Duane Morris and Selvam – Page 9 – Duane Morris and Selvam

May 27, 2021 by Duane Morris & Selvam

Duane Morris & Selvam acts on Affle’s INR 6 billion (US$82 million) QIP

SINGAPORE, 25 May 2021 – Duane Morris & Selvam LLP acted as international legal counsel to Axis Capital, Nomura and UBS, in their role as the book running lead managers, on the sale of INR 6 billion (US$82 million) of equity shares in Affle (India) Limited in a qualified institutions placement, including concurrent private placements outside India.

Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagement, acquisitions and transactions through mobile advertising, as well as platform aims to enhance returns on marketing investment through contextual mobile ads and also by reducing digital ad fraud.

The Duane Morris & Selvam team was led by Jamie Benson, the head of the firm’s US capital markets and India practices, and also included Zabrina Hamid, Wang Bei, Justin Santarosa, Jacob Low and Yeo Ming Ze.

Induslaw acted as Indian counsel to Affle and J. Sagar Associates acted as Indian counsel to Axis Capital, Nomura and UBS.

About Duane Morris & Selvam

Duane Morris & Selvam LLP is the joint law venture between Duane Morris LLP and Selvam LLC, with its headquarters in Singapore. By way of its global platform and extensive range of legal services, the firm helps companies conduct business in and out of Asia, the United States, Latin America, the United Kingdom and beyond. In addition to the excellent skills of its lawyers, clients benefit from the cultural fluency and key relationships that the firm has developed over many years of practising law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City as well as offices in Shanghai and Yangon. Supporting these regional offices, the firm operates a series of country desks for India, Indonesia, Korea and Japan, as well as an alliance in Sri Lanka. It is regularly ranked among the region’s leading law firms by Chambers & Partners, The Legal 500 and IFLR1000.

May 11, 2021May 11, 2021 by Duane Morris & Selvam

To Hedge or not to Hedge? That is the (mitigatory) question.

Hedging contracts are well established in the Oil & Gas industry. It is a common risk management measure used to reduce a party’s exposure to the constantly fluctuating oil prices. Essentially, under a hedging contract, companies can establish their prices at a fixed price through a commodity swap or option. Hedging contracts are second nature to the industry, and most traders would not give a second thought as to whether such arrangements are reasonable. However, it was this very issue that was put forth before both the High Court and the Court of Appeal in Apex Energy International Pte Ltd v Wanxiang Resources (Singapore) Pte Ltd [2020] SGHC 138. The Singapore Courts had to determine whether, following a breach of contract of sale, whether a hedging arrangement was a reasonable mitigation in the quantification of the aggrieved parties losses. We successfully acted for Apex Energy in proving that a hedging arrangement is a reasonable mitigation measure.

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May 3, 2021May 3, 2021 by Duane Morris & Selvam

Best Lawyers Singapore 2022 recognizes Duane Morris & Selvam Partners

Singapore, 3 May 2021 – Duane Morris & Selvam is pleased to announce that 5 of our partners have been recognized across 8 practices in the 2022 edition of Best Lawyers. Best Lawyers is a peer review guide to the legal profession and lawyers are nominated by their peers.

Arbitration and Mediation	· Sarbjit Singh Chopra
Banking and Finance	· Arfat Selvam
Capital Markets Law	· Gerard A. Hekker · Jamie Benson · Krishna Ramachandra
Corporate Law	· Arfat Selvam
Mergers and Acquisitions Law	· Arfat Selvam · Krishna Ramachandra
Mutual Funds	· Arfat Selvam
Private Equity Law	· Krishna Ramachandra
Private Funds	· Arfat Selvam

About Duane Morris & Selvam

April 21, 2021May 24, 2022 by Duane Morris & Selvam

Duane Morris & Selvam acts on IDFC First Bank’s INR30 billion QIP

SINGAPORE, 21 April 2021 – Duane Morris & Selvam LLP acted as international legal counsel to ICICI Securities Limited, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, JM Financial Limited and UBS Securities India Private Limited in their role as the book running lead managers on the sale of INR 30 billion (US$400 million) of equity shares in IDFC First Bank Limited in a qualified institutions placement (QIP), including a concurrent US private placement.

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April 15, 2021April 25, 2023 by Duane Morris & Selvam

SPAC Listings

Special purpose acquisition companies (SPACs, or “blank check” companies), which are shell companies set up with the sole purpose of raising funds through an initial public offering (IPO) to acquire an existing target company, have seen a dramatic rise in the past year. High levels of liquidity and persistently low interest rates, coupled with a growing appetite among investors for higher-yielding investment opportunities, have fuelled the rising interest in SPACs. According to resource website SpacInsider, which tracks these investment vehicles, 248 SPAC IPOs were completed in the last year alone, raising US$83 billion, compared with 216 from 2009 to 2019. This article discusses the features of SPACs, its benefits and risks, trends in Asia as well as the future for SPACs in Singapore.

