Assignments.

22 matters across 5 kinds of work. Client names are withheld; sectors and sizes are as reported to us.

Compounding and regularisation

6 matters

GIFT City investment regularisation
Corrective advisory and regulatory regularisation for investments made into GIFT City by a listed Indian fintech company.
Fintech · entity revenue INR 200 Crore
Cross-border equipment leasing regularisation
Advised a public limited company on corrective measures for FEMA contraventions arising from machinery and heavy equipment leased to foreign subsidiaries.
Construction · entity revenue INR 400 Crore
ESOP and receivables regularisation for a US gaming group
Rectified ESOP accounting errors at the Indian subsidiary and obtained RBI alignment for set-offs against prior years' cross-border receivables and payables.
Gaming · Indian subsidiary revenue INR 250 Crore · group revenue $7.6 Billion
Legacy contraventions and round-tripping
Regularisation and compounding of historic round-tripping structures, pre-2013 foreign holdings by Indian residents, SAFE note investments, foreign subsidiary divestments and OPI-to-ODI ESOP conversions.
Multiple sectors
Multi-jurisdiction regularisation for an outbound MNC
Guided an Indian multinational with subsidiaries across eight jurisdictions through FEMA and RBI compliance reviews and cross-border regularisation.
Eight jurisdictions
Representations before the RBI and the Enforcement Directorate
Represented corporate and HNI clients in compounding proceedings, investigations and regulatory matters under FEMA and PMLA.
FEMA and PMLA

6 matters

Startup structuring and cross-border compliance
Structured more than 20 startup groups under the FDI and ODI frameworks, aligning setups with the pre- and post-2019 and 2022 amendments.
20+ groups · software, pharma, wholesale trading
Cross-border ESOP frameworks
Structured ESOP policies for more than 10 startup groups, covering issuance, vesting and exercise of foreign holding company ESOPs by Indian subsidiary employees under the ODI rules, including transitional pre- and post-2022 transactions.
10+ groups
US-India dual-entity structure for unicorn ex-founders
Set up a FEMA-compliant US-India dual-entity structure for the ex-founders of a 2021 unicorn and advised on the subsequent funding round.
Funding round $10 Million
FDI structuring for a pan-India retail chain
Formulated compliant FDI entry and corporate holding structures for a rapidly growing retail tea chain with more than 3,000 outlets.
Retail · 3,000+ outlets
Cross-border governance for a global startup
Supported multi-jurisdiction incorporation, entity structuring and governance for a global startup with founders in several countries, aligning investor and stakeholder interests.
Valuation $1.5 Billion · turnover $120 Million
ODI into overseas mining projects
Advised a major Indian infrastructure developer on regulatory structuring for outbound direct investment into mineral mining projects.
Infrastructure · group revenue INR 1,700 Crore

3 matters

Approval-route infusion for a listed pharma company
Secured prior RBI approval under the approval route for a major overseas investment infusion.
Pharma · listed · INR 1,300 Crore
ECB-funded investment in European hospitality
Advised a real estate developer on outbound investment into European hospitality, including capital structuring through the External Commercial Borrowing route.
Real estate · €10 Million
Post-facto approval for an export receivables write-off
Secured post-facto RBI approval for writing off substantial export receivables for an Indian IT company.
IT · turnover INR 300 Crore

4 matters

Landmark real estate stake acquisition
FEMA due diligence for a Singapore-based real estate fund acquiring a stake in a Singapore holding entity that owns an IT SEZ asset in Hyderabad. One of the largest India deals of 2024.
Real estate · INR 2,200 Crore
Project office closure for a global engineering group
Closure and regulatory finalisation of an Indian project office that executed an INR 400 Crore project for a foreign engineering solutions group.
Engineering · project revenue INR 400 Crore · group revenue $1.98 Billion
Downstream investment advisory for an AIF
Tax and regulatory advisory for an Alternative Investment Fund executing downstream investments across sectors.
Fund size $50 Million · hospitality and education
Fortune 500 acquisition and deferred compensation
Supported an Indian company's acquisition by a Fortune 500 enterprise, structuring multi-tier deferred compensation for the sellers within FEMA requirements.
Deal size INR 50 Crore

3 matters

FEMA opinions for HNI clients
Formal opinions on gifting immovable property to an OCI, non-repatriable NRI and OCI contributions in construction, FDI into LLPs holding agricultural land, and cross-border fund movement for online auctions of luxury items.
Private clients
CIC rules and a Swiss acquisition
Opinion on the applicability of Core Investment Company rules and FEMA guidelines to a listed pharma group's acquisition of a Swiss entity.
Pharma · listed · group turnover INR 5,000 Crore
Family office setup for a conglomerate founder
Advised on and implemented a founder's family office for a group operating across education and IT.
Group turnover INR 1,000 Crore