Abhijit Joshi

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The need to customise trusts in India - Interview with Abhijit Joshi

Abhijit Joshi is the Founding Partner of Veritas Legal. He was the senior partner and chief executive officer (CEO) at AZB & Partners until November 2104. He has been involved in some of the major landmark deals, such as the Rs 5,150 crore Tech Mahindra - Satyam Computer Services merger, Usd 2.6 billion Tata -Docomo transaction among many others.

Abhijit Joshi of azb & partners discusses in the interview on the need to customise trusts, the different trust structures in India, investing abroad, trustee firms and how the Indian trust act is different. The creation of trusts is the most common method of estate planning in India, according to Abhijit Joshi in an interview. Though writing a will has been the traditional tool to pass wealth from one generation to another, recent times have seen trusts being more widely used as a solution.

Pointing to the difference in the two methods, all that can be achieved through a will can also be achieved through a trust, says Joshi. However, the creation of a trust involves transferring some or all assets and property from the settlor’s name to that of the trust – and therefore it is common to get the feeling of being distanced from one’s wealth.  

When approaching their clients to dis- cuss estate planning, private bankers should be aware of all aspects of a trust structure, including legal, financial and tax matters, according to Joshi. Even though they would be augmented by a team at the time of execution, it is important for them to have basic knowledge about all areas. However, the banker should also be conscious of the point at which an expert needs to be involved.

Joshi says that Indian promoters are very wary of product pushing. So private banks need to be less marketing- oriented and instead must focus on creating value for individual clients. Another important area to focus on, according to Joshi, is execution, given that the creation of a trust brings with it bureaucracy in terms of red-tape.

                                              Trustee firms

Independently-owned trustee firms are different from bank-owned trustees in that they are not institutionalised, ex- plains Joshi.Bank trustees are more perpetual in nature and more orderly with their checks and balances in place.

Independent trust firms have the ad- vantage of understanding the need of the proposition and therefore can offer a better and quicker service.

                                           Indian Trust Act

According to Joshi, the Indian Trust Act, introduced in 1882, is not as vibrant as its equivalent in many other jurisdictions. It is very robust in terms of jurisprudence but immobile in terms of newer concepts, he explains. Yet the non-prohibitive nature of the Act makes it more flexible in comparison with other jurisdictions.

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Abhijit Joshi Veritas legal Interview on Role of Lawyers in India Wealth Planning

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Leading Lawyers in Acquisition and Mergers

                                           Abhijit Joshi

                                           Abhijit Joshi, originator of Veritas Legal, has an Indian Legal industry experience of 22 years and has won numerous national and worldwide honor. He was the senior accomplice and (CEO) at AZB and Partners until November 2104. His key practice regions included mergers and acquisitions, general corporate and business law and private customer law.

Mr Abhijit Joshi began his adventure with only 15 legal counsellors at AZB which has now developed into an association that has more than 200 legal counsellors. He has been exhorting Indian business houses on progression making arrangements for more than 15 years and his private customer practice incorporates home arranging, testamentary airs, trust developments, family courses of action, streamlining of corporate property and advancement of specific possession models. He additionally represents considerable authority in mergers and acquisitions, joint endeavours, cross outskirt speculations (inbound and outbound), private value ventures and corporate rebuilding (mergers, demergers and twist offs) and different general corporate and business matters.

He has been included in a percentage of the significant historic point arrangements, for example, the Rs 5,150 crore Tech Mahindra - Satyam Computer Services merger, Usd 2.6 billion Tata - Docomo exchange to name few. Another point of reference for Abhijit Joshi's Veritas Legal is the Swedish firms Recipharm's procurement of Nitin Lifespaces stakes. Swedish firm grabbed 74 percent stake in strerile injectables creator Nitin Lifespaces for Rs. 671 Cror($103 Million) in all money bargain. Veritas Legal represented Recipharm with a group drove by accomplice Nandish Vyas. This is the biggest inbound arrangement in the sterile injectables space in the most recent 2 years. This has unquestionably added another plume to Abhijit Joshi's accomplishments. Abhijit Joshi in a late quote said "If we try to be like large firms, we will fail". This quote unmistakably indicates why he has come to such a tallness of accomplishment in such a less time.

 AMSS (Amarchand & Mangaldas & Suresh A Shroff & Co)

                                                    AMSS was started in 1917 by Amarchand Shroff, the grandad of Shardul S. Shroff and Cyril Shroff, WHO square measure this Managing Partners. They took charge in 1994 once the death of their father, Suresh. Though Shardul was thirty-nine and Cyril thirty five, they were simply accepted because the firm's future. That they had been a part of the follow for around a decade and it had been a little operation of 25-30 lawyers.

