Yes, the Indian tax structure has all along been very complex and unpredictable owing to a host of factors, such as a multiplicity of taxes, divergent interpretations, the absence of a coherent administrative set-up coupled with unrealistic revenue targets, and a propensity to resort to amendments (including retrospective amendments), by successive governments. In this decade, for foreign investors, the “indirect transfer” of shares case of Vodafone symbolizes all that has been wrong with the Indian tax system. Despite winning at the Supreme Court, the Government in 2012 retrospectively amended the Income Tax Act, 1961 (“IT Act”) to overcome the Supreme Court ruling and to tax indirect transfers involving foreign companies/investors.

Economic Laws Practice (ELP) Delhi tax litigation partner Alok Yadav left the firm to go independent on 30 June, over two years after having joined it.

Economic Laws Practice (ELP) has hired in its Delhi office’s tax practice Lakshmikumaran & Sridharan senior partner MP Devnath as an equity partner and two of his junior partners: Vivek Sharma as a partner and Abhishek Anand as an associate partner.

Economic Laws Practice made five new partners in Mumbai and one associate partner in Bangalore, in its annual round of promotions.

Ostro Energy general counsel (GC) Rachika Sahay, who just closed her seventh power deal in less than two years said that in house roles are no less “grilling and consuming” than law firm life.

Economic Laws Practice (ELP) added former Ashurst London senior associate Akshay Kishore as an associate partner in Mumbai.

Economic Laws Practice (ELP) Chennai head and partner Karthik Sundaram left the firm on 14 October to go into counsel practice, around 14 days after former managing partner Rohan Shah formally retired from the firm to become a counsel.

Economic Laws Practice Mumbai associate partner Sumit Rai left the firm in October to go into counsel practice.

HLE Engineers made an offer to buy a majority stake in Swiss Glascoat Equipments for $9.4m. Vivro Financial Services is the manager to the open offer, according to the Bombay Stock Exchange announcement.

“Third-party administrator Vidal Healthcare Services Pvt. Ltd Monday said Ambit Pragma Ventures Pvt. Ltd, the private equity arm of Ambit Holdings Pvt. Ltd, has invested about $10 million in the firm to buy a significant minority stake,” reported Mint.

Economic Laws Practice (ELP) advised thermal power company BLA Power on Prism Cement’s acquisition of 15.23 per cent stake in it for 21 crore ($3m). Prism was advised by Shardul Amarchand Mangaldas (SAM).

Economic Laws Practice (ELP) managing partner Rohan Shah will retire from the firm to become an independent counsel.

Economic Laws Practice advised Edelweiss’ private equity arm Ecap Equities on its investment in BRIDGEi2i Analytics Solutions (BAS) which was advised by Nuvo Juris.

Economic Laws Practice (ELP) has promoted eight of its associate partners to partner level, following two weeks after promoting two Pune lawyers to associate partner level.

Economic Laws Practice (ELP) and Shardul Amarchand Mangaldas won approval for multiplex chain PVR, from the Competition Commission of India (CCI), to acquire DT Cinemas, nine months after PVR had filed for the CCI’s approval. It usually takes 60-90 days for the CCI’s nod to come through on mergers a...

Economic Laws Practice (ELP) has promoted two senior associates to associate partner level: both Rajat Chhabra and Vivek Bajaj are based in Pune in the tax practice.

AZB & Partners Delhi partner Nanju Ganpathy has been designated as senior advocate of the Delhi high court, and talks to Legally India about his career and plans.

Cyril Amarchand Mangaldas principal associates Shyamali Singh and Harsh Maggon have joined AZB & Partners in Mumbai, with Singh becoming a partner and Maggon a counsel.

Saikrishna & Associates won today for Micromax in the Delhihigh court against Ericsson, which had challenged the validity of a CCIinvestigation into its grant of patents contemporaneously with otherlegal challenges against it.