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P&A Law Offices appointed as Legal Advisors alongside CAM for IL&FS

Team SoOLEGAL 24 Oct 2019 12:15pm

Image courtesy: Livemint.com P&A Law Offices appointed as Legal Advisors alongside CAM for IL&FS

The new Board members of the entangled infrastructure company IL&FS have appointed P&A Law Offices as the new legal advisor for their company. The P&A Law Offices will work close at hand with Cyril Amarchand Mangaldas (CAM) to advice the company over its legal matters, as reported by the Indian Express.

The appointment of P&A Law Offices as legal advisors to IL&FS alongside CAM have been made by the new board members after the Serious Fraud Investigation Office (SFIO) directed CAM to share with them all the relevant information concerning its involvement and advice to the tormented infrastructure company IL&FS and its other group companies. 

An anonymous board member mentioned that "The board has appointed another attorney, Anand Pathak, and his firm, P&A Law Offices. However, CAM will also continue. While CAM will provide the background as they have knowledge of the past, the new firm will bring balance to the table."   

The decision has reportedly been taken while encompassing the assertions of conflict of interest with respect to CAM and the government proposing to the IL&FS Board to bring about a change.

P&A Law offices was Established in 1996 by its Managing & Founding Partner Mr. Anand Pathak. Practice areas of the firm include Competition; Joint Venture; Litigation; M&A; Outsourcing; Private Equity. The firm has substantial Indian and international legal practice experience. The clients represented by the Firm include large Indian conglomerates, major Indian and international banks, Fortune 500 and multinational corporations, and governmental organizations.

IL&FS Financial Services, a group company, defaulted in payment obligations of bank loans (including interest), term and short-term deposits and failed to meet the commercial paper redemption obligations due on September 14. On September 15, the company reported that it had received notices for delays and defaults in servicing some of the inter-corporate deposits accepted by it. Consequent to defaults, rating agency ICRA downgraded the ratings of its short-term and long-term borrowing programs. 

The defaults further jeopardized hundreds of investors, banks and mutual funds associated with IL&FS. The defaults sparked panic among equity investors even as several non-banking financial companies faced turmoil amid a default scare. 

Tagged: IL&FS   P&A Law Offices   CAM  
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