Cyril Amarchand Mangaldas

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Cyril Amarchand Mangaldas Cyril Amarchand Mangaldas(cam) is India’s leading law firm with global reputation of being trusted advisers to its clients.

The Firm advises a large and diverse set of clients. Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 1400 lawyers including 220 Partners, the Firm is a full-service law firm with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi. The Firm has been named “Law Firm of the Year 2025” and consistently recognised as “Best Overall Law Firm” by the IBLJ Indian Law Firm Awards. It received “India Law Firm of the Year 2025” at the ALB India Awards recently and “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive year in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm also won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.

We advised Hero Motors Limited (Company), as the Indian legal counsel to the Company on its initial public offering of e...
24/09/2026

We advised Hero Motors Limited (Company), as the Indian legal counsel to the Company on its initial public offering of equity shares aggregating to INR 10,000.00 million (Offer).



The Offer consisted of a fresh issue of equity shares aggregating to INR 6,000.00 million and an offer for sale of equity shares aggregating to INR 4,000.00 million, which included an offer for sale of equity shares aggregating to INR 3,950.00 million by O P Munjal Holdings Limited (Promoter Selling Shareholder) and equity shares aggregating to INR 50.00 million by Hero Cycles Limited (Promoter Selling Shareholder, collectively the Selling Shareholders).



Additionally, we also advised the Selling Shareholders namely, O P Munjal Holdings Limited and Hero Cycles Limited on their participation in the offer for sale component of the Offer.



The book running lead managers to the Offer were ICICI Securities Limited, DAM Capital Limited, and JM Financial Limited (BRLMs).



Deal Team: Vishal Yaduvanshi, Amitpal Singh, Mihir Mathur, Aditya Singh, Prakhar Jain, Ritvik Maheshwari, Shvabh Chakarwari and Abhirup M..



Read more at: https://www.cyrilshroff.com/Stand%20Out%20Deals/cyril-amarchand-mangaldas-advised-hero-motors-limited-and-the-selling-shareholders-on-its-inr-10000-00-million-ipo/



We acted as the Indian legal counsel to J.P. Morgan India Pvt Ltd with respect to the sale of equity shares of Billionbr...
24/09/2026

We acted as the Indian legal counsel to J.P. Morgan India Pvt Ltd with respect to the sale of equity shares of Billionbrains Garage Ventures Ltd by Peak XV Partners Investments VI-1 and Sequoia Capital Global Growth Fund III - U.S./India Annex Fund, L.P, undertaken on the floor of the NSE on September 16, 2026 for an aggregate consideration of INR 1,999 crores (approx).

Transaction Team: Aashima Johur and Medhashree Verma.

Read it at: https://www.cyrilshroff.com/Stand%20Out%20Deals/cyril-amarchand-mangaldas-acted-as-the-indian-legal-counsel-to-j-p-morgan-india-private-limited-with-respect-to-the-sale-of-equity-shares-of-billionbrains-garage-ventures-limited-by-peak-xv-partners/

24/09/2026

Our latest client alert titled “Sanctions in Focus: An Overview of Recent Developments,” examines recent sanctions developments in the US, their implications for Indian businesses, and the Delhi High Court’s ruling on the interplay between foreign sanctions and contractual obligations under Indian law.

Read it here:https://www.cyrilshroff.com/wp-content/uploads/2026/09/Client-Alert-Sanctions-In-Focus-An-Overview-of-Recent-Developments.pdf

Sara Sundaram

We advised Centella Mauritius Holdings Limited, a TPG backed special purpose investment vehicle, (the Centella) with res...
24/09/2026

We advised Centella Mauritius Holdings Limited, a TPG backed special purpose investment vehicle, (the Centella) with respect to the sale of equity shares of Aster DM Quality Care Limited (the Company).

Centella has sold 6,24,00,000 equity shares of the Company (approx. 7.16% of the equity share capital of the Company) by way of shares sales on the screen-based trading of the National Stock Exchange of India Ltd. and BSE Ltd., in the block trade window, for an aggregate consideration of approximately INR 4,700 crore.

Transaction Team: Yash J. Ashar, Iqbal Khan, Manshoor Nazki and Ashid Basheer.

Read it at: https://www.cyrilshroff.com/Stand%20Out%20Deals/cyril-amarchand-mangaldas-advised-centella-mauritius-holdings-limited-a-tpg-backed-special-purpose-investment-vehicle-with-respect-to-the-sale-of-equity-shares-of-aster-dm-quality-care-limited-for-a/

CAM Blog: The New Delhi Declaration adopted at the 18th BRICS Summit signals progress on customs cooperation and regulat...
24/09/2026

CAM Blog: The New Delhi Declaration adopted at the 18th BRICS Summit signals progress on customs cooperation and regulatory alignment, but its real test lies in whether it can deliver lower tariffs, fewer non-tariff barriers, and faster market access for exporters. This blog examines why India should pursue targeted tariff liberalisation and regulatory interoperability through the BRICS platform, and what a credible, phased trade architecture could look like, without compromising domestic industry or geopolitical balance.

