Indian Law Firm Awards Intelligence report

India Business Law Journal’s

Indian Law
Firm Awards
Amid global economic chaos, 2008 saw some of the most
memorable achievements by Indian lawyers in recent times.
India Business Law Journal is proud to recognize and reward
the country’s top law firms in 15 key practice areas
Vandana Chatlani reports

Highlights and analysis: page 45

Winners at a glance: page 58

February 2009 India Business Law Journal 43

Indian Law Firm Awards Intelligence report

I
t was the best of times, it was the worst of times.
2008 witnessed some of the most challenging market
conditions since India opened its doors to the outside
world in 1991. Yet amid the chaos, the year also saw
some of the most memorable corporate deals, law
firm achievements and legal market developments of
recent times.
Reliance Power broke records with its US$2.93 billion
initial public offering; Trilegal announced a tie-up with
magic circle firm Allen & Overy (to be followed this year
by AZB & Partners’ tie-up with Clifford Chance); Japan’s
Daiichi Sankyo pulled off the largest listed-company
deal in India’s history with its acquisition of Ranbaxy;
FoxMandal Little opened a London office and completed
yet another law firm merger; Tata acquired British icons
Jaguar and Land Rover from Ford; Marezban and Alka
Bharucha, equity partners at Amarchand Mangaldas,
departed with a team of associates to set up their own
firm; the State Bank of India completed a US$4.1 billion
equity rights issue; Khaitan & Co bucked international
recruitment trends by poaching the partner in charge of
the India group at London-based Ashurst; China and India
raced to finalize their competition legislation; and the glo-
bal markets received a severe lashing that left law firms
with the enormous task of picking up the pieces.
In such extraordinary times, the task of judging India
Business Law Journal’s Indian Law Firm Awards was far
from straightforward. In reaching its final decisions, the
editorial team used a combination of objective data and
subjective analysis. A detailed questionnaire was sent
to more than 500 India-focused corporate counsel and
business leaders in India and around the world. A simi-
lar questionnaire was sent to partners at more than 200
Indian and international law firms. Respondents were
invited to nominate three Indian law firms in each of 15
practice areas. They were also invited to nominate firms
in the category of best overall law firms. Indian firms that
participated in the questionnaire were not permitted to
nominate themselves.
Rigorous methodology
The law firms that scored highly in the survey were sub-
sequently invited to supply client references, all of whom
(almost 200 in total) were contacted by India Business
Law Journal’s editorial team. Additional interviews were
conducted with law firms and corporate counsel, both in
India and internationally. The feedback and opinions of
all consulted was considered carefully, together with the
survey results and each law firm’s recent deals, cases and
other notable achievements.
Not surprisingly, India’s largest and best-known general
practice firms were among the top scorers in most of the
award categories. The achievements and capabilities of
these firms cannot be ignored and all are to be congratu-
lated on the glowing endorsements they received from
the market.
At the same time, a significant number of small and
medium-sized law firms were repeatedly recommended by
our respondents, with many receiving scores comparable

Amarchand Mangaldas is honoured to have won India Business Law Journal’s

2008 Indian Law Firm Awards for:

Banking and finance; Capital markets & corporate finance;

Competition & antitrust; Construction & real estate; Dispute resolution;
Energy, projects and infrastructure; IT, media & telecommunications;
Mergers & acquisitions; Securitization & structured finance;
Venture capital & private equity; Corporate & commercial work;
and Best overall law firms

We would like to thank all of our clients and international referral partners whose recommendations
and nominations contributed to this tremendous success.

Amarchand & Mangaldas & Suresh A Shroff & Co.

Amarchand Towers, 216, Okhla Industrial Estate – Phase III

New Delhi - 110020 (India)
t: +91(0)11 2692 0500 f: +91(0)11 2692 4900
e: shardul.shroff@amarchand.com

February 2009 India Business Law Journal 45

Intelligence report Indian Law Firm Awards

AZB & Partners

Established in 2002

Key practice areas: Mergers and acquisitions; real estate; capital

markets; project finance; litigation; intellectual property, etc
Number of partners: 18 Contact details
Number of associates: Approximately 200
Principal office: Mumbai
Additional offices: New Delhi, Bangalore, Pune Mumbai
Languages spoken: English, Hindi, Kannada, Punjabi, Marathi, Express Towers, 23rd floor,
Gujarathi
Nariman Point
Mumbai – 400 021,
India
AZB is a full service law firm with offices in Mumbai, Delhi, Telephone: +91 22 6639 6880
Bangalore and Pune. The firm has approximately 200 lawyers. Fax: +91 22 6639 6888
Email: mumbai@azbpartners.com
Rated as one of the top two law firms in India by The American
Lawyer, endorsed by India Business Law Journal as one of the Contact: Mrs Zia Mody
three best law firms in India in 2007 and selected by IFLR as the
India Law Firm of the Year, 2006, AZB has been involved in some
of the largest and most cutting-edge deals.
New Delhi
Members of the firm prioritize the development of specialized legal F 40 South Extension Part 1
skills through comprehensive professional training programs and New Delhi – 110 049
India
appropriate involvement in transactions. Substantial inventory and
partner time is invested in internal training to develop high quality
Telephone: +91 11 2461 8947
human resources. Fax: +91 11 2462 5302
Email: delhi@azbpartners.com
Our senior partner, Zia Mody, was awarded “Business Woman of
the Year” by The Financial Express, selected as one of the 25 Contact: Mr Ajay Bahl
Most Powerful Women in Indian Business by Business Today in
2004, 2006 and 2007, one of India’s 100 Most Powerful CEOs by
The Economic Times in 2004, 2005, 2006, 2007 and 2008. She
was also nominated as one of the world’s leading practitioners by Bangalore
The International Who’s Who of Private Funds Lawyers in 2006 AZB House
and 2008. 67-4 4th cross, Lavelle Road
Bangalore – 560 001
India

