TT&A advised DSP Investment Managers Private Limited (DSPIM) and DSP Asset Managers Private Limited (DSPAM) in the demerger of their asset management business by way of a scheme of arrangement under Section 230 to 232 of the Companies Act, 2013. This demerger is a first of its kind transaction in the mutual funds asset management sector and so involved a detailed application and approval process with SEBI.

Our role involved: 

1. drafting the scheme of arrangement and all ancillary documents; 
2. managing the entire NCLT process from filing of applications to obtaining the final approval order; 
3. drafting applications for obtaining approvals from SEBI and other foreign regulators in relation to the demerger; 
4. amending the existing trust deeds and investment management agreements of DSPIM to reflect the demerger; and  
5. advising on various miscellaneous issues such as a retrospective appointed date, stamp duty on transfer of share capital, transfer of ESOP schemes etc

 TT&A Team: Kunal Thakore & Neville Golwalla  – Partners