AZB teams up with local counsels to advise Bank of New York Mellon on Venus Remedies FCCB default

Bar & Bench September 10 2009

Bank of New York Mellon has filed a petition for winding up the Chandigarh based Venus Remedies after the latter defaulted on the redemption of the Foreign Currency Convertible Bonds (FCCB). Hedge funds D.E. Shaw and Citadel Investment Group have invested in the FCCBs.

BNY Mellon's local counsels Deepak Suri and Radhika Suri are being briefed by the Bombay offices of AZB & Partners. Sources inform us that Dispute Resolution Partner Rajendra Barot, assisted by Ananya Sharma, is instructing the Suris.

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