Deals in brief – November 2018

SBI lists green bonds MTNs

State Bank of India (SBI) completed a maiden green bond offering as well as Medium Term Notes (MTN) issue on the Global Securities Market (GSM) platform of Bombay Stock Exchange’s India International Exchange (India INX). India’s largest lender issued US$650 million in green bonds and raised US$10 billion from the MTN programme. J Sagar Associates (JSA) was the legal adviser to SBI on the offerings. The JSA team comprised joint managing partner Dina Wadia and partner Uttara Kolhatkar.

Court stays Hyundai fine

The Supreme Court stayed the Competition Commission of India’s (CCI) ₹4.2 billion (US$58 million) penalty on Hyundai Motor India (HMIL) for restricting supply of genuine spare parts. HMIL had approached the Supreme Court after the National Company Law Appellate Tribunal (NCLAT) refused to grant a stay on the CCI order and directed the carmaker to deposit 10% of the penalty imposed and to comply with the regulator’s directions with immediate effect. The stay on the CCI order has in effect also stayed the NCLAT Order. J Sagar Associates (JSA) acted as the legal advisor in HMIL’s appeal filed before the Supreme Court. The JSA team comprised partners Amitabh Kumar and Vaibhav Choukse, senior associate Ela Bali and associate Akansha Mehta.