Super Lawyer

Tag: Partner

  • Ramanand Mundkur, Managing Partner, Mundkur Law Partners, on building his career in corporate law

    Ramanand Mundkur, Managing Partner, Mundkur Law Partners, on building his career in corporate law

    Ramanand Mundkur graduated from National Law School of India University (1989-1994). He is the managing partner of Mundkur Law Partners, and heads its corporate, M&A and life science practices. He has over twenty years of international work experience, having previously worked with the International Monetary Fund in Washington DC, the United Nations in Geneva, and Arthur Andersen in India before setting up MLP in 2007.

    Ramanand won multiple academic gold medals when graduating from India’s leading National Law School, and also holds a master’s degree from Harvard Law School, where he was a Langdon E. Gammon fellow and a Myer and Etta Dana scholar. He is qualified to practice law in India and New York.

     

    In this interview he talks to us about:

    • His areas of interest in law.
    • His experience at International Monetary Fund in Washington DC.
    • How his experience at Harvard prepared him for a life of academic prestige and professional success.
    • What he looks for in a typical cover letter and CV.

     

    How would you like to introduce yourself to our readers?

    I’m a corporate and transactional lawyer, based out of Bangalore.

     

    What led you to choose legal profession?

    I entered law school entirely by accident. A friend suggested me to appear for the NLSIU entrance exam and I got in. But after the first class at NLSIU (which I still remember vividly, with Dr. Menon repeatedly asking us “What is law?” and no answer being complete or satisfactory), I was hooked. I can’t think of any other subject or profession that provides the intellectual fulfillment that law does.

    So while I might have chosen law school by accident, I chose the law as a profession very deliberately. I suppose we were incredibly lucky to have been around when NLSIU was just set up, and to have that fantastic group of teachers who kindled our passion for the law.

     

    What were your areas of interest in the law? Did you engage in extracurricular activities while in college?

    One of my greatest difficulties has been identifying one or two “areas of interest” in the law—I found them all fascinating. I probably chose corporate law and public international law because they offered economic stability fairly early in my career and because the other areas of law e.g., constitutional law, criminal law, property, evidence, etc. didn’t appeal to me.

    Being part of the first few batches of NLSIU, I was lucky enough to be able to participate in pretty much all the extracurricular activities on offer: mooting, debating, quizzes, theatre, music (a bunch of us euphemistically called ourselves a band), cricket, football and whatever else was available to us.

     

    You have worked with the International Monetary Fund in Washington DC. Please share your experience.

    The Fund is a fantastic place to work at and I miss both the people there and the work I did. As a lawyer, I initially worked on the legal aspects of Fund relations with member countries (both borrowing countries as well as other Fund members). Over time, the scope of work widened to cover issues such as the Fund’s internal governance rules (including quotas, voting rights, criteria for recognition of new sates and representation) and technical assistance to certain member countries.

     

    As a Managing Partner of the firm, what is an average day at work like?

    It’s not as attractive as I hoped it would be. A large part of each day is spent on purely administrative issues. Moreover, because we’re a boutique firm, one has to wear many hats—advising clients, bringing in new work, ensuring we stay current with changes in the law, dealing with HR issues, managing firm finances, dealing with firm IT issues, all the way through to being “chief bottle washer” whenever required.

     

    How well did your experience at Harvard prepare you for a life of academic prestige and professional success?

    Harvard is probably the finest example of an enabling environment. As a student there, you’re surrounded by extremely bright, self-motivated individuals and achievers, with infrastructure and resources that are the best in the world. The faculty is outstanding and their areas of work and research are invariably cutting edge or path breaking. At times I felt one could learn and grow just by being there.

     

    What do you want to say to the next generation lawyers? Which are the growing areas of law where a new law student or young lawyer can focus and distinguish himself?

    Questions like that tend to be a little depressing (and ageist)—I’m definitely in no position to take on the role of an avuncular eminence grise—advising “the next generation” of lawyers. One bit of experience I would share with law students, though, is to not chase “growing” areas of the law or the next big thing. Instead, and this is pretty obvious: if you do what you enjoy, you’ll find that you enjoy doing what you do!

     

    Do you take interns? What do you look for in a typical cover letter and CV? How can interns manage to get positive feedback in the limited time they have?

    Yes, we do have an active internship program that works directly with certain law schools. The law schools that we work with in this regard send us CVs of suggested candidates from their senior batches, and we offer internship slots to those candidates through the law schools. As a result, we often find we don’t have slots available for individual applicants, who haven’t applied through their law schools. We encourage law schools to sign on to this program, and the schools’ placement officers can write to us at careers@mundkur.com for this purpose.

    With regard to cover letters and CVs, we look for candidates who have a consistent and reasonably strong academic, and who demonstrate that they’ve spent some time thinking about why they want to apply to our firm, and why our firm might benefit from hiring them.

     

    What would be your advice to our budding lawyers?

    I think this question has been answered. And it also reminds me of one other piece of advice I got early in my career and I’m happy to share with budding lawyers: it’s very important for a lawyer to know when to stop speaking.

  • Ramakant Gaur, Partner, Ace Jurix, on work experience in litigation at Ace Jurix

    Ramakant Gaur, Partner, Ace Jurix, on work experience in litigation at Ace Jurix

    Ramakant Gaur graduated from Chaudhary Charan Singh College, Meerut in 1995. He is a game changer, defense lawyer for the complex litigations of Economic-Corporate-real estate disputes involving the criminal laws. He examines the matters closely like an investigator; ponders the prosecution’s point of view and then envisions the strategy for the defence, with his substantial experience.

    He has excelled in prosecution cases instituted by the Indian Dept. of Customs & Central Excise, Directorate of Revenue Intelligence (DRI), Directorate General of Central Excise Intelligence (DGCEI), Central Economic Intelligence Bureau, Enforcement Directorate, Economic Offense Wing and Crime Branch of Multi State Jurisdictions, Income Tax dept. etc. He has efficaciously pleaded as defence attorney, in the cases involving prevention of money laundering laws, Corruption laws & anti-drugs laws.

     

    In this interview he talks to us about:

    • The ways in which money laundering takes place.
    • Laws before and after Prevention of Money Laundering Act, 2002.
    • Lessons to be learn from various financial scams in India and abroad.
    • Role of national and international agencies to curb issue of money laundering.
    • Preventive measures taken to curb the flow of black money.

     

    What are the ways in which money laundering takes place? 

    Money laundering is a way to filter and convert ill-gotten money and conceal its illegitimate source so that it appears that the original source is a legitimate one. It is prevalent in many forms world-wide such as Hawala transactions, shell companies, terror financing, smurfing, etc. The scamsters or the money launderers generally follow these three steps, firstly, Placement of the proceeds of crime into the financial system, followed by Layering or doing away with the original source of illicit funds, and then Integrating the same into the financial system.

     

    What are the laws before and after Prevention of Money Laundering Act, 2002? What major amendments took place?

    Until 2002, several authorities under IT Act, Benami transactions Act, etc. adjudicated over the issue of money laundering, but with the alarming rate of transnational criminal financial activities, a need for holistic legislation gave way for the enactment of PMLA 2002. It has the provisions for the confiscation of tainted properties and was amended thrice, first in 2005, then in 2009 and then 2012. The PMLA (Amendment) Act, 2012 has enlarged the definition of money laundering by including activities such as concealment, acquisition, possession and use of proceeds of crime as criminal activities. Some other features are as follows: The amendment has introduced the concept of Corresponding law to link the provisions of Indian law with the laws of foreign countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India. It also adds the concept of ‘reporting entity’ which would include a banking company, financial institution, intermediary or a person carrying on a designated business or profession. The Prevention of Money Laundering Act, 2002 levied a fine up to Rs 5 lakh. The amendment act has removed this upper limit. The act has provided for provisional attachment and confiscation of property of any person (for a period not exceeding 180 days). This power may be exercised by the authority if it has reason to believe that the offence of money laundering has taken place. Part B of the Schedule in the erstwhile Act included only those crimes that are above Rs 30 lakh or more whereas Part A did not specify any monetary limit of the offence. The amended act has brought all the offences under Part A of the Schedule to ensure that the monetary thresholds do not apply to the offence of money laundering.

     

    What are the objectives of Prevention of Money Laundering Act, 2002? 

    The Act was introduced in order to combat and deal with the menace of Money Laundering and incidental activities in the nation in lines with India’s international obligation under the UN General Assembly’s resolution adopted in its Political Declaration and Global Program against Action. The Act majorly provides for the confiscation of the property obtained out of the proceeds of crime. It also imposes various obligations on banks, financial institutions and intermediaries to maintain records of all cash transactions. As the basic principles of evidence say that the burden to proof is on the part of the prosecution to prove the, this is the only statute where the onus lies on respondent to prove the legit source of income.

