Editorial     

How fair is BCI’s ‘foreign’ tilt?

Much to the utter astonishment and intense chargin of the Indian legal fraternity, the Bar Council of India (BCI) has, in a path-breaking development, allowed foreign lawyers and law firms to practise foreign law in India.

“The time has come to take a call on the issue. The Bar Council of India is of the view that opening up of law practice in India to foreign lawyers in the field of practice of foreign law, diverse international legal issues in non-litigious matters, and in international arbitration cases would go a long way in helping the legal profession/domain grow in India to the benefit of lawyers in India too,” it has stated.

Though some members of the Indian legal fraternity have welcomed the historic move by terming it a significant and positive step — hoping for opportunities for collaboration and tieups and making the domestic sector more competitive — several others, including prominent lawyers and law firms, have expressed fears that the opening of the Indian legal sector to foreign lawyers and law firms, that too with several concessions, will administer a body blow to the domestic legal fraternity and many Indian law firms may even have to roll down their shutters.

It is surprising that over a decade ago – in 2012, to be exact — in its judgement, the Madras High Court had said that “foreign lawyers cannot be debarred to come to India and conduct arbitration proceedings in respect of disputes arising out of a contract relating to international commercial arbitration.” Interestingly, the BCI had then opposed the entry of foreign law firms and foreign lawyers and had challenged the Madras High Court ruling in the Supreme Court.

Eventually, in the AK Balaji v/s Government of India matter, the Supreme Court had ruled that foreign law firms and foreign lawyers cannot practise in India. It permitted only casual visits by foreign law firms to provide legal counsel to their Indian clients on a fly-in, fly-out basis.

How the mindset of the BCI underwent a dramatic change during the last decade is anybody’s guess. Interestingly, it has showered liberal concessions on foreign firms and lawyers along with the permission to practise in Indian courts, bluntly denying a level playing ground to domestic law firms and domestic lawyers.

For example, the Indian legal profession is subject to the overall jurisdiction of the BCI. But if foreign law firms and lawyers commit any professional misconduct, the BCI cannot take any action against them as they will be governed by the rules of their home jurisdiction.

Again, Indian law firms and lawyers cannot advertise their business. What is more, they cannot mention their website as that is considered an advertisement. However, these regulations and restrictions will not apply to foreign law firms and lawyers. In fact, they will be able to put their advertisements about their achievements or specialisations on social media.

Allowing foreign firms to practise in India is like taking a leap of faith. Perhaps this could inject new blood into the legal system and bring in new ideas, new practices and new opportunities. But when you open the door to global competition, you also need to create a level playing field in the homeland. Indian law firms and lawyers are less than none in the world in terms of knowledge and acumen. But do they have the same opportunities, rights and access to resources and markets as their foreign counterparts? Isn’t it worthwhile to consider removing barriers or restrictions on their web presence and active business development to ensure fair competition between Indian and foreign lawyers?

According to several Indian lawyers, it seems the BCI has taken a decision to open India to foreign law firms and lawyers without properly thinking through the entire implications of the decision. The BCI should have taken the legal community into confidence and arrived at a decision after properly evaluating the new measure and its implications.

written by

Deven Malkan

Cover story     

Boom time for wires & cables

With its all-pervasive presence in all sectors of the Indian economy, the domestic wire and cable market is projected to reach a humongous Rs. 1000 billion within the next decade. Apart from traditional drivers of the wire and cable segment like business and domestic consumers, the Indian government’s thrust on infrastructure development, a corresponding boom in private real estate development, and the specialized requirements of next-gen technology like IoT, e-automobiles and 5G telecom will be catalysts for an exponential growth of the segment.

Corporate Grapevine         

Dil maange more JSW’s take-over plans

JSW plans to acquire a cement company in India, a coal company in Canada for $ 8 billion and a car company for $ 1.5 billion. All these acquisition plans are keeping Sajjan Jindal busy, and some of the deals will be announced by Diwali.

Titan eyes acquisition of CaratLane

For the first time, Tata group company Titan is planning to raise funds via bonds worth Rs 3,000 crore and is in talks with banks. The funds will be used to finance its acquisition of CaratLane Trading. The funds raise will be over by September-end.

Tata, Piramal lose taste for real estate

Tata and Piramal are planning to exit the residential real estate business to focus on the commercial space. After working for two decades, the Tatas have realised that they are unable to crack the residential space.

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Corporate Development     

Mega plan for lithium-ion cells

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Fortune Scrip     

Growth flies on defence needs : 7-year aim of 30% CAGR profit

Of late, defence has emerged as a sunrise sector on the Indian stock exchanges, particularly in the wake of the ‘Make in India’ policy stance of the Indian government and the opening of the defence space for the private sector. Little wonder that defence stocks belonging to both the public sector and private sector have started attracting growing investment demand. To move with the times, we have selected Data Patterns (India) Ltd, a defence company, as the Fortune Scrip for the current fortnight.

