PBS | Panag, Babu & Sarangi is an Indian law firm advising boards, founders, global capital and public companies on their most consequential matters in India. The firm is consistently recognised for its judgment, specialism, discretion and excellence across its practices and is trusted in situations where outcomes define enterprises, reputations and markets. The firm has offices in New Delhi and Bengaluru.
PBS is built around three marquee practice groups: complex disputes and international arbitrations; governance, investigations and white-collar crime defence; and technology laws and strategic transactions.
The firm is frequently engaged on high-stakes transactions, complex regulatory advisory matters, bet-the-company disputes, boardroom crises and sensitive investigations, which require bespoke, strategic and relentlessly outcome-driven advocacy. Its multidisciplinary teams and industry groups are deeply integrated and operate seamlessly across India, the Middle East and South Asia.
PBS regularly collaborates with leading international law firms and global counsel on cross-border investigations and enforcement matters involving key jurisdictions, including the US, the UK, Singapore and Hong Kong.
PBS is committed to excellence, integrity and client-centricity. The firm fosters a culture of collaboration, strategic thinking and responsiveness, ensuring high-quality legal solutions in complex and high-stakes matters. Professional ethics, confidentiality, and accountability are central to all engagements.
The firm is also committed to upholding the highest standards of professional ethics and responsible advocacy. The firm plays a key role in upholding regulatory compliance and strengthening governance frameworks for its clients. Through its work in investigations, enforcement defence and compliance remediation, PBS actively contributes to promoting transparency, accountability, and the rule of law across corporate India.
Founded by leading practitioners who were instrumental in shaping India’s modern white-collar crime defence bar, PBS has evolved into a market-leading, specialist disputes and investigations firm. Over the years, the firm has built a formidable reputation for handling complex, “bet-the-company” regulatory actions, multi-jurisdictional investigations, and high-profile enforcement matters, consistently earning top-tier rankings across global legal directories.
The firm’s lawyers are widely recognised across global platforms such as Chambers and Partners, GIR 100, Benchmark Litigation, Lexology, and The Legal 500.
Governance, Investigations and White-Collar Defence Practice
PBS’ governance, investigations and white-collar defence practice, with pan-India capabilities, is one of the country’s largest multidisciplinary business crime teams.
The firm advises clients on a broad range of business crime matters, providing an integrated framework that extends beyond internal investigations and compliance advice to include coordinated crisis management and response, as well as the defence of enforcement actions, government investigations, and related criminal and civil proceedings.
The firm’s experience includes representing corporations in high-profile matters involving a wide spectrum of white-collar crime allegations. Built on the expertise of leading white-collar crime practitioners, its practice reflects a thorough understanding of international enforcement priorities and evolving regulatory developments.
PBS regularly advises on complex internal investigations spanning multiple jurisdictions, developing coordinated strategies that take account of the legal and regulatory requirements of different countries. The firm has conducted investigations into matters including bribery and misconduct under Indian and foreign anti-corruption legislation, such as the UK Bribery Act and the US Foreign Corrupt Practices Act; financial and regulatory fraud, including tax evasion, loan impairment, non-performing assets, insolvency and bankruptcy proceedings; procurement fraud; infrastructure fraud involving the misuse of development funds provided by multilateral development banks; breaches of sanctions laws; board mismanagement; corporate governance failures; conflicts of interest; and violations of internal corporate policies.
The firm also advises multinational companies on the design and implementation of compliance programmes and conducts anti-fraud, anti-corruption and anti-money laundering due diligence in connection with transactions. Its lawyers have assisted organisations across a range of industries in developing and strengthening compliance and internal control frameworks tailored to the risks, challenges and opportunities of the Indian market. In addition, the firm provides training to boards, senior management teams and employees on a wide variety of compliance and corporate controls issues.
- PBS is ranked as a ‘Top Tier Firm for White Collar Crime’ by The Legal 500.
- PBS is ranked by GIR 100, on the global list of the top investigations and white collar crime law firms 2025.
- PBS has been consistently ranked as a ‘Leading Law Firm for White Collar Crimes’ in the Asia-Pacific by Chambers and Partners since its inception in 2017.
- PBS is an ‘Award Winning Law Firm’ for ‘Anti-Corruption and White Collar Crime’ at the India Law Firm Awards.
- PBS is ranked as “Tier 1 Firm 2026” for White Collar Crime Defense practice by Benchmark Litigation.
- PBS is ranked as a ‘Top Tier Firm 2025’ and ‘Highly Recommended Firm 2025 & 2026’ by Benchmark Litigation.
- PBS is ranked as an ‘Outstanding Firm for Dispute Resolution – White Collar Crime’ by Benchmark Litigation.
- PBS is ranked as Recommended Law Firm in Dispute Resolution by Asia Law.
- PBS is ranked as a ‘Recommended Firm’ by Global Law Experts.
- PBS is ranked as a ‘Top 100 law firm’ in India by RSGI.
- Sherbir Panag is ranked and recognised by Chambers and Partners (Asia-Pacific) as a Band 1 Lawyer for White-Collar Crime for 12 consecutive years; listed in the India Business Law Journal A-List 2024–25; recognised by GIR 100; IFLR1000; Benchmark Litigation; and featured as a Global Elite Thought Leader in Lexology Who’s Who Legal (2025 & 2026), the Lexology Thought Leaders Guide – India 2025, the Lexology Index: Recommended – Investigations 2024, the Client Choice Report 2025, Thought Leader – Investigation 2026, and the GIR Thought Leaders – Business Crime Defence Guide for seven consecutive years.
- Vidhi Khanijow is ranked and recognised by Chambers and Partners (Asia-Pacific) for White-Collar Crime and Corporate Investigations, by Lexology for Future Leader – Partners’ for Investigations and by The Legal 500 as a Leading Individual for White-Collar Crime and Investigations, for her work on complex, high-stakes and multi-jurisdictional regulatory and internal investigations.
- J. S. Bhullar is recognised by The Legal 500 as a Leading Lawyer for White-Collar Investigations involving manufacturing and industrial companies (2025 & 2026) and by GIR 100 for Governance, Investigations, and White-Collar Crime.
- Lavanyaa Chopra is recognised by GIR 100 and ranked by The Legal 500 as a Leading Lawyer for Financial Fraud Investigations, including employee misconduct and related issues (2025 & 2026).
- Guneet Gudh is ranked by The Legal 500 as a Leading Lawyer in the Pharmaceuticals and Life Sciences sector (2025 & 2026) and recognised by GIR 100 for Governance, Investigations, and White-Collar Crime.