     

    Please share with us the success story of PMLA so far in the light of judicial pronouncements. Highlight some scandals and case studies.

    The PMLA has played undoubtedly played a deterrent role when it comes to combat/curb the menace of money laundering. The Enforcement Directorate, with the vigilant efforts made by FIU, CBDT, CBI, RBI and SEBI has confiscated crores of movable and immovable properties in the span of few years which were allegedly obtained from the proceeds of crime. It has spared absolutely nobody. From two tier-city businessmen to  top-notch names have find a mention in the hit-list of ED such as Vijay Mallya, Chagan Bhujbal, Subhrata Roy to name a few. As per the statute, ED has also attached properties situated abroad. The latest highlights being Augusta Westland case, Kingfisher fiasco, NSEL case, Kartik Chidambram and many more. ED has been absolutely ruthless in cracking down these alleged people.

     

    What are the lessons to be learnt from various financial scams in India and abroad? 

    To name any financial debacle in particular, would be an understatement. India has seen the infamous Hawala transactions, Satyam scam, chit fund scams, Ketan Parikh and Harshad Mehta, to name a few. They admonish towards the fact that banks and financial institutions have to be brought under the radar of regulatory and enforcement agencies. The cash transactions also have to be dragged under certain threshold limits.

    The success of RICO Act of USA, originally used to prosecute US Mafias US involved in organised crimes during 1980s, led to number of trials and convictions. It has a strong harmonious network with various enforcement agencies. On similar lines, creation of SIT on black money as a watchdog has taken a leap in investigation of black money in and out of India. As per the latest report of SIT, the data provided by the enforcement authorities shows that there are gaps in monitoring trade flows which are used by unscrupulous elements to take out precious capitals outside the country and thus damaging the fabric of the Indian economy and in order to deal with the same, the SIT has asked RBI to establish an institutional mechanism to track illicit financial flows and share data with other law enforcement agencies such as ED,DRI and CBDT and from the said data base various agencies can gather the relevant information for taking early appropriate action. This is so since the data available with one agency can be relevant to action expected to be taken by other law enforcement agency.

     

    What is the role of national and international agencies to curb issue of money laundering?

    Various special courts have been set up by the virtue of this Act for the purpose of trial of scheduled offences. The Enforcement Directorate has been responsible for the investigation and Prosecution of cases under PML. The Financial Intelligence Unit India (FIU-IND) is the nodal agency for the dissemination and analysis if the information pertaining to the suspicious financial activities. Apart from these, RBI, SEBI, CBDT, Police have been active at different levels to look into flow of Black money.

    At the international level, with the initiatives of UN Financial Action Task Force (FATF) was formed in 1989 to set standards and formulate policies to combat money laundering. It is today one of the most efficient organization working towards this directions, especially on Combating the Financing of Terrorism (CFT).  UN and many .other nations have enacted stricter laws on money laundering as well.

     

    What preventive measures are taken to curb the flow of black money? 

    Government enacting Black Money Act 2015 has been seen showing light at the end of the tunnel from where undisclosed foreign income enters into Indian system as it has stricter penalties for offences since it was the need of the hour. Also India has signed many Double Tax Avoidance Agreements, SIT has been setup to investigate this issue, and Income Declaration Scheme 2016 have been introduced, strict KYC norms to be followed by banks, Tax Information Exchange (TIE) Agreements are proposed and many other precautionary measures have been taken.

    SIT has been proposing several recommendations in this regard such as a ban on cash transactions above Rs. 3 lakhs and restricting cash holdings with individuals upto Rs. 15 Lakhs; then it has suggested to establish KYC registry; prior detection of the shell companies with the help of intelligence gathering and entrusting Serious Fraud Investigation Office (SFIO) to regularly mine the MCA 21 database for certain red flag indicators; to check upon the misuse of Participatory notes through KYC norms so as to detect the beneficial owner with the help of PAN card number. It has also suggested that all the cases pertaining to trade-based money laundering should be shared with ED by DRI so as to initiate investigation under PMLA. Therefore, our law-makers have set up the panacea to the problem of black money but its effective enforcement will be testified over the time.

     

    What are the loopholes in the current legal regime in India? 

    So far as prevention of money laundering is concerned it has been fairly able to do justice, but still it has certain grey areas. Real estate sector, jewellery and bullion, and NGOs are the most vulnerable sectors for occurrence of illicit financial transactions. Inadequate scrutiny structure for cash transactions, inefficient system to preserve confidential financial system and liberal attitude towards the non taxpayers are a few areas where our legal system is lagging behind.

    As, a defence lawyer of prevention of money laundering cases, it has been observed that the process of attaching properties of the accused by ED has ,mostly been done even before filing of any criminal complaint or a chargesheet been filed and thus infructuous. There is a lot that has to be done by all the vigilance authorities other than targeting big names and getting affected by media trials. The present situation demands major amendments in the grounds/process of attaching the properties under PMLA as till date this process has turned out to be absurd.

     

    What were the challenges you faced in shaping up your career as it stands today?

    There is no competition or challenge in the space whereas there are challenges, struggle and obstacles on the road. I preferred to create a space and develop a niche, reign of the economic loss. I had beaten the competition or challenge through strategy executed with the support of a flamboyant team.

     

    What would be your parting message to our readers?

    There is no shortcut to the success except hard-work. Before entering into the professional reign, study the market. No client looks for the ordinary lawyer. Start your career as a champion and excel.

     

  • Raj Panchmatia, Partner , Khaitan and Co., on work experience in litigation and disputes resolution

    Raj Panchmatia, Partner , Khaitan and Co., on work experience in litigation and disputes resolution

    Raj Panchmatia graduated from Mumbai University in 2000. He is a partner in the Dispute Resolution Practice group in the Mumbai Office and has a rich experience in the field of dispute resolution and commercial litigation, both at domestic and international fora. He has advised clients on a wide variety of claims under Indian Arbitration Laws, SIAC, LCIA, ICC, UNCITRAL and HKIAC and has extensive experience in dealing with disputes under all forms of contracts and agreements. Raj also advises clients on litigation before the Supreme Court of India, various High Courts of the country, the Securities Appellate Tribunal and the Company Law Board.

    Raj has worked on a number of corporate and commercial litigation matters for various private equity investors, multinational and industrial houses of the country, including prominent infrastructure, real estate, automobile, defence, hospitality, public sector undertakings and ship building companies. Raj has also represented the Government of India on various dispute resolution matters.

     

    In this interview he talks to us about:

    • His work at Khaitan and Co.
    • Necessity of a mentor or guide.
    • Difficulties faced in the early days of practice.
    • How he keep himself abreast with latest industry news and trends.

     

    You graduated from Mumbai University in 2000. What was the legal profession like back then? What were your objectives as a law student?

    Legal profession back then was still technologically evolving. Those were interesting times,as law could be found only in books and not on Google. My senior told me – work hard and rest will follow.

     

    How is your work at Khaitan and Co.? Please tell us a bit about your work profile. What are the responsibilities you are entrusted with?

    I am a partner at Khaitan. My core area of practice is litigation and disputes resolution. At Khaitan, I have been fortunate to be part of some of the biggest litigations and arbitrations of recent times, in terms of value and significance. My clients vary from international companies, PSUs and Indian promoters in all sectors. Joint venture disputes seem to be in vogue these days, and I advise on many of them as well. As a partner in a law firm, soft skills play an equally important role as legal skills. As a Partner your responsibility would also include building and managing a team which is effective and a practice which is robust.

     

    How necessary is it to have a mentor or guide to handhold a young lawyer while still in the formative years of the profession? Did you have one?

    It is good to have a mentor and a guide in your formative years who is willing to guide you through the nuances of the practice, especially if one comes from a non-legal background. In my formative years I had an opportunity to train under some of the finest legal minds Late Mr. D M Popat, Senior Partner of Mulla & Mulla & Crige Blunt and Caroe and Mr. D D Udeshi, Partner of Udwadia & Udeshi as it then was. I also had an opportunity to work under Mr. D E Udwadia, who exposed me to corporate laws, which has been very helpful in dealing with corporate disputes of today.

     

    What were the difficulties you faced in the early days of your practice? How many years of hard work does it require to build a firm clientele?