Portfolio Choice         

Merger bumps it up IT ladder: Aims at $ 5 bn revenue in 1 year - LTI MINDTREE

LTI Mindtree is an L&T group Indian multinational information technology services and consulting company. The entity is the result of a merger of IT companies L&T Infotech and Mindtree after the L&T group acquired Mindtree. This was a very useful merger as L&T Infotech had a plurality in BFSI industry and was also present in the oil and gas sector, while Mindtree had a plurality in technology, media and telecommunications with a presence in travel and hospitality. The merger, which took place in November 2022, catapulted the merger company – LTI Mindtree — as the fifth largest provider of IT services by market capitalisation and the sixth largest by revenue.

Smorgasbord of speciality chem: Banking on strong research - ANUPAM RASAYAN INDIA

Surat (Gujarat)-headquartered Anupam Rasayan India is a leading chemical company engaged in the custom synthesis and manufacturing of speciality chemicals. The company has two major business verticals; viz.; (A) Life science-related speciality chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (B) Other speciality chemicals comprising speciality pigments and dyes as well as polymer additives on an exclusive basis for its customers.

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Gandhidham (Kutch, Gujarat)-headquartered Gokul Agro Resources is one of the leading players in edible oils as well as non-edible oils and their related products. Demerged from Gokul Refoils and Solvents, the company has made rapid strides after its demerger and, with a view to bolstering its brand visibility, it has successfully established fully-owned subsidiaries in Singapore and Indonesia. This strategic move aims to augment the company’s proficiency in sourcing raw materials directly from their origins, besides helping in promoting its exports.

Corporate Feature         

Leading player in South India gem scene: All set for its IPO launch on Sept. 22

Set to launch its IPO, Manoj Vaibhav Gems ‘N’ Jewellers Limited, a leading regional jewellery brand in South India with a presence in the micro markets of Andhra Pradesh and Telangana, has 13 showrooms across eight towns and two cities and a marketshare of ~4% of the overall Andhra Pradesh and Telangana jewellery market and ~10% of the organized market in these two states in FY2023.

Shruti Varma to direct ‘Vrindavan’

In a thrilling collaboration, GI Engineering Solutions Limited (its name being changed to ‘Teamo Productions HQ Ltd’ to reflect its business activities more appropriately as per the contemporary business environment, as well as to enhance its brand equity), has roped in the talented and acclaimed Indian writer, director and film producer, Ms Shruti Anindita Varma, for their upcoming project titled ‘Vrindavan’. The film promises to be a poignant journey of love, loss and self-discovery that will undoubtedly captivate audiences.

Rs. 14.50 cr. raised from anchor investors: IPO to close on Sept. 20

Cellecor Gadgets, a consumer electronics brand, has come out with its initial public offering (IPO), with bidding opening on September 15 and closing on September 20, at a fixed price band of Rs 87-92 per equity share. Narnolia Financial Services is the book running lead manager and Skyline Financial Services is the registrar to the issue.

FY23, best-ever year for financials: Enters Rs 1,000-cr mkt. cap league

Lincoln Pharmaceuticals Limited, one of India’s leading healthcare companies, has entered the elite league of Rs 1,000 crore-plus market cap companies for the first time. Its share price hit a 52-week high of Rs 543 on September 11, 2023. The company aims to maintain healthy growth in revenue and margins in the coming years and has set a target of achieving Rs 750 crore in revenue by FY26 while maintaining its ‘net debt- free’ status.

Share X-Ray     

Gearing up to reach one billion tonne mark

Coal India, a Maharatna coal mining corporate, today is the single largest government-owned coal producer in the world. It’s functioning through subsidiaries in 83 mining areas spread over eight states of India. The company has 322 mines of which 138 are underground, 171 open cast and 13 mixed mines. It contributes 85% of total domestic coal production, 75% of total coal based generation, 55% of total power generation and meets 40% of the primary commercial energy requirements of the country.

April 15, 2025 - First Issue

Industry Review

VOL XVI - 13
April 01-15, 2025

Formerly Fortune India Managing Editor Deven Malkan Assistant Editor A.K. Batha President Bhupendra Shah Circulation Executive Warren Sequeira Art Director Prakash S. Acharekar Graphic Designer Madhukar Thakur Investment Analysis CI Research Bureau Anvicon Research DD Research Bureau Manager (Special Projects) Bhagwan Bhosale Editorial Associates New Delhi Ranjana Arora Bureau Chief Kolkata Anirbahn Chawdhory Gujarat Pranav Brahmbhatt Bureau Cheif Mobile: 098251-49108 Bangalore Jaya Padmanabhan Bureau Chief Chennai S Gururajan Bureau Chief (Tamil Nadu) Ludhiana Ajitkumar Vijh Bhubaneshwar Braja Bandhu Behera

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