Author: S R Patnaik, Shivam Garg, and Navya Bhandari

Read it at: https://tax.cyrilamarchandblogs.com/2026/09/brics-2026-the-next-frontier-must-be-easier-market-access-and-lower-tariffs/

24/09/2026

Welcome to Passage to PE where we will unpack some of the most important shifts shaping Private Equity transactions.

🚨 Due diligence is no longer just paperwork.
It's where deals are won, negotiated, or lost.

We walked down the passage with our Partner, Saloni Shroff to ask her what due diligence in private equity transactions look like today.

CAM Blog: Two recent rulings, by the Delhi ITAT and the Delhi High Court, reached opposite conclusions on the same quest...
23/09/2026

CAM Blog: Two recent rulings, by the Delhi ITAT and the Delhi High Court, reached opposite conclusions on the same question: Who is the real employer of seconded personnel?

Although arising in different contexts, both referred to factors established in the OECD Commentary on Article 15 for determining the true employer but differed in their emphasis on those factors. While the Tribunal focused more on local control and secondees’ integration into the Indian entity, the High Court prioritised the secondees’ continuing relationship with the foreign employer.

These contradictory outcomes highlight that the taxability of secondments hinges on case-specific facts, making the alignment of contractual arrangements, operational reality, and documentation extremely critical.

Authors: Bipluv Jhingan and D R Shashank

Read it at: https://tax.cyrilamarchandblogs.com/2026/09/a-tale-of-two-secondments-search-for-the-real-employer/

As fitness trackers, smartwatches and other wearables continue to add increasingly sophisticated health monitoring featu...
23/09/2026

As fitness trackers, smartwatches and other wearables continue to add increasingly sophisticated health monitoring features, the line between consumer wellness products and regulated medical devices is becoming harder to define.

In their article in indianexpress.com, our Partner Biplab Lenin, and Principal Associate Designate Priyam Raj Kumar examine how India’s regulatory framework assesses wearables based on their intended use, the growing role of AI-driven software, and the compliance considerations manufacturers must address as consumer health technologies evolve.

Read it at: https://www.expresshealthcare.in/news/from-fitness-trackers-to-medical-devices-where-india-draws-the-regulatory-line/455253/

CAM Blog: Indian corporate governance law pulls independent directors in two directions. Schedule IV to the Companies Ac...
23/09/2026

CAM Blog: Indian corporate governance law pulls independent directors in two directions. Schedule IV to the Companies Act, 2013, requires them to keep out of day-to-day management.

At the same time, a recent line of orders from SEBI and the Securities Appellate Tribunal demands closer diligence from independent directors on audit committees. The boundary between the two, the Lakshman Rekha, turns not on how much an independent director engages but on the channel and character of that engagement. Diligence is about the quality of oversight. Overreach begins the moment an independent director substitutes their own judgement for management’s in executing a decision.

A related difficulty concerns independent directors who serve as managing directors elsewhere and carry their executive instincts into boardrooms where they are meant to oversee only. The shift from an executive to a non-executive mindset usually takes years, and that lag is a complication Boards cannot afford to ignore.

Author: Bharat Vasani

Read it at: https://corporate.cyrilamarchandblogs.com/2026/09/the-lakshman-rekha-for-independent-directors-board-oversight-versus-operational-overreach/

We represented a syndicate of lenders comprising Natixis IFSC Banking Unit, Coöperatieve Rabobank U.A. (Singapore), Sumi...
22/09/2026

We represented a syndicate of lenders comprising Natixis IFSC Banking Unit, Coöperatieve Rabobank U.A. (Singapore), Sumitomo Mitsui Banking Corporation (GIFT City), Clifford Capital Credit Solutions Pte. Ltd., DBS Bank Ltd. (IFSC Banking Unit, GIFT City), MUFG Bank, Ltd. (GIFT City), ING Bank N.V. (Singapore) and Intesa Sanpaolo S.p.A. (Singapore) (together with the mandated lead arrangers, the Lenders), in connection with a USD 800 million bridge financing facility availed jointly by Giridhari Build Estate Limited (GBEL) and Granthik Realtors Private Limited (GRPL), each a subsidiary of AdaniConneX Private Limited (ACX), a joint venture between Adani Enterprises Limited and EdgeConneX.



The facility is being availed for the construction, operation and maintenance of five data centre projects at Ellikatta District, Telangana, Hyderabad

Transaction Team: Subhalakshmi Naskar, Abhishek Khatri, and Shlok P Shetty

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Mumbai
400013

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+912266604455

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