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| The derivatives were not just gambling, unlike roulette |
India's derivatives market has descended into a flurry of litigation and restructured contracts, after counsel were blamed for misleading clients over under-performing cross-currency products.
Lawyers were originally criticised for companies' failure to meet payment commitments on badly performing structured derivatives products in India.
Global volatility means India's derivatives market is suffering a downturn. Firms had reportedly been advising their clients, mostly small to medium-sized enterprises, not to meet their payment obligations to private banks, and instead claim misselling on the part of the lenders.
The conflict has sparked a host of private sector lenders, such as Axis Bank, ICICI Bank and HDFC Bank, to enter legal battles with their corporate clients.
Two cases have already gone to court, in Chenai and Coimbatore, with Sundaram Brakes...