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Trilegal, Wadia G, AZB Mum & Bgl on largest microfinance investment in 3 years

Trilegal advised Morgan Stanley Private Equity Asia, AZB & Partners Mumbai advised Alpha TC Holdings, and Wadia Ghandy advised the CVCI Group  in picking up a minority stake in Bangalore-based microfinance institution Janalakshmi for, according to the Economic Times, Rs 350 crore ($55m). Janalakshmi was advised by AZB Bangalore.

Trilegal Mumbai partners Sridhar Gorthi and Kosturi Ghosh with counsel Aninda Pal, senior associate Kaushik Rajan and associates Ipsita Chowdhury and Meera Sreekumar acted for Morgan Stanley.

Wadia Ghandy Bangalore partner Ankit Majumdar acted for the CVCI Group.

AZB Bangalore partner Srinath Dasari acted for Janalakshmi and its promoters Jana Urban Foundation and Ramesh Ramanathan.

Other investors that also picked up a stake in the urban microlender were QRG Enterprises, Enam Shares & Securities, Tree Line Asia Master Fund (Singapore), India Financial Inclusion Fund, Gawa Microfinance Fund 1 and Bellwether Microfinance Fund, according to a press release from Trilegal.

This was the fourth round of funding into Janalakshmi which has recently applied for its banking licence from the Reserve Bank of India, reported the ET, and it is the largest transaction in Indian microfinance since the 2010 Andhra crisis, according to the Business Standard.

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1
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Like +4 Object -1 Scooter 20 Aug 13, 10:38
Surprising that Trilegal is staffing 6 lawyers (most being on the senior side) on one deal! Complication or no work?
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2
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Like +3 Object -0 Ethics 20 Aug 13, 11:10
What about AZB on both sides of the transaction.
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2.1
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Like +0 Object -2 Scooter 20 Aug 13, 12:14
Chinese walls my friend..I'm sure (and do hope) there there was a waiver of conflict..
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2.1.1
Like +4 Object -0 Anon 20 Aug 13, 15:43
At 2.1: Not quite sure I follow - are you sure or merely hopeful?
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2.1.1.1
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Like +0 Object -1 Scooter 21 Aug 13, 09:16
Pretty Sure. I'm not in TL or was involved in the deal. However, I would just like to give it to the commonsense of the lawyers and the clients involved there. Hopefully there would have been documents floating between the two AZB offices and if no waiver was taken, someone would have noticed!
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2.2
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Like +1 Object -2 Anon 20 Aug 13, 21:25
You mean Srinath and Kosturi being on opposite sides of the table?
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2.2.2
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Like +3 Object -2 Guest 21 Aug 13, 10:06
Quoting Anon:
You mean Srinath and Kosturi being on opposite sides of the table?

What about Srinath and Kosturi? Good to see Trilegal on a big deal. Guess absence of A&O hasn't affected them at all.
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2.2.2.2
Like +4 Object -0 Anon 1 21 Aug 13, 14:02
I agree with Anon - husband and wife on the other side of the table - not the best place to be in! Dont get me wrong, I dont think either of them would do anything to prejudice their client's interest, but just not correct! I think either AZB or Trilegal should have changed the partner.
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2.2.2.2...
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Like +5 Object -2 Abrakadabra 21 Aug 13, 15:14
Quoting Anon 1:
I agree with Anon - husband and wife on the other side of the table - not the best place to be in! Dont get me wrong, I dont think either of them would do anything to prejudice their client's interest, but just not correct! I think either AZB or Trilegal should have changed the partner.

Yeah. I guess it would affect bedtime conversations.
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Like +0 Object -0 Guest 21 Aug 13, 19:36
Quoting Anon 1:
I agree with Anon - husband and wife on the other side of the table - not the best place to be in! Dont get me wrong, I dont think either of them would do anything to prejudice their client's interest, but just not correct! I think either AZB or Trilegal should have changed the partner.

I agree AZB two offices, husband-wife - adds up to too much.
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3
Like +5 Object -0 Conflicts 21 Aug 13, 18:13  interesting
Husband wife and two offices of one law firm! The persons concerned are all professionals so I am sure adequate steps were taken by all to mitigate conflicts - but the larger question that begs to be answered is whether this now seemingly frequent trend of conflicts / chinese walls is healthy?
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