The firm serves a number of the most important firms and monetary establishments domestically and internationally, together with shoppers like Hindooism Resources, Reliance Industries, GMR cluster and Morgan Stanley. It's received national and international approval for fortunate illustration of its shoppers before legal establishments and government agencies, winning support in proceedings, and guiding business transactions.                                                                          

                                           Desai and Diwanji

                                           Desai and Diwanji is an Indian law office with workplaces in Delhi, Gurgaon and Mumbai. The firm is known for its specailisation in Mergers and Acquisitions by the sheer number of arrangements. The organizations move call of customers has included Société Générale, Union Bank of India, Royal Bank of Scotland and BNP Paribas.

Desai and Diwanji has exhorted Wadia gathering possessed spending plan carrier GoAir on the organization's procurement of 72 Airbus 320 NEO Aircraft for $7.2bn. Desai and Diwanji prompted the Ashok Piramal Group in its Rs. 1250 crore to Rs. 1500 crore ($250m to $300m) three-way joint endeavor (JV) with Canadian designing gathering SNC-Lavalin. Desai and Diwanji Gurgaon instructed Franklin Templeton on its buy concerning 20 for each penny of Mumbai originator garments retailer Kimaya Fashi

                                              Zia Mody          

                                              Zia Mody (Born on 19 July 1956) is one of the establishing accomplices of AZB and Partners. She sought after her L.L.B at Selwyn College, Cambridge University and afterward a L.L.M from Harvard. She then joined one of the world's biggest law offices in New York Baker and McKenzie. In 1984 she moved back to Mumbai and wedded, actually the youth "kid nearby", Jaydev Mody. Around then she began her suit rehearse under the name Chambers of Zia Mody (CZM)

Business Today recorded Mody as one of the 25 most intense specialists in India a few times since September 2004. She is a beneficiary of the Financial Express Knowledge Professional of the Year Award. She was likewise named one of India's 100 Most Powerful CEOs by The Economic Times in 2004 and 2006. She is additionally the beneficiary of the Economic Times Awards for Corporate Excellence as the Businesswoman of the Year, 2010. The honors are given out each year and are seen as the premier power in perceiving fabulousness in the Indian corporate business sector. The American Lawyer has recognized Zia Mody as being one of 'nation's driving stars'.

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Legal Eagle – Abhijit Joshi

Abhijit Joshi, originator of Veritas Legal, has an Indian Legal industry experience of 22 years and has won numerous national and universal awards. He was the senior accomplice and (CEO) at AZB and Partners until November 2104. His key practice regions included mergers and acquisitions, general corporate and business law and private customer law.

 Mr Abhijit Joshi began his trip with simply 15 legal advisors at AZB which has now developed into an association that has more than 200 legal counsellors. He has been prompting Indian business houses on progression anticipating more than 15 years and his private customer practice incorporates bequest arranging, testamentary auras, and trust developments, family game plans, streamlining of corporate property and advancement of specific possession models. He additionally has practical experience in mergers and acquisitions, joint endeavours, cross outskirt speculations (inbound and outbound), private value ventures and corporate rebuilding (mergers, demergers and twist offs) and different general corporate and business matters.

He has included in International's Who Legal as 'Driving Lawyer for Mergers and Acquisitions 2013' and 'Unmistakable Lawyer in the Franchise Sector'. He has likewise been recorded by IFLR1000 as 'Driving Lawyer for Mergers and Acquisitions Leading and Private Equity 2012 and 2013'.

Abhijit Joshi is connected with Entrepreneurs Organization, Young Presidents' association and is an individual from Legal Practice Division of International Bar Association. An individual from the Law Firm Management Committee of the International Bar Association, Abhijit is additionally connected with Law Society of England and Wales. He holds a Bachelor of Law degree from Bombay University.

He has been included in a portion of the real point of interest arrangements, for example, the Rs 5,150 crore Tech Mahindra - Satyam Computer Services merger, Usd 2.6 billion Tata - Docomo exchange to name few. Another point of reference for Abhijit Joshi's Veritas Legal is the Swedish firms Recipharm's procurement of Nitin Lifespaces stakes. Swedish firm got 74 percent stake in strerile injectables producer Nitin Lifespaces for Rs. 671 Cror($103 Million) in all money bargain. Veritas Legal represented Recipharm with a group drove by accomplice Nandish Vyas. This is the biggest inbound arrangement in the sterile injectables space in the most recent 2 years. This has certainly added another plume to Abhijit Joshi's accomplishment

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Interview with Leading Lawyer in India - Abhijit Joshi

