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Legal Capsule by SAMVĀD: PARTNERS

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UPDATE ON WITHDRAWAL OF THE PERSONAL DATA PROTECTION BILL, 2019 Background As of today, India does not have a comprehensive, stand-alone legislation that addresses data protection in the country unlike the European Union GDPR. It is mainly governed by the Information Technology Act of 2000 and Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 along with sectoral regulations that address protection of data collected by them in their respective sectors, such as Reserve Bank of India, Insurance Regulatory and Development Authority of India, Securities and Exchange Board of India, etc. However, the Personal Data Protection Bill (‘PDP Bill’) was designed by a subcommittee appointed under the chairmanship of Justice Sri Krishna in 2018 to address the lack of a stand-alone data protection legislation. It was approved in December 2019 and was sent to be reviewed by the Joint Parliamentary Committee (‘JPC’). The
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AZB & Partners tops League Table for Legal Advisors to M&A deals for H1'22

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CAM and SAM claim the No.2 & No.3 slots AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions by value and volume for H1 2022. AZB advised 49 M&A deals worth $24.46 Billion. They were followed by Cyril Amarchand Mangaldas (CAM) ($22.42 Billion across 43 deals) and Shardul Amarchand Mangaldas (SAM) ($5.8 Billion across 16 deals) in the second and third spots respectively. Khaitan & Co. ($5 Billion across 40 deals) took the fourth spot with Trilegal ($3.6 Billion across 31 deals) completing the top five. Among the larger M&A deals during H1 2022, AZB and CAM advised Adani Group's  $10.5 Billion acquisition of  Switzerland-based Holcim’s entire stake in the latter’s two Indian cement companies (Ambuja Cements Ltd and ACC Ltd). The duo also advised the $2 Billion funding received by three Adani Group firms from Abu Dhabi-based IHC. AZB, CAM and J Sagar Associates  advised the $1.76 Billion acquisition of Via
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Allegro Advisors tops League Table for Transaction Advisors to M&A deals for H1'22

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Citi and Arpwood Capital claim the No.2 & No.3 slots Allegro Advisors topped the Venture Intelligence League Table for Transaction Advisor to M&A Deals  for the six months ending June 2022.  Allegro Advisors advised 4 deals worth $3.35 Billion. Citi ($2.2 Billion across 3 deals) and Arpwood Capital ($1.9 Billion across 2 deals) took the second and third spots respectively. Axis Capital ($1.67 Billion across 3 deals) took the fourth spot and Credit Suisse ($1.62 Billion across 1 deal) completed the top five.  The  Venture Intelligence League Tables , the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms. Among the largest M&A deals in H1 2022, Standard Chartered Bank , Ernst & Young and PwC acted as the advisors to the $1.55 Billion acquisition of PE firm Actis' renewable energy platform, Sprng Energy, by Shell Overseas In
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AZB & Partners tops League Table for Legal Advisors to Private Equity deals for H1'22

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Trilegal and Khaitan & Co. claim the No.2 & No.3 slots AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in H1 2022. advising PE deals worth $11.1 Billion (across 84 qualifying deals) during the period. Trilegal ($5.7 Billion across 36 deals) and Khaitan & Co. ($5.35 Billion across 37 deals) took the second and third spots. Cyril Amarchand Mangaldas (CAM) ($5.3 Billion across 46 deals) and IndusLaw ($3.3 Billion across 85 deals) completed the top five. Among the larger PE-VC transactions during the period,  Shardul Amarchand Mangaldas (SAM) , Trilegal , Freshfields Bruckhaus Deringer advised Mobile Content and News aggregator Unicorn – Dailyhunt’s $805 million fundraise from Sumeru Ventures, Luxor Capital, Ontario Teachers Pension Plan, Sofina, Baillie Gifford, and CPPIB. AZB & Partners and Indus Law advised food delivery company Zomato’s acquisition of instant grocery startup Blinkit (form
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Avendus tops League Table for Transaction Advisors to Private Equity deals for H1 2022

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Avendus topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions for the 6 months ended June 2022, advising PE-VC deals worth $4.1 Billion. Ernst & Young stood second having advised deals worth $807 million. JM Financial ($770 million), Citi ($593 million) and PwC ($577 million) completed the top five for H1 2022. The  Venture Intelligence League Tables , the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms. Among the larger private equity deals in Q2 2022, Avendus acted as advisor to Mobile   Content and News aggregator Unicorn Dailyhunt ’s $805 million fundraise from Sumeru Ventures, Luxor Capital, Ontario Teachers Pension Plan, Sofina, Baillie Gifford, and CPPIB. Ernst & Young advised the $775 million purchase of six toll road projects from Welspun Enterprises by Actis. Citi and JM Finan
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Legal Capsule by SAMVĀD: PARTNERS

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Cryptocurrency in India: One Step Forward, Two Steps Back     INTRODUCTION   Any recognized currency used around the world is defined as a "fiat currency" since such currencies are backed by a fixed commodity and are issued by the government. However, changing this is cryptocurrency. Cryptocurrency is not backed against a commodity or issued by the government and does not exist physically. Cryptocurrency is a collection of binary data, stored on secured transaction records and distributed over a vast network of technological infrastructure and protocols called a distributed ledger technology (“ DLT ”).   The DLT allows a user to simultaneously access, validate, and update records in an unchangeable manner across a network that's spread across multiple entities or locations. There are two principal ways in which cryptocurrencies are deployed, i.e., as a legal tender through payment systems such as cryptocurrency trading platforms or cryptocurrency wallets or as a f
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Legal Capsule by SAMVĀD: PARTNERS

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A Brief Update on the ASCI’s Guidelines for Advertising of Virtual Digital Assets in India The Advertising Standards Council of India (“ ASCI ”), the advertising industry’s self-governing body recently issued ‘ Guidelines for the advertising of Virtual Digital Assets and linked services ’ (“ Guidelines ”), a first of their kind in India. The Guidelines came into effect on April 1, 2022 and are applicable to all new advertisements on virtual digital assets released or published after this date. Additionally, existing advertisements on virtual digital assets (advertisements made earlier than April 1, 2022) have to be made compliant with the Guidelines by April 15, 2022. While the ASCI is a self-governing body and these Guidelines are not binding, several major players in the industry have voluntarily become members of the ASCI and so these Guidelines have the potential to become the most broadly accepted standards with regard to advertising of virtual digital assets in India. Virtu
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