India Japan Trade & Investment Bulletin - March -2014

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Article 'Impact of the Companies Act, 2013 on the Foreign Companies having a Place of Business in India' in Knowledge Centre

News Highlights:
-India’s Sun Pharma eyes to enter the Japanese Market
-Indian VC firm plans $1 billion fund to back Japanese Ventures
-Lumux Auto forms 55:45 JV with Japan’s Mannoh Industrial
-Tide Water Oil to form JV with Japan’s JX Nippon Oil & Energy
-Japan's Chubu in deal with India's GAIL to consider joint LNG buy
-Japan's Netmagic expands Data Center footprint in India
-Japan urges Indian firms to participate in IT Week Show
-Japan pledges Rs 15,000-cr loan for five Indian Projects
-Meidensha Corp buys 23% stake in Prime Electric

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India Japan Trade & Investment Bulletin - March -2014

  1. 1. 2014 Indo-Japan Trade & Investment Bulletin March Issue Japan Desk, Corporate Professionals
  2. 2. Indo-Japan Trade & Investment Highlights India’s Sun Pharma eyes to enter the Japanese Market Indian VC firm plans $1 billion fund to back Japanese Ventures Lumux Auto forms 55:45 JV with Japan’s Mannoh Industrial Tide Water Oil to form JV with Japan’s JX Nippon Oil & Energy Japan's Chubu in deal with India's GAIL to consider joint LNG buy Japan's Netmagic expands Data Center footprint in India Japan urges Indian firms to participate in IT Week Show Japan pledges Rs 15,000-cr loan for five Indian Projects Meidensha Corp buys 23% stake in Prime Electric Japanese cosmetic brand Za launched in India Nikon India to invest Yen 120 cr in Next Fiscal Panasonic to make India a Regional Hub Goldman & Mitsui invests USD 50 mn in India-Japan F&B Venture Japan and Kerala to cooperate in IT and Tourism Sectors Suntory is considering Indian Liquor Bid Yokohama Tyres bets big on India Hitachi picks up majority stake in Micro Clinic India Knowledge Centre Impact of the Companies Act, 2013 on the Foreign Companies having a Place of Business in India INDEX
  3. 3. India’s Sun Pharma eyes to enter the Japanese Market India‟s largest drug maker, Sun Pharmaceuticals Industries Ltd., is exploring opportunities to enter the Japanese market by entering into partnership with the Japanese companies. Sun Pharma has expanded in the recent past, first and foremost through acquisitions and was always on the look-out for more such opportunities. Japan is a rewarding market for manufacturing low-cost drugs especially when the government in the country is lobbying for more generics to go on sale for bringing down the cost of healthcare for an ageing population. Indian VC firm plans $1 billion fund to back Japanese Ventures India (Ahmedabad) based venture capital firm GVFL Ltd. is looking to float $1 billion fund entirely for Japanese ventures in Gujarat. The proposed fund, if closed, will be the largest fund ever floated by the company. The Indian venture capital firm is looking out for expansions and is holding discussions with some of the Japanese investors and other Southeast Asian investors to invest through the fund. Mr. Harish Pattnaik, managing director of GVFL, said in a statement “In one or two years, more than 100 Japanese entrepreneurs will be coming to Gujarat to set up businesses. In recent times, Japan has reiterated its interest of investing in India, especially in Gujarat. There will be cluster-based specialised industries which would also need infrastructure built around their food and culture. We will have to tap them through a dedicated fund.” Lumux Auto forms 55:45 JV with Japan’s Mannoh Industrial India (Pune) based auto component manufacturer, Lumax Auto Technologies Ltd., has signed a joint venture agreement with Japan's Mannoh Industrial Co Ltd. to design and manufacture complete gear shift lever systems for manual, automatic, AMT & Indo-Japan Trade & Investment Highlights
  4. 4. CVT transmissions in India. The joint venture will have a research and development unit at Manesar in Gurgaon (Haryana, India). Lumax will hold 55 per cent stake in the JV while the remaining 45 per cent stake will be held by Japan‟s Mannoh Industrial. The new venture will be named Lumax Mannoh Allied Technologies Ltd (LMAT) and will be effective from April 2014. Lumax is expected to provide local designing & testing capability in India and a Japanese designer from Mannoh is expected to support the activity for designing technologies in India for the purpose of maintaining cost competitiveness. Tide Water Oil to form JV with Japan’s JX Nippon Oil & Energy India‟s Kolkata-based Tide Water Oil Co. (India) Ltd. has signed a memorandum of understanding with Japan‟s JX Nippon Oil & Energy Corporation to form a joint venture (JV) in India. JX Nippon Oil & Energy Corp is into exploration, imports and refining of crude oil, manufacturing and sale of petroleum products and other energy- related activities. Its products are sold under the brand name Eneos. India‟s Tide Water Oil already has been in a long-standing partnership with the company but is now signing a formal JV for Eneos brand of lubricants. Tide Water Oil has been making