Telephone: +91 80 2212 9782

Fax: +91 80 2221 3947
Email: bangalore@azbpartners.com

Contact: Vineetha Mg

AZB & Partners also has an

office in Pune

46 India Business Law Journal February 2009

Indian Law Firm Awards
to those of the largest firms for their work in certain prac-
tice areas.
Faced with the dilemma of how to recognize both the
hard-won pre-eminence of large general practice firms,
and the exceptional work undertaken by many smaller
firms, India Business Law Journal’s editorial team decided
to announce six winners of equal standing in each cat-
egory. An additional award of Law Firm of the Year has
been given to a single firm.
The results reflect the extraordinary diversity of India’s
legal market. Winners include firms with a history of more
than 100 years as well as one that was established just
10 months ago. The winning firms range in size from less
than 10 lawyers to more than 400.
A full list of the winners can be found on pages 58 and 59.
Law Firm of the Year
India Business Law Journal’s top award of Law Firm of
the Year goes to Khaitan & Co.
Khaitan & Co racked up a number of impressive achieve-
ments in 2008, not only in the legal arena, but also in
terms of practice development. Highlights include team-
ing up with Skadden Arps Slate Meagher & Flom to rep-
resent NTT DoCoMo on its acquisition of a 26% stake in
Tata Teleservices, advising on KSK Emerging India Energy
Fund’s US$200 million AIM listing and acting for the lead
managers on Bank of India’s US$340 million qualified
institutional placement (Luthra & Luthra represented Bank
of India on the deal). All three transactions were among
India Business Law Journal’s 2008 Deals of the Year.
The firm also acted as Indian counsel to Nomura on
its acquisition of the back office operations of Lehman
Brothers, represented HDFC Bank on its US$607 mil-
lion American depository share offering and advised the
underwriters on Mundra Port’s IPO.
The firm’s client list includes Mahindra & Mahindra,
Gokaldas Exports, Hutchison Telecommunications,
DQ Entertainment, Phillips Carbon Black and Zensar
Technologies.
Khaitan & Co hit the headlines in September, when it
poached two senior lawyers from UK-based Ashurst.
Murali Neelakantan was a partner at Ashurst and head of
the firm’s India practice. Kalpana Unadkat was a senior
associate. Both lawyers moved from London to take up
partnership positions in Khaitan & Co’s Mumbai office.
The move, which bucks the trend of Indian lawyers
leaving the country to pursue opportunities overseas, is
a rare example of a domestic firm poaching a high profile
partner from a leading international one. Neelakantan said
it was Khaitan’s ambition for growth that lured him away
from Ashurst. “The culture of [Khaitan & Co], the quality of
its people and clients and the excellent work that seems
to fill the firm ... make it an exciting platform,” he told India
Business Law Journal.
In addition to Law Firm of the Year, Khaitan & Co wins
awards in the categories of capital markets and corporate
finance; mergers and acquisitions; taxation; corporate
and commercial; and best overall law firms.
India’s ‘magic circle’
Appearing on the winners’ lists in a staggering 12
categories, Amarchand Mangaldas maintains its pre-em-
inence as one of the country’s top all-round performers.
February 2009
Intelligence report
Its recent highlights include advising Reliance Power on
its US$2.93 billion IPO, the largest in Indian history, and
representing the lenders on the US$4.3 billion Mundra
power project.
Amarchand also worked on a high profile structured
finance transaction for DLF group, an equity deal for ICICI
Bank and a financing deal for Bhatinda Refinery.
In 2008, the firm suffered the loss of equity partners
Marezban and Alka Bharucha, who left to set up their
own practice, but Amarchand rebounded quickly with the
appointment of 10 new partners.
Just one point behind Amarchand in the awards tally
is AZB & Partners. AZB’s recent achievements include
advising Tata Teleservices on its sale of a stake to NTT
DoCoMo and advising Bharti Airtel on a US$250 million
private equity investment in its communications tower
subsidiary by Kohlberg Kravis Roberts.
AZB’s managing partner, Zia Mody, commands great
respect in the legal profession. “One person I always love
to have on the other side of me is Zia,” says a partner at
another reputed Indian firm. “She’s honest and works with
integrity and understanding. Normally in three hours we’re
done with negotiations for a billion-dollar deal.”
In spite of the global financial troubles, AZB appears to
be in expansion mode: during the last six months it has
inducted five new partners. It also hit the headlines by
announcing a tie-up with UK-based Clifford Chance, a
move it hopes will strengthen its position in anticipation of
the liberalization of India’s legal market.
Another firm that has tied the knot with an international
player is Trilegal, which last year announced a non-exclu-
sive alliance with Allen & Overy. The alliance focuses on
cooperation in client referrals, training and marketing, as
well as the sharing of know-how, processes and manage-
ment systems. A relatively young firm, Trilegal has built an
enviable reputation based on the youth and energy of its
partners, an international outlook, progressive manage-
ment style and high quality services.
The firm suffered a setback in October, when three of its
10 partners, Abhishek Saxena, Saket Shukla and Sawant
Singh, broke away to establish Phoenix Legal. But despite
the loss, Trilegal performed consistently well in India
Business Law Journal’s awards, earning praise across a
wide range of practice areas and winning awards in five
categories, including best overall law firms.
The venerable powerhouses of J Sagar Associates and
Luthra & Luthra also feature heavily on the awards tables
this year. Both appear on the list of best overall law firms.
Serving as counsel to Tata Power on the colossal US$4.3
billion Mundra project, J Sagar Associates is a force to
be reckoned with in the energy, projects and infrastruc-
ture sector. It also wins awards in seven other categories,
including banking and finance; capital markets and corpo-
rate finance; and securitization and structured finance.
Luthra & Luthra earns top spots for its work in energy,
projects and infrastructure and mergers and acquisitions.
Despite advising Bank of India on its award-winning
US$340 million qualified institutional placement, it nar-
rowly missed an award for capital markets. It was one of
the closest runners-up in this category.
Next year, all eyes will be on Luthra’s performance in
intellectual property following its appointment of leading
IP and media specialist Ameet Datta, who joined the firm
with a team of three associates from IP boutique Anand
and Anand.
India Business Law Journal 47
 Khaitan & Co. is proud to have received the following awards
from India Business Law Journal

