on multi-jurisdictional
cross border transactions in Korea, China and the US,
where we were the lead counsel and collaborated with
international law firms, including Eversheds, to deliver
excellence in quality of services. The number of complex
and high-value matters/deals that King Stubb & Kasiva
("KSK") – Advocates and Attorneys, are currently doing,
has also increased in comparison with those of the last
years. Our credible work has led to repeat business and
engagement across multiple businesses under the same
group. This is a testament, to the high degree of service and
quality, for which we have become known in the industry.
What kind of challenges have you faced while entering
the corporate and commercial law sector?
When we started King Stubb & Kasiva, we were well aware
that, we had no godfather in the industry, to propel us. This
was both a plus and a challenge and in hindsight, the fact
that we had no backing, made us work harder. Jidesh and
me, co-founders of the firm, had to start our entrepreneurial
journey, and do pretty much everything, from getting work
to executing work, including running accounts and admin
tasks. These early days, and the efforts, that we put in right
at the very beginning, meaning that, we were able to
navigate most of the challenges that have come our way.
How much KSK was affected in these pandemic times
and what were the steps taken by you to curb the
damages, all the while helping your clients and
We did not face any impact from Covid-19. In fact, we have
expanded our business many folds, during the last 24
months. We have had flexible work from home
arrangements since 2012 onwards, which meant that the
technology and processes, that we invested in, assisted the
lawyers to be able to easily migrate to a work-from-home
arrangement when the COVID wave hit India. We had
adequately invested in our IT infrastructure, and this meant
that all documentation and records were electronically
accessible to the lawyers. This planning ensured that we
were fully prepared to transition to work from home, during
COVID-19, without facing challenges. We have also
utilised the remote working platform, to minimise the time
spent on matters, thus, bringing greater value to the clients.
We also attempted to utilise our time more efficiently, since
we had all cut down on travel and admin time. We managed
to achieve an efficiency rate of 30 percent, which we passed
on to the clients by way of reduction of fees.
legal enthusiasts?
There is no substitute for smart work. Working hard is
important, but if you don't get your goals clear, it will be an
uphill task to grow in the legal career. I see a lot of young
talent, who are confused, as to what path they should take,
once they become lawyers. On the one hand, you have the
option of being a litigating lawyer, appearing before the
courts. On the other, you have companies vying for young
legal talent. There is also the option of joining law firms,
where you can hone your skills with fellow lawyers.
Whatever the path that young lawyers choose, my
suggestion is that, stick to the role and profile for a
consistent period of time, which will help in the long run.
Being a lawyer can be very rewarding, both personally and
professionally, and is certainly a noble profession.
Where do you envision your firm to be in the long run
and what are your future goals? How do you plan to
embrace the changes happening in your industry?
When we started out, we obviously had goals for ourselves:
we wanted to be a firm of repute and we wanted to be a firm
that provides high-quality advice to our customers. We hope
to continue this journey. We are not caught up with the
numbers game – the number of offices, the number of
lawyers etc. doesn't make a difference to us. Instead, we
would want to be a better version of ourselves, to be more
available to our clients, to provide more insightful advice to
them. We'd want to go where our clients take us and focus
on improving our services to our people. The number of
offices we currently have, are a mere reflection of our
client's requirements, so, we would always focus on doing
what they want.
I think the message is that we have come a very long way
from where we started, and we have a long way to go, yet.
It's been a lengthy but satisfying walk so far and the best is
yet to come.
The current scenario is very positive, both of law firms and
doing business in India. Various government initiatives, to
make the system transparent, are helping every stakeholder
in doing business. As per my views, frequent amendments
in the law governing company jurisprudence can have far-
reaching positive consequences.

