Photo of Faraz Alam Sagar

Partner (Co-Head - White Collar & Investigations) in the Disputes, Regulatory, Advocacy and Policy Practice at the Mumbai office of Cyril Amarchand Mangaldas. Faraz has significant experience in the areas of commercial litigation and investment dispute arbitrations. He regularly advises multinational corporations and financial institutions in a wide range of contentious disputes including investigations, litigation and regulatory enforcement proceedings in India. Faraz also has considerable expertise in telecom disputes, white-collar, forensic and corporate espionage investigations. He can be reached at faraz.sagar@cyrilshroff.com

 

Navigating ESG Compliance: Lessons from Recent Trends and the Santos Case

In an era marked by growing environmental consciousness and regulatory oversight, companies across the globe are facing heightened scrutiny over their sustainability claims. The recent lawsuit[1] against Santos Ltd., a major Australian energy company, serves as a wake-up call for corporations navigating the evolving landscape of Environmental, Social, and Governance (ESG) compliance. This article explores key takeaways from this landmark case, highlights the current ESG regulatory framework in India, and provides practical guidance for companies and investors to avoid similar pitfalls.Continue Reading Navigating ESG Compliance: Lessons from Recent Trends and the Santos Case

Scope of summoning Indian nationals for virtual testimonies by Securities and Exchange Commission- Legal limits by local laws and international cooperation framework

Introduction

International law enforcement authorities are increasingly relying on mutual cooperation to obtain evidence or information outside their jurisdictional authority. Conducting joint investigations into prospective securities law violations, spanning countries, is also becoming common practice. This article discusses the scope and powers of the United States Securities and Exchange Commission (“SEC”) to seek/ obtain documents and witness testimonies from an Indian national involved in potential securities law violations abroad, which may have implications in the United States.Continue Reading Scope of summoning Indian nationals for virtual testimonies by Securities and Exchange Commission- Legal limits by local laws and international cooperation framework

US-India discussion on Sanctions: Indian Companies to remain diligent about Sanctions Compliance

Recent actions: Russia-related sanctions

On October 30, 2024, the United States (“US”) Department of Treasury’s Office of Foreign Asset Control (“OFAC”) sanctioned 19 Indian companies and 2 Indian individuals under its Russia-related sanctions program under the Executive Order (“EO”) 14024. This action was in the nature of imposition of secondary sanctions on third-country actors to discourage non-US persons from engaging in certain transactions, even without a US nexus, that might be harmful to the objectives of the US sanctions programs.Continue Reading US-India discussion on Sanctions: Indian Companies to remain diligent about Sanctions Compliance

Ripple Effect of Sanctions- II: Recent Iran-related sanctions imposed by the United States

Background

In the previous blog published on November 19, 2024, we had discussed the United States (“US”) Office of foreign Asset Control (“OFAC”) sanctioning nearly 400 entities and individuals for their contribution to Russia’s efforts against Ukraine and the implications of this action on Indian businesses. The US has since imposed sanctions on several entities under its Russia-related sanctions program as well as under its other sanctions programs. There has also been a major focus on the Iran-related sanctions program.Continue Reading Ripple Effect of Sanctions- II: Recent Iran-related sanctions imposed by the United States

Ripple Effect of Sanctions: How US Measures against Russia affect Indian Businesses

Background

The ongoing tensions surrounding the Russia-Ukraine conflict have led to significant geopolitical shifts, particularly in the realm of international sanctions. In response to Russia’s military invasion of Ukraine, the United States (U.S.) had implemented a series of sanctions to curtail Russian influence and capabilities. A pivotal moment in this effort was the issuance of Executive Order 14024 (“EO 14024”) on April 15, 2021, by President Joe Biden.Continue Reading Ripple Effect of Sanctions: How US Measures against Russia affect Indian Businesses

Time to harmonize AML control systems for global, commercial Indian companies

Introduction

For many global organisations, finding the right balance between having global, unified compliance programs, and the need to address local legal and compliance risks, is a challenge. In this blog, we will address the challenge that money laundering and related issues presents to Indian companies operating in Europe.Continue Reading Time to harmonize AML control systems for global, commercial Indian companies

Navigating OFAC Sanctions: Insights for Indian Businesses and Banks

As sanctions regimes become highly objective oriented, the Office of Foreign Asset Control (OFAC) is focused on ensuring enforcement and targeting entities involved in violating the sanctions, irrespective of their nationality. The inherent complexity, supplemented by an objective-focused approach, makes sanctions compliance even more important in today’s geopolitical climate. On June 12, 2024, the U.S. Department of the Treasury (Treasury Department) unveiled a comprehensive set of anti-money laundering measures aimed at enhancing transparency and preventing illicit financial activities. These measures, along with the OFAC advisory, bring significant implications for financial institutions worldwide by expanding grounds for imposing sanctions against Foreign Financial Institutions (FFIs) and limiting the provision of certain software technologies to Russia.[1]Continue Reading Navigating OFAC Sanctions: Insights for Indian Businesses and Banks

EU’s Anti-Corruption Package: Insights and Recommendations for Indian Businesses

Corruption and bribery[1] are often a cross-border phenomena. Accordingly, since the early 1990s, various countries around the world have joined global efforts to combat corruption collectively. Recently, European Union (“EU”) policymakers have decided to take that combat to the next level, increasing the collaboration between European Member States, and by harmonizing the European anti-bribery regime.Continue Reading EU’s Anti-Corruption Package: Insights and Recommendations for Indian Businesses