|1 November 2015|
1. Category Private equity practice Snapdeal’s blockbuster series I round of funding by Softbank & Alibaba Group
The Firm advised SoftBank and Alibaba Group in respect of USD 500 Million investment in Series I shares of Jasper Infotech Private Limited which owns and controls SnapDeal. The transaction involved conducting the due diligence on the investee company, advise on the applicability of Competition Act and competition law issues, review of the investment agreements, necessary filings and other related issues. The transaction was significant and very complex on account of large amounts of existing investments in the investee company. The transaction was led by Anjuli Sivaramakrishnan.
2. Category Dispute resolution practice Royalty Dispute Matter – National Highways Authority of India v Simplex Infrastructures
The Firm represented Simplex in a highly complex dispute relating to payment of Royalty to the State Government. NHAI claimed that Royalty was already paid to the contractor by way of price adjustment although the same was imposed after the contract was executed. The SLP filed by NHAI was dismissed by the Supreme Court on May 1, 2015. Thereafter, NHAI had filed a review petition which was also dismissed on October 27, 2015.
The impact of the judgment upon NHAI would be approx. USD 10 million as the judgment involves interpretation of standard clauses in various NHAI contracts and would benefit many NHAI contractors who have disputes regarding Royalty pending with NHAI at various stages.