Amarchand Mangaldas and senior counsel Gopal Subramanium acted for YSR Congress party president YS Jagan Mohan Reddy to whom the Supreme Court today denied bail in the money-laundering case against him.
Reddy is at present in a Hyderabad prison in the judicial custody of the Central Bureau of Investigation (CBI), which is investigating charges against him and his associates under the Prevention of Money Laundering Act 2002, reported Mint.
“[Justice] Aftab Alam’s taken a sledge hammer to Jagan Mohan Reddy! […]” tweeted Legally India Supreme Court postcard writer Court Witness. @Spread_law later tweeted: “Jagan Reddy’s can move for bail after filing of the consolidate chargesheets. Court had removed this date of 31st March 2013.” [Correction: The initial version of this report erroneously stated that Reddy would not be able to move for bail before six months.]
“Apparently Aftab Alam was unmovable when it came to finishing off #jaganreddy’s case. #cbi just had to show what the amounts involved were and pretty much from then on there was going to be only one conclusion.”
According to Mint, the Enforcement Directorate yesterday attached more than 13 acres of land and Rs 14.5 crore of fixed deposits of companies owned by Reddy, “as kickbacks allegedly received in lieu of granting favours” to private companies. Attachment orders for several acres of land and crores of fixed deposits were also issued against the companies which so benefited.
The CBI opposed the bail plea and asked for more time to scrutinize the financial transactions of his vast business empire, reported NDTV.
Reddy was represented by Amarchand’s advocates-on-record firm Suresh A Shroff & Co according to today’s cause list, with Subramanium appearing in court, according to the Times of India.
The CBI was represented by additional solicitor general (ASG) Mohan Parasaran and senior counsel Ashok Bhan. Parasaran had argued that the accused were “so influential that they can influence the witnesses even while being inside” and that Reddy and others had allegedly accumulated Rs 3,000 crore.
Comments
No qualms with you analysing any news, legal or political. My comment above only pertains to the obvious answers to your questions, which I'm sure you know as good as any other reader might post.
Hence-Rhetoric and which is best seen at Jantar Mantar.
Jai Hind!
Have YOU EVER argued a matter before the Supreme Court, leave alone ANY court (oh! and moot courts don't count!)? Have YOU EVER defended a client before a bench that is crying for your blood because your client is a scamster? I think not!
Sitting on your A... all day mulling through verbose contracts laudable no doubt.. does not give you the right to pass judgment on litigators. The litigators make good on YOUR mistakes when that piece of verbose Cr.. finds its way into court simply because your brain wasn't working at the time!
As far as "negotiating or seeing through" 1500 Crore structured private equity deals are concerned.. i wonder which law firm allows its FIRST YEARS to do that... dream much?
May be you should write to Kian every time you close a deal and then you'll make big news. I dont know if this is some attempt to start a lit v. corp comment chain or u actually believe closing some PE is bigger than Gopal Subramaniam and other matters at the Supreme Court
Lawyers today unfortunately behave like investment bankers.
In last stage of your life (presumably not with a law firm) you will realise that, ultimately what matters is how much time you have spend with your family and friends. You will repent. So start spending time with your family.
No one will remember you for your deals or how much you made for your kids, people will only remember you for how good you were as a person.
Be polite and humble.
Always remember -- "Whatever to be done, I do. But in reality I do not do anything." (Source: Ramanyan).
the following premises emerge from your statement:
1. there are no templates for structured deals and if you do structured deals, you are less likely to use a template.
2. That the big law lawyers are incapable of understanding the complex structures devised by the investment bankers.
So. well..if you are assuming that there are no 'structured' deals happening in the market, then your hypothesis that lawyers cant draft without a template works. But your hypothesis is incorrect. So consequently, they must be drafting from scratch.
Where do these cool structures come from? who helps them be legally tenable? if you are aware (which you are not) these investment bankers take the advise of lawyers to structure their deals to see that they are compliant with laws. again, since these complex deals are happening in the market, Im sure someone would be drafting documents! in which case, your disdain for big law seems to suggest that small law is capable of handling these deals and/or is actually doing it.
investment bankers and financial experts come with ideas. (i want to do this- i want xyz money coming from b to c. It is the lawyers who make it into tenable structures. Once these structures become tried and tested, then these cool Ibankers and your experts set it out in termsheets and peddle it as their own.
If you are a lawyer..dont underestimate your worth. If you are not, dont think you can understand with your dodo brain.
Cheers.
Thanks for your comments (and conspiracy theories :).
I am a little surprised that so much is being made out of this.
Our source was actually not a press release from anyone but Court Witness, who read the causelist and tweeted: "Just found out that #JaganMohanReddy's lawyers in the #supremecourtofindia are #AMSS bit.ly/GAvCFh interesting choice I must say..."
I'd agree that it is an interesting choice, as haven't seen many of the big corporate law firms involved in the very high profile litigation or white collar-type (?) crime cases in the SC (or perhaps they are not visible since they don't have their own AOR firm, like Amarchand).
Plus, the news story of the SC decision was only just breaking, making it legitimate news, and if we can include the name of the law firm too, which other media did not report, this is surely something doubly legitimate to highlight in the coverage of a legal blog?
Best regards,
Kian
Kian - Somasekhar Sundaresan at JSA regularly does high profile litigation/white collar crime at SAT, which goes on appeal to the SC.
Never said its a big deal. I only want Kian to be frank with us if he's taking money to feature certain firms. Let's not pretend that the news reporting on this site is unbiased.