Shivani Jha

Saraf and Partners acted as legal counsel for consortium of banks and financial institutions led by Punjab National Bank in assignment of stressed assets, involving fund based facilitates aggregating to INR 769.48 crore availed by LUDHIANA TALWANDI TOLL ROADS PRIVATE LIMITED, a special purpose vehicle formed by the consortium of IL&FS TRANSPORTATION NETWORKS LIMITED (ITNL) and Punj Lloyd Limited (PLL) aimed to construct a 78-km, four-lane stretch of National Highway-95 between Ludhiana and Talwandi Bhai road project in Punjab, to National Asset Reconstruction Co Ltd (NARCL). The transaction is a significant milestone for resolution of stressed assets in the infrastructure sector.   Saraf and Partners’ team was led by Partner, Abir Lal Dey. #stressedassets #insolvency #pnb #infrastructure #NARCL #bankingandfinance #financing #debt #restructuring #dealexecution #dealannouncement #sarafandpartners #fullservicelawfirm #fastestgrowinglawfirm #innovativelawfirm #chambersandpartners #legal500 #iflr1000 #asialaw #bwlegalworld #asianlegalbusiness #AIF #investindia #alb #indianlaw #toplawfirm #IBLJ #indianlawfirm #bestindianlawfirm #indianlawyer #bestindianlawyer

139

#digitallending #lendingtech #fundingalert #startupfunding Digital lending startup Fibe has raised $90 million in a Series E round led by TR Capital, Trifecta Capital and Amara Partners. Its existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the round which included both primary and secondary transactions. The Rise Fund led the round with Rs 133 crore ($16 million) while Kabira Holdings put in Rs 125 crore ($15 million). Eight Road Ventures, Norwest Capital, and Trifecta participated with Rs 41.6 crore ($5 million), Rs 62.5 crore ($7.5 million) and Rs 55 crore ($6.6 million), respectively. Amara Partners and Chirate also invested Rs 29.17 crore and Rs 100 crore. According to filings, the company will use these funds for expansion and growth as per the business plan duly adopted by the board. As per TheKredible’s estimates, the company has been valued at around $590-600 million post-money. It was valued at $350 million during Series D. Read on

1

Securities and Exchange Board of India (SEBI)’s move to halt online platforms dealing with unlisted bonds signals its evolving approach to new-age businesses. While oversight is vital for investor protection, it raises a key question: Should regulators focus on cracking down or building frameworks that foster innovation and compliance? altGraaf - Powered by AI Growth Tap Invest #Regulation #Innovation #Compliance

4

The Securities and Exchange Board of India (SEBI) has proposed easing angel fund regulations and opening up these funds to more diverse investor groups. In a major step, the regulatory body will soon allow family trusts and sole proprietorships to invest in angel funds.   These measures are likely to boost opportunities for startup funding and supply young ventures with essential capital for growth, highlighting SEBI’s commitment to cultivating a robust entrepreneurial ecosystem in the country. Read more: https://lnkd.in/g3aGwgJP #StartupFunding #AngelInvestors #SEBINorms #Innovation #Entrepreneurship #IndiaStartups #BusinessGrowth #StartupEcosystem

50

9 Comments

Sebi's release of a 414-page master circular for stock brokers, subsuming previous directions, marks a significant regulatory move. Notably, the requirement for sending alerts to investors via SMS and email by day's end emphasizes a commitment to transparency and investor protection.  The guidelines, applicable to equity segments, mandate brokers to upload client details, ensuring employee data isn't misrepresented. Flexibility is granted for family-linked contacts upon client request, a pragmatic approach to familial business dynamics. Utilizing listing fees for investor services demonstrates a proactive use of resources. I see this comprehensive circular, addressing registration, supervision, and grievance redressal, reflecting Sebi's multifaceted approach to market regulation, developing integrity and accountability. https://lnkd.in/gAd9JUtX #SEBI #StockMarket #FinancialRegulation #InvestorProtection #MarketIntegrity #MasterCircular #StockBrokers #RegulatoryReform #Transparency #Compliance

10

1 Comment

Views of our Managing Partner, RAHUL GARG with the senior Journalist Mr. Sugata Ghosh published in Economic Times today on the important decision of full Bench of Delhi High Court on the issue of profit attribution / taxability in case of PE in India under the Tax treaties treating global loss or profit situation at entity level irrelevant for the said determination.   Trust find the same useful. Team Asire Asire Consulting LLP   #economictimes #timesofindia #ETbureau    #tax #taxation #directtax #law #internationaltax #GST #Customs #regulatory #FEMA #compliance #FDI #ECB #tradecompliance #cbdt #cbic #RBI #EPFO #MCA #lawandlegislation #courts #professionals #charteredaccountants #attorney #legislation #disputeresolution #litigation #ecommerce #technology #OECD #BEPS #taxtreaty #digitaltax #digitaleconomy #ministryoffinance #usibc #nasscom #assocham #ficci #cii #pmo #india #icai #icsi #icawi #icmai #transferpricing #intellectualproperty #crossborder #G20 #G7 #US #UK #EU #FTA #DGFT #MNC #taxpayer #exim #IBC#legal #inhousecounsels #economy #taxes #digital #brexit #trade #legal #investment #finance #startupecosystem #startupindia #startupfunding #startupbusiness #startupfounders #startupadvice #startupideas #startupcompany #startupstrategies #startups #fintech #startup #startupgrind #startupcommunity #startupculture #startupactivity #startupgrowth #mediaindustry #medianews #taxadvice #taxhelp #taxconsultant #taxcompliance #taxexperts #taxdeadline #reporting #taxreporting #internationalbusiness #internationalexpansion #internationallaw #globaleconomy #globalbusiness #globalbusinessservices #globalissues #indianentrepreneurs #training #valuations #indianews #indianewsupdates #indianeconomy #indiabusiness #presscoverage #pressreview #cryptotax #cryptoregulation #cryptoassets #crypto #tokens #tokeneconomy #nfts #rbi #lrs #taxcollection

