Mergers and acquisitions (“M&A”) are a permanent feature of markets globally, and India is no exception. The nature and scale of M&A are reflective of global economic conditions, and hence prevalent trends in M&A are indicators of underlying of economic causes. According to VCCEdge, the year 2020 recorded 693 deals worth $46.22 bn., second highest deal value in the last 5 years.
Tax has long been a key factor governing and guiding the shape of India-focused M&A. With global changes in tax law, and paradigm shifts in global and Indian tax policy, administration and adjudication, the role of tax as a strategic planning tool in M&A is only expected to increase.
Hence, the importance of tax in M&A simply cannot be understated. Careful attention to tax issues at an early stage in the M&A process can help minimize future tax uncertainty and litigation. Proper attention to tax policies, systems and litigation also remains crucial to the overall success of M&A deals, and can be usefully leveraged to add value, reduce costs and manage risks.
Deal counsel advisory and practitioners must weigh the tax implications involved in structuring earnouts and other deferred payments in connection with an M&A transaction.
This training course is specifically designed to address the legal and regulatory considerations surrounding PE & M&A deals. It will provide participants with an in-depth analysis on tax due diligence, pricing, planning and negotiating the (tax) deal and acquisition tax planning along with covering the legal, tax and commercial consequences arising from cross-border mergers and acquisitions (M&A) and transactions.
Key Takeaways:
Who should attend?
Trainer: Kunal Shah, Partner, Price Waterhouse & Co LLP.
Trainer: Sridhar Ramachandran, Partner, Grant Thornton India & Subham Kumar, Director, Grant Thornton Bharat LLP
Trainer: Sridhar Ramachandran, Partner, Grant Thornton Bharat LLP & Subham Kumar, Director, Grant Thornton Bharat LLP
Trainer: Anil Talreja, Partner, Deloitte India
Trainer: Anish Sanghvi, Partner, Price Waterhouse & Co LLP
For a successful cross-border merger or acquisition, compliance with the laws of two or more countries and international customs and treaties is also required. One of the most complex aspects of the cross-border M&A is the taxation of the transaction. A substantial number of cross border mergers and acquisitions have taken place in India in the recent past and the current circumstances can further lead to cross border mergers and acquisitions. This session will cover the tax aspects of cross border transactions.
Trainer: Suraj Malik, Managing Partner & Founder, Legacy Growth Partners LLP
Anil is a Partner with the Deloitte Tax group. He has over twenty years of experience in the taxation department and has been seconded to the London office of Deloitte where he has obtained international work experience.
Anil has worked with the Deloitte M&A Tax and Global Oil and Gas Tax team whilst on secondment in London. He specialises in matters under the direct tax laws which have been in force in India, including international taxation. He has also been involved in conducting tax due diligence and tax structuring assignments of various clients including listed companies in India and has been providing tax structuring advise to several upstream companies in India with regard to their outbound investments.
Sridhar has over 24 years post qualification experience in tax and regulatory matters. A significant part of his career was spent in Delhi where he gained expertise in dealing with complex and varied tax and regulatory matters of multinational corporations. He shifted to Chennai in 2006 and prior to joining the Firm, ran a boutique consulting firm which specialized in tax, regulatory and M&A functions.
Sridhar is a tax partner in Grant Thornton LLP where he is responsible for the tax practice of Chennai and Kochi offices. He also responsible for the Transaction Tax practice of the firm for South India. Some of his key experiences include:
Sridhar is a regular speaker at forums across India, including the ICAI, ICSI and various trade/professional bodies where he speaks on foreign direct investment policy, exchange control law, special economic zones and income-tax law. He has contributed to Policy making on the Special Economic Zone laws across state and central government agencies.
He is the author of a book on Exchange Control Law in India published by Bloomsbury.
Subham is a member of the Institute of Chartered Accountants of India having over 10 years of post-qualification experience in corporate tax, international tax and India regulatory matters.
Subham has worked extensively in the field of domestic and international tax advise, litigation support including advance ruling for cross border transaction, taxation due diligence support, M&A related advisory & implemented support.
Subham has assisted various multinational and Indian clients across sectors such as including Financial Services, manufacturing, automobile, software & ITES, pharmaceuticals, real estate, media and engineering on matters relating to business restructuring, domestic and international taxation advisory.
Sridhar is a director in tax practice in Grant Thornton LLP where he is works on the transaction tax assignment in South India. Some of his key experiences include:
Subham is a regular speaker in at professional bodies such as the ICAI, ICSI and various trade / professional bodies where he speaks on Foreign Direct Investment Policy, Exchange Control Law, International tax and Income-tax law.
Anish is a partner in Price Waterhouse & Co LLP and focusses on income-tax and regulatory matters.
Anish advises MNC and domestic clients on Indian and international tax, inbound investment advisory and corporate tax (with a focus on real estate, infrastructure and Private Equity funds), helps them put in place investment structures, enter joint ventures, reorganise their business and conduct tax due diligence. Anish also advises on exchange control regulations, corporate and other regulatory laws. He is also been actively involved in advising private equity and venture capital fund clients on structuring their pooling vehicles, including conducting jurisdiction analyses and structuring and reviewing documents.
He has wide experience in advising real estate and infrastructure clients on evaluation of joint development agreements and advising on EPC contracts as well as in restructuring their groups and M&A transactions (e.g., funding profit extraction strategies and obtaining regulatory approvals).
Anish is a Commerce graduate and a member of the Institute of Chartered Accountants of India.
Kunal Shah has over 14 years’ experience in the field of Indian tax and regulations.
He advises clients in the private equity and venture capital space (domestic and foreign), including real estate, infrastructure and debt funds, onshore and offshore fund structures, distribution waterfall, structuring of earned interest and tax due diligence. He has wide experience in the area of laws including Income tax, Corporate law, Foreign Exchange laws, FDI Policy, SEBI regulations, NBFC regulations, etc.
Kunal helps clients obtain regulatory approvals and tax certificates for investments or exits, and advises them on tax due diligence, and restructuring of their Indian businesses, profit repatriation strategies and capital structures, including waterfall sharing and transaction-related tax negotiation, at the time of exits, etc. He also advises NBFCs, portfolio managers, stock broking organisations, mutual funds, merchant banks, asset management companies, etc., on tax and regulatory matters. In addition, he works closely with leading financial services players and industry bodies in their representations to policy-makers and tax authorities.
Kunal has a postgraduate degree in Law and is also a Chartered Accountant.
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