Indian Law Firm Awards, 2008 Indian Law Firm Awards, 2008 Indian Law Firm Awards, 2008

Winner in the category of: Practice area winner in the Winner in the category of:
following categories:

Indian Law Firm Capital Markets & Corporate Finance Best Overall
of the Year Mergers & Acquisitions Law Firms
Taxation
Corporate & Commercial

The firm is also honoured to have worked on the following transactions, which were identified
by India Business Law Journal as 2008 Deals of the Year

Capital Markets & Finance Mergers & Acquisitions Capital Markets & Finance
Deals of the Year, 2008 Deals of the Year, 2008 Deals of the Year, 2008

Bank of India’s NTT Docomo’s KSK’s Emerging

Qualified Acquisition of 26% stake India Fund
Institutional Placement in Tata Teleservices

Other Recent Awards

National Law Firm of the Year 2008, IFLR
Overall Law Firm of the Year 2008, ACQ Country Awards
Silver Award, International Legal Alliance Summit 2008
Equity Market SE Asia Deals of the Year, ALB SE Asia Law Awards 2008
Top Tier law Firm: Mergers & Acquisitions, IFLR 1000 Rankings 2008
M&A SE Asia Deal of the Year, ALB SE Asia Law Awards 2008
Insolvency and Restructuring SE Asia Deal of the Year, ALB SE Asia Law Awards 2008
Litigation Practice, India Jurisdiction 2008, Firm of the Year: Asian Counsel
Subaru SE Asia Deal of the Year, ALB SE Asia Law Awards 2008

Bangalore Kolkata (Calcutta) Mumbai (Bombay) New Delhi

Sunrise Chambers
22, Ulsoor Road
Bangalore 560 042, India
T:+91 80 2559 7466
F:+91 80 2559 7452
E: bangalore@khaitanco.com
Emerald House
1B, Old Post Office Street
Kolkata 700 001, India
T:+91 33 2248 7000
F:+91 33 2248 7656
E: kolkata@khaitanco.com
Meher Chambers
R K Marg, Ballard Estate
Mumbai 400 001, India
T:+91 22 6636 5000
F:+91 22 6636 5050
E: mumbai@khaitanco.com
1105, Ashoka Estate
24, Barakhamba Road
New Delhi 110 001, India
T:+91 11 4151 5454
F:+91 11 4151 5318
E: delhi@khaitanco.com
Indian Law Firm Awards Intelligence report
Awards highlights Having worked with several
Mumbai-based Nishith Desai Associates scores well
other law firms, we feel that
across a range of practice areas, winning awards in the Alka and Justin Bharucha
categories of IT, media and telecommunications; taxa- are peerless
tion; and venture capital and private equity. It narrowly
missed a place on the list of best overall law firms. In one Soon Hee Koh
of its recent highlights, the firm advised Providence Equity Legal Counsel
Partners on a US$640 million investment in Aditya Birla
Telecom. Yara
Other all-round performers include Delhi-based Dua
Associates, which takes home awards in the categories
of competition and antitrust and corporate and commer-
cial, and Mumbai’s DSK Legal, which is recognized for its
excellence in construction and real estate and IT, media
and telecommunications. DSK’s 2008 highlights include
advising Dunearn Investments Mauritius, part of Temasek
Holdings, and NSR-PE Mauritius, part of New Silk Route,
on investments into INX Media, a television broadcasting
company promoted by Indrani Mukherjea.
Sharing top spots with DSK in the construction and real
estate category are ALMT Legal, Amarchand Mangaldas,
AZB & Partners, Kanga & Co and Parimal K Shroff & Co.
ALMT Legal has acted as counsel to Sequoia Capital
Partners on its investments in SKS Microfinance, Digital and selling of strategic assets. The firm advised Navis
Signage Networks, Guruji.com and Printo Document Capital Partners on the sale of its majority stake in Mars
Services. The firm also represented CBRE, Knight Restaurants and Sky Gourmet to India Hospitality Corp
Frank and Colliers on several large property acquisition for US$110 million. It also worked on the sale of Securities
transactions. Trading Corporation’s 49% stake in UTI Securities to
Kanga & Co, in addition to its work in the real estate Standard Chartered Bank.
sector, has been busy representing clients in the buying Mumbai-based Desai & Diwanji joins Amarchand

BHASIN & CO., ADVOCATES

New Delhi Address: 10 HAILEY ROAD, 10TH FLOOR, NEW DELHI – 110 001, INDIA
Telephone No. +91 11 2332 2601 Fax No. +91 11 2332 9273
Email Address: lbhasin@gmail.com

Mumbai Office: 116 Mittal Court ‘A’ Wing, Nariman Point, Mumbai – 400 021
Telephone No. +91 22 22842050, 22042954 Fax No.: + 91 22 22874332
Email Address: bhasinco@mtnl.net.in

Contact Person(s): LALIT BHASIN, NINA GUPTA (Ms.)

Year Established: 1970

Number of lawyers: 40 (Forty)
Languages Spoken: English, French, Hindi, Urdu
Key Areas of Practices : Dispute Resolution; International Corporate Transactions, Aviation, In-
frastructure, Capital Markets, Joint Ventures, IT, Banking, Insurance, Real Estate, Product Liability,
Labour & Employment Laws

Notable mention:
Mr. Lalit Bhasin, Managing Partner was awarded Honorary Membership of the IBA in Melbourne in
1994 for outstanding service to the legal profession. He is the President of Society of Indian Law
Firms and Honorary Secretary General of The Bar Association of India.

