AZB, FoxMandal advise on Protivitis dual-deal

Protiviti Inc., USA a leading global risk and business consulting and internal audit firm has acquired through its Indian subsidiary – Protiviti Consulting Private Limited the internal audit and risk consultancy practice of JC Bhalla and Co., a leading accounting firm..The transaction included an acquisition by Protiviti Consulting Private Limited of 100% share capital in CS Advisory India Private Limited, and further subscription in CS Advisory which is also engaged in the business of providing internal audit services and risk management solutions..FoxMandal Little advised Protiviti, USA and Protiviti Consulting Private Limited, India with a team led by Partner Sudish Sharma and Senior Associate Jyoti Virmani..Speaking about the transaction Partner Sudish stated, “The transaction involved certain purchase of assets, downstream investment and non-compete obligations which were structured to comply with the provisions of applicable law”..AZB & Partners advised the sellers i.e. JC Bhalla & Co. and CS Advisory with a team led by Partner Sunila Awasthi along with Senior Associate Rachit Bahl and Associate Sumit Ghoshal..The LiveMint, a financial daily states that Protiviti Consulting Private Limited, the Indian subsidiary of US-based Protiviti Inc., has acquired the 68-year-old family-run chartered accountancy firm JC Bhalla and Co. for an undisclosed sum. The acquirer has absorbed the internal audit division and plans more acquisitions in this field in the coming year. JC Bhalla will continue to provide tax services and external audit services separately.