India: M&A/Private Equity

It is therefore important to understand the legal framework, the significance of obtaining the NOC, potential consequences of not obtaining it and the practical approaches generally adopted by the parties in M&A transactions.

The Reserve Bank of India’s decision to cancel the Certificates of Registration (“CoR”) of 150 Non-Banking Financial Companies (“NBFCs”) in May 2026 may appear, at first glance, to be a routine supervisory exercise but it’s not.

The Supreme Court of India (SC) set aside the Competition Commission of India’s (CCI) penalty order dated 17 December 2021 (CCI Order) and the National Company Law Appellate Tribunal’s (NCLAT) judgment dated 13 June 2022 in Amazon.com NV Investment Holdings LLC v Competition Commission of India & Ors.

The Digital Personal Data Protection Act, 2023 (‘DPDP Act’) has altered how mergers and acquisitions are evaluated in India. What was once a routine ‘IT diligence’ item has now become a central driver of deal risk...

Key Amendments to the FDI Framework for Investments from Land-Bordering Countries

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.

In Indian M&A transactions, Compulsorily Convertible Debentures (“CCD”) often sit quietly in the capital structure until they don’t convert. While they may initially appear as debt, their eventual conversion into equity means they can significantly reshape ownership, control, and valuation. This dual nature makes CCDs one of the most critical instruments to diligence. In private equity and venture capital transactions, CCDs are widely used for their flexibility in structuring valuation and aligning with foreign investment regulations.

VPS Healthcare’s acquisition of Rockland Hospitals offers a cautionary tale in M&A structuring. A seven-year enforcement battle over a disclosed ₹10 crore EY arbitration claim exposed deep structural weaknesses...

India's merger control regime provides a mandatory and suspensory mechanism whereby the parties to a notifiable M&A transaction (i.e., the combination) are mandatorily required to file a notification to the Competition Commission of India ("CCI") for its prior approval and are restricted from consummating the transaction in the absence of the said approval.