February 2009 India Business Law Journal 49

Intelligence report Indian Law Firm Awards

We found Mulla & Mulla to Shining legacy

be very knowledgeable,
thorough and loyal
Johan Ryrberg
Executive VP & CFO
Camfil Farr Group
Mangaldas, Hemant Sahai Associates, J Sagar Associates,
Luthra & Luthra and Trilegal on the winners list for energy,
projects and infrastructure work.
The firm advised the Asian Development Bank on the
financing of the first cross-border power project to sup-
ply power to India. It also represented General Electric in
financing the first privately developed railway infrastruc-
ture company.
One of India’s oldest firms, the reputation of Mulla & Mulla
& Craigie Blunt & Caroe continues to shine. Its key deals
last year include representing Air India on its US$8 billion
acquisition of 68 Boeing aircraft and advising Sumitomo
Mitsui Banking Corporation in relation to the finance and
construction of the US$178 million liquified natural gas
tanker SS Aseem. The firm’s achievements are recognized
with awards in the categories of dispute resolution and
shipping, maritime and aviation. Partners DM Popat and
Shardul Thacker are singled out for particular praise.
Thacker has advised lenders on more than 20 ship
finance transactions over the last year. One of the most
significant involved a rupee and US dollar facility from
Axis Bank India (US$70 million) and Netixis Singapore
(US$50 million) that was used by Great Offshore to
finance the acquisition of a jackup rig.
Diane Pyke, director of risk management at Florens
Container Services, recommends Thacker and commends
the firm for getting the best results for its clients. “We looked
to Mulla & Mulla for guidance as to how best to approach our
problem. They were very skilful and aggressive in using the
system to get the best advantage for their clients.”
Johan Ryrberg, executive vice-president and CFO of
Camfil Farr Group, is equally enthusiastic: “We found
Mulla & Mulla to be very knowledgeable, thorough and
loyal,” he says. “Their work capacity was impressive and
they had high work ethics.”
Fellow Mumbai firm Crawford Bayley & Co received
widespread recognition in India Business Law Journal’s

Kachwaha & Partners is a full service law firm with one of the leading practices
in litigation and arbitration. Partners of the firm are senior professionals with rich
and diverse experience. The firm (and its partners) enjoy the highest ratings from
leading law directories

KACHWAHA & PARTNERS

New Delhi and Mumbai

91.11.41661 333
mail@kaplegal.com
www.kaplegal.com

50 India Business Law Journal February 2009

Indian Law Firm Awards Intelligence report
survey. The firm, which is particularly respected for its [Kachwaha & Partners’]
finance-related work, picks up awards in the categories of
capital markets and corporate finance, and venture capi- analytical ability and
tal and private equity. knowledge of the specifics of
Financial acumen the relevant law and reference
cases was impressive
Also scoring well in the finance-related categories are Peter Rosell
specialist firms Juris Corp and Dave & Girish & Co.
Under the leadership of partners Girish Dave and Mona Legal Counsel
Bhide, finance boutique Dave & Girish & Co receives an Topsoe
award for its banking and finance work.
Juris Corp has crafted a unique niche, offering the full
spectrum of legal services to banking and financial-sector
clients including Deutsche Bank, Morgan Stanley and
HSBC. “Juris Corp is often brought on board for transac-
tions involving derivatives, structured finance, capital mar-
kets, cross-border lending and equity-backed loans,” says
Chris Flosi, regional general counsel at Barclays Capital.
The firm’s founding partner, H Jayesh, is praised by one
client for his “derivatives and capital markets expertise,
his integrity, and his commitment to his clients”.
Leading Mumbai firm Wadia Ghandy & Co also scores
highly in the finance categories, winning awards for bank-
ing and finance and securitization and structured finance.
Delhi-based S&R Associates, meanwhile, is recognized FoxMandal Little, one of India’s oldest and largest
for its first-rate capital markets work. The firm is among firms, scored consistently well in the survey. It narrowly
those to pick up an endorsement from Vodafone in-house missed the winners’ lists in several categories, but picks
counsel Helen Lamprell: “We have been impressed by Rahul up an award for its corporate and commercial work. The
Matthan at Trilegal, Ajay Bahl, Anil Kasturi and Gautum Saha firm’s recent highlights include the opening of its London
at AZB & Partners, and the S&R team,” she says. office and advising US-based Vornardo Realty Trust on its

Established in 1895
Key practice areas Mumbai
Admiralty, Oil & Gas, Ship/Project Finance, Capital Market & Securities, Antidumping, Anti-Trust and Competition, Aviation,
Corporate, Mergers/Demergers & Acquisitions, Foreign Investment, Offshore Investment & Securities, Taxation, I.T, Media Mulla House, 51, M.G. Road,
and Entertainment Law, I.P, Insurance Law, Labour & Industrial Laws, Infrastructure, Privatisation, Real Estate & Property Fort, Mumbai - 400 001, India
Tel: (+91 22) 2204 4960 / 2262 3191
Law, Telecommunications in both contentious and non-contentious areas and Arbitration (Domestic & International).
Fax: (+91 22) 2204 0246 / 6634 5497
Total number of partners: 14 Email: info@mullaandmulla.com
Total number of associates: 90+
Languages spoken: English, Hindi & most Indian languages Bangalore