19

𝐈𝐧𝐝𝐢𝐚’𝐬 𝐂𝐫𝐲𝐩𝐭𝐨 𝐏𝐨𝐥𝐢𝐜𝐲 𝐨𝐧 𝐭𝐡𝐞 𝐇𝐨𝐫𝐢𝐳𝐨𝐧: 𝐖𝐡𝐚𝐭 𝐈𝐭 𝐌𝐞𝐚𝐧𝐬 𝐟𝐨𝐫 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 Exciting news for the blockchain and crypto community! India is set to release a discussion paper on cryptocurrency policy before September, as announced by Economic Affairs Secretary Ajay Seth in a recently. 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: · The discussion paper aims to gather comments and views from relevant stakeholders on proposed crypto regulations. · The paper will include suggestions on the remit of regulations for cryptocurrencies in India, expanding beyond just AML (Anti-Money Laundering) and CTF (Counter-Terror Financing). · The inter-ministerial group, including the RBI and SEBI, is working on this wider policy for cryptocurrencies. · The move aligns with the G20-endorsed guidelines from the IMF and FSB, promoting a balanced approach to crypto regulation. 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: · Clarity in Regulations: For the blockchain and crypto industry, clear and well-defined regulations are crucial for growth and innovation. This discussion paper could pave the way for more comprehensive and inclusive crypto policies. · Stakeholder Involvement: By seeking input from various stakeholders, the government is promoting a collaborative approach, ensuring that the policy addresses the needs and concerns of all involved parties. · Global Standards: Aligning with international frameworks like those proposed by the IMF and FSB ensures that India’s crypto regulations are in harmony with global standards, fostering cross-border collaboration and innovation. 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧: · Clearer regulations can reduce uncertainty, encouraging more blockchain projects and startups to emerge in India. · A comprehensive policy could lead to more robust and well-structured regulatory frameworks, addressing issues like scalability, interoperability, and security in the blockchain space. · Well-defined regulations can boost investor confidence, attracting more capital and resources to the Indian blockchain ecosystem. As the world watches, India’s approach to cryptocurrency regulation could set a precedent for other countries. This is a pivotal moment for the blockchain industry, with the potential to unlock significant growth and innovation. #CryptoPolicy #Blockchain #Innovation #Regulation #India #Crypto #TechNews #BlockchainDevelopment #GlobalStandards #FinancialRegulation #FutureTech #G20 #IMF #FSB https://lnkd.in/djFSQrfQ Disclaimer: The Content in this post is for informational purposes only derived from references and does not constitute any professional advice. We do not claim ownership of any data or Information referenced

2

In order to streamline the transition to the amended Foreign Venture Capital Investors (“FVCIs”) regime, SEBI has issued new operational guidelines for FVCIs and Designated Depository Participants (“DDPs”). These guidelines are effective from January 1, 2025. Under the guidelines, SEBI has outlined procedures for FVCI registration, activities and compliance requirements and specified the role of DDPs. The guidelines include the appointment of a DDP by an FVCI to conduct due diligence concerning the continuance of registration as an FVCI. Failure to do so by March 31, 2025, shall result in the FVCI being disallowed from making any further investment. Further, in case of such failure, the FCVI shall mandatorily be required to liquidate assets in listed securities by March 31, 2026, and other investments by March 31, 2027. The guidelines have also mentioned that the DDP shall be responsible for monitoring compliance by the FVCI of the conditions laid down by SEBI. https://lnkd.in/gJVThVtq #SEBI #FVCI #ForeignInvestment #VentureCapital #legalupdates #legalinsights #aarambhlegal

15

Join Hyperledger Climate Action & Accounting Special Interest Group presentation on "Agri Carbon Tokenization using Blockchain" by SimplyFI Murthy Chitlur Viswanadh Akella Hyperledger Foundation Hyperledger India Chapter David Boswell Sherwood Moore Joining details: https://lnkd.in/dH8thVCF #blockchain #hyperledger #climatetech #carboncredit #tokenization

