Legal Structuring

Restructuring of the company by transforming it to a Holding Company with 5 subsidiaries

This is a case where a publicly listed and traded company underwent restructuring, where the listed entity converted into a Holding Company and incorporated five specialized subsidiaries. This involved internal processes and other external processes and approvals from Stock Exchange, Ministry of Commerce, Commercial Registrar, no objection from creditors and the Bankers.

The drafting of the law converting the corporation into a Public Joint Stock Company

Post the enactment of Telecommunication law, incorporation of a competition company and the resultant approach of international expansion, the need arose for the corporation to be autonomous and take a more commercial approach in its operations. Moreover, as a result of international expansion and the aspiration to be one of the ten biggest telecom operators, the corporation needed to wring fence the national assets and network and separate the international operations.

A project for the restructuring of the hybrid organization and conversion thereof into a Public joint Stock Company. This started by drafting the Conversion Bill and working with a team of international management, financial and legal consultants for the restructuring process.

The process involved segregation and division of assets and segregation of accounts and ownerships, constitution of Boards and designing the lines of reporting and management.