Our Services 209, Regency Enclave

Mulla & Mulla & Craigie Blunt & Caroe is one of India’s largest law firms. It was founded by Sir Dinshaw Mulla and his 4 Magrath Road
brother, Rustomji Mulla in 1895. Sir Dinshaw Mulla became a Privy Counsellor and was author of several authoritative Bangalore 560 025, India
Tel: (+91 80) 2555 0370 / 2559 7704
works including commentaries on the Indian Contract Act, Transfer of Property Act, Law of Partnership, Sale of Goods Act,
Fax: (+91 80) 2559 8549
Insolvency Laws in India, Civil Procedure Code, etc., which are legal treatise even today. Email: info@mullaandmulla.com
Mulla & Mulla merged in 1952 with M/s. Craigie Blunt & Caroe, solicitors to the East India Company. Since then the firm
has grown to its current strength of over 90 lawyers and fee earners. Individual partners concentrate on different areas of New Delhi
practice providing specialist legal, commercial & technical services to clients.
502, Nilgiri Apartments
The firm has a broad-based practice and a diversified client base. It acts as Indian legal Counsel to numerous MNCs, 5th floor, 9 Barakhamba Road
Fortune 500 Companies and several of the large 50 Indian Corporate Houses. Several firm members are Solicitors of the New Delhi 110 001
Supreme Court of England & Wales and Hong Kong. Tel: (+91 11) 2332 1501 / 2332 1513
Fax: (+91 11) 2332 1520
The firm is the annual reviser for over 35 years of the India Law Digest for Martindale Hubbell International Yearly Law Direc- Email: info@mullaandmulla.com
tory, Asian Banking Law Manual & Investment and Tax Manuals (Hong Kong publications), and the Indian regional editor of
“The Aviation Quarterly” of Lloyds Law Publications and Lloyd’s “Maritime and commercial Law Quarterly”. Website
Partners travel widely in their work in India and overseas, hence the firm has built close relations with law firms globally. www.mullaandmulla.com

February 2009 India Business Law Journal 51

Indian Law Firm Awards
US$500 million joint venture with Reliance Industries.
Managing partner Som Mandal has become as well-
known for his prowess in brokering law firm mergers as
he is for crafting corporate ones. Late last year, his firm
acquired Delhi-based Bhatia & Co. The move followed the
2006 merger between Fox Mandal and Mumbai power-
house Little & Co to form FoxMandal Little.
Thakker & Thakker, meanwhile, continues to make an
impact with its “high quality and extensive skills”. The
firm, which counts Cognizant, Samsonite, Virgin Mobile
and Axiom Telecom among its clients, wins an award for
its work in IT, media and telecommunications, and was a
runner-up in several other categories, including corporate
and commercial. As Greg Tanner, senior vice-president of
strategic development at DHL International, comments:
“In the last year, Thakker & Thakker has worked for us on
corporate shareholding restructuring issues, tax, litigation
and other day to day business issues ... They are very
flexible and focused on helping foreign investors in India
work through the ‘red tape Raj’.”
Intellectual property specialists
The venerable Anand and Anand retains its pre-em-
inence for intellectual property work. It dominated the
voting in the IP category, receiving warm praise from law
firms and corporate counsel alike. The firm acts for high-
profile clients such as Sholay Media and Entertainment,
Koninklijke Philips Electronics, Kabushiki Kaisha Toshiba,
Hindustan Lever and Hilton International.
Managing partner Pravin Anand is widely respected by
clients around the world for transactional and advisory
intellectual property work. He is also an internationally
renowned litigator in IP disputes.
Sharing the top spot with Anand and Anand are K&S
Partners, Krishna & Saurastri, Lall Lahiri & Salhotra, Lex
Orbis and Remfry & Sagar.
February 2009
Intelligence report
Lex Orbis’ accomplishments last year include spear-
heading an anti-counterfeiting campaign for Casio
Computers.
Gurgaon-based Lall Lahiri & Salhotra, meanwhile, is rep-
resenting Heinz India in a case against GlaxoSmithkline.
Both companies have accused the other of disparaging
advertising in the fiercely competitive market for health
drinks.
Corporate deal makers
In the M&A arena, the star of the show in 2008 was Delhi-
based P&A Law Offices, which together with international
firm Jones Day, advised Japan’s Daiichi Sankyo on its
acquisition of Indian pharmaceuticals giant Ranbaxy.
Led by Anand Pathak, who is described by clients as
“extremely committed”, “customer-focused” and “deeply
knowledgeable”, the P&A team succeeded in overcoming
complex domestic and international regulatory hurdles to
bring the transaction to fruition. It was the largest listed-
company deal in India’s history.
Mitsutaka Okano of the corporate strategy depart-
ment at Daiichi Sankyo says: “I am very satisfied with
the services and experiences of P&A. Anand Pathak
and Nitin Wadhwa possess deep knowledge in the field
of cross-border M&A and Indian company and security
regulations.”
Another of the firm’s clients, Guillaume Bouthillier,
director of structured finance for the Americas and Asia
at Bombardier Transportation, is particularly pleased with
the firm’s commercial acumen: “P&A took a business-ori-
entated approach and provided practical views on issues.
They brought valuable inputs to commercial solutions,”
he says.
Delhi-based Vaish Associates represented Ranbaxy
on the Daiichi Sankyo deal. The firm picks up an award
in the taxation category, alongside AZB & Partners,
India Business Law Journal 53
 FML
FOXMANDAL
LITTLE
FoxMandal Little (FML) is delighted to have been recognized by the readers of India
Business Law Journal as one of India's top law firms for corporate and commercial
work.

We would like to thank all of our clients and associates who nominated us for this
honour. FML‘s reputation is founded on the simple philosophy of personal, prompt
service and advice relevant to the modern requirements of business. The firm’s
strength is its team of experienced and trained lawyers who treasure the value of
diligence and knowledge as well as creativity and innovation in addressing the
client’s needs.

We look forward to providing you all with the highest standards of legal advice in
2009 and beyond.