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April 14, 2021 by Duane Morris & Selvam

The Importance of Proper Drafting in relation to Construction Contracts

The addition of Section 17(2A) to The Building and Construction Industry Security of Payment Act (“SOPA”), which came into effect on 15 December 2019, and the recent Court of Appeal decision in Orion-One Residential Pte Ltd v Dong Cheng Construction Pte Ltd [2020] SGCA 121 (“Orion-One”) highlights the importance of proper drafting in relation to construction contracts.

Section 17(2A) of the SOPA compels an adjudicator to disregard any claim for damage, loss or expense that is not supported by: (a) any document showing agreement between the parties on the quantum of the said claim; or (b) any certificate or other document that is required to be issued under the contract. While exception (a) very much depends on the negotiations between the parties, exception (b) is, to a certain extent, within the control of the party drafting the contract.

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April 14, 2021April 14, 2021 by Duane Morris & Selvam

건설계약에서 제대로 된 초안 작성의 중요성

제17조 (2A)를 2019년 12월 15일부터 시행된 건축 및 건설업 지불 보증법(“SOPA“)에 추가한 것과 (2019년 12월 15일 발효), 최근 Orion-One Residential Pte Ltd v Dong Cheng Construction Pte Ltd [2020] SGCA 121(“Orion-One”)의 항소법원 결정은 건설 계약서를 작성할때 제대로 초안을 작성하는 것의 중요성을 강조합니다.

SOPA 제17조 (2A)는 재판자(adjudicator)가 (a)퀀텀에 따라 당사자 간에 합의를 보여주는 문서 또는 (b)계약에 따라 발행되어야 하는 인증서 또는 기타 문서로 뒷받침 되지 않는 손실/비용에 대한 청구를 무시하라고 강요합니다. (예외 사항: 당사자 간의 협상에 따라 매우 큰 차이가 있거나 계약 초안 당사자의 통제 하에 있을 경우)

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April 1, 2021April 5, 2021 by Duane Morris & Selvam

Jamie Benson included in India Business Law Journal’s A-List for three consecutive years

SINGAPORE, 1 April 2021 – Duane Morris & Selvam is pleased to announce that Director and Head of the U.S. Capital Markets and India Practices, Jamie Benson, has been included the newly published India Business Law Journal’s A-List of Top 100 India focused lawyers at international law firms. This is the third year in a row that Jamie has been included in the list after he was named in the inaugural A-List in 2019.

The International A-List is based on extensive research conducted by the India Business Law Journal and based on the independent collective views of in-house counsel and private practice lawyers in India.

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March 26, 2021April 25, 2023 by Duane Morris & Selvam

Non-fungible tokens – the rising trend in the world of cryptocurrency?

Non-fungible tokens (“NFTs”), a type of digital asset, are the latest crypto talk in town. On 19 February 2021, the NFT featuring the iconic Nyan Cat meme was sold for US$590,000. Barely three weeks later, the world’s most expensive digital art and the most expensive NFT – Mike Winkelmann’s digital art piece “Everydays: The First 5000 Days” – was sold for US$69.3 million, becoming the third-highest auction price achieved for a living artist, after Jeff Koons’ ‘Rabbit’ stainless steel sculpture and David Hockney’s 1972 “Portrait of an Artist (Pool with Two Figures)” painting. On 22 March 2021, Twitter CEO Jack Dorsey’s first tweet was sold for US$2.9 million. Most recently, TIME Magazine has released three special edition NFT magazine covers for auction, featuring the topical questions “Is God Dead?”, “Is Truth Dead?” and “Is Fiat Dead?”

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March 26, 2021April 6, 2021 by Duane Morris & Selvam

Effective Estate Planning

The thought of estate planning often brings to mind your will and your legacy. As you have spent your entire life on the acquisition, management and preservation of your wealth of assets for the benefit of your loved ones you leave behind, shouldn’t you pay as much attention to the prudent distribution of your assets upon your demise to ensure that your wishes are effective in bringing about the desired result and minimize the burden on your loved ones who inherit your assets? Of particular concern here is the legacy involving real estate property and joint bank accounts. The key to effective estate planning is knowing how the manner of holding such assets in the first place affects the right to transfer them upon death.

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