PE/VC & Competition Law

On July 29, 2025, the Reserve Bank of India (“RBI”) issued the Reserve Bank of India (Investment in AIF) Directions, 2025 (“REs Investment Directions”), replacing its earlier circulars dated December 19, 2023, and March 27, 2024, prescribing the regulatory guidelines in respect of investment by the regulated entities of the Reserve Bank (“RE(s)”) in Alternative […]

In India’s dynamic private equity and venture capital landscape, anti-dilution protections have emerged as a vital economic safeguard for early-stage investors. Typically enshrined in term sheets and shareholder agreements, these provisions are intended to shield investors from the financial downside of valuation declines in subsequent funding rounds, ensuring that their equity stake is not unfairly

Around the world, shareholders’ agreements (“SHAs”) serve as a cornerstone for defining the commercial relationship and inter-se rights and obligations between the shareholders of a company. These agreements typically address various operational and management aspects such as governance, rights and obligations of shareholders, dispute resolution mechanisms, and importantly, restrictions on the transfer of shares, amongst

Cross-border share swaps have emerged as a sophisticated mechanism in global mergers and acquisitions, enabling exchange of equity securities without real flow of remittance of investment amount as compared to an ordinary investment transaction in relation to subscription of securities. In principle, a share swap is a transaction enabling a shareholder of a company to

In a move towards ensuring investor protections, the Competition Commission of India (“CCI”) penalized Goldman Sachs (India) Alternative Investment Management Private Limited (“GS AIF”), the investment manager of Goldman Sachs AIF Scheme-1, INR 4,000,000/- (Indian Rupees Four million), in an order dated January 14, 2025 (“CCI Order”). The case pertained to GS AIF’s investment in