Corporate Office: Contact Details:

FM HOUSE Som Mandal - Managing Partner
A-9, Sector-9, Noida-201301
Tel: 91-120-391 9555/ 430 5555
Facsimile: 91-120-2542 2222
E-mail: newdelhi@foxmandallittle.com,
som.mandal@foxmandallittle.com

Offices also at:

Bangalore|Bhubaneswar|Chandigarh|Chennai|Hyderabad|Kolkata|Kochi|London
Lucknow|Mumbai|Noida|New Delhi|Pune
Associate Offices: Coimbatore, Mangalore and Trivandrum

Economic Laws Practice

Mumbai: 1502, A Wing, Dalamal Towers Delhi: 405-406, World Trade Centre
Nariman Point, Mumbai – 400 021 Barakhamba Lane, New Delhi – 110 001
Tel.: +91 22 6636 7000 Tel.: +91 11 4152 8400
Fax: +91 22 6636 7172 Fax: +91 11 4152 8404

Ahmedabad: 801, Abhijeet III, Mithakali Six Roads Pune: 28, Gera Legend, North Main Road
Ellisbridge, Ahmedabad – 380 006 Koregaon Park, Pune – 411 001
Tel.: +91 79 6605 4480 Tel.: +91 20 6640 8000
Fax: +91 79 6605 4482 Fax: +91 20 6640 7240

Total number of Partners: 7

Total number of Associates: 60

Year established: 2001

Languages spoken: English, Hindi, Marathi, Gujarati, Sindhi, Kannada, Bengali, Oriya, Tamil and Telugu
Key areas of practice: Tax, International Trade and WTO, Infrastructure and Project Finance, Media and
Entertainment, Corporate and Commercial, Commercial Arbitration

Contact:
Rohan Shah, Managing Partner – rohanshah@elp-in.com
Suhail Nathani, Partner – suhailnathani@elp-in.com
Sujjain Talwar, Partner – sujjaintalwar@elp-in.com
Vikram Nankani, Partner – vikramnankani@elp-in.com
Indian Law Firm Awards Intelligence report
Economic Laws Practice, Khaitan & Co, Lakshmikumaran Juris Corp is often brought on
& Sridharan and Nishith Desai Associates.
Originally known for its expertise in indirect taxation, board for transactions involving
Economic Laws Practice has built a flourishing practice derivatives, structured finance,
in all areas of corporate law. The firm’s clients include
Hindustan Coca-Cola Beverages, Larsen & Toubro,
capital markets, cross-border
Whirlpool India, Colgate Palmolive, Aditya Birla, Yash Raj lending and equity-backed
Films and Otis Elevators. It recently acted as counsel to loans
Idea Cellular on the US$21 billion demerger and reverse
merger of its tower infrastructure with that of Bharti Airtel Chris Flosi
and Vodafone Essar to form the largest tower company in Regional General Counsel
the world. The firm, which has developed a close relation-
ship with Baker & McKenzie, is also representing India’s
Barclays Capital
largest film production house to create the world’s first
Bollywood theme park. The project is valued at US$1
billion.

New talent

Ten-month-old Bharucha & Partners is the youngest law

firm to win an award this year. It shares the M&A prize with
Amarchand Mangaldas, AZB & Partners, Khaitan & Co,
Luthra & Luthra and P&A Law Offices.
Distinguished husband-and-wife team Alka and
Marezban Bharucha walked away from equity partner-
ships at Amarchand Mangaldas to establish the firm. With
them came nine associates from Amarchand, including
their son Justin. clients: “Having worked with several other law firms, we
The Bharuchas represented Idea Cellular on its acquisi- feel that Alka and Justin Bharucha are peerless,” says
tion of a stake in Spice Communications. Despite its short Soon Hee Koh, legal counsel at chemicals company Yara.
history, the firm picks up glowing recommendations from “We get the sense that the firm will work to give us what

P&A LAW OFFICES

1st Floor, Dr. Gopal Das Bhavan, 28 Barakhamba Road
New Delhi - 110 001

Areas of Practice

CORPORATE: Mergers and Acquisitions; Joint Ventures; Privatizations; Outsourcing; Private Equity and
Venture Capital; Technology Licensing; Infrastructure

BANKING AND FINANCE: Secured and Unsecured Lending; Project Finance and Structured Finance;
Securitizations

CAPITAL MARKETS: IPOs; Private Placements

REGULATION: Competition Laws; Exchange Control and Other Regulatory Matters

DISPUTE RESOLUTION: International Arbitration; General Litigation

Contact Person:
Anand S. Pathak – Partner
Phones: +91-11-4139-3939; +91-11-4139-3900
E-mail: apathak@palawoffices.com