    Let me put it this way, if you are willing to learn and work hard, things become easier. There used to be paltry sum of stipend (compared to what interns make these days) and hours were long. I never said no for any kind of work that came my way. As I don’t come from a family of lawyers, learning on the job was the most effective way. It was tough but satisfying. Unlike in the present times technology was not so easily available and research would take far more time. I had to learn the ways to complete the research efficiently and without missing any important points. This exposed me to a variety of laws, and I gained rich and vast experience. The crucial thing, which I feel I learnt from the experience, was to apply innovative and lateral thinking, despite time pressure.

    You build relationships not clientele. You need to build trust and provide consistent quality advice. There are no fixed timelines for this.

     

    Could you tell us about the atmosphere in each of the places you have worked and what one should keep in mind before joining?

    I have been part of a large as well as a mid-size organization. Each organization has its own systems, which essentially shows the values and beliefs of its founders/partners. Fortunately, every place I worked at had an atmosphere of trust and it felt like a big family, which helped me grow professionally as well as individually.

    I would say that before joining a firm, one should first understand the ethos of the firm as a whole. One should choose an organisation that is known for its integrity, value systems and has a work culture that allows its resources to flourish and bring excellence at their work.

     

    From an Articled Clerk to Advocate and Solicitor assistant at Mulla and Mulla and Craigie Blunt & Caroe, how did it happen? What are the important attributes for an Articled Clerk to work on?

    I joined Mulla & Mulla after I qualified as an Advocate and then went on to qualify as a Solicitor. In hindsight, it was perhaps one of the best career decisions I made as I found the learning curve to be extremely satisfying. My initial training in Mullas gave me a firm foundation. There was a lot of hard work, research and reading. Practice then was not slotted in compartments which meant,I got experience in various spheres of law.

    Once a candidate decides to become an articled clerk, and has chosen a master to learn from, it is then most important to put his full faith and trust in his master.  So decide well under whom and where you want to article, as this is the place which will make a lawyer out of you.

     

    How do you keep yourself abreast with latest industry news and trends?

    At Khaitan we have a very good initiative which is CLE (Continuous Learning Exercise) which helps all its advocates keep themselves updated. A CLE is a monthly session where all teams present updates from their respective practice areas, followed by a brief discussion. These sessions are very helpful as you get to interact with lawyers experienced in that field. I also read judgments, legal journals and magazines as time permits. Discussing and sharing issues with my colleagues is also helpful and often bring out new nuances and directions.

     

    You have authored articles in various Indian and International legal journals. Please share with our readers your experience.

    Writing is not something which came to me naturally. Having said that, once you make an effort and if the result is even partially satisfying, it is a huge gratification. I intend to explore this more. Of course my team has been extremely supportive in my efforts and credit must go to them as well.

     

    What would be your parting message to law students?

    I can only pass on which I inherited and strongly believe in – Be true to yourself and true to your work and the rest will follow. Never shy from working hard.

     

  • Akanksha Rajpurohit, Partner, The Legist, on work experience in law firm

    Akanksha Rajpurohit, Partner, The Legist, on work experience in law firm

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  • Ahmad Shazeb Azhar, Partner, Goswami & Associates, on work experience in litigation at Goswami & Associates

    Ahmad Shazeb Azhar, Partner, Goswami & Associates, on work experience in litigation at Goswami & Associates

    Ahmad Shazeb Azhar graduated from Aligarh Muslim University (2003-2008). He is a lawyer with almost 6+ years of standing at the Bar. He started his career in Delhi in 2010, practising regularly at Supreme Court of India, where he was the panel counsel representing the State of U.P. from 2014 onwards.

    His Core Specialties include litigation, dispute resolution, drafting, rendering advice, contracts and agreements, corporate compliance, arbitration, due diligence and legal research and securities markets.

    In this interview he talks to us about:

    • His experience at internships.
    • Advise for law students who prepare for a career while in college.
    • Value addition of a Masters degree.
    • Difference in practice and litigation at Delhi and Lucknow.

     

    How would you like to introduce yourself to the legal fraternity?

    I am a lawyer with almost 6+ years of standing at the Bar, at present practicing at the High Court of Judicature at Allahabad, Lucknow Bench. I started my career in Delhi in 2010, practising regularly at Supreme Court of India, where I was the panel counsel representing the State of U.P. from 2014 onwards. I also initially practised on the Original Side of the Delhi High Court, as a junior to Mr. M.R. Shamshad, Adv., dealing with some high profile commercial litigations. At present I am a Partner with a registered law firm called Goswami & Associates, which is an emerging firm, based out of Lucknow, primarily we deal with traditional litigation and dispute resolution, but are delving now into IP and other commercial areas. We have a couple of Government Banks, Insurance Companies, PSU’s and Private Companies as our clients right now.

     

    How did you decide to choose law as a career? Is there anyone in your family who motivated you to opt law?

    Well I am a first generation lawyer, who had no inkling what the job I was about to get into entailed. Both of my siblings are doctors in US & UK. The reason I chose law as a career was the mystique surrounding it. I had always been fascinated by the working of lawyers, as to what it was that they read on a piece of paper differently than an ordinary man. What gave them that perspective? That is what enticed me into the profession. There weren’t any family members who were already there in the profession, therefore the mystique and the curiosity was compelling enough for me to get in and explore this world of words, letters, sentences and arguments.

     

    How was your life at Aligarh Muslim University & Dr. RML National Law University? Did you find that your law school education prepared you for your current life?

    Life in Aligarh was completely different than expected. It’s a vast University with around 30,000 students and we used to reside in mixed hostels, wherein students from different streams and courses lived together, so that gave me a very diverse perspective of things. The more you interact with people from different fields and areas, the more your mind opens to diversity of views. The case with Dr. RML National Law University at Lucknow, was different where you get to meet the freshest and the best of the legal minds in the country, here I completed my LL.M thesis on Cartelisation under Competition Law. I was good at writing in college, be it essays, critiques or any such sort. The one thing that I regularly followed in college was to keep reading, whatever I could get my hands on, be it fiction, biographies, Russian socialist literature, History, Mythology and even John Grisham. The best part about reading is that it gives you references, analogies and ideas to construct an argument. Analogies, whether historical or mythological provide simplicity of comprehension to the listener.

    The legal education in India does not remotely prepare you with the realities of the legal profession. Considering the high premium that is placed upon the procedural aspect of law, the court craft and the client dealing aspect, the only thing that can get you prepared is to actually get in there and practice it. A mere understanding of the substantive law is not sufficient to succeed in the profession.

     

    Could you tell us a bit about your internship experiences?

    The first internship I did was under Dr. Sandeep Pandey, Magsaysay Award Winner and Social Activist. I actually got to stay in a village without electricity in U.P. for a month, preparing a report on the discrepancies in the land allotted under Consolidation regime by the government, which was submitted to the District Magistrate, so that was an experience. Thereafter I interned under Mr. M.R. Shamshad, Adv. whose chamber I later on joined in 2010. I also interned at Desai & Diwanji, Delhi office and under Mr. Niladri Bhattacharjee, Adv. who was gracious enough to actually credit us, the interns, by name on the Due-Diligence Report for a major company we helped prepare.

     

    How would you advice a law student if one has to start on to preparing for a career while in college?

    By the final year of Law College every student has a slight assumption of his or her own temperament and one’s inclination for the career we would like to choose. If you are prepared for a long meditation, then practice is a good option. But you would have to be mentally and physically prepared to handle the stress that comes with it. A total lack of finances and as a result dwindling motivation everyday is what makes practice really tough. A lot of my colleagues who started practice left it mid way because of these very reasons. Firms are a good option to join, if you have that inclination. Besides now there are so many other options that one can decide and work on right from college, be it getting into judiciary, a private company, a governmental job or even going abroad for higher studies and into academics.

     

    What is the value addition of a Masters in your career?

    The Masters Degree and the study for it, gives you the opportunity to delve deep into the existential basis of laws. For example for me in BALLB, the most irrelevant part of a statute was the preamble attached to it. Its importance I realised while in Masters. The basis for a statute, why is it there? What prompted its promulgation? And therefore if there is a discrepancy, how could it be filled in are all the jurisprudential questions that I got the answers to while pursuing my LL.M. With that depth of understanding, you yourself feel motivated enough to delve into and apply that knowledge to any filed you wish to pursue post your Masters.

     

    You have practiced at Delhi & Lucknow. Tell us the difference you feel in terms of practice and litigation between the two places?

