Broadening the Shield: Evolution and Expansion of Press Note 3

Aishwarya Gupta, Associate, J. Sagar Associates
Pallavi Puri, Partner, J. Sagar Associates
Dhananjay Shahi, Head – Corporate Legal, Bharti Enterprises Ltd.

The Ministry of Corporate Affairs (“MCA”) has recently notified various amendments to enforce protectionist measures, which appear to resonate the objective behind the issuance of the famous (or rather, infamous) regulatory change introduced pursuant to the counter shattering effects felt by the Indian economy due to impact of COVID-19 i.e., Press Note No. 3 (2020 Series) dated April 17, 2020 by the Department for Promotion of Industry and Internal Trade (“DPIIT”), Ministry of Commerce and Industry (the “Press Note 3”) . The widely known Press Note 3, in a reactionary attempt to curb opportunist takeovers during the pandemic, had introduced a critical change to the foreign direct investment regime in India by requiring prior government approval for all foreign direct investment made by an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country. However, the ambiguity on the scope of Press Note 3, especially in light of the recent radical changes in the global geo-political and economic climate, necessitates a need to dive deeper into its continuing effect and the ramifications of such change.

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India Competition General June 2022 Vol.15, No. 59, Spring 2022

Aishwarya Gupta


Aishwarya has been practicing law since 2019 and is current working with the corporate team of JSA. She has worked primarily in the areas of asset acquisitions, business transfers, and domestic and cross border investments in unlisted companies. She also routinely works on other general corporate commercial transactions including advising start-ups in venture capital transactions and in relation to their operational activities.

Pallavi Puri


Pallavi has been practicing for close to about two decades. She specializes in Mergers & Acquisitions (both Listed and Unlisted), Private Equity investments and General Corporate Commercial and has represented domestic and multi-national companies in cross-border transactions across industry sectors, advising on Foreign Direct Investments, Joint Ventures, Technology Transfers and Commercial Contract Issues. She also has represented various strategic and financial investors, particularly Private Equity Funds and investee companies in a variety of investments and exits.

Dhananjay Shahi


Dhananjay is currently the Head – Corporate Legal at Bharti Enterprises Ltd. Prior to joining Bharti, he was the Deputy General Counsel at Flipkart where he was heading the M&A and Fintech legal functions. He is a diversely skilled in –house attorney with more than two decades of experience.

Bharti Enterprises Ltd.


Bharti Enterprises, is one of India’s first-generation corporations, with interests in Telecom, Space, Insurance, Real Estate, Hospitality and Food. Bharti Airtel Limited (Airtel), the flagship company of Bharti Enterprises, is one of the largest homegrown consumer brands to have emerged out of India and has grown to become a global communications solutions provider. Airtel ranks amongst the top three mobile operators globally and is India’s largest integrated communications solutions provider.

J. Sagar Associates


JSA is a leading national law firm in India. We are over 320 professionals operating out of our seven offices: Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and New Delhi. For over 25 years we have provided legal representation, advice and services to leading international and domestic businesses, banks, financial services providers, funds, governmental and statutory authorities, and multilateral and bilateral institutions. We are recognized as the Indian law firm that led and continues to lead in India a paradigm shift towards institutionalizing and professionalizing law firm ownership and management. This contemporary and modern approach is reflected in our work.

India Competition General June 2022 Vol.15, No. 59, Spring 2022

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