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

Khaitan & Co expands its banking and finance practice this year, with one peer saying: “The firm has exposure in the capital markets, and a substantial volume of work. I would rate it highly.” The firm advised Central Bank of India in a rights issue this year. This US$562 million transaction was unique as it was the first rights issue undertaken by any public sector bank. The deal was led by Nikhilesh Panchal and closed in April 2011. Partner Haigreve Khaitan is a lawyer without peer, say competitors and clients. One client says: “I will try to be brief, but he was simply outstanding. He was extremely proactive and very sensitive to the needs of our company.”

Khaitan & Co is involved in the top transactions in the country, working for a mix of domestic and international clients. One client was impressed with the firm’s international abilities: “The lawyers were quick to pick up on concepts and I was impressed that they had a very global outlook to things. They operated at an extremely high level.” The firm represented Honda Motor on its sale of shares in the joint venture Hero Honda Motors to Hero Investments. This was one of the largest M&A deals in 2011. This transaction was completed in March and valued at US$852 million. Clients are convinced of the firm’s excellence, with one saying: “The firm is completely at par with any other firm in the market in corporate matters.”

“Khaitan & Co has a professional and fully focused team. The lawyers there are well versed in matters of law,” says one client. A notable matter for the firm this year was its work for client Borosil Glass Works in the transfer of industrial land of about 18.3 acres to Neepa Real Estate. The transaction was completed in a single tranche and was valued at US$178 million. Partners Sudip Mullick, Pradip Khaitan and Haigreve Khaitan led the team on this deal, which closed in August 2010.

Khaitan & Co advised Open Media Network in a case involving constitutional rights raised by Tata Group chairman Ratan Tata. Tata contends that the publication of his recorded conversations with Niira Radia by certain sections of the media is illegal and amounts to infringement of his fundamental rights. At the time of writing, the firm is representing the client in the Supreme Court on this matter.

Peers and clients recommend Khaitan & Co for its ability in the IT, Telco & Media market. Partner Asim Abbas is recommended by clients as a “stand out performer in the IT field”. The firm has reinforced its full service profile in the last year, with several partner hires across the board. A highlight for the firm last year was its work acting for Zensar Technologies to acquire Akibia from PSI Holding.

Khaitan & Co has a well established position in the corporate space, which is ably supported by a tax practice housing dedicated lawyers. Daksha Baxi is noted by peers for her “great ability and understanding of tax issues”. A firm team led by Baxi acted for the promoters of Andhra Pradesh Paper Mills in a tax efficient structure in the sale of its stake to US based corporate International Paper Company. The transaction was valued at US$291 million.