    Delhi and Lucknow are completely different places when it comes to litigation. Lucknow being a traditional city, the outlook and perception are still evolving. I still get asked the very same question almost everywhere in Lucknow, as to whose chamber I belong to. Traditionally in Lucknow it isn’t common to see a lawyer below 40 years of age practicing independently or having started independently. Delhi has evolved in that aspect. Also in Delhi the wonderful experience of getting to meet or brief such famous senior counsels, is an experience in itself. Significant amongst them is Mr. Arvind Nigam, Senior Counsel, who had the most impact on my career as well as life. Also of significance is the experience I gained when I shifted to Supreme Court and got a chance to brief such excellent Counsels as Mr. Jethmalani, Mr. Sibal, Mr. Soli Sorabjee, Mr. P.P. Rao, Mr. Harish Salve, Mr. Salman Khursheed, Mr. Mukul Rohatgi, Dr. Dhawan etc. Lucknow bar though puts a very high premium on your knowledge of Law and has some very thorough and learned counsels amongst its members, who are as good as any lawyer in Delhi.

     

    What would be your parting advice to our readers?

    Be enterprising. Do what you want to do. But the keyword is “Do”. Merely thinking and planning won’t get you far. Mistakes would be made, but the experience gained would be much more beneficial. You will learn much more than what the books can make you aware of.

  • Pradeep Jain, Managing Partner, Singhania & Co., Mumbai, on all about managing a full service firm

    Pradeep Jain, Managing Partner, Singhania & Co., Mumbai, on all about managing a full service firm

    Pradeep Jain qualified in law from Devi Ahilya Vishwavidyalaya in 2000. Thereafter, he joined Singhania & Co. in 2002 and was soon rewarded with partnership in 2004 for his excellent work in the Corporate Practice & Maritime Laws. He has played pivotal role in a number of big joint ventures and corporate takeovers. He is also regularly engaged by the Institute of Company Secretaries of India, New Delhi, to deliver lectures on various subjects related to law.

    Pradeep frequently advises clients on matters relating to the development and control regulations, policy and regulatory matters, compliances relating to Securities Exchange Board of India, Reserve Bank of India, Insurance Regulatory & Development Authority and Foreign Investment Promotion Board. He regularly advises vessel owners, charterers and P&I clubs on various maritime laws. Pradeep also represents his clients in international arbitrations under the Singapore International Arbitration Centre, Singapore Chamber of Maritime Arbitration and London Maritime Arbitrators Association. He is vastly renowned for his acumen in liasoning with the Foreign Investors Promotion Board (FIPB)/ Secretariat for Industrial Assistance (SIA) in the matters related to Transfer of Shares from Resident to Non-resident, foreign technical collaboration, liasoning with the Securities Exchange Board of India (SEBI) filing various form or Report in the matters related to Takeover, Mutual Fund, Assets Management Companies, Trusteeship, Custodian, Foreign Institutional Investors etc.

    In this interview Pradeep talks to us about:

    • His experiences working with Singhania & Co.
    • The importance of a mentor in a junior lawyer’s life, and important traits any law aspirant should cultivate
    • Networking and the legal profession, and
    • His valuable advice to all the young lawyers/students/aspirants out there.

     

    How would you like to introduce yourself to our readers?

    A lawyer by profession, I am the Managing Partner of the Mumbai office of Singhania & Co. I come from a family of businessmen; however, my fondness for academics led me to gathering multiple degrees in the fields of science, mathematics and law and finally pursue a career as a lawyer. I joined Singhania & Co. in the year 2002, and actively worked under the tutelage of Mr. D.C Singhania, the Founder of Singhania & Co. and a veteran lawyer widely recognised for his dexterity in the areas of litigation and arbitration. Thereafter, in a short span of 2 years I was promoted to Partnership and there has been no looking back ever since.

     

    Going back to your graduation days are there any anecdotes you would like to share?

    It was a very interesting journey. You would be surprised to know that I never wanted to be a lawyer, but my Mom was convinced I would be a litigating lawyer, as I would always grab opportunities to show case my oratory skills, and of course pick up arguments.

    I loved studying mathematics and science and wanted to pursue a course related to these subjects. So my first effort was to appear for medical examinations and be a doctor. Unfortunately, I couldn’t sit for the exams due to personal exigencies. Thereafter, I decided to not waste a year and ended up pursuing a degree in mathematics and went on to pursue my Masters in it.

    I didn’t want to stop studying so I undertook the company secretary course during which my mentor Mr. Sunil Jain, advised me to explore law as a profession.

    I took his advice and I have loved every moment of this profession!

     

    How do you recall the first few years after qualifying in law?

    I have always felt that I have been fortunate and lucky in a lot of scenarios in life. I have been lucky to get picked first, or noticed in a group, and this is what happened with me in Singhania.

    The first few years of my career were nothing short of absolute delight.

    My partner, Mr. Sameer Rastogi, whom I was assisting in the initial days of my career at Singhania in 2002, liked my research skills and ideas of solutions to client issues and legal opinions drafted by me. He ensured that I was a part of important client mandates. He never failed to mention my name in other offices which helped me work and interact with different offices of the Firm and definitely aided my quick promotion to Partnership in 2004.

    Everyday brought in new avenues to learn and grow. Luckily, I was part of a firm that pushes lawyers to get out of their comfort zone and handle matters with independence. We were not treated as “Associates” working for a monthly compensation; we were instead treated as active, thinking and performing individual professionals who have the capability of servicing clients with minimal supervision.

     

    Please tell us about the relevance of a mentor as a young lawyer, how did you find your mentor?

    Having a mentor in the formative years of your career is definitely important. When we enter a new professional field, especially the legal industry, we have certain ideas about the profession in our head, and it is easy to face disappointment if we do not have a guide to help us understand the profession. Mentoring helps individuals understand the practical aspects of law and provides necessary guidance to assist individuals in making rational career decisions.

    At the cost of repetition, I would say I was fortunate to have Mr. D. C Singhania as my mentor. I was extremely surprised at the humility of one of the most sought after lawyers in India and his down to earth personality. Besides honing my legal acumen, he has helped me understand the importance of the nobility of our profession. He encouraged each and every lawyer including interns to express their opinions on matters and be independent in handling matters. If you trace the history of our Firm, you will know that through his mentoring he has instilled the confidence in many lawyers who are now running their own firms or are successfully handling Partnership positions.

    I never thought that I would end up as a Managing Partner of a firm, however, as mentioned before, it was through the guidance of my mentor that I learned about my capabilities and my true potential as a lawyer. I was guided to take initiative and encouraged to shoulder both legal and managerial responsibilities leading me to where I am today.

    Even today, Singhania & Co. actively encourages all young lawyers to aim at being independent and self-sufficient. Our Firm follows an active policy of mentoring freshers and interns into confident professionals who possess the capability of sourcing and servicing their own clients.

     

    What role does academics play in the legal profession? Given that maritime law requires a lot of reading, how has it been in your case?

    It goes without saying that an affinity to read and keep yourself updated is mandatory in our profession. A student who is academically bright showcases this ability and therefore has a better chance in terms of placements.

    Having said that, academics is one of the many ingredients that make a good lawyer. One needs to be interesting enough for clients to notice you and that involves having great people skills. Being persuasive, having a flair for writing, ability to network and socialise professionally are some of the other key components that will give young lawyers an edge over the others.

    A popular lawyer is usually a person who is blunt, bold and can mesmerise the court or audience with his words.

    To have such qualities you must have knowledge of history, philosophy along with knowledge of statutes. The more you read more confident you are to interact with your clients and fellow professionals.

    I always tell students, juniors that when you are younger, you will get time to read. So please learn as much as possible because as you grow, no matter how much you are earning, you will not get time to read.

     

    You are noted as one of the leading maritime lawyers in India. Very few students focus on maritime laws during their formative years. Could you tell us more about maritime practice in India?

    Hahaha (blushing).

    Shipping laws require extensive reading and research. Moreover practice of maritime law is not restricted to one country and in most of maritime arbitrations we deal with, English laws are applicable and one must be aware of the laws, rulings and authorities to be fully prepared for arbitrations.

     

    Founded in 1969, Singhania & Co., has been one of the very few law firms to have maintained a steady practice for all these years. Tell us more about the firm and its heritage.

    Singhania & Co. as mentioned earlier was founded by Mr. D.C Singhania in 1969. Mr. D.C Singhania is a highly respected lawyer with over four decades of experience.

    He was very well aware of the industry and its potential. He also recognized the importance of treating the profession as a service and keep the clients interest at paramount. He always emphasized on delivering good service to the Client.

    Mr. D.C Singhania, was innovative in his approach and avoided a lot of stereotype functioning of firms back then. While the popular trend was to be recognized for practicing in a particular court, he went on to successfully argue in various forums and didn’t restrict himself just to the High Court or Supreme Court.