and selling lubricants under Eneos brand for the last two decades. The Indian company and the Japanese firm will be holding equal stake in the JV company, which will be manufacturing and selling Eneos brand of lubricants in India and other countries including China and Bhutan. Japan's Chubu in deal with India's GAIL to consider joint LNG buy All the Asian countries together import 70 percent of the world's LNG and the Asian prices are at least three times the cost of natural gas in the United States. Asian importers feel that they are charged with an excessive premium because of a practice of linking LNG contracts to oil prices. Thus, the Asian countries are searching for stable and lower prices of the fuel. In this regard, Japan's Chubu Electric Power has signed a deal with India's GAIL to consider cooperation in joint procurement of LNG. The ever increasing demand for LNG in Asia has pushed the prices to a never before high level and consequently, now buyers such as India, Japan and South Korea are looking for ways to cut their high gas import bills.
  5. 5. Japan's Netmagic expands Data Center footprint in India Japan‟s Netmagic, an NTT Communications company and India's only Data Center Infrastructure Lifecycle Management (DILM) service provider announced the launch of its new data center in Bangalore, India. Mr. Akira Arima, President and CEO, NTT Communications said "This is a moment of pride for us, as this new data center will give Indian and multi-national enterprises an opportunity to experience the state-of- the-art data centers that NTT Communications operates across the world. The added advantage of Netmagic's excellence in IT infrastructure management and service delivery in the Indian enterprise space, gives this data center the capability of becoming the new benchmark for data centers in India”. In India, the services are offered through all 8 Netmagic data centers. Japan urges Indian firms to participate in IT Week Show Japan is the second largest IT market in the World. However, India‟s software export to the Japan amounts to only $500 million. Mr. D. K. Sareen, Executive Director, Electronics and Computer Software Export Promotion Council (ESC) said “the opportunities that Japan offered was immense, but we have not utilised it fully. If India increases its exports by 100 per cent, then we can achieve the full potential.” The „Japan IT Week 2014‟ was the largest trade show in which the participants may find the latest IT technologies and solutions. Japanese Deputy Consul General Koji Sugiyama encouraged the Indian firms to participate in the Japan IT show that would be holding specialized shows on software development, data warehouse, embedded systems, data storage, information security, cloud computing, smart phone and mobile in addition to some other topics. Japan pledges Rs 15,000-cr loan for five Indian Projects Japan announced a Rs 15,000-crore1 official development assistance (ODA) loan for five projects in India. One of the projects includes expansion of Delhi Metro and works related to wind and solar energy. This is the largest amount ever signed on a single occasion in the history of Japanese ODA. The ODA loan has provided approximately 1 Crore = 10 million
  6. 6. Rs 8,933 crore to Delhi Mass Rapid Transport System Project. The loan agreement will include three energy sector projects- New and Renewable energy, Micro, Small and Medium Enterprises Energy Saving, and Haryana Distribution System Upgradation. The current project includes a loan of Rs 1,160 crore for wind power projects in Andhra Pradesh, Gujarat and Karnataka and Rs 220 crore for solar power project in Andhra Pradesh. Meidensha Corp buys 23% stake in Prime Electric Japan‟s Meidensha Corporation, the capital goods manufacturer has entered into a joint venture agreement with Prime Electric Ltd., the Indian power equipment manufacturer. The Japanese company acquired a minority stake of about 23 per cent stake in the Indian company. Prime Electric is one of the leading manufacturers in the area of large capacity power transformers and is a part of the Prime Group of Companies. Meidensha Corp manufactures and sells capital goods including generators, substation equipment, electronic equipment, and information equipment in Japan and globally. Japanese cosmetic brand Za launched in India Japan‟s Shiseido launched 'Za', a Japanese cosmetic brand in the Indian cosmetics market under its wholly-owned subsidiary, Shiseido India Private Limited. The brand will be available in India by the end of 2014 in Mumbai, the National Capital Region and Bangalore. Za possesses advanced skincare and makeup line-up which is designed especially for the 20-35 year age group for urban women who wish classy and fashionable beauty. Mr. Salman Bukhari, marketing director, Shiseido India Pvt. Ltd. said "As a company, we have continuously studied the market over the past few years to absorb the habits and attitudes of the Indian consumers, in fact we undertook an intensive skin study to evaluate diverse Indian skin and its requirements. It is our strong belief that our brand 'Za' will resonate with our consumers."
