Luthra & Luthra
Delhi-headquartered independent solar power producer and developer Azure Power has in the past been advised by Cyril Amarchand Mangaldas, according to our deals database, although the company has worked with other firms too.
When the 2008-founded company went public on the New York Stock Exchange in October 2016, for instance, Shardul Amarchand Mangaldas advised on Indian law aspects (along with Skadden Arps on US law, Appleby on Mauritius Law, and Latham & Watkins acting for the underwriters).
Update 5 February 2018: Luthra & Luthra had advised the underwriters on that IPO, as kindly pointed in the comments.
Swain, a 2006 NLU Jodhpur alum, joined Luthra Delhi in 2014 from Wadia Ghandy, where he was a principal associate and head of corporate in its Delhi office.
He was promoted to Luthra’s partnership in 2015.
He also holds an LLM in banking, corporate finance and securities law from Kurukshetra University, which he completed between 2014 and 2016.
Swain confirmed his joining but declined to comment further.
We have reached out to Luthra for comment.
While Swain’s leaving will be another in a long tradition of corporate partners leaving the firm (which has caused Luthra take a dive in the M&A league tables), it has last month buffed up its corporate strength with the hire of Trilegal
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An exit need not be always bad. In fact Azure works closely with Mohit Saraf and Manan. Promoting your employees to go in house is a practice adopted quite frequently in foreign firms, and even some Indian firms like CAM (Ipshita joined MS) and Himanshu joined blackstone. I think this is a stellar move by Mohit to ensure that Azure continues to work with Luthra for years to come.
Nowhere is it suggested that him moving in-house is a disaster for Luthra, but the fact remains that Luthra needs more partners in its corporate practice, as borne out by independent league tables and the string of partner exits in the area.
I am aware, however, that some people in the firm would prefer if we ignored that point (or any negative coverage of the firm).
Why are you over reacting ? Take off your blindfold please and wake up to the realities of the organisation. 22 + partners and 25 + managing associates have quit in span of 5 years. What are you defending ??
Also- it’s quite disgusting that you attribute Dipti’s new job (and his ability to get a job) to a stellar move by mr saraf ! As if dipti wouldn’t have been hired without an intervention from the Luthra management
I am not talking about capability here. Just stating that it Is extremely likely that Mr Saraf may have been responsible for his move here. RKL has also helped ex Luthra members in the past. Moushami’s move to Pillsburg being an example. Rajesh’s move to IDBI being another example.
That said, while by itself any one partner corporate departure at Luthra has maybe not impacted the corporate practice hugely, in combination it has very clearly contributed to the firm's massive decline in independent corporate league table rankings as well as third-party rankings such as RSG (for at least 2 years running). Luthra may never have been a corporate power house, but it's inability to build a big practice there has very obviously caused it to slip in its position amongst the Top 7.
I am not making any of this up, and unlike at other firms, whenever there is the slightest negative news, Luthra folks seem to repeatedly want to shoot the messenger in comments or in private (which, I believe, the management happily encourages).
Finally, if all that narrative above is incorrect, I always give the firm an opportunity to comment, which they have not chosen to take advantage of for a long time now.
If you want news articles to paint a pretty picture of Luthra, I can not be expected to keep digging for positive facts or make up glowing angles (besides mentioning, as I did, what we have previously reported, such as Luthra's recent corporate hiring). I can also not be expected to express an unsubstantiated positive opinion, pretending that no one else has left its corporate practice, and somehow sneak those into an article.
However, as I've said previously, I would certainly be happy to include quotes from the firm in every relevant article, which would provide more balance to news about the firm. Just look at how Trilegal's Rahul Matthan handled (or, if you want to be critical, you would say 'spun') the negative news of closing the Hyderabad office: www.legallyindia.com/lawfirms/trilegal-latest-to-be-baffled-by-hyderabad-to-close-office-gracefully-after-partner-pavan-kumar-exits-20180129-9060
But whether Luthra chooses to do so, is pretty much out of my hands, as I've had lots of behind-the-scenes discussions and made plenty of overtures to the firm on that front that have not taken up, very clearly intentionally.
Have updated the story in any case that he was also PA.
From a factual standpoint, as far as I can recall, Amit was the partner who used to be part of the corporate team under Mr. Ahuja and used to handle litigation matters as well. In any case both the persons used to report to Ahuja. Not sure whether people who worked there knew he was the de-facto corporate head there. But then they may be wrong.
On behalf of all Luthra peeps and being someone from Delhi- my response to your statement is - “Tu hai kaun Bhai. We don’t owe you an explanation. We are happy where we are!”.
But then, on behalf of all Luthra peeps, please don't complain all the time that our coverage doesn't trumpet how amazing Luthra is, because we literally do not get told that by anyone except irate anonymous commenters.
Sigh, irony seems wasted on this generation, clearly.
Also, you are the self appointed spokesperson for Luthra now ?
Missed Luthra here? They advised the underwriters on Indian law.
The NYSE filing I found didn't mention Luthra but only Lathams for the UWs: www.sec.gov/Archives/edgar/data/1633438/000119312515405022/d851850df1.htm
Quote:
dont know about veracity of other comments on luthra and azure, but clearly this link mentions that Luthra had acted on the matter- see below- see last line.
www.sec.gov/Archives/edgar/data/1633438/000119312516737769/d851850d424b4.htm#rom851850_27
LEGAL MATTERS
Certain legal matters as to United States federal and New York law in connection with this offering will be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, Palo Alto, California. The validity of the equity shares offered in this offering and certain legal matters as to Mauritius law will be passed upon for us by Appleby, Port Louis, Mauritius. Certain legal matters as to Indian law will be passed upon for us by Shardul Amarchand Mangaldas & Co, New Delhi, India. Skadden, Arps, Slate, Meagher & Flom LLP may rely upon Appleby with respect to matters governed by Mauritius law and upon Shardul Amarchand Mangaldas & Co with respect to matters governed by Indian law. Certain legal matter will be passed on for the underwriters by Latham & Watkins LLP, New York, New York. The underwriters may rely upon Luthra & Luthra Law Offices with respect to matters governed by Indian law.
2) Manan must have dealt with the company when he was at Latham Watkins. He was there at the listing date. (Check his LinkedIn profile)
3) His departure did not bring any Azure deals to Luthra. Don't know how Mr. Saraf became pals with Azure management.The firm profile too does not list any deals for it.
4) He may or may not have headed Wadia corporate practice in Delhi.But his honeymoon period with the firm was definitely short. Considering NLU Jodhpur graduates have a run of the place and feel like that this is an extension of their University campus, he was damned smart to jump the gun at the earliest opportunity.
Watch this space for more exits - specifically NLS and NLUJ exits - people who have been pushed out by the cheap tricks of the blue eyed boy and his sycophants.
MS bhai, the writing is clearly on the wall - you will have no one to blame if you continue to unsee what's slowly but surely coming your way.
#nuffsaid
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