The clients below are the ones I work with most often. What they share is the kind of matter: an India side that needs expert testimony, investigation, discovery, due diligence or compliance work done to a US standard. If your organization is not listed, the same applies, and the last section says how to approach me.
General counsel, compliance officers and senior litigation counsel at US-listed or US-affiliated companies with Indian subsidiaries usually come to me in one of three situations. These are typically companies with revenue of about $500 million to $5 billion.
First, a problem has surfaced on the Indian side, for example a whistleblower complaint, an audit finding, an inquiry from a regulator, a press report, or something found during integration. The in-house team needs a privileged preliminary assessment before it starts a formal investigation, with outside counsel, board notification and a budget of its own.
Second, a compliance problem keeps coming back and needs a planned response. For example, a review of intermediaries across an Indian distributor network, remediation of books and records after an audit finding, an FCPA program review before outside counsel is brought in, or a matter before an Indian regulator that has to be coordinated with US compliance and disclosure obligations.
Third, outside counsel has an active matter and needs the India-side work done. That can mean cross-border discovery, finding and interviewing witnesses, Section 63 certification, collecting documents in Hindi or other Indian languages, or coordinating with parallel proceedings in Indian courts.
My fees are set for mid-market budgets, so the scope does not have to be cut to fit. Where a full investigation is needed, I can either carry it out under the same engagement, or hand it to outside counsel with a clear scope and the privilege arrangements already in place.
General counsel and operating partners at mid-market US private equity and venture capital funds, transaction counsel running US deal teams, and AmLaw M&A partners on India deals usually come to me for integrity due diligence on Indian targets, and for related work after closing. Deal sizes are typically $20 million to $200 million. I take on larger transactions where the Indian scope fits what I can deliver.
Pre-investment due diligence is instructed under a Kovel letter from the fund’s US counsel, so the work can be protected by privilege from the start. It usually covers:
After closing, the work covers issues that come up during integration, allegations from departing promoters, and whistleblower complaints at the portfolio company. Due diligence on joint venture partners, and onboarding of third parties on the Indian side of a portfolio company, follow the same method.
Big Four integrity due diligence is priced for large deals, and on a mid-market deal the fee can be out of proportion to the deal. By contrast, Indian due diligence firms work at local rates, but they cannot work under US privilege, and what they produce is third-party data. If a problem surfaces after closing and an investigation follows, whether the original due diligence file is privileged becomes important.
Reports are written for investment committees and audit committees. Where evidence collected in India may later be tested in Indian proceedings, I keep it certified under Section 63. The scope is set to find issues that could change the price or the terms of the deal. Because I am based in India, the cost suits mid-market deal sizes.
In my observation, mid-size US firms with litigation, white-collar, transactional or international arbitration practices see India-related matters only occasionally, so few keep an India desk or a standing relationship with a leading Indian firm. They usually come to me in one of three situations.
First, a larger US matter has an India workstream that has to start quickly. That can be finding or interviewing witnesses, collecting documents, an opinion on Indian law, Section 63 certification, or a point of contact with an Indian regulator. The firm needs someone who can start within a few days, and who does not need a briefing on US litigation practice or privilege.
Second, a US matter needs expert support on India. That can be an expert witness on Indian law, an analysis of Indian regulation, or help preparing cross-examination on questions of Indian law.
Third, a referral comes in that is too heavily India-based to be handled well from the US, and the firm needs a co-counsel arrangement the client can afford.
You deal with me directly, under one engagement letter, and fees are set to what the end client can bear.
I also take on cross-border investigation work that starts outside the US legal market. For example, foreign companies with operations in India, family offices considering Indian investments, individual litigants with cross-border exposure, in-house teams at non-US multinationals, journalists and media organizations doing investigative work, and boards or audit committees facing internal inquiries.
If your matter has an India side and you do not see it above, do reach out and I will take a look. I will tell you whether it is a fit, whether someone else is better placed, or whether the right answer is to work alongside another adviser.