February 2009 India Business Law Journal 55

Intelligence report
we want, within the timelines we want, even if it means the
lawyers have to forego sleep.”
Rainer Boehm, a lawyer at German IP firm Eisenführ
Speiser & Partner who consulted Bharucha & Partners on
corporate and litigation matters, remarks: “I was fortunate
to instruct India’s best firm, probably. Both MP Bharucha
and Vivek Vashi are outstanding.”
Fair competition
An integral aspect of any M&A deal is compliance with
national – and sometimes international – competition
legislation. Seemingly innocuous mergers can trigger
notification requirements in multiple jurisdictions, and
the regulatory environment is set to become even more
complex with the introduction of India’s new competition
act.
Delhi-based Chitale & Chitale Partners scores highly
for its competition and antitrust work, sharing the top
prize with Lakshmikumaran & Sridharan, Amarchand
Mangaldas, AZB & Partners, Dua Associates, and P&A
Law Offices. The latter four firms benefit from having rep-
resentatives on the Competition Commission of India’s
advisory committee, which is drafting the implementing
regulations for the new act.
The problem solvers
While corporate work may be the flavour of the moment
for up-and-coming Indian lawyers, litigation and other
methods of dispute resolution still account for the lion’s
CHITALE & CHITALE PARTNERS
Advocates & Legal Consultants
Chitale & Chitale Partners is a full service law firm providing quality legal advice to its clients in matters relating to commercial
law. The approach is result oriented whilst maintaining the highest standards. The main areas in which the firm has expertise
are :
• Corporate and Commercial Law - Negotiation and Draft-
ing of Commercial Contracts, Joint Ventures, Technol-
ogy Transfer Agreements, Due Diligence, Regulatory
filings & advise, Corporate Restructuring, Mergers &
Acquisitions.
• Dispute Resolution – Litigation, Arbitration, Mediation &
Conciliation.
• Competition Law, Anti-Trust and Trade Law
• Infrastructure Projects – Roads, Rails, Power, Urban
Infrastructure, Ports.
Contacts:
Suchitra Chitale & K.A. Sivaram
C-83, Neeti Bagh,
New Delhi - 110049
Telephone: +91-11- 41642965, 41642966, 41642967
Facsimile: +91-1141642964
E-mail: suchitra@chitales.com ; kasivaram@chitales.com
56 India Business Law Journal
Indian Law Firm Awards
share of the country’s legal workload.
Amarchand partner Pallavi Shroff receives particular
praise for her work in this area, as do Lalit Bhasin of
Bhasin & Co, Sumeet Kachwaha of Kachwaha & Partners
and Raian Karanjawala of Karanjawala & Co. They share
the top table with the disputes teams at Federal &
Rashmikant and Mulla & Mulla.
“I rate Bhasin & Co very, very highly as a litigation firm,”
says Anand Pathak of P&A Law Offices. “He’s one of the
very best. He has integrity, honesty and commitment to
the law. He’s a damn bloody good litigator!”
Bhasin & Co serves clients such as Air India, Indian
Airlines and the ITDC hotels group, as well as several
leading hotels including the Oberoi and the Taj.
Kachwaha & Partners also wins critical acclaim for its
dispute resolution work. “[We used Kachwaha for] a litiga-
tion in the Bombay courts involving an Indian company,
as well as for Indian law input for concurrent proceedings
in the Singapore courts,” says Paul Sandosham, a part-
ner at Singaporean law firm WongPartnership. “We had a
very good working experience and we were very satisfied.
Sumeet Kachwaha provided us with very good input on
Indian laws as well as overall strategy.”
Peter Rosell, legal counsel for Topsoe in Denmark,
agrees: “In view of his and his office’s experience and
high standing in India and in London we chose to engage
him [Kachwaha] to assist us in a matter for the MRTP
Commission in New Delhi.
“Their analytical ability and knowledge of the spe-
cifics of the relevant law and reference cases was
impressive.”
• Disinvestments, Corporate and Financial Restructuring and
Acquisitions
• Banking and Finance – Project Financing, Documentation,
Restructuring of Debt, Bond issues, Due Diligence.
• Intellectual Property Rights – filings, registration, opposition
and litigation
• Real Estate & Construction
• Media & Internet
• Employment Law
• Taxation – advisory and litigation
• Aviation & Defence
February 2009
Indian Law Firm Awards
Close runners-up
India’s legal market is highly fragmented, with a
large number of credible and well-respected law firms.
Narrowing each category down to just six winners was
therefore an extremely difficult process. In several cases
the results were close and there are many leading law
firms that scored well in the survey but failed to make the
top six in any category.
Delhi-based KR Chawla & Co, for example, along with
ARA Law, Gandhi & Associates and Talwar Thakore &
Associates, all of Mumbai, narrowly missed the top table
for capital markets.
Insurance specialist Tuli & Co also received many
endorsements, but in the absence of a dedicated cat-
egory for insurance law, failed to make a place on any of
the winners’ lists. “Why can’t I have Tuli & Co in the rest
of the world?” asked Jochi Jimenez, general counsel for
HCC Global Financial Products.
IP boutiques Aditya & Associates, Amarjit & Associates,
Lall & Sethi, and INTTL Advocare all received praise in the
fiercely fought intellectual property category, but missed
out on places in the top six. “INTTL Advocare has always
been very high on integrity in all its dealings and extremely
courteous on all occasions, which has been a big plus
point,” says Venita Gabriel, regional intellectual property
adviser to Nestlé India. “We get all our IP work in India
done through INTTL Advocare.”
Akash Chittranshi & Associates, whose founding part-
ner Akash Chittranshi sadly died in October, also scored
highly for its intellectual property work, as did Chennai-
Trilegal is a full service law firm with over 100 lawyers across offices in New Delhi, Mumbai, Bangalore
and Hyderabad. Operating at the forefront of the Indian market, Trilegal advises on some of the largest,
most complex and cutting edge domestic and cross border transactions across most practice areas. The
firm's strength lies in the combination of its international experience with an intimate knowledge of issues
unique to the Indian context. The main practice areas of the firm include:
ƒ Corporate and Commercial
ƒ Banking and Financial Services
ƒ Private Equity
ƒ Telecom
ƒ Capital Markets
ƒ Energy and Projects
ƒ Foreign Investment and Regulation
ƒ Engineering and Construction
ƒ Infrastructure and Project Finance
B-1/ F-2, The Sapphire, 23, Madhuli,
Mohan Cooperative Dr.Annie Besant Road,
Industrial Estate, Worli, Mumbai-400018
Mathura Road, New Tel:+91 22 4079 1000
Delhi, 110044 Fax +91 22 4079 1098
Tel: +91 11 4163 9393 mumbai@trilegal.com
Fax:+91 11 4163 9292
delhi@trilegal.com
February 2009
Intelligence report
based Altacit Global. The 20-lawyer firm is described by
R Narayanan of Sterna Security as “involved and com-
mitted ... one of the best and won’t be matched in a long
while.”
In the category of IT, media and telecommunications,
notable runners up included Bajpai & Co, Seth Associates
and Seth Dua & Associates. Seth Dua & Associates’ focus
on client satisfaction was evident from the outstanding
references it received: “We like their pragmatic approach
to law in the current business environment,” explains
Rakshit Jain, senior general manager of Emaar MGF.
“Their proactive and ‘will find a way to do it’ attitude is
what gives us the most comfort when dealing with them.
“We find Sunil Seth extremely competent and respon-
sive to our critical needs,” adds Jain. “He is always avail-
able and has a quick turnaround even in the short time
that we sometimes burden him with.”
For corporate and commercial work, OP Khaitan & Co,
Udwadia & Udeshi, DH Law offices, Singh & Associates
and others received glowing references from clients, while
Hariani & Co, KR Chawla & Co and Solomon & Co all
scored well for construction and real estate.
New Delhi Law Offices, better known as NDLO, and
Udwadia & Udeshi narrowly missed the winners’ table for
mergers and acquisitions. Peter Doerr, general counsel
at Holcim, says he was “very satisfied” with NDLO and
describes the firm as “very responsive and business-
minded”, singling out the high quality solutions provided
by Prija Shankar Dasgupta.
Udwadia & Udeshi, meanwhile, receives praise for its
“efficient and courteous services”. “Their long association
ƒ Technology and Intellectual Property
ƒ Employment and Labour
ƒ Real Estate
ƒ Litigation and Arbitration
ƒ Insurance
ƒ Media and Entertainment
ƒ Power and Electricity
ƒ Oil and Gas
ƒ Ports and Shipping
149, Richmond Park, Harmony Plaza, 2nd
Bangalore- 560025 Floor, 3-6-387/ C,
Tel: +91 80 4151 5252 Himayat Nagar,
Fax:+91 80 4151 5210 Hyderabad-560028
bangalore@trilegal.com Tel: +91 40 6641 5056
Fax:+91 40 6641 5057
hyderabad@trilegal.com
India Business Law Journal 57
Intelligence report Indian Law Firm Awards

