JSA in
News

Debt fundraising by India’s asset-backed investment trusts (REITs and InvITs) is expected to rise as falling interest rates fuel investor demand. In the first half of 2025, these trusts raised over ₹178 billion ($2.07 billion), compared to ₹56 billion in the same period last year. Arka Mookerjee, partner at JSA Advocates and Solicitors, notes that bonds offer a lower cost of capital for highly rated trusts with stable cash flows. The predictable income profiles of REITs and InvITs make them suited for debt financing, attracting institutional investors. With corporate bond yields tumbling and infrastructure/real estate sectors gaining momentum, investors see REITs and InvITs as a blend of fixed-income stability and long-term growth. Read Article

Companies in India must now disclose information about workplace sexual harassment and maternity benefit compliance in their board reports as part of government efforts to improve the working rights of women positions. Read Article

The Insolvency and Bankruptcy Code (IBC) in India is facing challenges nearly a decade after its implementation, with increasing timelines for Corporate Insolvency Resolution Process (CIRP) resolutions. As of March 2025, the average resolution timeline stands at 723 days for financial creditors, 724 days for operational creditors, and 577 days for corporate debtors. Ashwini Kumar Tewari (MD, SBI) suggests that stricter procedural norms and accountability are needed to curb adjournments and frivolous litigation. Divyanshu Pandey, Partner, JSA, believes that legislative changes alone are insufficient; the government must also improve NCLT and NCLAT infrastructure and appoint commercially savvy judges to handle IBC cases effectively. Read Article

Depositing large cash sums into bank accounts can attract Income Tax department attention, warns Surajkumar Shetty, partner at JSA Advocates and Solicitors. According to tax rules, banks must report cash deposits exceeding Rs 10 lakh in savings accounts and Rs 50 lakh in current accounts, and even deposits over Rs 50,000 in a single day require PAN quoting. Experts advise maintaining proper documentation to justify sources of funds, as failure to do so may lead to scrutiny, penalties, and even prosecution. Read Article

Indian companies are delisting from stock exchanges at a slower pace, with only 12 voluntary delistings in FY25, the lowest in over a decade. Buoyant market valuations and tighter pricing rules have made share buybacks more expensive for promoters. According to Anand Lakra, partner at JSA Advocates and Solicitors, high market valuations are a major deterrent, as promoters are expected to offer significant premiums above already-elevated share prices to buy back public shares. Regulatory changes, including the introduction of the adjusted book value method, have further increased the floor price for delisting, making it financially burdensome for promoters. Read Article

Legacy venture capital funds in India are exploring novel solutions to comply with SEBI’s migration deadline to switch to the Alternative Investment Funds (AIF) regime or wind up by July 19, 2025. According to Siddharth Mody, partner at JSA, non-compliant funds risk losing registration, facing monetary penalties, and compromising their ‘fit and proper’ test, which can impact fundraising. Some funds are seeking solutions like assigning indemnity risk to service providers for a fee, while others face challenges in winding up, such as obtaining updated valuations and tracing limited partners. Mody notes that migrating to the AIF regime will improve governance, investor protection, and provide benefits like regular NAV disclosures and the ability to launch continuation vehicles. Read Article

The Income Tax Department’s AI-powered tool, TaxAssist, is useful for responding to tax notices and correcting errors in simple cases, but experts caution that it’s not suitable for resolving complex disputes, such as those related to political donations. According to Surajkumar Shetty, partner at JSA Advocates and Solicitors, political donations are scrutinized to prevent fraudulent claims and misuse of tax benefits, and false claims can attract severe penalties. Taxpayers are advised to consult professionals for nuanced cases and maintain proper documentation, including receipts and bank statements, to claim tax benefits under Section 80GGC. Read Article

The 17th Realty+ Conclave & Excellence Awards 2025 – Gujarat concluded with optimism and celebration, featuring thought-provoking discussions and an inspiring awards ceremony. JSA Advocates and Solicitors’ Bijal Chhatrapati participated in a panel discussion on “Gujarat Warehousing Boom: Decoding Opportunities & Challenges”, exploring the state’s booming warehousing sector and addressing roadblocks like land acquisition hurdles and infrastructure gaps. Read Article

The Society of Indian Law Firms (SILF) has established a committee, led by Shardul Shroff, to provide feedback on India’s legal market liberalization rules, which the Bar Council of India has criticized, sparking concerns about potential conflicts of interest. The committee includes prominent lawyers, such as Jyoti Sagar, founder of JSA Advocates & Solicitors. While SILF welcomes foreign law firms’ entry in a “phased sequential manner,” it stresses the need for a level playing field and addressing discrimination faced by Indian lawyers. The BCI’s committee, chaired by Cyril Shroff, aims to address concerns, but some lawyers view the move as “protectionist” measures to keep the market closed. Read Article

Winmore Academy in Jakkur, Karnataka, has inaugurated a school-based Moot Courtroom, providing pre-university students with early exposure to legal practice. The facility simulates actual courtroom dynamics, encouraging critical thinking, articulation, and legal reasoning skills. Vivek K Chandy, Joint Managing Partner of JSA Advocates & Solicitors, appreciated the initiative, saying it instils critical thinking, ethical reasoning, and confidence to advocate for justice in students. The Moot Courtroom is designed to provide hands-on experience in legal proceedings, enabling students to understand the judicial system through active participation. Read Article

The Enforcement Directorate’s (ED) summons to senior advocates Pratap Venugopal and Arvind Datar has sparked controversy, with the legal fraternity opposing the move. Lawyers argue that attorney-client privilege protects them from being summoned, and that such actions could undermine the independence of the judiciary. Divyam Agarwal, partner at JSA Advocates & Solicitors, stated that allowing investigative agencies to question advocates on advice given to clients would destabilize the foundation and independence of the legal profession. The ED has since withdrawn the summons and issued a circular guiding field formations to respect attorney-client privilege under Section 132 of the Bharatiya Sakshya Adhiniyam, 2023. Read Article

Top law firms in India, like JSA Advocates & Solicitors, are increasingly promoting star professionals to equity partner roles, shifting from the traditional practice of rewarding only veteran partners with equity stakes. JSA has significantly increased its equity partners from 46 to 62, with most being groomed internally. The firm’s joint managing partner, Vivek K. Chandy, emphasized that their growth strategy focuses on partners aligning with their values. This trend reflects a broader talent war fuelled by India’s evolving legal landscape and growing demand for niche legal counsel. Other firms like Trilegal and Saraf & Partners are also promoting equity partners, with Trilegal having 144 equity partners and Saraf & Partners having 21 out of 42 partners as equity partners. Read Article