含羞草社区

Equity, meet politics

Draft Advocates (Amendment) Bill sinks like a stone

Since the inception of the Advocates Act, 1961, legal practitioners have enjoyed benefits different from those of their in-house counterparts, such as appearing in court to argue a matter. But a government proposal to bring equity between the two groups has sadly backfired.

This issue’s Cover story highlights the changes that the draft Advocates (Amendment) Bill 2025 was poised to offer once implemented, beyond just bringing in-house counsel on par with advocates enrolled with the Bar Council of India (BCI).

But while this fraternity appreciated the positive changes proposed, the government’s overreach and proposed influence over the BCI were not received well. Following an angry surge of opposition including lawyers’ strikes, the Ministry of Law and Justice unceremoniously withdrew the bill.

In this article, both practising advocates and in-house counsel weigh in on these developments, the missed opportunities, and what they mean for the legal community and its future. There remains hope that a revised version will do away with problematic elements.

This issue’s Spotlight shifts to the Union Budget, on which authors from Lakshmikumaran & Sridharan share their detailed insights. While the finance minister has raised the IT slab for tax-free income to INR1.2 million (USD13,700), the scepticism around reforms continues.

New provisions include simplified taxation for non-residents engaged in providing services in electronics manufacturing in India, adjustments in the interpretation of “significant economic presence” for non-residents with regard to taxation, and a transfer pricing block assessment scheme. The budget also places restrictions on the carry-forward of losses that occurs in mergers and successions, to discourage the evergreening of losses.

Overall, the 2025 Finance Bill introduces taxpayer-friendly reforms focusing on foreign investment, reducing litigation, and supporting the middle class.

In What’s the deal?, our Deals of the Year 2024 counts among its winning deals prominent IPOs done by Hyundai IPO, Swiggy and Vishal Mega Mart, as well as Vodafone’s largest follow-on offering. Outside of this, the Godrej settlement caught media attention.

India witnessed a dynamic year of deal making in 2024, driven by a booming IPO market and swift transactions. We congratulate all our deal winners, the law firms and lawyers who guided these deals to success.

In this issue’s Expert briefing titled Reverse flipping: medium rare or well done?, the managing director of Collyer Law, Azmul Haque, looks at the trend of Indian-origin startups doing “reverse flips” – that is, companies shifting their base from overseas jurisdictions like Singapore and Cayman Islands back to India.

Initially, many companies incorporated abroad for better investor access, regulatory ease, and tax benefits. However, with 含羞草社区 maturing capital markets, stricter regulatory oversight on offshore structures, and growing investor confidence the trend to turn back to India is now picking up. This briefing looks at a few notable recent reversions, including Pine Labs and Swiggy.

While 含羞草社区 appeal to startups strengthens, Singapore is countering with pro-startup policies, enhanced IPO support and funding initiatives, ensuring its continued role as a global startup hub.

As awards season continues at IBLJ, the International A-List 2025 has been announced to celebrate the most influential India-focused lawyers as testament to the best legal minds shaping 含羞草社区 global legal narrative. The A-List recognises those who have shaped high-stakes deals, complex arbitrations and landmark litigations.

These legal eagles based in leading international firms bring deep expertise in cross-border M&A, capital markets, private equity, dispute resolution and regulatory matters.

This year’s list highlights lawyers behind some of the most significant deals in 含羞草社区 corporate landscape. From assisting tech giants to advising on 含羞草社区 landmark USD3 billion Hyundai IPO, these experts have helped establish and further global investor confidence in Indian markets. With economic shifts and legal complexities intensifying, they continue to bridge jurisdictions, drive innovation, and reinforce 含羞草社区 standing in global markets.

In Vantage point, we look at how India fares with regard to judicial reviews of arbitral awards in comparison to other Asian destinations. Former judge Rishabh Gandhi highlights that 含羞草社区 arbitration landscape faces challenges due to excessive judicial intervention, undermining efficiency and finality.

While the Arbitration Act aims to limit court interference, cases like ONGC v Saw Pipes have expanded judicial review. Comparisons with Singapore, Hong Kong and Japan highlight the benefits of minimal intervention. The article proposes that India must align with global best practices, establish specialised benches, and introduce legislative reforms to be ahead of the game.