Overview of Practice

Panag is the founder and managing partner of Panag, Babu & Sarangi – India’s largest white collar crimes and corporate governance law firm. Sherbir’s practice has consistently been listed as a market leader for white collar crimes in India and is ranked by Who’s Who Legal, Global Investigations Review, Chambers & Partners, the Legal 500, among others.

Sherbir is an advisor to the boards of several Fortune 500, FTSE 250, DAX 40 and NIFTY 50 companies and has led internal investigations and acted as defence counsel in several of India’s highest-profile cases, which have had an interplay with law enforcement in the United States, Europe and Asia. These matters have involved allegations of bribery and other misconduct under Indian and foreign anti-corruption laws; financial and regulatory fraud; procurement fraud; violation of sanctions laws; and violation of corporate governance norms. Sherbir’s representative experience spans the entire spectrum of the courts in India, including the Supreme Court.

Sherbir’s public service includes being a member of the B20 India’s Digital Transformation Taskforce and the Bureau of Indian Standards committee drafting an India anti-corruption standard. Sherbir was recently called upon as an expert nominee by the Government of India to engage with the Financial Action Task Force in 2023. He previously served on the B20 Indonesia’s Integrity and Compliance Taskforce and as the Vice Chairman of the Alliance for Integrity’s Advisory Group (an initiative by the German Government). Sherbir’s thought leadership is widely cited in academic papers and was even taken note of by the Australian Senate as part of a submission by the International Bar Association.

Sherbir is one of the few overseas door tenants from India and is a tenant with the Foundry Chambers in the United Kingdom.

A fellow of the International Academy of Financial Crime Litigators, he also founded the Concilium Network – an international network of highly acclaimed white-collar crime law firms.

Sherbir is a member of the Entrepreneurs Organisation where he serves on the board of the Gurgaon chapter and a Senior Fellow at the Wharton School’s Carol and Lawrence Zicklin Center for Business Ethics Research. He regularly lectures and writes on the corporate governance and business ethics.

Professional Listings

Ranked as a Band 1 Lawyer for White Collar Crime by Chambers and Partners (Asia-Pacific) for 12 consecutive years.

Ranked by IFRL1000 as ‘Notable Practitioner’ for his work in financial services regulatory.

Ranked by GIR 100 for white collar crime 2026.

Ranked in the India Business Law Journal’s ‘A List’ (the 100 top lawyers of India) since 2024.

Listed as a Global Elite Thought Leader in the Lexology Who’s Who Legal: Thought Leaders – Global Elite 2025 & 2026 Guide for Business Crime defense – Corporates & Individuals.

Featured in the Client Choice Report 2025 & 2026 as a Global Elite Thought Leader.

Ranked by Legal 500 for white collar crime.

Ranked by Benchmark Litigation as a Litigation Star.

Featured for seven consecutive years in the GIR Thought Leaders – Business Crime defense Guide.

Listed in the India 2025 Thought Leaders Guide for Business Crime Defence by Lexology.

Recognized in the Lexology Index: Recommended – Investigations 2024.

Listed as one of the ‘40 under 40 Rising Stars of India’ by Legal Era Magazine in 2016.

Publications

Mentions in the Press

Firm Overview

PBS | Panag, Babu & Sarangi is a top-ranked national law firm advising boards, founders, global capital and public companies on their most consequential matters in India. We are consistently recognised for our judgment, specialism, discretion and excellence across our practices and are trusted in situations where outcomes define enterprises, reputations and markets.

Our Firm is built around three marquee practice groups — Complex Disputes & International Arbitrations; Governance, Investigations & White Collar Crime Defense and Technology Laws & Strategic Transactions.

We are engaged on high stakes transactions, complex regulatory advisory matters, bet-the-company disputes, boardroom crises and sensitive investigations, which need – bespoke, strategic and relentlessly outcome-driven advocacy. Our multidisciplinary teams and industry groups are deeply integrated and operate seamlessly across India, the Middle East and South Asia.

Chambers & Partners, Asia Pacific Guide Commentary:
The Law Offices of Panag & Babu is widely recognised for its white-collar crime practice. It is well versed in advising on cross-border investigation mandates, including whistle-blower complaints, as well as regulatory defence and criminal litigation. The firm regularly acts for Fortune 500 and multinational companies, and sought after as cocounsel by international law firms. Its clients also benefit from the firm’s founding role in the Concilium Network.

‘Panag & Babu is one of the best firms in handling complex matters. Complex matters are the firm’s forte.’

‘The team provides excellent and thoughtful legal advice and has experience in investigating complicated matters.’

Benchmark Litigation, Editorial Comments:
P&B ‘has one of the largest dedicated white-collar crime teams in the country, acting for sophisticated clients at both the preventative and prosecution stages. It has specialities in defence against law enforcement, criminal proceedings defence stemming from anti-corruption and anti-money laundering laws, securing pre-trial bail on behalf of those accused of criminal conduct under India’s anti-financial crimes, anti-corruption and anti-money laundering laws, and conducting criminal trials on behalf of those facing allegations of criminal wrongdoing under the same framework of white-collar offences.

The white-collar crime defence team has a 100% success rate of obtaining pre-trail bail in each and every case where a client required such a relief. Over the past 12 months, it has successfully obtained pre-trial bail on behalf of 11 clients facing criminal prosecution and ensured that all such clients facing threat of arrest were released on bail.’