with our company has been most beneficial to us,” says
RC Daga, the company secretary at ITD Cementation. “We
would recommend the founding partners, Darius Udwadia
and Dilip Udeshi for their vast and eclectic experience on
a variety of legal issues gained over several decades ... We
have found their advice most reliable and dependable.”
In dispute resolution, prominent runners-up included
Advani & Co, Khaitan & Partners (not to be confused
with Khaitan & Co or OP Khaitan & Co), PH Parekh & Co
and Titus & Co, while for labour and employment, Malvi
Ranchoddas & Co, Nathani & Associates and Trustman
& Co were highly commended. Singhania & Partners and
Titus & Co narrowly missed the top list for their work in
energy, projects and infrastructure. g
India Business Law Journal would like to thank all the corporate
executives, in-house counsel and private practitioners who generously
participated in the research for the Indian Law Firm Awards.

Winners at a glance
The full results of India Business Law Journal’s 2008 Indian Law Firm Awards

Law Firm of the Year

Khaitan & Co

Best overall law firms Competition & antitrust

Amarchand Mangaldas Amarchand Mangaldas

AZB & Partners AZB & Partners
J Sagar Associates Chitale & Chitale Partners
Khaitan & Co Dua Associates
Luthra & Luthra Lakshmikumaran & Sridharan
Trilegal P&A Law Offices

Banking & finance Construction & real estate

Amarchand Mangaldas ALMT Legal

AZB & Partners Amarchand Mangaldas
Dave & Girish & Co AZB & Partners
J Sagar Associates DSK Legal
Juris Corp Kanga & Co
Wadia Ghandy & Co Parimal K Shroff & Co

Capital markets & corporate finance Corporate & commercial

Amarchand Mangaldas Amarchand Mangaldas

AZB & Partners AZB & Partners
Crawford Bayley & Co Dua Associates
J Sagar Associates FoxMandal Little
Khaitan & Co J Sagar Associates
S&R Associates Khaitan & Co

58 India Business Law Journal February 2009

Indian Law Firm Awards Intelligence report

Dispute resolution Mergers & acquisitions

Amarchand Mangaldas Amarchand Mangaldas

Bhasin & Co AZB & Partners
Federal & Rashmikant Bharucha & Partners
Kachwaha & Partners Khaitan & Co
Karanjawala & Co Luthra & Luthra
Mulla & Mulla & Craigie Blunt & Caroe P&A Law Offices

Energy, projects & infrastructure Securitization & structured finance

Amarchand Mangaldas Amarchand Mangaldas

Desai & Diwanji AZB & Partners
Hemant Sahai Associates J Sagar Associates
J Sagar Associates Juris Corp
Luthra & Luthra Trilegal
Trilegal Wadia Ghandy & Co

Intellectual property Shipping, maritime & aviation

Anand and Anand Bhatt & Saldanha

K&S Partners Gagrats
Krishna & Saurastri Hathi & Partners
Lall Lahiri & Salhotra Mulla & Mulla & Craigie Blunt & Caroe
Lex Orbis Rajinder Narain & Co
Remfry & Sagar S Venkateshwaran

IT, media & telecommunications Taxation

Amarchand Mangaldas AZB & Partners

AZB & Partners Economic Laws Practice
DSK Legal Khaitan & Co
J Sagar Associates Lakshmikumaran & Sridharan
Nishith Desai Associates Nishith Desai Associates
Thakker & Thakker Vaish Associates

Labour & employment Venture capital & private equity

Bhasin & Co Amarchand Mangaldas

India Juris AZB & Partners
J Sagar Associates Crawford Bayley & Co
Kochhar & Co J Sagar Associates
Majmudar & Co Nishith Desai Associates
Trilegal Trilegal

Firms in the above tables are listed alphabetically, not in rank order. All winners in each category are of equal standing.
The methodology behind the awards is described on page 45.

February 2009 India Business Law Journal 59