Internship Experience at Stratage Law Partners, Mumbai: Ample Opportunity to Learn

Name of the Student

Anonymous

Name and Address of the Organization

Stratage Law Partners; 81/82, C Wing, Mittal Court, Nariman Point, Mumbai, 400 001.

Duration of Internship

July 1, 2021, to January 31, 2022.

How did you Apply?

One can apply by sending their application along with a cover letter and resume to contact@stratage.in, a few months before their desired date of Internship.

First-Day Formalities, Infrastructure, First Impression

An orientation is conducted on the first day wherein all the interns are assigned their responsibilities, along with instructions on maintaining confidentiality throughout the term. Additionally, we had to fill out a joining form and submit it on the first day.

Main Tasks

The primary tasks involved:

• Due Diligence:

I primarily assisted the team in due diligence with respect to several transactions, this involved working on Material Contracts; Intellectual Property and Licenses and Permits chapter.

• Material Contracts:

For the purpose of identifying the red and yellow flags to the transaction, I summarized the Agreements executed by the target company, this involved working on several agreements throughout the period and carefully summarising them to ensure all important provisions are captured.

• Licenses and Permits:

The chapter primarily involves analysing the Licenses such as Consent to Establish and Operate under Environmental Laws, licenses under the Shops and Establishments Act of the State, licenses under the Food Safety and Standards Act, 2006, etc.

Under such licenses, the conditions for which the license needs to be examined and if there are any changes in control/assignment provisions under the conditions of the license. In addition, the validity of the licenses and permits also needs to be analysed. Subsequent to reviewing the Licenses and Permits, the relevant legislation under which the license was issued needs to be reviewed.

• Insurance:

Preparing of the Insurance chapter involves reviewing the existing insurance policies and their compliance with the requirements under Material Contracts, Purchase/Work Orders or otherwise.

If any non-compliance is captured or identified, it needs to be added in the red flag and the necessary Condition Precedent, Representation and Indemnity provisions need to be obtained by the target company to protect the Investor from any liability arising from the non-compliance.

• Memorandums

The work is not limited towards one practice area and there is a good amount of work on General Corporate issues as well. The task involved preparing memorandums with respect to general corporate issues, compliance requirements by Companies and an internal document on the treatment of tax-related registrations under different laws.

• Step-plans

The step plans involved careful examination of the Companies Act, 2013 and Rules made thereunder; SEBI (Issue and Listing of Debt Securities), 2008, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other SEBI Regulation and RBI Regulations. These involved memorandums on the sub-division of shares, issue and listing of NCDs, issue of preference shares, etc.

• Factory Compliance Sheet:

The task involved preparing a compliance sheet for a factory engaged in the manufacturing of cosmetics and fragrances.

It involved reviewing around 50 legislations and the Rules and Regulations made thereunder for all the compliance requirements, including Registration, License, Certificate, Maintaining of Registers, Filing of Returns, Compliance under the Factories Act, 1948 and the relevant state legislation, Appointment of officers, conducting relevant tests, Maintaining quality checks, Labelling, Packaging, Treatment of Waste, Hazardous Waste, Bio-medical Waste, Insurance Policies, etc.

• Preparing Research Notes:

As an internship, it involved a fair amount of work involving several research questions varying from Corporate Law, Real Estate, Dispute Resolution and Labour Laws.

• Proof-reading:

The task of proofreading involved reviewing Due-Diligence Reports, Shareholders’ Agreements, Articles of Association and Term Sheets.

• Other than the above-mentioned tasks, the work also involved assisting associates with ongoing dispute resolution work and corporate advisory.

Good things & Bad things

The work environment is very supportive and provides ample opportunity to learn. The associates encourage on asking questions and unlike other virtual internships you can expect a fair amount of workload if you are diligent in the tasks assigned to you.

Needless to say, this doesn’t allow pestering associates every few hours for work.

Accommodation & Conveyance to Office 

Since it was a virtual internship I did not have to report to the office.

Stipend

INR 5,000.

Source: Lawctopus