T Raghavan - Bradman of Corporate Law is no more!

In an era where Corporate chieftains are honoured and celebrated for the value, they create for shareholders and the markets, the passing away of T Raghavan brings to an end an era in which he dominated almost single-handedly in the field of Corporate law.

The 1970s, 1980s and 1990s was a period when the nuances of Companies Act 1956 and its interplay with other connected legislations like MRTP Act, Income Tax Act and Foreign Regulations Act were so complex that one had to literally and figuratively burn the midnight oil to unravel the answers to a complex set of questions. But for T Raghavan, it was all child's play. In the times referred to above, wholesome and holistic advice was in short supply and the man to provide it was the one and only T Raghavan.

No major corporate balance sheet was finalised and audits were concluded without referring to his opinion. No merger or amalgamation of companies in this part of the country was concluded without referring to him. No shareholder dispute or corporate family feud was settled without his involvement; the sole intent is to solve the issue. His stranglehold on corporates in his part of the country was absolute in this period.

Promoters of large groups, senior auditors and other lawyers would wait endlessly outside his TTK Road office cum residence to meet him to get his advice. It was just first-come, first-serve basis and no other criteria.

His understanding of the law was, of course, a given - absolutely thorough. His memory of various case laws was astounding and without any supporting gadgets. But the way he conjured solutions from nowhere and explained the logic of the answer convincingly to even a common man was mesmerising.

I first met him in 1986 October to consult him in the context of the introduction of the uniform previous year in the Income-tax Act effective 31.3.1987. The company in question Sundaram Finance Ltd, followed 31st December as the financial year under the Companies Act. He quipped - Close the books again on 31st March 1987. Two financial years for Companies Act and one assessment year for Income-tax Act. That is it.

Here would be millions of such stories worthy of capturing in a book, possibly running to several volumes. After that meeting, I would have met him thousands of times, and each one was a delight - the sheer joy of listening to him sharing his insights and experience on Corporate law. The best part is his eyes will be almost half shut during conversations, but the brain will be working overtime working on the solutions. Never once did he care to even bother about billing clients.

Publicity-shy

More often than not, clients would just pay without even checking if he had raised the invoice. Is it possible today? Extremely publicity-shy and never to accept offers to speak in seminars for him, it was just - Chamber and Court and just breathing and inhaling Companies Act. In a rare appearance he participated in a seminar at the CA Institute in 1988 when the amendments to the Act were brought in. T the hall was overflowing only to listen to the legendary lawyer.

His last few years were painful. He was bedridden, but when I met him on a few Sundays he would hold my hand and talk of the erstwhile section 58A of the Companies Act and the newly introduced INDAS accounting and its effect on accurate, fair view with the same enthusiasm and authority. He was up to date till almost his very end. His passing away brings to an end an era and a whole chapter in corporate law. He was fortunate to groom and nurture some outstanding juniors who worked under him. Each one of them, has in some sense, filled his shoes. But then the fact is there can be and will always be only one Don Bradman. He was a colossus and a Bradman of Corporate law. He lived till the ripe age of 98 years, but the memories of interaction with him will live forever. May his soul rest in peace.

COMMENT NOW