    This is also why world best lawyers associations like “Lex Mundi” and “Terralex” felt announced Singhania & Co as first Indian member law firm.

    Over the years our Firm has been in involved in various noted arbitrations such as Western Company of North America v ONGC, and Alsthom v Railway Board of India amongst others. Our Firm has represented over 1000 international client organizations with their matters in India or abroad including fortune 500 comp

    Currently, Singhania & Co. operates out of 10 offices including an office in London. In India we have offices in New Delhi, Mumbai, Hyderabad, Indore, Bangalore, Kolkata, Chennai, Ahmadabad

    The breadth of our practice includes Admiralty, Anti-Dumping, Aviation, Arbitration & Dispute Resolution, Banking, Securities and Financial Services, Corporate &; Commercial, Infrastructure, Intellectual Property, Joint Venture & Technology, Litigation, Mergers & Acquisitions, Technology Transfer, Project Financing, Capital Market, Private Equity and Fund, Securitization & Structured Finance and Taxation laws.

     

    Please tell us about your journey at Singhania & Co.?

    My journey in Singhania is as dramatic as my entry.

    Interestingly, I had to go the ICSI regional office and I ended up at the office of Singhania & Co. Once the seniors spoke to me and heard about my profile, they decided to take an interview and I was hired!

    Since then, it has been a wonderful journey. I have learned a lot about the profession and I guess I am still learning!

     

    We are very curious to find out how do you find time for yourself despite heading busy offices in Mumbai and Indore? What would be your tips to the young lawyers on time management?

    Haha. My friends never find me reading and my clients never see me executing works except on meetings. In fact I don’t take up my role as a Managing Partner as work.

    I like doing it and I treat it as fun and I end up having fun. I love the energy and rush involved in solving legal issues and that is why I never feel tired. I believe that if you enjoy your work and don’t take work as a task and then you will see that you are full of positive thoughts and energy.

    It is very simple. If we can sincerely work (with minimal or no distractions like calls/facebook/whatsapp etc.) for at least 8 hours a day, we can accomplish a lot more than we imagine. Being busy is dependent on how sincerely you manage your 24 hours. As a junior, my job was to be well equipped with my research and ensure that all deadlines are met. I therefore dedicated my time in office towards working and/or reading up in case I was free. That way, I would always have time for myself when I was back home. My role as a managing partner requires me to delegate and ensure that the work gets done. I also shoulder the responsibility to keep my clients and my team happy. I dedicate my time in office towards the same and still find time to pursue my interests.

     

    We have seen that many law students are faced with tough choice between attending classed and pursuing internships. What, according to you, should be the correct balance between academics and practical exposure?

    I would suggest students to take time out from their courses to intern as much as possible, as it provides a lot of practical experience and knowledge about the legal industry which cannot be learnt through books but at the same time they should not make life too serious and try to find ways to maximize once output in lesser time.

     

    Due to developments in technology and advancement of social media, networking and connecting across globe has become much easier. How have these developments affected the legal profession and the way in which lawyers have been working so far?

    Absolutely! Much has changed in terms of technology and for the better!

    It is much easier to network now than it was 15 years ago. It is easier to interact with a lawyer/firm you intend to work with even before you have met the Firm. It is much simpler to verify details about a particular firm/person now than it was a few years ago. That is how much technology has evolved.

    Networking sites allow lawyers to not just network but also freely exchange and share knowledge and insights on various laws and its impact.

    If used wisely, it is a very strong tool for a lawyer and can help us make our noble profession nobler but it has some draw back as well which should be fixed. I see young generations spend a lot of time distracting themselves on social media which eventually decreases their productivity and also sometimes explains unnecessary longer working hours!

     

    Finally, any word of advice for all the young and aspiring lawyers?

    Be bold, blunt and honest. Pursue power through your hard work, knowledge and never forget your responsibilities towards society.

    Self-evaluation helps you become a better professional and to excel when pitted against both contemporaries and seniors!

    Life is not a race but definitely a marathon so invest in yourself and in knowledge and not money in your early years.

  • Amit Cowshish, Partner, Dua Associates, on practicing in Defence Law and serving as a Financial Advisor (Acquisition) in the Ministry of Defence

    Amit Cowshish, Partner, Dua Associates, on practicing in Defence Law and serving as a Financial Advisor (Acquisition) in the Ministry of Defence

    Amit Cowshish, served the Indian Defence Accounts Service in various capacities and retired in 2012. Having studied M.A. and M.Phil in Political Science from the Jawaharlal Nehru University, and qualified in Law from Delhi University, Amit had also received a Diploma in Alternative Dispute Resolution from the Indian Law Institute.

    amit-cowshish-2Amit went on to serve on deputation with the Ministry of Defence, first as Under Secretary and later as Additional Financial Advisor & Joint Secretary and Financial Advisor (Acquisition) & Additional Secretary. He also served as Commissioner for Departmental Inquiries on deputation with the Central Vigilance Commission. He is a presently a Distinguished Fellow with the Indian Institute for Defence Studies and Analyses, and is presently a Partner with Dua Associates, Advocates and Solicitors.

    In this interview, he talks to us about:

    • Working in the arena of Public Administration;
    • His work with the Defence Accounts Department;
    • His responsibilities with the Minsitry of Defence; and
    • His post-retirement transition to a life in corporate law.

     

    What influenced you to choose law as your profession? Where did you pursue the same?

    Law runs in the family. My father was a lawyer, and so was his father. Both my daughters are lawyers, as well. I had great admiration for the profession right from my early days in school. Destiny took me elsewhere, but after retirement I have returned to the fold, as it were.

    I studied law at the evening centre of the Delhi University while I was in service.

     

    You hold a pre-degree diploma in the Russian and Persian languages. How did you develop an interest in learning languages?

    Apart from Hindi and English, we were taught Punjabi at school.  I picked up Urdu as it was the language used by a large segment of the local population, and used in the courts. That got me interested in languages. So, when I got an opportunity, I decided to learn a couple of foreign languages as well.

     

    What steered you into the area of public administration?

    These are institutes where serving government officers are sent for mid-career courses. I was fortunate to have been sent for the courses run by IIPA (Indian Institute of Public Administration) and NDC (National Defence College).

     

    Do tell us about your journey as part of the Defence Accounts Department.

    I got the opportunity to serve at different stations; travelled far and wide within India; gained vast experience in financial management in defence.

     

    What were your main responsibilities as the Controller of Defence Accounts?

    Controllers of Defence Accounts are responsible for various functions related to accounting, payment, audit and financial advice in relation to the military establishments located within the jurisdiction of the organizations they head.

     

    What was the biggest challenge you faced in your role?

    Being a finance person is, in itself, the biggest challenge in any organization!

     

    What were the different tasks involved in the posts of an Under Secretary, Additional Financial Advisor & Joint Secretary, and Financial Advisor (Acquisition) & Additional Secretary?

    As Under Secretary, I was responsible for matters related to pension policy for the armed forces. As Additional Financial Advisor, my work was related to financial matters concerning the organizations assigned to me as well as defence planning and budget.

    As Financial Advisor (Acquisition), I was associated with all capital acquisitions for the armed forces and the Indian Coast Guard.

     

    How did you come to be associated you with the drafting of the Defence Procurement Manual 2009? Did having a legal qualification help with the same?

    This task was assigned to me, probably because at that point of time I was associated with revenue procurements. Yes, my legal qualifications did help.

     

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    How is it that you came to join Dua Associates as a Partner?

    I joined Dua Associates after my retirement from the Indian Defense Accounts Service in 2012, to keep myself engaged in meaningful work.

     

    Was it difficult to adapt to a corporate firm after having worked for long in public administration?

    The transition was smooth; I did not face any difficulty.

     

    Defence being a very niche sector what would be your advice to young lawyers working in defence matters?

    There is not much of a difference as regards keeping abreast of the latest developments whether one is handling the defence sector or any other sector. To make a beginning, one has to develop general familiarity with the subject, study the existing policies and procedures, follow the developments reported in the media and law journals, keep an eye on the official announcements, and pay special attention to the judgements concerning one’s areas of interest. Attending seminars and other events related to defence matters also helps.

     

    Do you work only on defence related projects at Dua?

    No, the work I do is not confined to defence related projects.

     

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    Would you consider taking a few lectures on Defence law and material procurement if invited?

    Certain statutes like the Army Act, the Air Force Act, the Navy Act and the Armed Forces (Special Powers) Act are specific to the armed forces. There are other statues, rules and regulations like the Industries (Development and Regulation) Act, the Companies Act, and policies concerning FDI and exports, etc., which also have a bearing on legal issues concerning the defence sector. However, there is no specific law concerning defence procurement/acquisition by the Ministry of Defence. Defence purchases are primarily governed by the Defence Procurement Procedure and Defence Procurement Manual.