Corporate law is a
kind of bridge-building,
a skill designed to
overcome obstacles,
to connect dots that
seem too far apart.
“
“
“
“
Ranjeev C Dubey
Founder and
Managing Partner

Forerunners of Modern Corporate Law Practitioners in India
orporate and commercial law in India started very
Clate when the country opened its door to the world
in 1992. When companies from all over the world
started heavily investing in India, there were hardly any
lawyers specialized and practicing corporate law in the
Indian Judicial system. Though the law firms in India
existed since the beginning, they became popular when
corporates started to enter the Indian market.
We ventured around the country to handpick some of the
most trusted corporate and commercial law firms in India.
Soon, we came across N South Advocates, a law firm
founded a couple of years after India’s ‘liberalization’, is
now one of the forerunner practitioners of corporate and
commercial laws in India.
Ranjeev C Dubey, Founder and Managing Partner of N
South Law, showed us how complicated corporate and
commercial law can be. Shedding light on the corporate
world and working on corporate law, here are some of the
highlights from our conversation with Ranjeev C Dubey.
Describe your company/firm/profession in detail.
We are a Gurgaon based law firm with a 22-year long
continuous presence in Gurgaon. In the main, we offer
corporate commercial advisory and representations, and
litigation and alternate dispute resolution services.
We specialize in complex corporate litigation including
specifically corporate control shareholder litigation. Our 30-
year long experience in this area finds reflection in the 2003
litigation strategy and tactics book ‘Winning Legal Wars’
which even after 19 years remains the seminal book on the
subject with no peers.
Greater detail of our services may be sourced at
https://www.nsouthlaw.com/
Brief us about the featured person and shed some light
on his/her professional tenure.
Ranjeev C Dubey is a practising lawyer with 42 years of
professional experience. Starting out as a litigation lawyer
in Delhi’s trial (Tees Hazari) Courts, he transformed into a
corporate lawyer in 1992 and has practised both corporate
law and litigation ever since. In 1999, he established his
own law firm in Gurgaon, N South Advocates.
Ranjeev Dubey for decades has been a leading speaker at
think tanks and industry forums on the interface between
law, commerce, and political philosophy. A few of his
speeches can be found at
https://www.youtube.com/user/rcdfanclub.
His legal column Fineprint has been published successively
by Business World and Business Today since 2004. In
addition, he has written intermittently for other magazines
and online sites. A comprehensive list of his writings may
be found at .
http://ranjeevdubey.com/articles.html
He has so far published three books: “Winning Legal Wars”
(Macmillan, 2003) on litigation strategy and tactics;
“Bullshit Quotient” (Hatchette, 2012), a set of essays
deconstructing India’s political, legal, and commercial
landscape, and “Legal Confidential” (Penguin, 2016), an
autographical work that is, in essence, an expose of the real
world of the Indian lawyer.
‘Corporate law’ as currently understood did not truly exist
as a practical area of law practice when I first joined the Bar
in 2000. The legal world transformed in 1992 in the wake
of Narsimha Rao’s ‘liberalization’ and the world opened to
India. Foreign corporations arrived in large numbers and
inquiries for corporate lawyers increased exponentially. At
the same time, foreign lawyers started to materially
contribute their expertise to Indian business.

