SINGAPORE, 4 December 2023 — Duane Morris & Selvam LLP acted as the special international counsel to Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), ICICI Securities Limited and Motilal Oswal Investment Advisors Limited in their capacity as the book running lead managers on Texmaco Rail and Engineering Limited’s INR 7,500 million (US$ 89.9 million) qualified institutions placement of equity shares.
SINGAPORE, 28 November 2023 — Duane Morris & Selvam LLP acted as the international legal counsel to ICICI Securities Limited, DAM Capital Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) in their capacity as the book-running lead managers on ESAF Small Finance Bank Limited’s recent INR 4.63 billion (US$56 million) IPO, which also included concurrent private placements outside India, including in the United States. The bank’s equity shares were listed on the BSE and NSE.
Continue reading “Duane Morris & Selvam Advises on ESAF Small Finance Bank’s INR 4.63 Billion IPO”
SINGAPORE, 23 October 2023 — Duane Morris & Selvam LLP acted as the international legal counsel to ICICI Securities Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) in their role as the book running lead managers for the qualified institutions placement of equity shares by IDFC FIRST Bank Limited, for an aggregate amount of INR 30 billion (US$361 million).
SINGAPORE, September 20, 2023 – Duane Morris & Selvam LLP is pleased to announce the promotion of Wang Bei to special counsel. With her unique qualifications and experience, Wang Bei will continue to play a pivotal role in the firm’s efforts in the Asia-Pacific region, particularly in Myanmar, China and Singapore.
Continue reading “Duane Morris & Selvam LLP Promotes Wang Bei to Special Counsel”
By Leonard Loh (Selvam LLC)Takeaway: The issues of remoteness and what is in the reasonable contemplation of parties is a fact-sensitive exercise. Employers are thus encouraged to share with their main contractors (or main contractors with their sub-contractors) on the nature of the project and the potential knock-on effects of delay.
On 9 February 2023, the Appellate Division of the Singapore High Court issued its decision in Crescendas Bionics Pte Ltd v Jurong Primewide Pte Ltd and other appeals [2023] SGHC(A) 9. While multiple issues relating to causation, remoteness, quantification and apportionment were discussed, one significant finding was the adoption of the multi-year model by the Appellate Division in quantifying the amount of damages payable by the main contractor to the employer for delay.
The dispute arose over delays in the construction of Biopolis 3, a seven-storey multi-tenanted business park development in One-North envisaged as a research and development hub for biomedical sciences institutes and organisations, offering specialised facilities such as wet laboratories, chemistry laboratories and an animal facility (at [3]). Following a trial and appeal on issues of liability, it was adjudged that the construction of Biopolis 3 was deemed to be delayed, with the Employer being responsible for 173 days of delay and the Main Contractor being responsible for 161 days of delay. One of the delay claims asserted by the Employer against the Main Contractor was for post-completion net rental revenue loss sustained even after Biopolis 3 was completed. Continue reading “Multi-Year Modelling for Quantification of Delay Claims”
By Leonard Loh (Selvam LLC)Takeaways: Parties must properly consider and expressly provide for the law of the arbitration agreement, and not merely treat it as a given that the proper law of the arbitration agreement would invariably be the proper law of the contract as expressly chosen by the parties.
Summary
On 6 January 2023, the Singapore Court of Appeal, being the highest Court level in Singapore, issued an illuminating judgment in Anupam Mittal v Westbridge Ventures II Investment Holdings [2023] SGCA 1 (“Anupam Mittal”) on a key question that has not been dealt with definitively. The question posed to the Court of Appeal is as follows: what system of law determines, at the pre-award stage, whether a dispute is arbitrable or not.
The Singapore Court of Appeal endorsed the “composite approach”. The question of arbitrability is “in first instance, determined by the law that governs the arbitration agreement”. Notwithstanding, if the law of the seat regards a dispute as being non-arbitrable, the said law of the seat will also be applied to render the dispute non-arbitrable (at [55]). A Singapore court is allowed take cognisance of both the law of the arbitration agreement and the law of the seat because, in the Court of Appeal’s view, section 11(1) of the International Arbitration Act 1994 (the “IAA”) requires a Singapore court to have regard to local and foreign public policy. Continue reading “Re-Emphasis on Early Recourse to Legal Counsel to Avoid Pitfalls in Arbitrability and Governing Law”
In recent years, Singapore has attracted large inflows of wealth to be managed here, establishing its status as a leading wealth management hub in the region. This is largely thanks to the rule of law, economic and political stability, welcoming investment climate and business-friendly environment in Singapore, which have all played a pivotal role in attracting high net-worth individuals to invest in Singapore.
According to the Global Family Office Compensation Benchmark Report recently published by KPMG Private Enterprise and family office consultancy Agreus, it is estimated that 59% of the family offices in Asia are located in Singapore. The number of single family offices (“SFOs”) in Singapore has leapt from 700 in 2021 to 1,100 as of the end of 2022. Continue reading “Updates to the Application Criteria for Family Offices under the S13O and S13U Tax Incentive Schemes”
I. Introduction
The Monetary Authority of Singapore (“MAS”) published the “Response to Feedback Received on Proposed Regulatory Measures for Digital Payment Token Services (Part 1)” (“MAS’ Response to the October 2022 Consultation Paper”) on 3 July 2023, announcing new measures for Digital Payment Token service providers (“DPTSPs”) with regards to the safekeeping of customers’ digital assets. The lack of protection and segregation of customer deposits appear to be the chief concern that MAS intends to tackle with their new slate of measures. It is hoped that with the stricter rules in place, it will reduce the risk of loss or misuse of customers’ assets by DPTSPs and facilitate customer’s fund recovery in the event of a DPTSP’s insolvency. This proactive approach demonstrates Singapore’s commitment to creating a more secure environment – taking lessons from the past experiences of renowned crypto exchanges like Voyager and Celsius. These developments lay the foundation for a resilient and trusted crypto space in Singapore. Continue reading “Monetary Authority of Singapore’s Proposed Measures to Regulate DPTSPs and Enhance Customer Protection”
SINGAPORE, 12 July 2023 ― Duane Morris & Selvam LLP is pleased to announce the appointment of director Ramiro Rodriguez as the head of its mergers and acquisitions (M&A) department and its funds industry practice. With this strategic appointment, Duane Morris & Selvam reinforces its commitment to delivering exceptional legal services and further strengthening its position as a trusted advisor in the industry. Continue reading “Duane Morris & Selvam Appoints Ramiro Rodriguez Head of Mergers and Acquisitions Department and Funds Industry Practice”
New Incentives for Family Offices
At the 50th anniversary of the Association of Banks in Singapore (“ABS”) last Friday, Senior Minister and Monetary Authority of Singapore (“MAS”) chairman Mr. Tharman Shanmugaratnam announced that improvements will be made to the tax incentive scheme for single family offices (“SFO”) in Singapore. These include providing tax privileges, incentives or grants for contributions to charity, channelling capital towards blended finance and investing in the mitigation of global climate change. Further details of these will be announced by the MAS in July.