    I would be happy to talk on defence procurement policies and procedures of the Indian Ministry of Defence.

     

    Being a very niche sector what would be your advice to young lawyers working in defence matters?

    Broadly, legal professionals can contribute with regard to service and contractual matters. It is important that those who are interested in these areas not only keep themselves updated about the applicable laws, rules and procedures, but also acquire a good understanding of the organisational ethos of the armed forces, coast guard, border roads, etc., as well as acquaint themselves with the functioning of the defence industry.

  • Jyoti Singh, Partner, Phoenix Legal, on experience in Banking and Finance Law

    Jyoti Singh, Partner, Phoenix Legal, on experience in Banking and Finance Law

    Jyoti Singh studied law at Maharshi Dayanand University and graduated in 2000. She worked for a while at Dhir & Dhir Associates as a Principal Associate and is now a Partner at Phoenix Legal.

    In this interview Jyoti talks to us about:

    • The reasons behind her career choices
    • Her experiences and learning curve while working with Mr. Jugal Wadhwa and Dhir & Dhir Associates.
    • Her views on the current legal education system

     

    How would you introduce yourself, given that most of our readers are law aspirants, lawyers-in-the-making & young lawyers?

    I am a lawyer who hails from Sonipat, a small city in Haryana, and currently a partner at a well-reputed firm thanks to my self-confidence, hard work, sincerity, and dedication.

     

    Which incidents, influences or interests prompted you to think of law as a career? If not law, what other options would you have considered for a career?

    My father currently practices in Sonipat and I have always seen him working very hard. He still wakes up at 4:00 a.m. and reads his briefs. His lifestyle used to fascinate me. But frankly, I had science as my subject in my 12th Standard. While I was taking up exams for pursuing a career in medicine, but after a detailed discussion with him about my future plans and career choices he ended by telling me that, “You argue so much, I feel you will make a good lawyer”. I laughed it off. But today I surely am a lawyer, though still trying to be a “good one”.

     

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    How would you describe your academic career while at M.D.U, Rohtak? What made you want to pursue an LL.M after your graduation from the same?

    I was one of those students in M.D.U., who probably never bunked a class but still had my own share of fun at hostel. I used to take part in debates and essay writings etc. I pursued a LL.M because I like studying, and frankly while choosing “Winding up by Courts” as a topic of my dissertation I never imagined that one day I would be ranked as a leading lawyer in Dispute Resolution and Insolvency (Ranked by Chambers and Partners 2015 and 2016).

     

    Did you indulge in any co-curricular activities such as debating or mooting while there?

    I participated in debates and moot parliament etc.

     

    What made you target a litigant’s practice straight out of law school?

    My father was and is my inspiration, he is a litigator so it came to me naturally.

     

    What would you say are the greatest learnings from your time spent with Mr. Jugal Wadhwa?

    In terms of law and procedure, it was an enriched legal experience where his knowledge of the same helped systematically build my foundations of law. While practising in the district courts and the High Court of Delhi, it exposed me to both the procedure and the original side of litigation itself.

     

    How did first-hand exposure to the legal system in all its glory affect or influence you?

    The deeper I went into the profession, the more I was convinced that this is what I want to do all my life.

     

    What prompted the shift to Dhir & Dhir Associates? How did your experience there differ from your earlier experiences?

    With Mr. Jugal Wadhwa, I gained a lot of experience in civil and criminal litigation after which I wanted to shift to a law firm. At Dhir & Dhir, I worked with a team specialising in proceedings at AAIFR and High Courts, and slowly started looking after work at various High Courts. The travel intensive nature of my work there increased my exposure to the same.

     

    Why the special interest in Banking and Finance Litigation with a special focus on proceedings under SICA and Insolvency proceedings?

    Dhir and Dhir has been a leading Firm in that area of law, hence it was only natural to have focused on SICA and insolvency proceedings.

     

    Again, when and why did you decide to join Phoenix Legal in 2010?

    Phoenix started in 2008 with a set of very dynamic professionals. I wanted to join a firm where I could grow with the Firm. I joined Phoenix, Mumbai office, in October 2010 as a Counsel and was made partner in April 2011.

     

    How did your previous experiences help you or influence you through the same?

    It helped be set up and grow through a litigation practice.

     

    Your current profile seems fairly commercial and finance-centric under a larger purview of corporate law, how did you come to chose the same as your area of interest?

    I would say that I started as a general litigator and I still do a fair bit of civil, contractual pre-litigation strategy and litigation/ arbitration. But, corporate, banking, and finance have been my core strength due to my extensive experience in these fields (be it advisory or disputes/ recovery).

     

    What has your experience in dealing with foreign companies been like? How do they differ, if at all, from local clients?

    Foreign companies are more professional in their approach but now the local companies are also reaching there.

     

    What would you describe the work atmosphere as? How does the same play out in terms of work load and cooperation among those working with you?

    Work atmosphere plays a very important role because you spend a majority of your time at the workplace. If your colleagues are helpful and seniors are motivating, then it surely acts as a catalyst in facilitating the growth of any individual and the organisation as well, because I believe that “Happy and successful Employees make a Happy and successful Organisation”.

     

    How taxing would you describe your work as, does it afford time for a life outside the office?

    I love what I do and I can’t see myself doing anything else. I am passionate about my work and hence it’s not taxing at all. I am an early riser, so I get my share of “me” time and remain much contended with that.

     

    Looking back, how different would your experience have been if you were at a national law university?

    Education systems makes a lot of difference. Surely there would have been a lot of value added.

     

    What is your opinion of the current legal education system for law students given the internship and material intensive five or three year programmes? How does the same affect your hiring policy?

    I really like the current education system. I see interns at my firm. Some of them “are very good lawyers in making”. We, in fact, sometimes absorbs interns as associates because we have first hand experience of their ability and attitude. I personally, in my team, have a few such examples of individuals who had interned with me and are/were working as associate.

     

    If you were a law student today, would you do anything differently? If so, what would it be and why?

    Yes, certainly. I would have done internships during my law course because getting exposed to practical side of law while gaining knowledge of the theory acts as a stimulant in becoming a good lawyer.

     

    What would your parting advice be to our readers?

    Work hard! Read Hard! Make books your best friend!

  • Hormaz Daruwalla, Equity Partner, Khaitan and Co., on a career in taxation law

    Hormaz Daruwalla, Equity Partner, Khaitan and Co., on a career in taxation law

    Hormaz Daruwalla graduated from University of Bombay in 1987. He started his career as an Advocate with Crawford Bayley& Company, handling cases pertaining to indirect tax under Mr Dadi Engineer.

    In the year 1992, Hormaz started his practice as a Counsel at the Bombay High Court and joined the Chambers of Senior Advocate Mr Atul Setalvad.

    Hormaz is well respected and is a specialist in the fields of customs, central excise, service tax, foreign trade policy, special economic zones, anti-dumping, VAT and other local levies. He is particularly sought for his opinions generally on law and on the subjects he specialises in. His experience in advising clients on issues pertaining to indirect tax litigation, structuring, planning and other related issues makes him a popular lawyer among corporates. What makes him special is his ability in arguing cases before different fora including the High Courts and the Supreme Court of India.

    In this interview, he talks to us about:

    • Importance of Indirect taxation as a subject for law students.
    • Is specialisation a good thing in today’s professional world.
    • What does it take to be a good indirect tax lawyer.
    • Steps to prepare for a difficult case.

    Most of our readers are young lawyers and law students. How will you introduce yourself to them?

    I am just one of them but only have been around a bit longer. The challenges they face today, I face too. The excitement and energy they feel, I experience too. Over the years the choices I’ve made based on my thinking has determined who and where I am in my personal life as well as my professional career today. I don’t regret the choices I made but will always say I could’ve done better though.

    Were you always clear about your career plans considering you pursued commerce and went on to graduate in law from University of Bombay?

