Singhania & Partners LLP in its 20th year made its second set of promotions this year.
The firm promoted its Associate Partner Rudra Srivastava https://singhania.in/rudra-srivastava/ to Partnership. Rudra who started his legal career almost a decade ago has assisted reputed organizations across various sectors like e-commerce, real estate, broadcasting, franchising, retail, food & beverages, telecom infrastructure, manufacturing, automobile parts, chemicals, edible oil and brought many laurels to the firm’s Corporate and Employment practice area. He is also recommended in Employment advisory by Legal500 and Asia law Profiles.
Bhanu Harish has been promoted to Senior Associate position in the firm’s Corporate and Employment practice area.
Shilpa shah and Madhu Murthy received a second consecutive favourable order for their client Nikhara Bharath Construction Co. Ltd. (NBCCL) before SEBI Mumbai in a matter pertaining to alleging violation of its interim order wherein it had restrained NBCCL from carrying out its business activities, had initiated enquiry against the directors of NBCCL. In spite of stay against carrying out operations in any scheme, our client had sold several plots, which details found out by during Investigation. We filed detailed reply for NBCCL & represented NBCCL in adjudication proceedings contending amongst other grounds that it had not sold any plot as part of the scheme and since parallel proceedings alleging Collective Investment Scheme (CIS) was pending & decision in this matter should be subject to the final outcome initiated alleging CIS. The adjudicating officer has considered the same & dropped the proceedings against the directors holding that the same does not survive for consideration in view of the decision that NBCCL does not come within the definition of CIS.
This again comes as a big relief for client as the charges were in the nature of contempt which would have attracted huge penalty of Rs.1 Crore.
In India, the primary domestic source of law relating to domestic and foreign arbitral proceedings and recognition and enforcement of awards is the Arbitration Act. The Arbitration Act lays down guidelines for domestic arbitration, international commercial arbitration, conciliation and enforcement of domestic and foreign awards.
We got a favourable order for our client Nikhara Bharath Construction co. Ltd. (NBCCL) before SEBI Mumbai in a matter pertaining to Collective Investment Scheme (CIS). SEBI had restrained NBCCL from carrying out its business activities alleging that it is into fund mobilising activity which is in the nature of CIS as defined in Sec.11AA of SEBI Act. We strongly opposed the same by contending amongst other grounds that NBCCL was into the business of real estate I.e., purely into selling of plots & in order to come under CIS, all the conditions stipulated under Sec.11AA(2) has to be met. Upholding this contention SEBI has declared that NBCCL does not come under CIS and is purely into real estate.
This is a significant achievement considering the fact that SEBI generally confirms its prima facie observations even after detailed enquiry and imposes heavy penalty along with directions for initiating criminal proceedings and winding up of Companies. In this case also, investigation was conducted for 1 and a half year and even after that the investigation report was completely against NBCCL. Hence it’s a big relief to client. Since SEBI is not our core expertise, this victory would boost us to enter new areas of practice.
In one of its kind Venture Capital Deals, Ankur Capital, ONGC, Srinivasa Hatcheries, KITVEN, and Seventure invest in String Bio, a start-up engaged in the business of developing, manufacturing, marketing, and selling of feed protein, by way of bio technology.
Singhania & Partners LLP, Gurugram team Arjun Anand, Partner along with Rohit Jain, Senior Associate advised all the five Venture Capital Funds in this transaction.