The syncretic nature of those times meant that new business
models appropriate to Indian conditions developed quickly
in tandem with local skills. I joined a law firm in 1992
primarily to leverage my trial court skill. Soon enough, I
found it possible to also practice corporate law as well.
Soon, large value project work came my way and I accept
projects in first the power generation business, then the oil
exploration business and finally Telecom. By then, there
was no looking back.
The corporate and commercial space was interesting to me
at the time because it had a pioneering spirit to it. There was
little domestic domain expertise in this area and the
opportunity was equally available to all lawyers. Forms,
practices, and procedures were being developed as India
liberalized and laws started to be fashioned even as we
practice. In a sense, the corporate lawyers of those times
helped ‘create’ the corporate legal and regulatory regime
that we have in India today. Even then, I was aware of the
privilege that I was being offered, and I took it without
hesitation. I am grateful for the journey that I was then able
to undertake, and experience.
More details of my personal profile can be found at
www.ranjeevdubey.com. This includes references to my
three books – Winning Legal Wars, Bullshit Quotient and
Legal Confidential – the first of which is now a free
download ( ).
www.winninglegalwars.com
Main-stream corporate commercial advisory and litigation
services. In the corporate commercial space, our offerings
include Business structuring and M&A (including Joint
Venturing, Private Equity and Startup Funding), Corporate
Finance (including Project Finance), Corporate Contracting,
Real Estate Project Advise, Entities seeking advice under
Society and Trust laws, and of course IPR and Privacy laws.
In the litigation area, we represent clients across the country
using our extensive network of specialists in courts from
the trial to the Supreme Court of India. We practice civil
and criminal litigation. We also have a substantial presence
in a variety of national-level tribunals including NCLT,
NCLAT, DRT, Competition Commission, NCDRC, etc. as
their corresponding state-level tribunals, as applicable.
In the Alternative Dispute Resolution area, we offer both
domestic and international arbitration services under inter
alia ICC, UNCITRAL, and SIAC rules. And you can get
detailed information about our services at
www.nsouthlaw.com.
The main challenge was the change in mindset. In 1992, I
had trained as a litigation lawyer and had 12 years of
experience. Litigation requires a lawyer to be incisive and
hyper-critical and possess destructive, deconstructive skills,
designed to defeat the logic of the opposition’s argument.
Corporate law is a kind of bridge-building, a skill designed
to overcome obstacles, to connect dots that seem too far
apart. At the same time, it is the art of the minefield
navigator, who is able to slip-slide successfully through
obstacles and find a way to reach the other side. These two
areas of law – litigation and corporate practice - require
diametrical opposite attitudes and stances.
I have written about this extensively in my third book,
‘Legal Confidential’.
How much your firm/business was affected in these
Our litigation practically came to a halt and was reduced to
a fraction of its previous size. Corporate law continued at a
much slower pace, but it was attended by declining revenue
streams. We shut down the office for many months (though
I continued to attend office every day throughout the
Lockdowns). We have never maintained office hours so
‘Work from Home’ was not a challenge for us. We were
always available for our clients.
legal enthusiasts?
In simple words: Be patient, climb that hill, pay your dues,
get your power, and you will unerringly fulfil your goals.
I feel the best way for me to represent my views is
encapsulated in an interview we did last year here:
https://www.youtube.com/watch?v=O-oz39pEOYE. Here I
have an extensive section on messages I have for young
lawyers.
Where do you envision your firm/business to be in the
long run and what are your future goals? How do you
plan to embrace the changes happening in your
industry?
A new generation of lawyers is now spearheading the post-
pandemic phase of N South’s journey. They all have 6-10
years of legal experience and are far more clued to the new
winds that are changing the legal landscape. They will now

drive its destiny. My job as a facilitator is to create an
environment that optimizes their potential while seamlessly
preserving the long-established relationships.
The shape of law firms, in the long run, is a difficult
problem to address. For myself, I believe the world of
juggernaut law firms with their high establishment costs and
stodgy; business processes are steadily becoming less
defensible as a business model. We need more flexible,
faster, nimble entities now, driven more by assignment
specific business collaborations than they are by physical
offices and armies of high-priced lawyers.
My aim would be to anticipate and drive change, rather
than embrace the change that others carve.
It is getting better, inevitably. You cannot hold a vast
population of hungry entrepreneurial lawyers down forever.
But the frame in which legal service is offered and
consumed will change. In what way, we will find out in
time. If I was to ask the legal community for anything, it is
only that, can we please have a judicial system that can
deliver on all its functions? Right now, we are very far from
that place. On that depends the fate of today’s lawyers.

Involvement
of Technology
in Intellectual

As technology is constantly evolving, it
represents a change in basic assumptions in
how companies protect their information. Since
technology can ensure the data has not been
manipulated, it also holds a wide appeal for various
forms of intellectual property protection.
Employing emerging modules of technology is
increasing eﬃciency and authenticity in establishing
ownership rights, reducing counterfeit, licensing
through smart contracts, and registering trademarks.
It is worth understanding 'how these technologies work,
how they intersect with intellectual property law,
speciﬁcally trademark rights, and how industries are
likely to adapt to these innovative technologies.’
Technology Enhancing Copy and Ownership Rights
An individual who pursues an artistic endeavour sinks
his or her labour, time, and money into creating
Property
Rights
Law-Tech

