Desai & Diwanji partner Amit Khansaheb said: “We’re obviously very excited and he will bring in a lot of capital markets support to the firm. His background speaks for itself – the kind of experience he’s had in KR Chawla [& Co] and Fox [Mandal].”

Dewan, who Khansaheb said was a “guy with great integrity”, would improve the firm’s ability to do capital markets work and would add his own M&A and private equity clients.

Dewan confirmed that he would join and focus on growing Desai & Diwanji’s Delhi office in corporate and capital markets.

“We are still quite active in capital markets and private equity. We have a couple of mandates for GDR listings, which will be taken to Desai & Diwanji.”

He added that all clients who moved with him from KR Chawla to Fox would also follow him to his new firm.

He said that such clients included investment bank Enarr Capital, sewing machine manufacturer Singer India, US-based importer Enermec-Corp, and UK-based investment bank Elara Capital.

“We wish him well,” said Fox Mandal managing partner Som Mandal.

Dewan’s resignation leaves Fox Mandal Delhi with only four partners outside the founding family, Legally India reported last week.