BCI changes its mind on liberalisation after discussion floats possibility of alternative regulator The Bar Council of India (BCI) has backtracked on its earlier full-throated support of liberalisation of the legal market in a six-page letter, saying that it had encountered “strong opposition” from state bar councils and was therefore withdrawing its earlier draft rules to allow foreign lawyers.

PDS Legal won relief from entry tax, for e-commerce major Flipkart’s logistics arm Instakart, in the Patna high court.

ICCA proposes a third alternative to liberalisation: A bill with gradual FDI ratchetThe Indian Corporate Counsel Association (ICCA) has produced draft of a Foreign Legal Practitioners (Regulation of Practice) Bill 2016, which it will present at today’s meeting with ministries and stakeholders.

Lalit Bhasin: Silf 'contemptuously rejects' INBA proposal to open up legal profession this yearThe Indian National Bar Association (INBA), which released a report last week calling for the entry of foreign law firms this year, has now also been invited to also meet the Government in tomorrow’s talks on legal market liberalisation.

"Third-party administrator Vidal Healthcare Services Pvt. Ltd Monday said Ambit Pragma Ventures Pvt. Ltd, the private equity arm of Ambit Holdings Pvt. Ltd, has invested about $10 million in the firm to buy a significant minority stake,” reported Mint.

Trilegal has hired J Sagar Associates (JSA) Delhi principal associate Gautam Shahi as a counsel to specialise in competition and litigation, reported VCCircle, relying on two unnamed sources.

Lakshmikumaran & Sridharan (LKS) has been accused by service tax authorities of forum shopping and misleading the the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) by allegedly not disclosing the existence of a live Supreme Court case for the same client on the same issues.

Universal Legal advised Carlyle-backed Newgen KnowledgeWorks on acquiring a majority stake in Pune-based digital learning and software company Exult Infosolutions which was advised by LegaLogic Consulting.

Skadden Arps Slate Meagher & Flom has hired 2005-ILS Pune graduate Parveet Singh Gandoak to the firm as a counsel in Singapore from Debevoise & Plimpton, where he had worked between 2011 and 2016 as an associate.

The Indian National Bar Association (INBA) has weighed into the legal market liberalisation debate, coming up with a proposal that would see foreign law firms entering by the end of this year, with “complete liberalisation” proposed to happen by the end of 2019.

"PayU Global, the digital payments provider owned by South Africa’s Naspers Group, will buy rival Citrus Pay for $130 million in an all-cash deal. PayU India will have more than 30 million customers post the acquisition of Citrus Pay. The company forecast it will process an estimated 150 million transactions, worth $4.2 billion, in 2016. The deal, once concluded, is expected to provide an attractive exit to Citrus Pay’s investors—Ascent Capital, Beenos and Sequoia Capital. PayU confirmed that the early investors will exit but declined to disclose details,” reported Mint.

Argus Partners has hired R Vedasagar as a partner in Bangalore, focusing on banking and finance from 1 October.

Argus Partners promoted Siladitya Chatterjee as a partner in its corporate practice in Delhi, effective 1 September 2016.

"German drugs and crop chemicals company Bayer AG has won over US seeds firm Monsanto Co. with an improved takeover offer of around $66 billion, ending months of wrangling after increasing its bid for a third time. The $128 a share deal, up from Bayer’s previous offer of $127.50 a share, is the biggest of the year so far and the largest cash bid on record. The deal will create a company commanding more than a quarter of the combined world market for seeds and pesticides in the fast-consolidating farm supplies industry,” reported Mint.

K&S Partners Gurgaon partner Samuel Niranjan joined Khaitan & Co in Bangalore as a counsel in its intellectual property practice.

"Anil Ambani-controlled Reliance Communications Ltd (R-Com) has signed a definitive agreement to merge its wireless business with smaller rival Aircel Ltd to create India’s third largest telecom operator by users,” reported Mint.

Latest comments