Energy storage systems: The why, where and how of India’s Energy Story

  • India has set itself a hefty target of achieving 500GW of Renewable Energy by the year 2030 which results the energy-mix to comprise of 50% from renewable sources
  • Given the intermittent nature of Renewable Energy, efficient and dependable ener- gy storage systems is the need of the hour…

    SEBI is slowly re-defining InvITs: What’s at risk for the product and its institutional audience?

    • Strong minority unitholder protections introduced – for both public and private InvITs
    • Private InvITs originally designed to attract large institutional capital – light touch re- gulations allowed flexibility to parties to manage their arrangements…

      Investing into Infrastructure Holding Companies: What if you become a core investment company?

      • Infrastructure companies are mandated to execute concessions through SPVs, which often results in qualification of the holding company as a core investment company (CIC)
      • CIC risk is often avoided by structuring EPC and O&M revenues through the hol- ding company and swelling …

        Ambiguity with thin cap norms: Private credit players risk significant tax leakage

        • Accurate reading of thin capitalization norms is highly relevant to maximize IRRs, especially in asset heavy sectors
        • Currently, norms interpreted such that sometimes the entire interest paid to foreign related parties is disallowed for the target (as expense)…

          SEBI’s Proposed Disclosure Regime: Impact on Public M&A and Directors’ Liabilities

          • Most proposals are well thought through – unintended impact in a few cases
          • Mandatory clarification of media rumours – M&A dealmaking compromised and potential creation of a false market?…

            What’s Holding Back Indian Fund Managers From Raising Global Capital?

            • Indian fund managers, thus far restricted, may now be able to setup India-focussed offshore funds
            • Is investment by resident individuals in offshore funds now restricted, even under LRS? Not quite – we address the ambiguity
            • Will GIFT now emerge as the most favoured jurisdiction for setup of India-focussed funds?…

              Unexplored Strategies in the Fortis Saga: Public shareholders and IHH Healthcare exposed to significant collateral damage?

              • Latest SC judgement uncovers Daiichi’s new approach – Fortis, IHH and, public shareholders under the gun for liabilities of Fortis’ erstwhile promoters
              • Public shareholders will need to brace for impact and be proactive – else risk getting the short end of the stick
              • Legal sanctity of the ‘theory of attribution’ possibly misplaced in the Fortis context…

                Revamped Overseas Investment Regime (Part I) – A Rational Overhaul

                • Round tripping no longer illegitimate – doors open for externalisation and de-SPAC transactions
                • Definitional clarity on direct investments and portfolio investments
                • Indian GPs get a glidepath to setup offshore pooling structures…

                  Decoding Boardroom Dilemmas (Part III): Can Nominee Directors Share UPSI with Nominating Shareholders?

                  • No express framework exists for nominee directors to share UPSI with nominating shareholders
                  • Natural expectation that nominee directors should represent their nominators’ interests – not permitted under law
                  • Since nominee directors’ fiduciary duty remains towards the company and stakeholders, nominee directors are paradoxically placed and exposed to significant…

                    Private Credit: Interest on NCDs recharacterized as dividends 

                    • Tax authorities recharacterized interest income on NCDs as dividends
                    • Interest recharacterization has not taken place under GAAR
                    • Investors can prevent such mischaracterization by demonstrating the nature of the underlying instrument, periodicity of payments, maturity date, management rights,