Issue #14 : What’s happening in India?!

Written By Overheard in Asia

Welcome to the #14 edition of Overheard in Asia!
 
Here are the latest 🌶  legal headlines:


Ling Yah

P/S: Know of any interesting seminars happening? Drop us a note at editor@overheard.asia!

Honour Thy Promise

Japanese Pharma company Mitsubishi Tanabe (“Mitsubishi”) just became $940 million richer. 

🤔 Background

In September 1997, Mitsubishi signed an out-licensing agreement Mitsubishi signed with Switzerland’s Novartis. Novartis was granted worldwide development, Japanese co-development rights & a marketing license to FTY 720 (fingolimod hydrochloride) - a drug treatment for multiple sclerosis most commonly known as “Gilenya”.

Gilenya became Novartis’ 3rd biggest drug by sales, generating $2 billion last year alone.

But in 2019, Novartis filed a request for arbitration against Mitsubishi, claiming that the latter wasn’t entitled to certain royalties under the Agreement based on product sales in the USA, Europe and other jurisdictions (“Royalties”).

✍🏻 Honour Thy Promise

In February 2023, Mitsubishi defeated Novartis’ $3 billion ICC claim.  

The arbitration tribunal held that Mitsubishi was entitled to its Royalties & Mitsubishi has already said that it’ll be revising its revenue forecast for this quarter by ¥126 billion ($938.4 million) thanks to its arbitration win. 🔥

P/S: Mitsubishi also won ¥3 billion in arbitration-related costs from Novartis. Not too shabby for a 3-year arbitration battle!

The Chilling Effect

Gautam Adani was once the world’s 3rd richest man & friend to the Indian Prime Minister.

His $200 billion empire covered India’s largest private port in Mundra ⚓️, airlines ✈️ , media networks, food production, apples & also the controversial Carmichael coal mine.

Then 24 January 2023 came.

Hindenburg Research issued a report called “How the World’s Third Richest Man is Pulling the Largest Con in Corporate History”, accusing the Adani Group of inter alia stock manipulation & accounting fraud.

The Adani Group lost USD 120 billion of its value.

Silencing Critics

One of the Adani Group’s most notable critics was Paranjoy Guha Thakurta - a veteran Indian investigative reporter for half a century, published author and experienced debater on live television

Paranjoy vanished from public life due to 6 defamation lawsuits against him by the Adani Group, and a severe gag order that prevents him from writing or speaking about Gautam Adani or the Adani Group in a way that’s contrary to his business interests.

The Adani Group has also commenced legal action against 2 Indian broadcast television journalists and an Australian environmental activist for defamatory statements made.

Is the pen mightier than gold?

Given Gautam’s close ties to the Prime Minister, continued support from state investors like Israel & Abu Dhabi and ownership of strategic assets, the Adani Group might be around for quite some time.

 

But keep a close eye!

Google Troubles

India's been nothing but trouble for Google these days & Epic Games is leading the charge.

😮 ICYMI
Epic Games - developer of popular computer game “Fortnite” and one of the biggest video game & software development companies in the world - is suing Google in New Delhi’s National Company Law Appellate Tribunal (NCLAT) for failing to comply with antitrust regulations.
Specifically, Google's alleged contempt of Remedial Directions by the Competition Commission of India ("CCI") to allow users to host and download rival app stores via Google Play Store. A practice also known as freeloading. 

🤔 Background to Google's troubles in India
In October 2020, CCI accused Google of exploiting its dominant position in Android in India. 97% of smartphones ran on Android!
Google was ordered to allow competing third-party app stores on Play Store & the Indian Supreme Court later upheld the CCI directive. 

😳 However...
Epic Games claims that Google hasn't done so.
It's also launched lawsuits against Google in the US, UK and Australia.
It's game on for these 2 giants. 😎

Spotlight - Katie Chung (Partner, Norton Rose Fulbright)

⚒️ What do you do?

I am currently a partner in the dispute resolution team in Norton Rose Fulbright based in Singapore. I specialise in international arbitration with an Asian nexus, and work on both commercial and investor state arbitrations across a broad range of sectors, including aviation, cryptocurrency, energy (including O&G, power generation, renewables), FMCG, financial institutions, infrastructure, technology and telecoms. 

Apart from acting as lead counsel in international arbitrations, I regularly sit as arbitrator and have done so in international arbitrations seated in Singapore or Hong Kong, conducted under either the ICC Rules, SIAC Rules, or the HKIAC Rules.

🏆 What is your proudest achievement?

Professionally, my proudest achievement so far is probably going through the partnership interview process during the pandemic year in 2020 and then making partner in an international law firm.

Aside from work, learning how to scuba dive and climbing Mt Rinjani in Lombok are, personally, some of my noteworthy achievements to date.


⌛ There are now 25 hours in a day! How do you spend your extra hour?

Assuming I have an extra free hour, I spend it either exercising (e.g. playing tennis, running outdoors, or working out in the gym), or getting a bit more sleep.

  
🚀 If you weren't a lawyer, what would you do?

Since the age of 12, I have always wanted to be a dispute resolution lawyer, so this is a difficult question! On hindsight, if I wasn’t a lawyer, I could have been in consultancy or be a venture capitalist (assuming I have the funds) – both roles apply somewhat similar analytical skills as a lawyer.


😋 Your favourite food haunt (bonus points if it's off the beaten track!)

There is a French crêperie in Hampstead, London, called La Crêperie de Hampstead, that I head to at least once whenever I am in London. It's run by two French chefs who make both savoury and sweet crepes till 11pm each day. 

Examples of savoury ones (most of which include generous, heaped, shavings of gruyere cheese) include spinach and ham; mushroom, garlic and ham; ham and egg), and sweet ones include those with Belgian chocolate pellets (choose from white, milk or dark chocolate) melted over the crepe and can be mixed with nuts or bananas.

There is no seating available save for the few public benches along the high street so it’s best to go when the weather is good (i.e. no rain). Amusingly, all restaurants in the vicinity do not allow customers of the French crêperie to bring in crepes into their restaurants (hence my tip to go in good weather).

In my view, the crepes from this French crêperie are probably the best I’ve ever had, including those in France.


*This interview has been edited for clarity and brevity.

Food Feature

You can't go wrong with Thai food. 

And if you're ever in Singapore, we'd recommend popping by Folks Collective. There are tons of Thai comfort food to choose from. Try their Jumbo Crabmeat Yellow Coconut Curry, Trio Pork Platter, Fried Lamb Meatballs and Coconut Pudding Cups.

If you’re eating solo, they offer lunch sets in their signature Tiffin trays. These sets can be made meatless too!

Details: Facebook, Google Maps, Website

Are you a student or young lawyer?

Want to get involved in helping to run Overheard? Meet senior practitioners? Do legal research with real world impact?

We're always looking for bright, young talent like yourself so if you're interested, give us a holler at editor@overheard.asia! 

Special thanks to Overheard in Asia's sponsor:

David Grief was described as "the Law's Middleman" (Business Times, 2021). You can reach out to him at dg@davidgrief.com if you need help identifying the right lawyer, arbitrator or expert for your matters, or even if you just want to grab a drink 🍵🍺 with someone who has managed and mentored lawyers for almost 5️⃣0️⃣ years! 

Overheard in Asia
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