List out the procedural steps for conducting Legal Due Diligence.

There is no definitive process of a legal due diligence. The investigative aspects as well as Legal Due Diligence process varies depending upon the scope of work dictated by the client, the focus, special areas of weakness, the type of business, etc. In general, the following process is involved in legal due diligence: Entering of Memorandum of Understanding between the transacting parties along with confidentiality agreement. Determination of scope of Legal Due Diligence. Calculation of time frame. Drafting of various questionnaire and checklists. Obtaining of access to records and data room agreement. Interaction with management and key managerial persons with the questionnaires and checklists and for other material information. Interaction with regulatory authorities for independent check. Checking of regulatory and contractual compliance. Analysis of financial and non financial information. Collation with financial due diligence for confirmation of representations, warranties and liabilities. Investigation of material issues. Drafting of preliminary report. Discussions with the management of the target company. Finalisation of the Report. Determination of strategy. While undergoing such procedure one has to consider organisational/internal aspects (MOA/AOA/Minutes/Statutory Registers documents filed with Regulatory Authorities, etc.), Financial aspects (financial statements, audit qualifications, internal audit report business projections etc.), IPR/Patents/R&D Details etc., HR Aspects, Environmental Aspects, Material contracts, etc. other relevant aspects as may be necessary with respect to the specific assignment.