soundtracks of music, a work of art, or a design, is likely to
protect ownership rights.
Copyright protection begins automatically when working
starts at an initial stage. However, in a possible argument,
the creator can prove his/her ownership before the courts.
At present, there are several ways to prove the time of the
creation of work such as timestamps, the registration of
their copyright with the Administration for Copyright or
approval of a notary public.
However, it is not wrong to say that none of them can be
deemed as conclusive evidence on copyright ownership
since the work is not examined by the authorities.
On the other hand, with the latest IP systems, potential
users can download music or books without compensating
the creator or artist. Proving interference becomes difficult
since IP rights are not immediately registered in the existing
framework.
With emerging technologies, a creator can automatically
have a timestamp on his/her work and claim his/her
ownership. This makes it easier to prove infringement if it
occurs since primary credentials show the original creator
and the precise moment of the work that was being created.
Licencing Trademark rights with Smart Contracts
The idea of licencing trademark rights through smart
contracts is appealing since it eliminates the need for third-
party involvement or any additional external support. The
contracts between two parties are executed and signed with
computer code with cryptographic signatures.
Since there is no human intervention in the equation, the
code automatically controls all transactions in the contract.
For instance, the code dictates when a royalty payment is
due based on the agreement and sends appropriate funds to
the appropriate trademark holder.
Blockchain Tech Reducing Counterfeit
Luxury brand owners experience individuals selling
counterfeit or duplicate goods, looking just like the
originals. It is quite easy to imitate the design, but as far as
the quality is concerned, the customers cannot always be
smart enough to understand the difference.
Blockchain technology allows the level of counterfeit to be
policed with an integrated unique identifier 'tag number or
QR code,' that verifies the product's origin. If the consumers
are concerned, they can identify or scan this code to trace
the manufacturing data of the product and verify its
authenticity.
Increasing Efficiency in the Process of Trademark
Registration
Blockchain Technology is transforming the registration of
IP rights, in addition to solidification of the protection of
unregistered IP rights. When an individual applies for a
trademark, the claimant is required to show the use of the
mark either for the application process or for exhibiting its
distinctiveness.
Technology is making the registration process for
trademarks, designs, and patents more efficient and
practical by cutting down some of the time-consuming
procedures.
In other words, with blockchain, trademark offices are
documenting the use and frequency of the trademark, as
well as the date of use. This 'chain' is accessible by all
individuals, and it potentially creates new and convenient
ways to check on a registered mark.
Connection of Technology with IP Law
Although technology is potentially revolutionizing the IP
law application, there are some roadblocks. Currently, as
there are no universal standards for brand protection and IP
rights, potential conflicts are likely to arise among various
countries.
In addition, the rectification of data cannot always provide
an integrity check on the original information, however, it
only provides assurance that this data is not being
compromised or altered.
Although on the brighter side, there are some internal trust
factors built between the parties to ensure there are no
underlying questions regarding the original information that
has been stored or being shared.
However, as almost all the industries are constantly relying
on the emerging trends of technology, IP law is likely to
address the relevant legal issues that arise from these new
processes of authentication and verification.
Technology holds the potential to streamline the future IP
transactions in copyright, trademark, and quintessential
patent areas.
~ Abhishek Joshi

The Hon’ble Finance Minister of India announced
the long-awaited reform for the Insurance Industry
in the last year’s Union Budget, extending the
foreign investment ceiling in Indian insurers to 74 percent
and permitting foreign ownership and control. The
Insurance (Amendment) Act, 2021 (Amendment Act) was
adopted and announced by the Indian government to
undertake this reform, amending the Insurance Act, 1938,
with effect from 1 April 2021.
Prior to the Amendment Act, a foreign investor’s total
equity holdings, including portfolio investors, could not
exceed 49 percent of an Indian insurance company’s paid
up equity capital. In addition, Indian insurance businesses
had to fulfil ownership and control conditions in India. The
Amendment Act changed the definition of an Indian
insurance business under the Insurance Act, allowing
foreign participation of up to 74 percent in an Indian
insurance firm. The requirement that an Indian insurance
company should be owned and controlled by resident
Indians has also been eliminated from the definition of an
Indian insurance company. Furthermore, the Amendment
Act gave the government the authority to set the terms and
circumstances for foreign participation in Indian insurance
businesses.
The Indian Insurance Companies (Foreign Investment)
Rules, 2015, applied to any Indian insurance company that
has foreign investment (Foreign Investment Rules). While
the Foreign Investment Rules required that every Indian
insurance company must have ‘Indian ownership’ and
‘Indian control,’ the Insurance Regulatory and Development
Authority of India (IRDAI) published recommendations on
‘Indian owned and controlled’ compliance (Control
Guidelines).
The Indian government issued the Indian Insurance
Companies (Foreign Investment) Amendment Rules, 2021
(Amendment Rules) on 19 May 2021, allowing up to 74
percent foreign investment in insurance companies. The
Amendment Rules have repealed the previous need for
Indian ownership and control of Indian insurers, and the
IRDAI has withdrawn the Control Guidelines as a result.
The Amendment Rules, on the other hand, have included
certain new requirements for the makeup of the board of
directors, key management personnel, and dividend
declaration by Indian insurers with foreign participation.
According to the (amended) Foreign Investment Rules, an
Indian insurance company with foreign investment must
ensure that (a) the majority of its directors, (b) at least one
of its chairman, managing director, or chief executive
officer, and (c) the majority of its Key Management Persons
(KMPs) are resident Indian citizens. Insurance businesses
with foreign investment (regardless of the amount of the
company owned by foreign investors) must comply with
certain standards pertaining to board composition and
KMPs within one (1) year.
Liberalisation
in foreign
investment norms
for IndianInsurers

