Buying
Before qualification a buyer sees a masked summary and the dated document-checks register. After qualification, disclosure is staged under NDA and the buyer's own adviser runs diligence — the firm does not act for both sides.
What qualification asks
Identity, ownership, purpose, consideration range, funding source and decision authority. An NDA alone earns nothing; unexplained third-party funding or a sanctions hit is declined. Answers are held by the firm as a PMLA reporting entity and never shown publicly.
What you see, and when
- 03
Masked publication
Documents: Masked summary, the dated register, a re-identification review
Responsible: Seller approves the masking; firm publishes
- 04
Buyer qualification
Documents: Identity, ownership, purpose, funding source, decision authority
Responsible: Buyer; firm reviews
- 05
Disclosure under NDA and non-binding indication
Documents: Data room index, staged documents, indication of interest
Responsible: Seller controls staged disclosure
- 06
Offer and diligence
Documents: Scoped diligence report, exceptions, representations sought
Responsible: Buyer's own adviser; the firm does not act for both sides
- 07
Documentation and conditions
Documents: Share purchase agreement, conditions precedent, closing checklist, SH-4 / DIR-12 / INC-22 only where applicable
Responsible: Counsel for each side
- 08
Payment and closing
Documents: Escrow instructions, transfer instruments, registrar filings
Responsible: The parties and their escrow provider
- 09
90-day handover
Documents: Handover plan, day 7 / 30 / 90 reviews
Responsible: Buyer, with the firm under a separate appointment if engaged
What diligence covers
| Category | Buyer's adviser examines |
|---|---|
| Ownership and authority | Trace every allotment and transfer to the register; confirm who can sign |
| Liabilities and disputes | Charges register, court and tribunal searches, statutory dues certificates |
| Financials | Normalise earnings; reconcile books to filings and to bank |
| Tax | Reconcile returns to books; confirm the consideration-to-tax-value position before pricing |
| Contracts and people | Assignment and consent requirements; key-person dependence |
| Funds and closing | Source of funds evidence; escrow with an independent provider — the firm never holds money |