  7. 7. Nikon India to invest Yen 120 crore in Next Fiscal Japanese camera maker Nikon made an official statement that the company will invest Yen 120 crore in India in the next fiscal on branding and marketing. Nikon has about 55 percent stake in the Indian market. It is expecting that the company will continue with its number one position growing at a growth rate of 20-30 per cent every year. Majority of the company‟s shares are coming from the digital single lens reflex (DSLR) cameras. Hiroshi Takashina, Managing Director, Nikon India said “The total size of the DSLR market is expected to go up to 3.6 lakh2 units in the next financial year from three lakh units this year and around 2.4 lakh units in 2012-13, and our aim is to get the maximum share.” Panasonic to make India a Regional Hub Japan‟s Panasonic is making its operations in India as a regional hub for markets like Middle East, Africa and other neighbouring countries with effect from April, 2014. Mr. Manish Sharma, the managing director of Japan Panasonic India said in this regard that "India will become a regional headquarter, covering areas like SAARC, Africa and Middle East and will report directly to global headquarters in. All these countries fall in the vicinity of India. India has become a manufacturing hub and is strategically located and that could help in taking products to these markets. All the countries except in the Middle East are emerging markets and thus strategies being implemented here can be utilised in these markets also.”The Japanese company has collaborated with six NGOs in various states in India including areas of Bihar, Andhra Pradesh and Orissa for the distribution of lanterns. Goldman & Mitsui invests USD 50 mn in India-Japan F&B Venture Goldman Sachs and a unit of Mitsui & Co Ltd have led a USD 50.6 million investment in consumer goods firm Global Beverages & Foods Pvt. Ltd. The former Managing Director of Godrej Consumer Products Ltd, Mr. A Mahendran, will be the Chairman and Managing Director of Global Beverages & Foods. Mr. A Mahendran will also be 2 Lakh = 100,000
  8. 8. investing in the company. Global Beverages & Foods is planning to build a portfolio of consumer brands for the rising consumer spending in India. Japan and Kerala to cooperate in IT and Tourism Sectors India and Japan are discovering opportunities to cooperate with Kerala, India in IT and tourism sectors. Kerala‟s economy is growing on two main pillars of tourism and IT. Several Japanese companies are looking to expand their operations in South India. The decision is partly based on the fact that there is presence of more Japanese citizens working in Kerala as compared to the rest of the country. The Japanese Ministry of Economy and Trade and Industry (METI) and the Japan Tourism and Indian Ministry of Communication and IT had already started joint working group on IT and electronics in 2013. Takeshi Yagi, Japanese Ambassador to India is hoping that the new organisation would majorly contribute in changing Kerala‟s SME landscape. Both corporate and individuals will be the members in the organisation. Suntory is considering Indian Liquor Bid Japan‟s Suntory Holdings Ltd. is currently holding talks to invest in Delhi, India based Radico Khaitan Ltd. Radico is a major liquor manufacturer in India. The decision of Suntory seeks to accelerate its expansion in the growing Asian market. Suntory is contemplating the acquisition of more than 20 percent stake in a new liquor company to be set up by Radico. The value of the investment is likely to be around ¥10 billion. A sales contract was signed between Radico and Suntory in 2011 to sell its high-grade Hibiki whisky, which is targeted at wealthy consumers in India. Suntory aims to collaborate with Radico to grow the Indian distilled liquor market, which has been growing proportionately with the country‟s expanding population. Also, Radico is hiving off its IMFL business into a separate subsidiary in October, 2014 and Suntory will be buying 26 percent stake in IMFL business for Rs 900 crore. Yokohama Tyres bets big on India Japan‟s Yokohama Tyres is undertaking feasibility studies on supplying tyres to Indian car companies. Yokohama opened a manufacturing plant in India in early
  9. 9. 2014. Takeshi Fujino, Managing Director of Yokohama India said “Right now we are not in position to talk to these companies on business deals, as we have not started full manufacturing here. Depending on negotiations on quality, pricing and development timings, we will consider the aspects of supplying to them as well. We are planning to start the factory (in Bahadurgarh, Haryana) in July and roll out tyres in the market during August-September. Right now, trial productions are on and once production starts, we will make one lakh units in the first year.” However, he further added that it was a long-term plan and may become a reality only around 2018. Yokohama entered India in 2007 and has been selling passenger and sports utility vehicle (SUV) tyres via imports. Japan’s Hitachi picks up majority stake in Micro Clinic India Japan based Hitachi Systems Limited is entering into the Indian sub-continent and is set to acquire 76% stake in Micro Clinic India, the Delhi based IT Services Company. After the deal is put through, the target company will be renamed as Hitachi Systems Micro Clinic Pvt. Ltd converting it into a group company. The deal is expected to be completed in March 2014. Hitachi Systems Micro Clinic Pvt. Ltd will provide Indian enterprises, Japanese companies and other foreign affiliated companies in India with services from procurement of IT equipment to systems design and, integration, operation and maintenance. Hitachi started its business in India in the 1930's. It is now targeting consolidated revenues of 500 billion yen under its medium-term management plan. Recently it acquired Chennai based ATM payment services provider, Prizm Payment.