Dinesh Gupta,
Associate Partner, Clasis Law

Insurance businesses with a foreign investment of more
than 49 percent must comply with the following extra
restrictions regarding dividend declaration and board
composition:
(a) For a financial year in which a dividend is paid on
equity shares and the solvency margin is less than 1.2 times
the control level of solvency at any time, not less than 50%
of the net profit for the financial year should be maintained
in general reserve; and
(b) not less than half of its board of directors must be
independent. If the board’s chairperson is an independent
director, at least one-third of the board’s directors must also
be independent.
The Indian government has changed the foreign direct
investment policy as well as the Foreign Exchange
Management (Non-debt Instruments) Rules, 2019, to give
effect to this liberalisation.
The automated approach raises the investment ceiling for
Indian insurers to 74 percent, subject to IRDAI approval
and verification. Also, the requirement that the Indian
insurance company’s ownership and control stay in the
hands of resident Indian organisations at all times has been
lifted, allowing for foreign ownership and control of
insurance businesses.
The IRDAI published the IRDAI (Indian Insurance
Companies) (Amendment) Regulations, 2021 (Amendment
Regulations) on 7 July 2021, which change a number of
regulations in order to bring them into line with the
Amendment Act and the Foreign Investment Rules.
According to the Amendment Regulations, every existing
Indian insurance company with foreign investment must file
an undertaking with the IRDAI certifying compliance with
the board composition and key management personnel
criteria. Such undertaking must be officially signed by its
chief executive officer and chief compliance officer and
submitted within forty-five (45) days of the date of its board
of directors’ meeting at which such compliance was
confirmed.
In addition to the undertaking, the insurer must file (a) a
certified copy of the resolution passed by its board of
directors confirming compliance; and (b) where applicable,
a certified copy of the agreement/joint venture agreement
where amendments to the agreement/joint venture
agreement have been carried out to give effect to the
provisions relating to board composition and KMPs.
Our comments
Indian insurers will be able to access more money and
develop their operations in India as a result of the insurance
industry changes. Foreign investors may take advantage of
the increased foreign investment cap and the permissibility
of foreign ownership and control in Indian insurers to raise
their position in insurance joint ventures beyond 49 percent
and get majority shareholding and controlling rights.
According to the Control Guidelines, the majority of the
directors on the board of an Indian insurer (excluding
independent directors) must be nominees of the Indian
promoter(s)/Indian investor (s). Furthermore, a legitimate
quorum required the participation of a majority of Indian
directors (regardless of whether a foreign investor’s
nomination was present or not). Foreign investors will have
the ability to negotiate governance-related rights in joint
venture firms now that the criteria linked to Indian
ownership and control have been removed from the Foreign
Investment Rules and the Control Guidelines have been
withdrawn by the IRDAI.

