Photo of Smruti Shah

Partner in the General Corporate Practice at the Mumbai office of  Cyril Amarchand Mangaldas. Smruti specialises in foreign investments into India, public and private mergers & acquisitions, joint venture and the SEBI Takeover Regulations. She has advised top tier Indian as well as foreign companies, private equity players and the promoters and understands the deal dynamics from the investor’s and the target’s perspective.

She is core member of the firm’s Germany Desk. Smruti is also a qualified Company Secretary. She can be reached at

ESG and M&A

In recent years, investors and customers alike have been gung-ho about ESG, so much so that it has found its way into day-to-day commercial lingo. The term ESG stands for Environmental, Social and Governance and refers to three key factors when measuring sustainability and the ethical impact of an investment in a business or company.[1]Continue Reading Interplay between ESG and M&A transactions: Key factors to consider


The Securities and Exchange Board of India (SEBI) came out with its consultative paper on “promoter reclassification/ promoter group entities and disclosure of the promoter group entities in the shareholding pattern[1] to seek public comments on November 23, 2020.

The topic of promoter reclassification has been a talking point since 2015, wherein the power to reclassify promoters laid in the hands of the company, rather than the promoter. Therefore, it was observed by SEBI that the process provided too wide a net to alter the tag of a “promoter”. Hence, in 2018, SEBI revamped the procedure and came out with the now inserted Regulation 31A of Listing Obligations and Disclosure Requirements Regulations, 2015.