India: M&A/Private Equity

The Mumbai ITAT, in the context of the Sterling Holidays / Thomas Cook group restructuring, examined the tax neutrality of a demerger involving a non-conventional structure.

Cross-border Employee Stock Option Plans (ESOPs) have become an increasingly important component of global compensation strategies. As multinational corporations, Global Capability Centres (GCCs), private equity-backed businesses and internationally expanding startups continue to grow their operations in India, employee participation in foreign equity incentive plans has become commonplace.

When a private equity-backed company prepares for an IPO, founders and investors face critical alignment challenges around governance rights, exit mechanisms, and regulatory compliance. The transition from private to public markets fundamentally restructures board composition, shareholder protections, and decision-making authority, creating friction between contractual obligations and SEBI's transparency requirements. Understanding how to navigate these competing interests while maintaining business continu

For an early-stage founder, acceptance into an incubator or accelerator often feels like the first real validation of the business. It may bring workspace, mentors, grant access, technical support, investor introductions and credibility. But the document signed at that moment is rarely just programme paperwork. It can quietly become part of the company’s financing history, carrying equity, warrants, conversion rights, IP clauses, vetoes, reporting obligations and restrictions that a future investor will eventually diligence.

Merger and Acquisitions are in inherently complex transaction, often involving investments running into millions of dollars.

Phoenix Legal's Competition Monthly for June 2026 examines landmark rulings reshaping India's merger control and antitrust enforcement landscape. From the Supreme Court's jurisdictional constraints on the Competition Commission of India to critical determinations on aftermarket definitions and gun-jumping penalties, these decisions establish new precedents for corporate transactions and competitive conduct. How will these interpretations influence future regulatory strategy and compliance frameworks?

Private equity funds operate as pooled investment vehicles with typical lifespans of 10 to 12 years, where limited partners (“LPs”) commit capital upfront for deployment by the general partner (“GP”).

This edition of the Competition Law Newsletter highlights significant orders passed by the Competition Commission of India, including findings on bid rigging in Assam Police Housing Corporation tenders, investigations into vertical restraints in the commercial poultry sector, and dismissals of various anti-competitive conduct allegations. The newsletter also covers recent merger approvals and legislative amendments affecting competition law in India.

The Digital Personal Data Protection Act, 2023 (‘DPDP Act’) has altered how mergers and acquisitions are evaluated in India. What was once a routine ‘IT diligence’ item has now become a central driver of deal risk...