  10. 10. Impact of the Companies Act, 2013 on the Foreign Companies having a Place of Business in India3 The much awaited Companies Act, 2013 (“New Act”) has finally been notified to replace most of the provisions of the Companies Act, 1956 (“Old Act”). The economic scenario globally has undergone major transformation and structural changes and promulgation of the New Act is a step towards globalization and is a successful attempt to meet the changing environment and liberalization. The New Act is progressive and futuristic as it duly envisages the technological and legal developments. The New Act aims to: revise and modify the Companies Act, 1956 in consonance with the changes in the national and international economy; bring about compactness by deleting the provisions that had become redundant over time and by regrouping the scattered provisions relating to specific subjects; re-write various provisions of the Old Act to enable easy interpretation; delink the procedural aspects from the substantive law and provide greater flexibility in rule making to enable adaptation to the changing economic and technical environment; and, inculcate the culture of corporate governance in the Indian corporate world. With these objectives the New Act seeks to bring various changes for the businesses, promoters, stakeholders, creditors, directors, the law enforcers and the society at large. Different sections of the corporate world will be affected in their own way with the New Act. This Note highlights the impact of the New Act on foreign companies having a place of business in India. Entry strategy for Foreign Investors in India Any foreign entity planning to set up business in India may Establish themselves as an Indian company having a separate identity Retain the status of a „foreign company‟ by opening 3 Note: This article was first published in March, 2013 issue of Indo-Japan Trade & Investment Bulletin; the contents of the article have been revised to reflect the latest understanding of the Companies Act, 2013 and rules made thereunder. Knowledge Center
  11. 11. o Liaison Office/Representative Office o Project Office o Branch Office Set up as an Indian Company A foreign company can commence operations in India by incorporating a company under the New Act through Joint Ventures Wholly Owned Subsidiaries Foreign Investment in Joint Ventures can be up to 100% depending on the requirements of the investor and subject to equity caps in respect of the area of activities under the Foreign Direct Investment (FDI) policy. Such joint venture may in the form of Private Company or a Public Company. However, in case of forming a joint venture in India as per the Old Act, if the status of the foreign equity partner which if incorporated in India would be a Public Company and it is holding less than 100% of paid up capital of the new joint venture company, such company shall be deemed as a Public Company even it is registered as a Private Company in India. Modification as Compared to Old Act: Under the New Act no such restriction has been provided which means whatever be the status of the foreign equity partner if it is being incorporated in India, the new incorporated Joint Venture Company may maintain its status as Private or Public Company depending on the form of registration in India. Secondly, foreign companies can set up wholly-owned subsidiary in sectors where 100% foreign direct investment is permitted under the FDI policy. In both the case, as a joint venture entity or as a wholly owned subsidiary, the incorporated company would be registered as an Indian company and have to comply with all the provisions of the Indian company law. As per the definition provided under the law these companies are not called as Foreign Company. Set up as a Foreign Company The foreign companies can also set up their operations in India through Liaison Office/Representative Office
  12. 12. Project Office Branch Office In such cases the foreign company does not have to comply with all the provisions of the Indian company law and instead the law has specified the separate provisions which such foreign company has to comply with. Definition of Foreign Company: New Ambit of Foreign Companies: The New Act has redefined the term „Foreign Company‟. Foreign Company under Companies Act 1956 – Section 591 Foreign Company as per Companies Act, 2013 – Section 2(42) Company incorporated outside India and having a place of business in India Company or body Corporate incorporate outside India having a place of business in India whether by itself or through an agent, physically or through electronic mode. Conducts any business in India in any other manner. Modification as Compared to the Old Act: The ambit of Foreign Companies has been proposed to extend in order to cover all companies or body corporates that have a place of business in India by themselves or through an agent, operating physically in India or through electronic mode. The definition has been broadened to include every Company having business in India through any mode. The New Act has the potential to impact a large number of Foreign Companies that may be doing business in India through electronic mode. The registration requirement of companies doing business in India through „electronic mode‟ has been the subject matter of discussions and debates. Rule 2 (c) of the Companies (Registration of Foreign Companies) Rules, 2014 defines „electronic mode‟ as carrying out electronically based, whether main server is installed in India or not, including but not limited to- 1. Business to business and business to consumer transactions, data interchange and other digital supply transactions; 2. offering to accept deposits or inviting deposits or accepting deposits or subscriptions in securities in India or from citizens of India; 3. financial settlements, web based marketing, advisory and transactional services, database services and products, supply chain management;
