Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Finsec Law Advisors

Finsec Law Advisors was founded as a securities and financial services boutique by Sandeep Parekh. The firm employs a small team of experienced lawyers that advise on both the regulator and practitioner side. One client says: “Taking technical ability and responsiveness into consideration, it is entirely possible the firm would come out higher than other law firms because it’s willing to go the extra mile and work closely on any transaction.” The firm represented Claris Lifesciences on its IPO in December 2010.

MV Kini & Co

MV Kini & Co is known for its work in the banking and project finance areas. The firm advises clients such as the Punjab National Bank and the Bank of Baroda. A highlight for the firm this year was acting for the latter in the drafting of project finance documentation for credit facilities for the Moradabad Bareilly Expressway. This transaction was valued at INR13.2 billion (US$296 million).

Seth Dua & Associates

Seth Dua & Associates is a full service firm with considerable experience on cross border transactions. The firm advised Genting Group of Malaysia in setting up a 92 MW wind power project in the state of Gujarat. The transaction is valued at US$600 million and is yet to be closed. It is reported to be one of the largest FDIs in the new and renewable energy sector in India.

SJ Law

SJ Law specialises in project finance, and has been recommended by market observers as a “top class project finance firm”. Though the firm was only created in late 2008, it has found itself on some top transactions acting for State Bank of India, Vedanta Aluminium and Infrastructure Development Finance Company. One high profile deal for the firm was its representation of a consortium of banks, with State Bank of India as the lead lender, in Adani Power’s expansion of a supercritical thermal power project. The transaction was completed in June 2011 and valued at US$1.4 billion. One client says: “It’s the only law firm with a dedicated service directed towards infrastructure practice.”

Peers recommend Seth Dua & Associates for its “quality standards and professional team of lawyers”. The firm retains its ranking this year as competitors and clients support its “continued commitment to good practice and integrity”. A firm team, led by partner Sunil Seth, advised the Ministry of Housing in the drafting of the Real Estate Bill, which will regulate real estate development in the country. Another notable transaction that is yet to close is the firm’s representation of Mahamaya Infrastructure in its setup of a hotel project with The Indian Hotels Company, Taj Group. This project will create the Gateway Hotel of Taj in Thoeg in Shimla, which is the first Taj project in Himachal Pradesh.

“Seth Dua & Associates is on some of the most notable transactions in the country,” says one peer. The firm boasts a consistent pedigree of quality deals. A notable transaction for the energy team was its representation of Malaysian entity Genting Group in its acquisition and development of three power projects in India. The transaction was led by partners Sunil Seth, Amit Mehta and Vasanth Rajasekaran, and the projects and transactions were valued at US$600 million.

Competitors recommend Seth Dua & Associates for its “niche and in depth IT, Telco & Media” practice. The firm advises a range of clients on matters in this area, with international clients such as Orange-France Telecom and Verizon Business, and domestic clients including Wipro and Vodafone Essar. A highlight matter for the firm in the last year is its continuing representation of Seacom in work relating to the client’s construction of a 15,000 km submarine cable system that would connect South Africa, Madagascar, Mozambique, Tanzania and Kenya to India. This project is valued at US$300 billion, and the firm’s team was led by partners Atul Dua, Rahul Goel and Anu Monga.

Peers recognise Seth Dua & Associates for its “renowned tax expertise”. The firm represented Foster’s Group and SABMiller on the sale of shares of a Mauritius entity with investments in India, and related tax concerns. This case involved the income tax authorities, who tried to impose tax on the transfer of intangibles located outside of India from one non resident to non resident. The firm’s team was led by partners Atul Dua, Gaurav Gupta and Neha Rastogi. The case was interesting as the contract was executed outside India. It might therefore have implications for a number of cross border M&A transactions.