Publications

The end of treaty shopping? How India’s Tiger Global judgment is reshaping PE and VC exit structures

The Supreme Court of India’s (Supreme Court) judgment in Tiger Global marks a significant development in the taxation of cross-border private equity (PE) and venture capital (VC) exits. Traditionally, PE and VC investors structured India-bound investments through intermediary holding companies set up in tax-friendly jurisdictions. These structures were widely accepted under earlier jurisprudence and provided meaningful certainty for international tax planning. Tiger Global departs from this tradition in important respects.

Released on Mar 13, 2026

Romania’s FDI screening regime - from security filter to strategic deal consideration

Romania’s FDI screening regime has evolved from a narrow national security safeguard into a central strategic consideration in transaction planning, due to its broad scope, low thresholds and assertive enforcement. With applicability extending to EU and domestic investors, and significant sanctions for non-compliance, FDI analysis has become a critical component of deal structuring and risk management.

Released on Mar 12, 2026

Navigating LLC exits in Ukraine - the right of withdrawal and its practical implications

The right to withdraw (exit) from a Ukrainian LLC is a nuanced legal instrument that simultaneously safeguards minority participants (shareholders) and preserves business continuity. This article offers a practical overview of the statutory thresholds governing withdrawal from an LLC, the procedural mechanics of an exit, available solutions for resolving 50:50 deadlocks, and the principles applicable to determining the fair market value of a participant’s share.

Released on Mar 12, 2026

Key risks and considerations in M&A transactions in Indonesia

Investors in M&A transactions in Indonesia should be mindful of key considerations that require close monitoring. In practice, M&A deals are risky due to regulatory and compliance requirements, particularly when they affect the licensing, reporting, corporate governance and control structure of target companies. This article aims to assist business actors in identifying the key risks in M&A transactions and understanding the practical implications across the transaction lifecycle.

Released on Mar 12, 2026