    I started with the LLB course at the Government Law College, Mumbai in 1984. At the same time, I also enrolled for the Company Secretaries course of the Institute of Company Secretaries of India. In 1987, I completed the LLB course, enrolled for the LLM course and was in my final group of the Company Secretaries course. During this period there was only one thing that I was certain about, which is that I wanted to become a Counsel. I had no clue of what subject of Law I would, if at all, specialise in. In those days we never had an opportunity to test, check, see and feel the subject you would make a career of. There were no internships as we have them today, but all I had was an open mind and the determination to work hard to become a Counsel. Those were the days when one had to appear in matters in Court and one needed a certain basic understanding of the working of the system. Working in a Law Firm would be the best training ground to get that basic understanding.  My batch mate and good friend Rohan Shah, now Senior Partner at Economic Law Practices, who had articled at Crawford Bayley & Company told me about a vacancy there. Their Senior Partner, Mr Dadi Engineer was a leading expert in Central Excise and Customs Law and needed the services of an Advocate Assistant. So I joined Crawford Bayley & Co and I remember the monthly remuneration used to be Rs 1,680/- (and this was before ‘tax deduction at source’ days).Indirect Tax was something new to me as the LLB course did not teach us even a word about it. I didn’t know if I’d like it or have the affinity for it or be able to cope with it or had the aptitude for it. But, as I said, nothing else mattered other than getting an opportunity to get on my race track to become a Counsel.

    What responsibilities you were entrusted with in Crawford Bayley & Company?

    My three years in that Crawford Bayley & Company was perhaps one of the most important periods in my professional career. It is here that I learnt a lot of what I know today. Those were the basics and the fundamentals. The systems, organisational skills, planning processes and most importantly my thinking process on issues of Law, were all formed at this stage. Under Mr Engineer I learnt to draft replies to notices and appeals. I soon started appearing before Departmental Officers and even the Customs, Excise and Gold (Control) Appellate Tribunal as it then was. Mr Engineer gave me a free hand at appearing and drafting. During this time I also got a great deal of experience in giving legal opinions on issues pertaining to Indirect Tax, as also structuring of businesses. But I must mention one thing that I practiced then which I am very glad I did and from which I have abundantly benefited, i.e. I have never said no to any kind of work given to me. This is something that I would always advise students and lawyers at least in the early years of their career.

    Please share your experience with Senior Advocate Mr Atul Setalvad.

    At the end of three years, I started as a Counsel in the Chamber of Senior Advocate Atul M Setalvad, as Junior to Senior Advocate Darius B Shroff. Atul Setalvad was a father figure to all of us. Atul (he insisted we all call him by his first name) was known for his crisp, concise, lucid and extremely effective drafting. He had the ability of breaking down extremely detailed and confusing issues into short, crisp and simple issues and he would get to the heart of the matter within no time.“Get your facts right first” he would say. Then study what the Law is, then apply the Law to the set of facts and only then look for authorities and precedents. He would be critical of people, who had such an obsession for precedents, that no sooner than you state a problem they rush off to look for a precedent. He also taught us never to argue the unarguable. This and much more is what I learnt in that Chamber. More importantly, it was a great place to learn lessons in honesty, integrity and humility. The skills and abilities that I acquired at Crawford Bayley & Company got honed, polished and further refined in this Chamber. I continued as a Counsel until October 2014 and during this period I appeared with the same enthusiasm and preparation before the junior most officer of the Excise and Customs Department as I would when I appeared before the Hon’ble Supreme Court of India.

    What was it that moved you to join Khaitan & Co after many years of being a Counsel?

    Khaitan & Co has an Indirect Tax Team of over 15 people spread over Mumbai, Delhi, Kolkata and Bengaluru.  The Firm wanted the benefit of my experience of appearing before the Supreme Court and the High Courts in high-value matters.  As I had this expertise, it was a good choice for me. Over the last one and a half years I have enjoyed working with the team and appeared in matters before the Supreme Court, various High Courts and the Customs, Excise and Service Tax Appellate Tribunal.  I am thoroughly enjoying every moment with people more wonderful than I can imagine and having the best of both, Court work as well as Chamber practice.

    At Khaitan & Co we have the best of cultures and I needn’t stress more but only say that it’s a respectable law firm based on values of fairness, integrity, diligence and responsibility and part of its ambition statement is “Earn we should but with dignity and pleasure.” Wow!

    How important is Indirect Taxation as a subject for law students?

    Sixty percent of all Government revenues at the Centre are from Indirect Taxation. That will give you an indication of how important the subject of Indirect Tax is in today’s environment. Every business, profession or calling today experience challenges and problems with taxation and in particular Indirect Taxation. Indirect Tax is becoming the biggest single cost for most businesses and if they can save a couple of percentages on that, that’ll mean a lot of money to add to their profits.  With the negative list regime under Service Tax, there is hardly any activity that does not involve taxation. Corporates are constantly seeking advice and assistance on issues of taxation, which issues are getting more complicated by the day. Every amendment, even if for the purpose of simplification, poses further issues. As I see it, whichever subject of law that a young lawyer may pursue as a career, a basic understanding of Indirect Taxation is an absolute must.

    Which field of law will you advise law students to pursue?

    Over the years I have met many law students and young lawyers who find the subject of taxation per se boring. To them I say, “It’s all in your head”, which is a fact. Students today have such good opportunities to test what they would be best at and internships are fantastic opportunities to get over these mental blocks. Very often a student may have a special liking towards a certain subject and may have the aptitude and affinity for that subject. The student may also be indifferent or have a dislike towards another subject. This indifference or dislike is mostly due to ignorance and lack of exposure in the right manner to that subject of law. I would say to such a student to not waste his internship opportunity on the subject he knows, he has a liking, aptitude and / or affinity for, but instead use the opportunity to actually intern in a subject that he is wary about. This way he can get a more accurate and correct picture of the subject and can then make a learned decision about his career choice. The different subjects in this field of law are vast and varied. It is only the person himself who needs to decide his choice of subject. It would be rather foolish for anyone else to make this choice for him. I would advise the student, in making this choice, to necessarily have an open mind free from blocks and prejudices caused mainly by lack of knowledge about a subject. His decision will ofcourse be guided by his own likes, dislikes and which will be in line with his character and attitude. And I say that he will be successful in anything he does so long as he has the right mental attitude and is prepared to work diligently an thirdly of course he must enjoy what he does.

    Do you think specialisation is a good thing in today’s professional world?

    It does not matter really whether one specialises or has a general all round practice. What is important though is that you can equally excel in any subject of law that you may choose. I would say that ofcourse today is the age of specialisation whether it is in the medical profession or in our legal profession.  At Khaitan & Co too, which is the best full-service law firm, each area of practice is handled and headed by specialists in that particular area of law.

    I feel that very often, like it happened to me, a young lawyer may not specialise out of choice but may find himself guided into a particular subject and before he knows it, he is branded as  a specialist in that subject. It is that branding that ensures that he gets work only relating to that particular subject of law which further confirms his specialisation.

    How can one gain expertise in Indirect Tax? What does it take to be a good Indirect Tax lawyer?

    Indirect Tax is a subject that is very volatile as well as dynamic. This requires the practitioner to constantly be appraised of the changes happening almost every day. A lazy attitude in this regard will only mean instant death, so to speak. Only his constant updating of knowledge and information and ofcourse repetition can ensure expertise in this field. This I would say will also be true for any other practice area, but it’s more so true for Indirect Tax. The student or young lawyer desiring to take up Indirect Tax as his area of practice must necessarily be prepared to read a lot of material whether it is the constant changes or Government policies or Court decisions.  And remember, there are no free lunches!

    What has been your strategy to deal with errors and mistakes?

    The first step I believe one needs to take to deal with errors and mistakes is to admit and acknowledge them. Unless this happens, one can never go any further.  Once acknowledged, the next step is to understand how and why the mistake happened. This will enable the person to eliminate the cause and consequently future mistakes. Mistakes are a very vital part of the learning process, one must understand that the day you stop making mistakes you stop learning and you stagnate.

    What steps do you take to prepare for a difficult case?

    Preparing for a difficult case is something that I have learnt to enjoy and believe me in this profession and in the subject of Indirect Tax one can get ample opportunities for such enjoyment. To start with one needs to meet the client and listen to him carefully and attentively while he tells you all about his case. This is something where many people lack. Make copious notes and perfectly understand the facts. The next stage would be to study the various provisions of law that are applicable to the facts and then understand and set out precisely what issues arise in the matter. The wheat needs to be separated from the chaff, so to speak. It is only then, after breaking up the entire case into bits and getting to the heart of the issue, that one can start figuring out a solution or answer to the issue. The answer could be either a practical one or found in interpreting the law in a particular manner by application of well-founded principles or a mix of both. The last stage would be to support the submissions by authoritative references or Case Law as applicable.

    What are the preferred legal issues you like to work on? Do you have any hobbies that help you unwind after a long day at work?

