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HSA replaces AZB, (Cyril) Amarchand assists on messy $1bn Lanco-Adani Udupi Power buy

HSA Advocates replaced AZB & Partners in advising infrastructure company Lanco Infratech on India’s largest acquisition in the thermal power space in 2014 - the Rs 6,300 crores ($1bn) sale of Udupi Power Corporation to the Adani group which was advised by Amarchand Mangaldas.

HSA partners Navin Syiem and Harsh Arora, senior associate Abhishek Bhalla and associate Shubhi Sharma acted for Lanco which is currently focussing on reducing its debt.

Amarchand Mumbai managing partner Cyril Shroff and partner Shaneen Parikh, with principal associate Smruti Shah and associate Paridhi Shroff acted for Adani.

Udupi Power Corporation has set up India’s first independent power project based on 100 per cent imported coal with a captive jetty of four million tonnes per annum, according to a press release from HSA

When the deal was announced in August 2014, AZB was acting for Lanco while Adani was being advised in-house. AZB did not respond to emails seeking comment.

After Adani announced in August 2014 that it would take over the plant’s Rs 4,000 crore worth of debt and Lanco would receive Rs 2,000 crore in cash, as reported in the Business Standard, Adani sued Lanco in the Delhi high court alleging that it had not honoured the share purchase agreement, as reported by Mint.

HSA also advised Lanco on the Delhi high court dispute.

Adani will take over the plant’s Rs 4,000 crore worth of debt and Lanco will receive Rs 2,000 crore in cash, which it plans to use for lowering its debt, reported Business Standard.

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Like +3 Object -6 Aston 05 May 15, 21:09
first time i'm seeing Paridhi's name being featured in a deal, congrats!

Btw, why was AZB replaced?
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Like +7 Object -1 AZB 05 May 15, 23:30  interesting
Because Lanco, like many other indian clients probably does not pay enough?

Lets get this straight, working for large Indian clients on large deals does not necessarily mean that you get paid the same amount as working on smaller but higher paying clients.

no wonder AZB is the most profitable firm, despite it not topping the deal value...
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Like +6 Object -2 Anon 06 May 15, 16:33
Because sometimes you dont like the correct advise given by a law firm, and the law firm wont comply with the wishes of spoilt promoters.
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Like +11 Object -3 2cents 06 May 15, 04:27  interesting
Without making too wide a general statement, and partly agreeing with the other replies, I have noticed that: (a) Indian clients are certainly not the best pay masters (in terms of agreed fees, squeezing extra work and delaying payments); and (b) they dont always have the necessary sophistication to leave certain calls at the door of competent professionals hired specifically for a deal due to their competence (there is some amount, if not great deal, of second guessing). Then, there is the little point of Indian points of contact in clients directly calling on mobiles, lacking courtesy, etc. In one way or another, these factors often result, voluntarily or involuntarily, into situations where firms like AZB dont represent a bulk of Indian firms in the long run.

I know this is a bit controvertial, and there are certainly a fair number of exceptions to this rule... But I think equally this sort of position holds true for a lot of Indian clients.
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Like +4 Object -2 anon 05 May 15, 23:00
Because of the aston Martin
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Like +0 Object -0 Reader 05 May 15, 23:35
What aston martin? Care to divulge more?
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Like +2 Object -0 Aston Martin 06 May 15, 12:11
the HSA founder/managing partner owns an Aston Martin sports car!
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Like +0 Object -0 Anon 06 May 15, 12:46
Hey Anon 1, you forgot to mention those bikes - some of which cost more than an entry-level Beamer!
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Like +2 Object -2 Guest 06 May 15, 15:31
abhishek bhalla has come a long way from doing cutting edge work in phoenix (co incorporation) to being on billion dollar deals.
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Like +1 Object -1 guest 06 May 15, 16:23
smruti is a partner
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Like +3 Object -5 Bingo ! 07 May 15, 01:12
She was admitted to the partnership, no doubt about it. And who not only is a great lawyer but one of the nicest person, Amarchand Mumbai has.

Since the new partners have been admitted to CAM which is effective from May 11, post which she will sign off as Partner.
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Like +3 Object -1 Magic Tomato 06 May 15, 17:39
Much more likely that AZB dropped Lanco than the other way around. Trilegal had topped Lanco even before that...

Thus spake the Tomato.
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Like +3 Object -6 Top-tier 06 May 15, 18:42
Some people are seriously implying that AZB and Trilegal wilfully let go of a Billion Dollar deal?

Any chance that HSA is actually the go to firm in the energy and infrastructure sector across practice areas, thus Lanco has lot they can gain from HSA's experience and expertize? Oh and also that Navin is a top lawyer - ex-Ashurst and coveted by many?
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Like +1 Object -3 anon 06 May 15, 18:46
They had a 1.5 million dollar deal to concentrate on!
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Like +1 Object -0 Magic Zomato 08 May 15, 00:58
For sure firms like AZB have plenty big deals and Lanco does have a reputation for not paying its dues. So it seems pretty clear that AZB dropped Lanco and not the other way round.

Completely agree with Magic Tomato and comments at 1.1 to 1.2
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