Restructuring as Control Negotiation: What NARCL Deals Are Really Showing

By- Nitin Jain The NARCL Sanction Letter functions as a deferred ownership-transfer instrument. Boards that read it as a loan extension mischaracterise the underlying legal event. Two operative clauses determine the company's governance trajectory immediately. Two clauses make this visible immediately. The first offers a three-year repayment window. The second demands 100 percent promoter shareholding... Continue Reading →

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Capital Is Not the Constraint. Structure Is.

By Archana Balasubramanian Introduction The problem surfaces during legal due diligence for a follow-on transaction. A new lead investor issues a term sheet with conditions. The conditions require simplifying the cap table first. The GC pulls a three-year-old Shareholder Agreement. A minority investor holds a consent right over equity issuances. The company cannot take the... Continue Reading →

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Industrial Accidents: From Compliance Failures to Criminal Exposure

By Nitin Jain Section 105 of BNS renders every compliance manual immediately irrelevant. Device seizure signals a criminal investigation, not a regulatory inquiry. The Board's paperwork does not address the Investigating Officer's mandate. The compliance shield shatters at the moment of FIR registration. Criminal exposure for Directors ceased being theoretical after 2024.  The shift in... Continue Reading →

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Succession Planning Beyond Wills: Why Most Family Business Disputes Are Structurally Inevitable

By: Nitin Jain Introduction The governance problem in the growing succession battles begins in the boardroom of a high-performing subsidiary or the private office of a family-run holding company. It starts with a commercial request where a branch of the family wants to monetize their stake or a younger member asks for an audit to... Continue Reading →

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When Your Claim Is Rejected in Someone Else’s Insolvency

By Nitin Jain Introduction Parliament passed amendments to the Insolvency and Bankruptcy Code last week. The headlines focused on faster timelines, a new creditor-initiated framework, and long-overdue provisions on group insolvency. For a particular category of business - mid-market companies carrying meaningful receivables exposure to a customer or counterparty, what matters most in those amendments... Continue Reading →

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Track Two: Indian IPO-Bound Firms explore private sales alongside listing plans.

Mint featured our partner, Archana Balasubramanian, who commented, "In contrast, a private equity or strategic transaction may involve lower immediate costs but introduces greater legal and structural complexity, given the negotiated nature of control rights, governance arrangements, and exit pathways", in its story titled Track Two: Indian IPO-Bound Firms explore private sales alongside listing plans.... Continue Reading →

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