First there was CCI, then there was DCF and this year brought RoE (Return on Equity). And now there is nothing! In a landmark change, the RBI no longer prescribes any one valuation method for the entry and exit of foreign investors. It permits the use of any internationally accepted pricing method. This is very good news for foreign investors and for the India investment story. This is a abstract of Interview with Abhijit Joshi

Doshi: Let us start first by talking about how this marks a landmark shift in Reserve Bank of India’s (RBI) thinking process. We saw the first signs of this in January this year when they put out the Call and Put Option notification which was otherwise very adverse because they linked it for unlisted shares to RoE but when it came to compulsorily convertible debentures or preference shares, they had included the option of using any internationally accepted pricing methodology. That was the first sign that maybe RBI is looking to shift its decade old attitude of prescribing a valuation method. Then we saw further reference in the RBI governor’s monetary policy statement in the months that followed and now we finally have this new policy. Big change in the way RBI looks at FDI entry and exit?

Joshi: Absolutely big change but at the same time, late change because prescribing valuations is a difficult task. Even courts have held in the schemes of mergers that they are no experts as to how value of shares can be worked out. I think the concept out here was a fair value concept and what the fair value should be whether it should be the Commodity Channel Index (CCI) pricing, whether it should be Discounted Cash Flow (DCF) was best left to the businesses and people who know valuation. So I think it is a great move, it is a move towards the right direction, it is not for any court or regulator to prescribe what would be fair value, it is for the valuers to prescribe and that is what the RBI has done. I think to that extent, it is a good move for rationalising things going forward on the subject.

Doshi: So, when it comes to the entry of foreign investment into the country via the issue of shares to non-resident or foreign investor, that has to be done at a price which is more then the price arrived at via an internationally acceptable pricing method, those last four words used to be earlier replaced by DCF and before that CCI, now you don’t have that prescribed method.

RBI Liberalizes Foreign Entry/Exit

July 8 Notification

‘In case of equity shares, preference shares or debentures of unlisted company, at a price not exceeding that arrived at as per any internationally accepted pricing methodology for valuation of shares on arm’s length basis, duly certified by a Chartered Accountant or a SEBI registered Merchant Banker.’

When it comes to the transfer of shares to a non-resident by a resident, there is nothing in these notifications that prescribes what format to follow or how this should be done but the expectation broadly is that RBI will issue a circular that aligns that with these notifications.

RBI Liberalizes Foreign Entry/Exit

July 8 Notification

‘The guiding principle would be that the non-resident investor is  not guaranteed any assured exit price at the time of making such investment/agreements and shall exit at the price prevailing at the time of exit, subject to lock-in period requirement.’

Doshi: That is also clear?

Joshi: They have said that on the transfer section while they have amended schedule one; they have said that in the body of the regulation, they have said that it will be as prescribed by RBI from time to time. But, we are talking about something which is 2-4 hours old and if there is any issue in terms of drafting anomalies that have remained, that will be sorted out, the message is loud and clear.

Doshi: So you fully expect that even in entry of foreign investment via the transfer of shares from a resident to non-resident, the same methodology will apply which is at a price, which is more than a price determined by internationally accepted pricing method.

Joshi: I am quite certain about it because you have done that in ROE or rather the optionalities, they have done it for issuance, and there could also be interpretation that this is done for transfer but that’s the thought process.

Doshi: When it comes to the exit now of foreign investors which involves transfer of shares from a non-resident or a foreign investor to a resident, that has to be done as you put at a price less than the price arrived at via again internationally accepted pricing methodology. So, this is the simplified new regime for the entry and exit of foreign investors. Now, here they have said it has to be done at an arm’s length so the valuation of shares has to be in arm’s length duly certified by chartered accountant or a SEBI registered merchant banker, do you see any problems there at all because some of the experts I was talking to said, well arm’s length could be a grey area but I wasn’t sure whether they were just picking holes.

To read full article on this informative interview visithttp://www.moneycontrol.com/news-topic/abhijit-joshi/ or visithttps://www.youtube.com/watch?v=aHPvsbPFAto

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Abhijit Joshi Profile

Abhijit Joshi is the Founding Partner of Veritas Legal. He was the senior partner and chief executive officer (CEO) at AZB & Partners until November 2104. He has been involved in some of the major landmark deals, such as the Rs 5,150 crore Tech Mahindra - Satyam Computer Services merger, Usd 2.6 billion Tata -Docomo transaction among many others

Mr Abhijit Joshi started his journey with merely 15 lawyers at AZB which has now grown into an organization that has over 200 lawyers. He is an advocate, solicitor and solicitor England and Wales having completing his articles under Amarchand Mangaldas managing partner Cyril Shroff in the early nineties.

In an interview Abhijit Joshi quoted " If we try to be like Large firms, we will fail". For more updates on this interview visit Slideshare presentation on Abhijit Joshi