UK Sinha

Cyril Amarchand Mangaldas CAM has hired UK Sinha, former Securities and Exchange Board of India (SEBI) chief of 6 years, as a senior advisor to lead its newly-established Corporate Governance Center (CGC).

Khaitan Sud & Partners (KSP) is facing a recovery suit in the Saket district court, Delhi, filed by its former senior associate Pankaj Kumar for the arrears of his retainership fee.

The Supreme Court has, for the third time, upheld the appointment of Securities and Exchange Board of India (SEBI) chairman UK Sinha, Mint reported.

Dismissing a September 2012 petition filed by a Bangalore-based financial expert alleging irregularities in the process of his appointment, a bench of justices SS Nijjar and PC Ghose said that even though the petition was worth dismissing on several grounds they chose to examine the issue to “satisfy [their] judicial conscience”

In substance the petition had asserted that rules were bent to select Sinha to the chair.

In Friday’s 87-page order the judges accused the petitioners of being “stool pigeons” of powerful corporate lobbies, reported the Business Standard. They said: “We are unable to easily discard the reasoning. The anxiety of these business houses for the removal of the present Sebi chairman is not wholly unimaginable. We have been left with the very unsavoury impression that the petition is more for the protection of the vested interests of some unidentified business lobbies.”

Bangalore-based financial expert challenges SEBI chairman UK Sinha’s appointment to the SEBI chair in the Supreme Court through advocate Prashant Bhushan

In the petition he has questioned Sinha’s integrity, denial of extension to the previous chairman, and his alleged leniency toward corporate lobbyists facing action. The petition alleges that Sinha committed fraud on the Search and Selection Committee and the parliamentary Appointment Committee. Sinha allegedly concealed emoluments of over Rs 4 crore received as CMD of UTI Asset management.

The petitioner has asked for his removal from the SEBI chair and for a criminal investigation into his appointment at the asset management company.

Secretary to the president Omita Paul, the central government, SEBI, the chief vigilance commissioner, and the CBI have also been made respondents in the petition.

Two previous petitions in the Supreme Court challenging the appointment process behind instating Sinha were dismissed by a bench headed by the Chief Justice [Business Standard]

UK law firms are being wooed by private equity houses looking to take a stake - meanwhile, in India, UK law firms are wooing Indian law firms for closer relationships.

The UK's Legal Services Act 2007 will allow external investment into law firms from 2011 and news wire Bloomberg has reported that private equity investors are already lining up to take advantage.

PE funds Fleming Family & Partners, Phoenix Equity Partners and Lyceum Capital Partners were reported by the news service to be interested or in talks to directly invest into law firms.

Apparently law firms make "attractive investments as they have stable cash flows, long track records of business operations and increasingly are much better run".

Most UK law firms are not convinced yet by the proposition - in the words of Allen & Overy's managing partner Wim Dejonghe to Bloomberg: "We looked into it, but decided it wasn’t right for us. Why would we need the money?"

That is a similar question many Indian law firms may be asking themselves when foreign law firms are knocking on their door although judging by the current mood in the profession it will still be a long time before private equity will be allowed into the legal business.

Phoenix Legal has denied that it has a best friends tie-up with UK international firm Lovells, after a press report linked the two today.

Clifford Chance is seconding the head partner of its India practice group to its best friend AZB & Partners.

Clifford Chance project finance partner Chris Wyman (pictured) will relocate to AZB's Mumbai office this month and will spend at least several months there to improve the integration between the firms.

Wyman said that he would stay "as long as it takes" and added: "It is all about maximising the opportunities – if you just say nice words and do nothing else, you will soon cease to be useful."

ALMT Legal has formed a best friends relationship with UK international firm Clyde & Co.

In a joint statement the firms said that they would share information, harmonise training and set in place an extensive secondment programme.

ALMT partner S R Arun (pictured) said: "We anticipate that we will have access to the markets where Clyde is and that not many of the large magic circle firms have got access to."