The Indian Debt Story: Recent Changes in Investment and Enforcement Regime

 

Thursday, September 28, 2017

SESSION: 4:00 PM TO 6:30 PM (IST)

VENUE: MUMBAI – BKC AUDITORIUM, NISHITH DESAI ASSOCIATES, 2ND FLOOR, 3, NORTH AVENUE, MAKER MAXITY, BANDRA-KURLA COMPLEX, MUMBAI – 400 051, INDIA

 

PRELUDE

Indian growth story after hitting speed bumps (demonetization and GST) is back on track. Foreign investors are looking at various sectors to invest in India. Debt investments in India have become the preferred mode of investment. However, the popular NCD structure is threatened on account of the near about exhaustion of the limits set by the Reserve Bank of India, but the investors are still looking at innovative structures to invest in India. Recent advent of Insolvency and Bankruptcy Code, 2016, and amendments to the existing SARFAESI scheme along with quick disposal of the cases by the tribunals and courts have provided much needed shot in the arm to the debt funding in India.

We cordially invite you to be a part of our Round Table + Webinar, where we discuss the legal and taxation considerations surrounding various routes of debt investment in India, emergence of new investment structures, taxation and enforceability mechanism with emphasis on foreign investors.

Focus Area

Investments

  • NCD limit partially refreshed: need for new structures?

  • NCDs vs AIFs

  • AIFs vs NBFCs

  • ECBs under Track III and Masala Bonds

Emerging Structures

  • Return of Warehousing Structures

  • Optionally redeemable convertible debt: Possible?

  • Foreign equity investments in FDI restricted sectors: Possible?

Taxation

  • Thin capitalization norms

  • GAAR

  • Lending through NCDs vs AIFs

  • Investing through Mauritius / Singapore / The Netherlands vs. Direct Investment

Enforceability

  • Insolvency and Bankruptcy Code

  • SARFAESI

  • Recent case laws

  • Interplay of legislations

  • Must have rights from a foreign investor perspective

Flow of the session

4:00 PM – 4:30 PM :

Registration and distribution of relevant material for the session

4:30 PM – 6:00 PM :

Panel discussion

6:00 PM – 6:30 PM :

Q&A

6:30 PM onwards :

Cocktails at The LIMA Bar, Maker Maxity

Speakers

NISHCHAL JOSHIPURA

Leader - Private Equity and M&A, Nishith Desai Associates

Nishchal Joshipura heads Mergers & Acquisitions and Private Equity Practice at the firm. He is a Lawyer, Chartered Accountant and MBA. Nishchal has led several high profile M&A and Private Equity deals and set up multiple offshore and domestic India focused funds. He specializes in legal and tax structuring of complex cross-border transactions, and has advised several India focused offshore and domestic funds on equity and innovative structured finance transactions in India. He also advises major MNCs on corporate and securities laws, transfer pricing, international taxation, globalization, structuring of inbound/ outbound investments, taxation of e-commerce and exchange control laws.

He has been “Highly Recommended” by various legal directories for legal and tax advice on M&A, Private Equity and Investment Funds. He has been consistently credited by Financial Times, London for devising some of the most innovative transactions in Mergers & Acquisitions and Private Equity space. He has been nominated as a “Young Achiever” at the Legal Era Awards 2015 based on industry research, reviews, rating and surveys conducted by Legal Era.

VYAPAK DESAI

Leader - International Litigation and Dispute Resolution, Nishith Desai Associates

Vyapak Desai heads the International Litigation & Dispute Resolution Practice at the firm. Vyapak holds a Bachelors degree in law and a Masters degree in Commercial Laws. He is also a trained Mediator and is also a member of Arbitration Committee of the International Bar Association (IBA) and the Bar Council of Maharashtra & Goa.

Vyapak represents clients in a wide-range of services with a special focus on cutting edge cross-border and complex litigations and international commercial arbitrations. He is a leading attorney representing clients involved in media, entertainment, franchising, oil and gas, and financial services sectors for pragmatic and effective pre-litigation strategies, arbitrations and litigations before various forums including the Supreme Court, High Courts and before international arbitration centers such as the LCIA, SIAC, ICC, and ICDR- AAA amongst others.

RUCHIR SINHA

Leader, Private Equity and M&A, Nishith Desai Associates

Ruchir Sinha heads Mergers & Acquisitions and Private Equity and the Real Estate and Structured Finance Practice at the firm. Ruchir has been involved in several high profile M&A and Private Equity deals and has extensively advised on setting up of several leading offshore funds and captive investment platforms. Apart from transactional advisory, he also focuses on cross border tax and regulatory advisory and developing pioneering structures, and particularly focuses on financial services, technology and real estate sector.

He was nominated amongst the top 3 lawyers in India (under 35 category) at IDEX Legal Awards. Several of his transactions in structured finance and private equity have been nominated as Most Innovative by Financial Times, London in 2015 and 2016. He is also the recipient of the Scholarship of the International Bar Association for his paper on structured finance at the IBA Conference in Vancouver. Actively contributes to policy development for private equity and structured finance through international industry bodies, and was most recently involved in the drafting of the SEBI REITs Regulations. He is also an elected member of Royal Institution of Chartered Surveyors (RICS), London.

DIPANSHU SINGHAL

Senior Member, Private Equity and M&A, Nishith Desai Associates

Dipanshu Singhal is a senior member of the M&A and Private Equity practices at the firm. Dipanshu’s practice primarily focusses on negotiating and structuring cross border investments from a legal and regulatory perspective. He has worked extensively on domestic and in bound private equity transactions across various industry sectors. He has significant transactional experience, and has represented leading private equity/ institutional investors on a variety of matters including debt funding, mezzanine funding, venture debt funding, etc. He has also worked on a variety of M&A deals including cross border acquisitions, private equity exits, secondary share purchases, joint ventures and business acquisitions.

Partners

 

APREA is a non-profit body that represents the real estate investment industry in the Asia-Pacific.

APREA and its partners help foster a more informed marketplace by provisioning better information to the investors and encourage greater professionalism by championing best practice.

APREA also provides its views to governments in order to help forge a more globally competitive real estate industry.

APREA has chapters in eight regions – China, Japan, India, Australia, Hong Kong, Singapore, the Philippines and Malaysia.


 

The Indian Private Equity and Venture Capital Association (IVCA) is the oldest, most influential and largest member-based national organization of its kind. It represents venture capital and private equity firms to promote the industry within India and overseas. It seeks to create a more favorable environment for private equity, venture capital investment and entrepreneurship. It is an influential forum representing the industry to governmental bodies and public authorities.

IVCA members include leading venture capital and private equity firms, institutional investors, banks, corporate advisers, accountants, lawyers and other service providers of the venture capital and private equity industry. These firms provide capital for seed ventures, early stage companies, later-stage expansion and growth equity for management buyouts/ buy-ins.

IVCA aims to support entrepreneurial activity and innovation as well as the development and maintenance of a private equity and venture capital industry that provides long term equity capital. It helps establish high standards of ethics, business conduct and professional competence. IVCA also serves as a powerful platform for investment funds to interact with each other.

The Association stimulates the promotion, research and analysis of private equity and venture capital in India, and facilitates contact with policy makers, research institutions, universities, trade associations and other relevant organizations. IVCA collects, circulates and disseminates commercial statistics and information related to the private equity & venture capital industry.