THURSDAY, SEPTEMBER 22, 2016
SESSION: 4:00 PM TO 5:30 PM (IST)
VENUE: MUMBAI – BKC AUDITORIUM, NISHITH DESAI ASSOCIATES, 2ND FLOOR, 3, NORTH AVENUE, MAKER MAXITY, BANDRA-KURLA COMPLEX, MUMBAI – 400 051, INDIA

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INTRODUCTION

Macro-economic aspects aside, the enabling legal framework such as the liberalization of foreign investments in ARCs and SRs, the recent SARFAESI amendments, Bankruptcy Code, pass through for SRs, joint lender forum, strategic debt restructuring norms etc. has added a further impetus to the sector and has helped create significant opportunity for both financial sponsors and strategic buyers. However, the dynamic economic landscape and the rapid legal development has also created significant challenges.

We cordially invite you to be a part of our Round Table + Webinar where we discuss investment structures and considerations for investment and legal, regulatory and tax challenges in special situation investments and how we see it shaping up based on our transactional experience as also our policy and regulatory interactions.

FOCUS AREA

Sector Overview

•  Market developments for stressed asset opportunities and how have the recent regulatory changes fuelled their growth?

•  What is keeping the sector from being fully unleashed – where does the interest of offshore players lie?

Important Legal and Commercial Considerations For Investment

•  M&As, Restructuring and Turnarounds

•  Equity Opportunities (including challenges in offloading of assets by banks)

•  Credit Opportunities (including securitization)

Evaluating Structures

•  Use of structured listed bonds

•  NBFCs

•  Asset Reconstruction Companies / Security Receipts

•  AIFs

•  FVCIs

Tax Issues

•  Jurisdictional Considerations – where to invest from – Mauritius v. Singapore v. Netherlands ?

•  Carry forward of losses on acquisitions

•  Treatment of redemption premium

•  Taxation of SRs – pass through and other issues

Enforcement

•  Enforcement challenges and pointers to avoid enforcement challenges (perspective from our litigation experience)

•  Recent changes in SARFAESI

•  Bankruptcy Code

FLOW OF THE SESSION

4:00 PM–5.15 PM :	Panel Discussions
5:15 PM–5:30 PM :	Q & A

NIKHIL SHAH

Managing Director, Turnaround & Performance Improvement Group at Alvarez & Marsal

Mr. Shah has over 15 years of experience advising and managing companies in financial & operational transformations, and has worked with the largest banks, private equity firms and corporates in India across a range of industries including transportation, telecom, financial services, consumer electronics, chemicals, real estate, technology and textiles. At Alvarez & Marsal, Mr. Shah has worked on a number of restructuring and interim management assignments including, advising Jet Airways, one of India’s leading airlines, on a comprehensive turnaround; serving as interim Chief Restructuring Officer at Bharati Shipyard, a leader in the ship building industry in India, with $1.3 billion in debt; and serving as interim country manager for Lehman Brothers in India & Mauritius.

Mr. Shah has also authored several white papers on the stressed asset market including Outlook for Stressed Asset Market in India and Asset Reconstruction Companies: Small Steps on a Long Road Ahead. Mr. Shah has also advised the Bankruptcy Law Reform Committee and the Ministry of Corporate Affairs with their recommendations on strengthening the bankruptcy and debt recovery laws in India.

NISHCHAL JOSHIPURA

Partner - M&A & Private Equity, Nishith Desai Associates

Nishchal Joshipura is Partner of Mergers & Acquisitions and Private Equity Practice at Nishith Desai Associates. He is also the Partner in charge of Fund Formation practice at Nishith Desai Associates. He is a Lawyer, Chartered Accountant and MBA.

He has led several high profile M&A and Private Equity deals and set up multiple offshore and domestic India focussed funds. He specializes in legal and tax structuring of complex cross-border transactions. He also advises major MNCs on Corporate & Securities laws, Transfer Pricing, International Taxation, Globalization, Structuring of Inbound/ Outbound Investments, Taxation of E-Commerce and Exchange Control Laws.

He has been highly “Highly Recommended” by various legal directories for legal and tax advice on M&A, Private Equity and Investment Funds. He has recently been nominated as a “Young Achiever” at the Legal Era Awards 2015 based on industry research, reviews, rating and surveys conducted by Legal Era.

RAJESH SIMHAN

Partner, International Tax Practice, Nishith Desai Associates

Rajesh Simhan heads the international tax practice at Nishith Desai Associates. He has graduated from the prestigious National Law School of India University, Bangalore and has done his LL.M in Taxation from the Georgetown University Law Center, Washington D.C.

Rajesh primarily advises clients on complex cross-border tax and corporate structuring transactions. He also has extensive tax litigation experience and has advised / represented clients at various levels, including the High Court and Supreme Court of India. He has also acted and advised on several cross border mergers and acquisitions and has significant experience on private equity investments.

Prior to joining Nishith Desai Associates, he had extensive experience working with a Big 4 accounting firm. He is often quoted in leading international publications and is also a regular speaker at various conferences, both in India and abroad.

RUCHIR SINHA

Co-Head Private Equity and M&A, Nishith Desai Associates

Ruchir Sinha co-heads the Private Equity and M&A practice at the firm. He also heads the Structured Finance practice group.Ruchir advises clients on private equity investments, merger & acquisition and setting up of investment platforms across industries from a legal, tax and regulatory perspective.

He has advised several global sponsors and strategic investors in formulating, negotiating and implementing optimum tax-efficient structures for foreign investments into India with the focus on technology, financial services and real estate. Several transactions structured by him have been named as 'most innovative' in Asia Pacific by Financial Times, London. He was nominated amongst the top 3 lawyers in India (under 35 category) at IDEX Legal Awards.

He has been “highly recommended” by RSG, Financial Times, London for his work in 2015 and 2016.

ANKIT MISHRA

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

Ankit Mishra is a senior member of the Mergers & Acquisitions, Private Equity and Corporate Governance practice at the firm. Ankit’s practice focuses on structuring and negotiating complex cross border deals, both inbound and outbound.

Ankit has extensive experience in both public and large private deals and has represented some of the leading MNCs, private equity and other institutional investors across a range of industries such as banking and financial services, pharma and healthcare, consumer durables and energy . Ankit is a regular speaker at seminars and conferences and has also represented several MNCs before courts and regulatory agencies.

He has been “highly recommended” by RSG, Financial Times, London for his work in 2015 and 2016.

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