Rajat Sethi

"He's very responsive, knows the Indian market and has a good demeanour."

Permissibility of Selective Capital Reduction Under the Companies Act, 2013 and the Wider “Take Priv

In a departure from existing precedents, the National Company Law Tribunal, Kolkata bench (“NCLT”), pursuant to its order dated September 19, 2024, rejected a petition for reduction of capital under Section 66 of the Companies Act, 2013 filed by Philips India Limited, an unlisted company, to cancel

M&A in the Ports Sector in India: Key Regulatory and Contractual Considerations

The Indian ports sector is witnessing increased private sector participation, particularly by way of Public-Private Partnerships (“PPP”). The government has facilitated private sector participation by adopting investor friendly PPP models and streamlining tender processes and concession agreements f

Foreign Investment in India from Bordering Countries: A Case for Review

Press Note No. 3 (2020 Series) (“PN3”) was introduced with the primary objective of “curbing opportunistic takeovers and acquisitions of Indian companies due to the COVID-19 pandemic.” However, the circumstances that prompted introduction of PN3 have changed significantly. There is a need to reflect

[S&R AI Focus] Climate Change and ESG Considerations in India’s AI-Driven Future

As AI continues to transform industries in crucial ways, the training of large AI models remains highly energy- and resource-intensive, resulting in significant emissions and waste. For countries and companies which have ambitious net-zero goals, balancing AI ambitions with existing decarbonization

Related Party Transactions: Recent SEBI Scrutiny

The Securities and Exchange Board of India (“SEBI”) has been continuously calibrating the disclosure requirements applicable to Indian listed companies to increase transparency and accessibility of information to investors. Provisions regulating related party transactions (“RPTs”), and appropriate d

Safeguarding Biodiversity or Mitigating the Impact of Climate Change: A Novel Dilemma

In a landmark judgement delivered in March 2024, in MK Ranjitsingh & Others vs. Union of India & Others, the Supreme Court of India sought to balance two goals which it considered “equally crucial” – the conservation of a “critically endangered species”, the Great Indian Bustard, and the conservatio

Decoding Front Running Trades

Front running trades are trades where an investor has placed an order in a stock while in possession of “non-public information” of “a substantial impending transaction” in that stock. Such trades not only distort the level playing field in the securities market by taking advantage of unequal inform

The Indo-Pacific Economic Framework for Prosperity: Opportunities for Indian Companies

Along with 13 other countries (including the US, Japan, Singapore, South Korea and Australia), India has joined the Indo-Pacific Economic Framework for Prosperity (“IPEF”). Representing 40% of global GDP and almost 30% of international trade in goods and services, the IPEF is expected to promote eco

Foreign Investment in Nuclear Energy in India

Nations across the globe have announced their net zero targets and other climate action commitments. Each country is pursuing its own pathway to achieve the net zero goal considering the resources available to it. In this background, in December 2023, the Government of India announced that it has in

Geopolitical and National Security Considerations in Outbound Foreign Investment

In a world characterized by geopolitical shifts and heightened national security concerns, the realm of foreign investment is undergoing a profound transformation. Disruptive events, evolving alliances and strategic recalibrations are increasingly influencing how nations perceive the risks and oppor

Modifications to Schemes of Arrangement

Once a scheme of arrangement has been approved by its shareholders or the relevant National Company Law Tribunal, what, if any, modifications are permissible to the scheme of arrangement without seeking fresh shareholder approval? This note considers the legal framework for modifications to approved

[S&R Data+] All Aboard: Getting Ready for India’s New Data Protection Journey

The Digital Personal Data Protection Act, 2023 (the “DPDP”) is poised to (re)define India’s legal framework with respect to the processing of digital personal data. This new regime is designed to be an overarching one, irrespective of data category (in terms of sensitivity) or entity type. While pr

Regulating Artificial Intelligence in India: Challenges and Considerations

Artificial Intelligence (“AI”), and generative AI applications in particular (e.g., ChatGPT), may revolutionize vast sections of the global economy. Significantly, this change could occur sooner than expected. On account of its ability to understand and process natural language, generative AI can pe

Reverse Flipping: Is it Time to Return Home?

In the last few years, many Indian businesses “flipped” their shareholding structure by setting up a holding company in offshore jurisdictions. This was driven by several factors, including commercial, tax and regulatory considerations. However, this trend has reversed in recent times and the notion