National head of banking and finance and partner at Shardul Amarchand Mangaldas, Sapan Gupta, is set to join Indo-French multinational steel ArcelorMittal in a senior regional general counsel (GC)-like role in Mumbai, according to two sources with knowledge of his move.
Gupta had joined SAM in 2015 to build up its banking team, following the then-Delhi-headquartered firm’s split from erstwhile Amarchand Mangaldas, where banking had mostly been handled out of Mumbai.
He had previously been at Bajaj Finance, where he had grown its legal team nearly from scratch to 28 lawyers in 12 months.
Before that, the 2000 Delhi University LLB (and 1997 BCom in accountancy and 2006 Harvard Law School LLM), had also worked at Standard Chartered Bank in Mumbai, Sidley Austin in New York and other banks and corporates (see below).
We have not been able to reach Gupta for comment.
We have reached out to SAM managing partner Akshay Chudasama and ArcelorMittal for comment.
Update 15 January 2020: Managing partners Pallavi Shroff and Akshay Chudasama commented:
“Sapan Gupta will be moving on from the firm. He has been with us for close to 5 years and we are thankful to him for his contribution to the success of our firm.
“Under his leadership, our banking & finance practice has established an enviable position. We wish him all the very best in his future endeavours.”
Sapan Gupta
Work history
From:
Dec 2015
:
National Practice Head - Banking and Finance
,
Shardul Amarchand Mangaldas
(
Mumbai Area
)
Aug 2014
Dec 2015
:
Chief Legal Officer
,
Bajaj Finserv
(
Mumbai Area
)
Apr 2008
Jul 2014
:
Head Legal, Corporate Banking, Transaction Banking/ Deputy Head, Wholesale Banking-Legal, South Asia
,
Standard Chartered Bank
(
Mumbai
)
Oct 2006
2008
:
Associate
,
Sidley, Austin
(
New York
)
Apr 2004
Jul 2005
:
Assistant Vice President-Legal
,
HSBC India
Sep 2001
Apr 2004
:
Manager-Legal
,
ICICI Bank
(
Mumbai
)
Jun 2000
Aug 2001
:
Assistant Manager
,
TATA Housing and Development Co.in
(
Mumbai
)
Education
1994
1997
:
Delhi University
,
B.Com (H)
,
Accountancy
1997
2000
:
Delhi University
,
LL.B.
,
Law
2013
2013
:
London School of Economics and Political Science
,
Gurukul Chevening
,
Leadership Program
2005
2006
:
Harvard Law School
,
Master of Laws (LLM)
,
Banking, Corporate, Finance, and Securities Law
Comments
Not to mention that in the in the Bhushan Steel Insolvency, the Disciplinary Board of the Insolvency Board of India ordered the RP (Mahender Kumar Khandelwal) the restitution of moneys (termed as reimbursements) which were billed by CAM (representing the COC) to the Corporate Debtor as Insolvency Resolution Costs. The same was based on the principle of conflict in so much that the creditors interest is represented by the lenders counsel, which is different from that of the corporate debtors, and most certainly as in this case, different from the winning resolution applicant
[quote]The
CoC holds the key to the fate of the CD and its stakeholders. Several actions under
the Code require approval of the CoC. An IP and the CoC have defined roles. IP’s
duty is to preserve and protect the value of CD. Mr. Mahender Kumar Khandelwal,
in the present matter, allowed charging fee of Rs. 12,09,90,185/- payable to lender’s
legal counsel as an IRPC and abdicated his authority in favour of CoC. Paying for
expenses of third party from CD and including in IRPC is amounting to looting the
CD and making the CD bleed. The RP did something unlawful because he was
indemnified by a party who was interested in that unlawful action and he did this
deliberately. Thus, in defiance of statutory duty to preserve and protect the value of
CD, he deliberately in connivance with some stakeholders squandered the assets
(money) for unlawful purpose. RP’s job is to conduct CIRP. That job does not
include hiring legal services of Financial Creditors and definitely does not include
paying for legal services.[/quote]
Source: https://ibbi.gov.in//uploads/order/8da3520d5ab49797ec888510f66f302a.pdf
Such a move is quite unprecedented.