7 ASIAN LEGAL BUSINESS – OCTOBER 2023 WWW.LEGALBUSINESSONLINE.COM BRI EFS additional guidance from the CCI,” Nair says. The definition of SBO has been introduced given the increase in the number of technology and internet businesses in the country, which often go under the radar in the current regime. “Given the broad parameters for deal value calculation and SBO in India, there will likely be an increase in the number of transactions that may be notified to the CCI in the near future,” Nair says. WHAT STEPS CAN COMPANIES TAKE TO PREPARE FOR THE NEW MERGER REGULATIONS? Businesses looking to undertake M&A in India, particularly tech and internet companies, will have to re-align their calculation of deal value and business operations in the country in line with the proposed merger regulations. “Given some of the ambiguities surrounding the parameters for calculating deal values and SBO in India, one might see parties going back to the drawing board and finding the best way to navigate through some of these unchartered regulatory territories,” Nair says. An increase in notifiable transactions that is likely under the merger regulations, may also extend approval timelines for deals, Nair adds. “The CCI’s track record under the combination regime has been stellar, and CCI has typically approved transactions well within stipulated timelines. However, given the ambiguities around DVT and SBO, a larger number of transactions might be notified to the CCI, since parties may opt to notify transactions where there is a lack of clarity to avoid scrutiny; this, in turn, would likely add to CCI’s existing regulatory burdens and extend approval timelines since CCI’s resources might become fairly stretched due to an increased number of filings.” u WHO’S WHO AT BANKMAN-FRIED’S FRAUD TRIAL (Reuters) Sam Bankman-Fried’s trial places the former billionaire in a Manhattan courtroom alongside prosecutors steeped in financial crimes and political corruption cases, a veteran judge, and former friends and colleagues set to testify against him. Here’s who will play key roles during the trial, which prosecutors say could last up to six weeks: THE DEFENDANT Bankman-Fried, 31, has pleaded not guilty to charges of fraud and conspiracy over the November 2022 collapse of the FTX cryptocurrency exchange he founded three years prior. Prosecutors say he stole billions in FTX customer funds to plug losses at Alameda Research, a crypto hedge fund he owned. The Massachusetts Institute of Technology graduate rode a boom in the values of Bitcoin and other digital assets to an estimated $26 billion net worth and gained influence in Washington by donating millions to U.S. campaigns, before a wave of customer withdrawals led FTX to bankruptcy. THE PROSECUTORS The team of six prosecutors handling the case has been led by Danielle Sassoon and Nicolas Roos. Sassoon is known for prosecuting Lawrence Ray, a man convicted last year of sex trafficking and extorting New York college students. Roos led the prosecutions of former Rudolph Giuliani associates Lev Parnas and Igor Fruman, who were convicted of violating campaign finance laws. He also prosecuted Nikola Corp founder Trevor Milton, who was convicted in 2022 of lying to investors. The team is overseen by Damian Williams, the U.S. Attorney for the Southern District of New York. Williams’ prosecutions of Bankman-Fried and other former high-flying crypto executives such as Celsius’ Alex Mashinsky and TerraLuna’s Do Kwon have solidified his reputation as the top cop for digital assets. THE DEFENSE LAWYERS Mark Cohen and Christian Everdell of law firm Cohen & Gresser are leading Bankman-Fried’s defense. Both previously represented Ghislaine Maxwell, who was convicted in 2021 of recruiting and grooming teenage girls for abuse by Jeffrey Epstein. Cohen previously represented Peter Black, who in 2014 was found by a jury to be not liable on insider trading charges brought by the U.S. SEC. Everdell prosecuted Arthur Budovsky, a co-founder of digital currency firm Liberty Reserve who pleaded guilty in 2016 to helping cyber criminals launder money. THE WITNESSES Three former members of Bankman-Fried’s inner circle - former Alameda chief executive Caroline Ellison, former FTX technology chief Gary Wang and former FTX engineering chief Nishad Singh - are set to testify against him after pleading guilty themselves to fraud charges. Ellison, Bankman-Fried’s onetime romantic partner, met the defendant while they were both traders at Jane Street Capital and moved over to Alameda despite her skepticism about crypto. Bankman-Fried was jailed after sharing with a New York Times reporter some of Ellison’s personal writings from before FTX’s collapse, in which she described feeling hurt about their breakup and overwhelmed at work.
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