27

Faster Rights Issue: SEBI's New Norms and Key Considerations The Securities and Exchange Board of India (SEBI) will be introducing new norms to expedite the rights issue process for publicly listed companies, allowing them to raise capital more swiftly and efficiently. However, while the move brings promise, it also demands careful consideration of certain regulatory factors. Thanks to insights from Kaushik Mukherjee and Narayan Kedia from Sammaan Capital, published in The Economic Times, the focus remains on implementing these norms effectively, ensuring a seamless transition while maintaining the highest standards of transparency and due diligence. #SEBI #CapitalMarkets #RightsIssue #InvestorProtection #Transparency #CorporateFinance #SecuritiesLaw #SammaanCapital

33

#wealthtech #fundingalert #startupfunding Wealthtech startup Centricity has raised $20 million in a seed funding round led by Lightspeed. Paramark VC, along with existing investors such as Burman Family Office, Shantanu Agarwal, and angel investors including Ritesh Agarwal, Vishal Dhupar, and the MS Dhoni Family Office, also participated in the round. Founded in early 2022 by Manu Awasthy, Centricity offers plug-and-play solutions for transitions from employee to entrepreneur (E2E). The platform empowers financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios. Read on

3

1 Comment

The Supreme Court is set to review a Ninth Circuit ruling that found Nvidia executives likely misled investors about the impact of cryptocurrency mining on the company's revenue. The case centers on whether shareholder lawsuits alleging securities fraud need to specifically detail the contents of internal company documents and if expert opinions can support claims of false statements. Read more at: https://lnkd.in/gjhy54ck #ETLegalWorld

1

NCLATs Observations on the Disclosure of Service Provider Agreement and Locus Standi of Intervenor in a Voluntary Liquidation Proceeding   Background: - The appeal arose from an order passed by the National Company Law Tribunal (NCLT), New Delhi, allowing an intervention application filed by Multix Owners and Users Welfare Society (Respondent No. 1) in a Company Petition for dissolution of Eicher Polaris Pvt. Ltd. (Corporate Debtor). - The NCLT observed that the Liquidator had concealed the Service Provider Agreement with TVS Automobile Solutions Pvt. Ltd. and did not approach the Adjudicating Authority with clean hands. - The NCLT allowed the intervention application and impleaded Respondent No. 1 as a necessary party.   Issues: 1. Whether the Liquidator concealed the Service Provider Agreement and approached the Adjudicating Authority without clean hands. 2. Whether Respondent No. 1, not being a creditor, could be impleaded as a necessary party in the Company Petition.   Decision: The National Company Law Appellate Tribunal (NCLAT) partly allowed the appeal with the following directions:   1. The observation and finding in Para 9 of the NCLT order, regarding the concealment of the Service Provider Agreement and the Liquidator's approach without clean hands, were set aside. 2. The direction impleading Respondent No. 1 as a respondent to the Company Petition was set aside. 3. The order permitting Respondent No. 1 to intervene in the Company Petition was upheld. 4. The Adjudicating Authority was directed to proceed and decide the Company Petition without being influenced by any observation made in the NCLT order dated 16.10.2023.   Discussion/Observations: - The court found no intention to conceal the Service Provider Agreement as it was mentioned multiple times in the Company Petition. Not annexing it initially was an inadvertent mistake later rectified. - The NCLT's findings that the Liquidator concealed the agreement and didn't approach with clean hands were unfounded and against the record.  - Respondent No. 1, not being a creditor by not filing a claim, could not be considered a necessary party to the liquidation proceeding. - However, allowing Respondent No. 1 to intervene was upheld considering the pending Consumer Case filed by it before the NCDRC. - The NCLAT clarified the issues around disclosure of the agreement and locus standi of the intervenor to ensure fair adjudication.   Case Name: MR. AMIT JAIN Vs. MULTIX OWNERS AND USERS WELFARE SOCIETY& Anr. Case No: Company Appeal (AT) (Insolvency) No. 1596 of 2023 Tribunal: NCLAT Principal Bench Judge: [Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical) Citation: [2024] IBCInsights [86] NCLAT (PB) Date: 05.04.2024   #IBC2016 #Insolvency #CorporateLaw #LegalUpdates #IBCUpdates #IBCNews #InsolvencyJudgments #NCLATJudgments #IBCLawyer #CIRP #394

3

🔔 Frequent Breach of Timelines Leading to More Liquidations Under IBC: ICRA A recent report by ICRA highlights a concerning trend in the insolvency resolution process under the IBC. ~ 71% of cases exceed the 270-day resolution timeline, significantly increasing liquidation orders. This delay is causing a substantial value erosion for corporate debtors and lenders alike. 📢 Key Points of the Report: 1️⃣ 71% of cases exceed the 270-day timeline: Resulting in higher liquidation orders. 2️⃣ Steep haircuts for lenders: Banks face an average reduction of 72% in loan amounts. 3️⃣ Impact on large accounts: Accounts over ₹1,000 crore represent 15% of resolved cases but 89% of recoveries. 4️⃣ Erosion of value: Delays in the resolution process are diminishing the value of assets. The IBC was introduced to streamline the insolvency process and maximize value for all stakeholders. However, the frequent breaches of timelines are undermining these objectives. Stakeholders must address these delays to improve recovery rates and maintain the integrity of the insolvency process. #Insolvency #Bankruptcy #IBC #ICRA #CorporateFinance #InCorp

4