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Legal Capsule: Data Privacy & Protection: Analysing Srikrishna Committee Report against India’s WTO Obligations by Economic Laws Practice

Coinciding with the widespread global debate on data protection laws and citizens' privacy rights, a report titled "A Free and Fair Digital Economy: Protecting Privacy, Empowering Indians" ("Report") authored by a Committee of Experts under the chairmanship of Justice B.N. Srikrishna, and the Personal Data Protection Bill of 2018 ("Draft Bill") were submitted to the Government of India ("GOI") on 27 July 2018. The Draft Bill is quite comprehensive in its scope and places stringent obligations on businesses. In particular, it provides for measures relating to protecting the personal information of Indian citizens, the role and duties of data fiduciaries and data processors, rights of individuals, and penalties for violation of these data protection measures. 
This note does not touch upon the general impact of the data protection under the Draft Bill on cross-border data flow and thereby impact on international trade and e-commerce. Rather, th…
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Legal Capsule: Interim Relief in Indian Arbitration Landscape by Economic Laws Practice

With the intent of establishing arbitration as the preferred mode of dispute resolution, the Arbitration and Conciliation (Amendment) Act, 2015 (“Amendment Act”) was passed by Indian parliament to amend the Arbitration and Conciliation Act, 1996 (“the Act”; the Act, as amended by the Amendment Act, has been referred to as the “Amended Act”). The Amendment Act is widely regarded as a positive step by the legislature to remedy the blemishes prevalent in the domestic law of arbitration. Amongst several remarkable changes introduced through the new regime, the legislature has taken steps to streamline the process of seeking interim measures from the courts (under section 9 of the Amended Act) and the arbitral tribunal (under section 17 of the Amended Act).
Policy of minimal intervention of courts: The Amendment Act has sought to rule out unnecessary intervention of courts during arbitral proceedings. In its effort to ensure that interim measures can only be granted if parties really intend…

Startup Investments hit record high with $7.5 Billion in 2018

Startup investments in India rose to their highest ever figure of $7.5 billion in 2018 (across 476 deals), according to data from Venture Intelligence, a research service focused on private company financials, transactions and their valuations. Led by the $1 Billion investments in Swiggy and Oyo, the investment value more than doubled compared to 500 deals worth $3.5 Billion recorded in 2017. Including the above two deals, there were thirteen $100M+ deals in 2018 accounting for 56% of the deal value(Note: Startup investments include Seed to Series G investments by venture capital and private equity funds in companies less than 10 years old. The data hence doesn't include investments like Berkshire Hathway's investment in One97 Communication/Paytm.)


The year saw the creation of 8 unicorns, more than any other year. Apart from well known consumer companies like Swiggy, Byjus, 3 B2B companies - Freshdesk, Udaan and Billdesk - also attained Unicorn status.
By Sector
Tech and tec…

PE investments in 2018 crosses $33-B to set new all-time high

Big Ticket investments in consumer apps Swiggy & Byju’s dominates year-end activity, even as investments in Core Sectors slow down
Private Equity (PE) investments in India rose to their highest ever figure of $33.1 billion in 2018 (across 720 transactions), according to data from Venture Intelligence (http://www.ventureintelligence.com), a research service focused on private company financials, transactions and their valuations. While PE investments have already surpassed the previous high - $24.3 Billion across 734 deals in 2017 - in the first nine months of 2018, the mega investments in Consumer Internet & Mobile startups such as Swiggy and Byjus towards the year-end, helped the 2018 total vault by 36% year-on-year. (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate.) The year witnessed 81 PE investments worth $100 million or more (accounting for 77% of the total investment value during the period), compared to 47 such transac…

Why podcasters are betting on desi content: Times of India

A ToI article covering the opportunity and challenges in audio content quotes Venture Intelligence data: Since 2012, only three Indian startups in the podcasting space have received funding, and mostly undisclosed or negligible amount. The article further states that the opportunity for content creators would be in chasing the local language crowd: A KPMG report says that nine of out of 10 new internet users in India over the next five years are likely to be Indian language users.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Legal Capsule: Enforcement of Rights Of Foreign Lenders Under IBC, 2016 by Economic Laws Practice

Prior to the enactment of the Insolvency and Bankruptcy Code, 2016 (“Code”), recourse for insolvency and debt recovery matters under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (“SARFAESI Act”)and the Recovery of Debts due to Banks and Financial Institutions Act, 1993 was available only to domestic financial creditors. As things stood back then, foreign creditors could not seek recourse under these statutes.
As a significant step toward creating a level playing field and extinguishing the undue advantage accorded to domestic financial creditors, the Code has now brought within its purview foreign creditors as well, encompassing both operational as well as financial creditors.
Indian judiciary has played an active role in bringing about this change and ensuring recourse is provided to foreign creditors under the Code. While Ahmadabad and Mumbai benches of NCLT had admitted applications by foreign financial creditors agains…

Anand Chandrasekaran quits Facebook, while Neeraj Arora signs off from Whatsapp

Angel investor and former Snapdeal executive Anand Chandrasekaran has confirmed quitting Facebook after a two-year stint at the social networking giant’s Menlo Park headquarters. Anand was serving  as Director of Platforms and Product Partnerships. Prior to Facebook, the Stanford University and PSG College of Technology graduate had served as Chief Product Officer at Snapdeal and its unit Freecharge (May 2015 to Jul 2016) and before that, Airtel (2013-2015). 
Anand’s exit from Facebook quickly follows Neeraj Arora’s quitting as Chief Business Officer of the Facebook owned WhatsApp, after a 7 year stint. Neeraj, who described himself as "all things business at WhatsApp" on his LinkedIn profile, had earlier worked in Corporate Development roles at Google and Times Internet. The Indian School of Business and IIT-Delhi graduate has also served on the board of Paytm.
Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, T…