Practice Areas

Follow us

Delhi High Court rejects RBI appeal against order for reconsideration of JSPL Plea for $300 million remittance to Mauritius subsidiary

The Delhi High Court dismissed an appeal by the Reserve Bank of India (RBI) against an earlier order of a Single-Judge which had directed the RBI to reconsider an application by Jindal Steel and Power Ltd (JSPL) to transmit $300 million to its wholly owned subsidiary Jindal Steel and Power (Mauritius) Ltd (JSPML). Directing the central bank to reconsider its decision on JSPL’s application, the court’s earlier order had noted that the RBI’s order dated 30.12.2019, vide which it had rejected JSPL’s application had “serious consequences” inasmuch as the “commitments undertaken abroad with the prior consent” of the RBI would go into default causing huge losses to JSPL. The judgment was passed by a Division Bench of Chief Justice DN Patel and Justice Jasmeet Singh in an appeal preferred by the RBI against the Single Judge bench remand order of Justice Jayant Nath.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.