  13. 13. 4. online services such as telemarketing, telecommuting, telemedicine, education and information research; and 5. all related data communication services. These transactions may be conducted by e-mail, mobile devices, social media, cloud computing, document management, voice or data transmission or otherwise. Compliances for Foreign Company Documents etc., to be delivered to Registrar by Foreign Companies: Section 380 Every Foreign company is required to submit these documents to the Registrar for registration, within 30 days of the establishment of its place of business in India:  Certified copy of the charter, statutes or memorandum and articles, of the company or other instrument constituting or defining the constitution of the company and, if the instrument is not in the English language, a certified translation thereof in the English language;  Full address of the registered or principal office of the company  List of the directors and secretary of the company containing such particulars as prescribed under Rule 3.  Name and address or the names and addresses of one or more persons resident in India authorised to accept on behalf of the company service of process and any notices or other documents required to be served on the company  Full address of the office of the company in India which is deemed to be its principal place of business in India  Particulars of opening and closing of a place of business in India on earlier occasion or occasions  Declaration that none of the directors of the company or the authorized representative in India has ever been convicted or debarred from formation of companies and management in India or abroad.  Other Documents as may be prescribed. Rule No. 3(3) the Companies (Registration Offices and Fees) Rules, 2014 requires application to be supported with an attested copy of approval from the Reserve Bank of India under Foreign Exchange Management Act and the rules and
  14. 14. regulations thereunder or a declaration from the authorised representative of such Foreign Company that no such approval is required. In case of any alteration in the aforesaid documents the Foreign Company is require to submit a return containing the particulars of alteration as per the prescribed format with the Registrar of Companies, within 30 days of any such alteration. Accounts of Foreign Companies: The Foreign Companies in each calendar year are required to prepare a balance sheet and profit & loss account as per the prescribed format and shall also annex the documents as prescribed under Rule No. 4 along with the balance sheet and profit & loss account. All these documents shall be filed with Registrar of Companies along with a copy of list of all the places where business has been established in India as on the date of the balance Sheet. If any of such documents is not in English Language, a certified translation of these documents in English Language shall be attached. Display of Name of Foreign Companies: Every Foreign Company is required to exhibit outside its every office or place of business in India, and in all business letters, bill heads and letter paper, and in all notices, and other official publications, the name of the company and the country where it is incorporated. The name shall be in legible letters of English language and also in the local language of the state where such office is situated. Besides the name and the country of Incorporation the company is also required to mention the fact that the liability of the company is limited if it is so. Service on Foreign Company: Any process, notice, or other document required to be served on a foreign company shall be addressed to the person whose name and address have been delivered to the Registrar and sent by post or by electronic mode. The documents on Foreign Company as per the New Act may now also be served by Electronic Mode. Punishment for Contravention: In case if Foreign Company has contravened any of the applicable provisions, it shall be punishable with minimum fine of Rs. 1 lakh4 but which may extend to Rs. 3 lakh and in case of a continuing offence with an additional fine which may extend to Rs. 50,000 for every day during which the default continues. 4 Lakh = 100,000