A Family-based Law Firm making Complex Situations Easy
C
orporate and commercial law might appear to be an
easy face of the judicial system, but only those who
practice those laws know of its complexity.
Conflict of interest, money laundering, insider trading, and
even personal agenda make the situation difficult to
understand and even harder to come to a conclusion. If
found in such a situation, you might be needing a strong
law firm specializing in corporate and commercial law.
The need for a strong and trusted law firm when dealing
with corporate and commercial law is because it is the
situation that decides the judgement. Along with that, a
strong argument is what gives an edge in the courtroom. To
allow the law to work in your favour, you will be needing a
strong and trusted law firm in your corner.
In our search for the most trusted corporate and commercial
law firms, we came across Taneja Law Office, a family-
based law firm specialized in solving complex situations
regarding corporate and commercial law.
In our conversation with Rakesh Taneja, the General
Practice Head of Taneja Law Office, he shared some of the
crucial insights about his journey as a professional lawyer
and how it has helped him grow the firm. He also gave us a
brief idea about the practice of corporate and commercial
laws in India.
Here are some of the insights from his interview.
Describe your company/firm/profession in detail.
We are a team of lawyers practising in the areas of
Corporate, Commercial and Family laws. Having offices in
New Delhi and Noida besides affiliations with various
lawyers across the country, our professional strength lies in
understanding the client's personal and/or business
situations.
Rakesh, please brief us about yourself and shed some
light on your professional journey.
I'm the second-generation lawyer and General Practice
Head at Taneja Law Office. I am a law graduate of 1990.
With over twenty-two years of extensive experience as an
independent practitioner in litigation, I have been handling
legal briefs for several private citizens and businesses from
across the globe, and in and around New Delhi.
I have handled several high profiles and challenging
litigation in the areas of Family, Commercial, Company,
Consumer, Civil, Criminal, Bail, Property, Matrimonial,
Child Custody and Succession Law. I regularly appear
before the Supreme Court of India and the High Court of
Delhi, besides the National Consumer Disputes Redressal
Commission, State Consumer Disputes Redressal
Commission, National Green Tribunal, National Company
Law Tribunal, National Company Law Appellate Tribunal,
Mediation Proceedings, Enforcement Directorate and all the
District Courts in the National Capital Region.
I also regularly advise and represents international and local
clients on various aspects of the Contracts Law. I have
expertise in handling high-value construction, services,
investment, infrastructure, and supply contract/commercial
arbitration, for both domestic and international clients. I
give importance to prompt communication with clients and
formulating legal opinions supported by judicial precedents,
which have always been appreciated by clients.
It happened gradually as I progressed in independent legal
practice.
International Legal Consultancy, Civil, Criminal,
Commercial and Corporate Litigation,
Consumer Disputes, Arbitration, Company Law,
Bankruptcy and Insolvency, Banking,
Matrimonial disputes, Divorce, Property, Succession, Wills
and Probate; Child Custody, Support
and Maintenance; Money recovery besides general Civil
and Criminal litigation and Bail etc. are
thrust areas of Taneja Law Office and we deal with such
matters up to the stage of the Supreme
Court of India.
Taneja Law Of ce

Advocate Rakesh Taneja
General Practice Head
Corporate law
is a kind of
bridge-building,
a skill designed
to overcome
obstacles, to
connect dots that
seem too far apart
“
“
Not much. One success led to another and resulted in more
clients approaching us for work.
How much your firm/business was affected in these
Not at all. Remote performance has been the forte for this
office to working with international clients for a very long
time. The swift switching over to online, remote
performance besides virtual hearings allowed by the Courts
across the hierarchy helped us to remain active and
effective in practice. We have, in fact, enjoyed being active
during the pandemic times as our productivity had
improved for having cut down on travel and corridor,
coffee, and lunch gossip times besides.
legal enthusiasts?
Work hard, keep learning, and maintain patience.
Where do you envision your firm/business to be in the
long run and what are your future goals? How do you
plan to embrace the changes happening in your
industry?
We're fairly well placed to be able to handle the current and
future business opportunities and we have already
embraced the changes happening in the industry as we're
fairly well equipped in all manners to handle any challenges
due to our commitment to professionalism.
It is expanding and bringing new and better opportunities
for those who want to learn and grow.
“
“

The Most Trusted Corporate and Commercial Law Firms Edition -2 December2021 - Insights Success

The Most Trusted Corporate and Commercial Law Firms Edition -2 December2021 - Insights Success

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