Amarchand has advised the Indiabulls group companies throughout this year’s fundraisings, and is understood to also be advising on the Indiabulls Power IPO that is expected to hit the market at $310m (Rs 1,500 crore).
Clifford Chance capital markets partner Guptan led the legal team for Morgan Stanley which was financial adviser to all Indiabulls fundraisings this year.
Guptan had a strong relationship with Indiabulls at Amarchand before joining the magic circle firm in Singapore one year ago.
Amarchand and Clifford Chance most recently concluded the $200m (about Rs966 crore) qualified institutional buyers (QIB) private share placement by Indiabulls Financial Services.
The Indiabulls Financial Services placements follows Indiabulls Real Estate’s $550m qualified institutional placement (QIP) in May, which Amarchand and Clifford Chance also acted on.
Guptan had been at Amarchand from 1999 and was made a partner in Mumbai in 2006, before being poached by Clifford Chance in August 2008.
Amarchand managing partner Cyril Shroff had told The Lawyer at the time of Guptan’s hire that international firms were building distrust at an institutional and industrial level by poaching Indian lawyers.
Nevertheless, he added that Amarchand would continue working with Clifford Chance. “For us it is business as usual as our second level is strong with capital markets partners Yash Ashar and Arjun Lall filling in for Rahul,” he said.
Ashar is understood to be closely involved in Amarchand’s current Indiabulls relationship.
Amarchand and Clifford Chance both declined to comment.
Comments
Clifford Chance is heavily discounting its rates in the capital market practice and trying to wean away clients. AMSS retains its premier leadership in the capital market segment - the key man behind AMSS is Cyril Shroff and the promoters of Indiabulls swear by Cyril not some 10 year lawyer called Rahul Guptan. When will you guys understand the nature of Indian legal markets - dont try challenging Cyril's client reach - it includes one and all in India -
I am not going to respond to your comments on AMSS, Cyrill Shroff or his reach. And Kian was not "challenging Cyril's reach" or anything of the sort. But I will say this for the benefit of Kian:
Add a link under each article to a board, distinct from Legally India where readers can publish their responses - civil, idiotic, ugly and of all kinds. Then, extract the most rationale responses and repost them under the article. Uncontrolled commenting takes a lot away from this site.
Kian, by the way, have you taken a decision on changing the 'format', look and feel of the site?
Everyone knows Cyril is the KEY man for AMSS and one of the leading commercial lawyers in India, however no one can deny that Rahul is also good lawyer, and I am sure there is enough work in India for both Rahul and AMSS!
If two or more people agree it does not add value to discussion, the post is not shown." It may or may not be deleted.
You might want to add that feature to the list.
Look up any discussion on Amazon.com to see it in action.
Bebo your commentary is nasty and serves no purpose. Go, create your own tweet to have your rants placed there.
Question for Bebo: are you always so charming, with such magnificiant grasp over your language!
Not once did Kian say that AMSS will not retain 'its premier leadership in the capital market segment'. Not once. Seems you're getting riled up over the mere mention of Mr. Rahul Guptan. Jealous much?
No Soup for you.
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