    As I said I stopped having any preference for any particular kind of legal issues. What interests me though are issues that have an impact on public at large. I have always said to the tax collector “Tax if you must, but only with the authority that you may have and with the dignity that is expected of you”. In the same breath, I also say to the tax payer “Pay your taxes honestly and avoid if you pay your taxes only within limits a decent citizen would”. There is a fine line between tax avoidance and tax evasion and many a tax avoidance schemes can very well fall within the category of tax evasion. My advice to clients has always been to keep litigation to the minimum.

    All said and done, I thoroughly enjoy what I am doing now at Khaitan & Co, but do really miss what I used to do many years ago in often appearing for NGOs in environmental matters. I do try to pursue my passion for the outdoors with an occasional trek or hike and I always look forward to a long walk in the evenings to help me unwind.

    What are your views about the upcoming GST regime?

    The GST regime is something that has attracted a lot of speculation. I wouldn’t want to add to this. Though I will say that it is a brilliant move in the right direction made by the previous Government and we all eagerly await it’s coming into effect, I don’t see it happen in the near future.  When it does come into effect, it will have many advantages to businesses. However, in the initial years all prices will shoot up considerably and will take considerable time to stabilise. Although there might be provisions for rationalisation of the tax, as I said earlier any change in the law substantive or procedural will bring up a new series of litigation which will continue for several years until settled finally. This may be good news for young lawyers.

    What would be your parting message for your readers?

    Start getting lucky and courageous in your career.

    You might wonder what I am talking about but I do not subscribe to the conventional dictionary meaning of “luck” which is “Success or failure apparently brought by chance rather than through one’s own actions.”  I would think this is an apt definition of “gambling” but not of “luck”.  But I do subscribe to what the great Roman Philosopher Seneca had to say.  He said, “Luck is what happens when preparation meets opportunity.” Opportunities come by every person in equal amounts but it’s only the one who is prepared and ready for it, who can actually see them and make good use of them. It is he who is “lucky”.  The truth is, we make our own luck and the difference between lucky and unlucky people is their level of preparedness; not only of everything else but most importantly prepared with the right mental attitude.

    Everything is constantly changing; that’s inevitable.  Change will happen whether you like it or not.  Don’t be afraid to make choices.  The wiser thing to do is to model your choices around the change to your advantage or else the change may not be to your liking.

    As far as getting lucky is concerned, start preparing for it by developing the right mental attitude.

    Get up, Get going and Good luck!

     

  • Arun Gupta, Founder, Factum Legal, on a profile in Corporate Commercial work and the Corporate Secretarial

    Arun Gupta, Founder, Factum Legal, on a profile in Corporate Commercial work and the Corporate Secretarial

    Arun Gupta is a Fellow member of ICSI and a member of the Bar Council of Delhi. He graduated with a B.Com(H) degree in 1995 followed by CS degree in 1999 and later qualified in law.  Arun is a lawyer with more than 15 years experience in Corporate and Commercial matters.

    Arun acted as a key contributor to the book authored by Corporate Professionals titled “Insight into Companies Bill 2012” and he is also an author of a book titled “Companies Act 2013- Impact on foreign companies in India” published by CCH, Wolters Kluwer in 2014.

    He started his own firm – Factum Legal, Advocates and Solicitors in 2013.

    In this interview he tells us about:

    • Life, law and the choices he’s made while pursuing it.
    • The benefits of having a commerce background while practicing corporate law and the value of additional degrees.
    • Factum Legal – its establishment and his plans for expansion.
    • His publication and the role of academic pursuits in a lawyer’s career.

     

    How would you like to introduce yourself to our readers, most of whom are students studying law?

    This is Arun Gupta, a Law Graduate and also a Fellow Member of ICSI, presently practicing as a lawyer in Corporate & Commercial Laws. I love to learn a lot and I’m always keen to upgrade my knowledge of changes in law and the impact of the same on industries.

     

    Tell us about your life before you joined college. Where did your interests lie as a student and what made you gravitate towards law?

    I was from a business family so as usual, I did not plan anything in my childhood. So I tried my luck in the family business also along with my studies, but after just a few months I realised that this is not my cup of tea and God had planned something else for me. I was always good in terms of scoring marks in school exams and enjoyed the law subjects, while doing regular B.com (h), so I think that was the beginning of an inclination to enter the field of corporate law.

     

    You specialize in corporate matters, Mergers & Acquisitions, tax law, among others. How did your interests develop in this field?

    Yes I specialise in corporate matters, Mergers & Acquisitions, Due Diligence, Compliances & Governance etc. Actually being a qualified company secretary and practitioner of Corporate Law what I enjoyed the most, from the beginning of my professional career, was to find solutions in all type of transactional issues in restructuring and also assessing and finding the potential risk in any acquisition or joint venture apart from governance and compliances issues. Being part of some fund raising activities including Initial Public Offer (IPO) & Preferential Allotment etc by corporates in India, the interest towards such areas developed and sharpened.

     

    How helpful was your background in commerce in aiding you with a better understanding of corporate law? Would you recommend professional degrees like the Company Secretary degree or any other such degree?

    This is very interesting, I strongly believe that a commerce background really helped me a lot in understanding commercial law, Economic and accounting issues. I initially registered myself for the science stream after passing class X, but after 5-7 days I shifted to the Commerce stream and I am extremely happy for that decision and thankful to one of my teachers for such wonderful advice. Well, I believe that an LLB degree itself gives a wider horizon in commercial, corporate, and Personal laws, but if somebody wants to explore Corporate law then a Company Secretary course would definitely add value to that person. My CS degree really helps me a lot in all kinds of Corporate Transactions and General Corporate Advisory, however one must not forget that the most important part in practical life is not really additional degrees but the approach in handling complex situations.

     

    Tell us about your initial years in practise – from starting out independently to the time you founded your own firm. What challenges did you face initially?

    Well, the initial years of practice were very tough, I started practicing from the beginning of my professional career and no one in my family was either an advocate/ Chartered accountant or company secretary, so to setup an independent practice was really a daunting task. But I did not bother about monetary earnings, what I concentrated on was whether I was earning knowledge or not and that really helped me in setting up own firm in 2013 again. So I think you need to maintain your patience also to be in the practice of law.

     

    arun-gupta-1

    Your firm, Factum Legal, has been featured as one of the Promising Legal consultants of India, 2015 by SiliconIndia. Tell us about the firm in general and the kind of work you deal with on a daily basis.

    Yes, we have been recognised as one of the Promising Legal consultants of India 2015 by a business magazine Silicon India and the credit goes to the hard work of our team factum legal and the trust of our clients. We are a boutique law firm providing a comprehensive range of legal services and solutions for domestic and international clients. Our practice area embraces advisory, execution and representation services and dispute resolution.  We are involved in all kinds of M& A transactions, Legal Due Diligence, Commercial Agreements, Corporate Compliance, Governance & Secretarial Practice, Private Equity help desk, Litigation & Alternate Dispute Resolution, Inbound & Outbound Investment Transactions, Registration and Licensing Services, Renewable Power Projects.

     

    What would you advise young lawyers who are starting out working in the corporate sector. What areas might they find interesting?

    My advice is don’t jump into corporate law because it is a lucrative career, but do what you enjoy most. We are lucky that we are born and practicing the profession in India as there are ample opportunities in every sphere of Legal services, so you should choose the subject based upon your knowledge and interest. My advice to all young lawyers and students is that there is no shortcut to gain knowledge, you have to work hard to become an expert in your area of interest.

     

    You have authored a book on the Companies Act 2013 and have quite a few publications to your name. How helpful is an academic pursuit in the life of a practising lawyer and how can one find time out for the same considering the hectic schedule one inevitably finds himself in?

    Authoring a book or writing articles and publications needs a huge time investment, and you cannot do such things just for the sake of doing them. You can write articles on a particular topic when you have command over the subject. The practice of law is based upon knowledge and expertise and an academically strong lawyer can really achieve a lot in a short period of time. If you ask about finding time, then I am of the view that time is essential, time is precious but if you enjoy something you always have time to pursue those things. Just to inform you, now also, I am working on a book relating to Companies Act 2013.

     

    In the present environment of cross border transaction among corporates, what is your strategy to expend internationally?

    We as a firm, believe in collaboration and mutual cooperation, so in that direction, we have joined an international legal network, which will surely help us in gaining knowledge and executing cross border transaction with local and cultural expertise. Further we have also entered into a strategic relationship with a European Full service Law firm ‘Adamas’ to serve our clients in their cross border transactions in the best and most effective manner. We will continue to expend internationally with such mutual cooperation for another few years.

     

    Finally, what would be your parting advice to our readers?

    I would like to suggest everyone ‘Have a zeal to learn, work hard, and discover your interest area as early as possible’ and the rest will follow on its own.