  15. 15. Besides this every officer of the company who is in default shall be punishable with imprisonment of maximum 6 months or fine which shall not be less than Rs. 25,000 but which may extend to Rs. 1 lakh or with both. Modification as Compared to the Old Act: Under the Old Act where in case of default the company and every officer or agent of the Company who is in default was punishable with fine which may extend to Rs. 10,000 and in case of continuing offence, with an additional fine which may extend to Rs. 1,000 for every day during the default continues. Impact of change in definition of Foreign Companies The New Act has expanded the definition of Foreign Companies to include those foreign companies as well that are doing business in India through electronic mode. As discussed earlier, Rule 2 (c) defines „electronic mode‟, which definition is wide enough to cover virtually every transaction carried through electronic mode including through e-mail, mobile devices, social media, cloud computing, document management, voice or data transmission or otherwise. Such a wide coverage on transactions done through electronic modes is, therefore, likely to have a great impact on various foreign companies involved in transactions such as consultancy services, financial services, e- commerce etc. with their customers in India that would be required to establish a permanent place of work in India through registration, in order to continue to operate in the country. Currently, there are a number of foreign based websites that operate directly or indirectly in India and may be said to have a place of business in India through electronic mode such as Amazon.com, Rakuten.com etc., where customers located in India can purchase products and get the shipment in India. Moreover, ebooks, softwares, or subscription to e-magazines, dailies or subscription of other members only websites could be purchased online at many websites that need no physical shipment to India. The New Act specifically provides that in order to ascertain the place of business in India through electronic mode, the main server is not required to be installed in India. Further, by some stretch of imagination, one could also foresee transactions conducted through debit and credit cards of foreign banks may also be subjected to the applicability of the provisions of the New Act as the financial settlements carried out electronically have been included under the ambit of electronic mode. It is interesting to note that the New Act does not seek to restrict its coverage on such above-mentioned transactions either in terms of monetary limits or number of transactions per year/month. The bare perusal of the provisions of the New Act (esp. section 380 and section 2 (42) along with prescribed Rules) suggests that even a single transaction conducted in India by a foreign company would be sufficient to infer that
  16. 16. such foreign company has established a place of business in India. Such an interpretation would lead to undesirable consequences as any foreign company e.g. a consultancy company based outside India would require registration in India even if it undertakes only one single transaction in a whole year. Imagine a situation where a customer in India buys an application or software worth $1 on a foreign based marketplace websites like google playstore that may not be registered in India. The marketplace websites could have sellers that are also not registered in India as per the requirement of section 380. In such a case, it would be absurd to expect that for the sale of a $1 product/service both the seller company as well as the marketplace owner company be required to get registered under the New Act. However, as absurd as it may appear, the bare interpretation of the New Act leads to this conclusion. Moreover, at this point, it is not clear as to how the New Act would be able to track, take cognizance of and enforce penalty against the violation of section 380 by Foreign Companies. It would be interesting to see how the law will be enforced in case a Foreign Company having a place of business in India through electronic mode refuses to register as per the provisions of the New Act and also refuses to pay the fine. Will the Registrar of Companies apply for a court decree against the Foreign Company in India and hope for successful execution of such decree in the country of incorporation of such Foreign Company? Or the Indian Government is ready for more radical approach of blocking such online sellers and service providers from providing services in India? There seem to be many enforcement challenges for the regulator under the New Act. Time to amend the Rules, already? DISCLAIMER: The document has been prepared and produced only for the information purpose only and is not to be construed as an advertisement, solicitation, invitation, personal communication or inducement of any kind by the Firm, the author or any of its Partner or associates. The entire content of this document has been developed on the basis of relevant statutory provisions and as per the information available at the time of the preparation. Though the author has made utmost efforts to provide authentic information, however, the material contained in this document does not constitute/substitute professional advice that may be required before acting on any matter. The author and the firm expressly disclaim all and any liability to any person who has read this document, or otherwise, in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the contents of this document.
  17. 17. CONTACT US PANKAJ SINGLA Japan Desk, Corporate Professionals NEW DELHI D-28, South Extension Part - I, New Delhi – 110049 Tel: +91-11-40622200 Dir: +91-11-40622293 Fax: +91-11-40622201 Mob:+91-99715-08320 Email: pankaj@indiacp.com MUMBAI Mastermind- I, Royal Palms Estate, Aarey Colony, Goregaon (East), Mumbai -400065 Tel: +91 9820079664 Fax: +91 9810037390 BEDFORD (UNITED KINGDOM) 2-4 Mill Street, Bedford MK40 3HD U.K. Tel: +44 (0) 2030063240 Fax: +44 (0) 2030063241

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