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Zia family‘s Delta Corp buys online poker site Adda52 for $27m • AZB, Khaitan Co, Gaggar advise

"In what could be termed as the biggest news in the gaming industry this year, Delta Corp Ltd., India’s largest gaming and hospitality company announced its foray into the online gaming space in a regulatory filing to the stock exchanges. In its note to the stock exchanges and shareholders, Delta Corp informed its intention to acquire 26% shares in Gauss Networks Pvt. Ltd., the holding company which owns and operates Adda52.com and is saide to be the market leader in the online poker space in India,” reported gaming industry law blog GLaws.

According to VCCircle and others, the cash and stock deal values Gaussian at around Rs 182 crore ($27m) in total, and is expected to close by June 2017.

AZB & Partners partner Ashwath Rau acted for Delta Corp, with a team of senior associates Kashish Bhatia, Aditi Singhvi and Devina Deshpande, and associates Pranav Atit and Karishma Muravne.

Khaitan & Co Bangalore partners Ganesh Prasad and Sharad Moudgal, assisted by senior associate Sanjay Khan Nagra, acted for Gauss Networks, which owns Adda52.com. Khaitan partners Bijal Ajinkya and Vinita Krishnan assisted on tax issues.

Gaggar & Associates managing partner Vaibhav Gaggar also acted for Gauss, as well as its promoters.

Delta: A family concern

Delta, which has a market capitalisation of more than $500m according to Bloomberg, currently owns three of around five licensed and operational floating river-boat-based casinos off Goa’s capital city Panjim, as well as a hotel in Daman and other interests related to gaming and hospitality.

In 2010, when Mint reported that billionaire investment guru Rakesh Jhunjhunwala picked up 11% in Delta Corp for Rs 200 crore, AZB Mumbai managing partner Zia Mody held a 36 per cent stake in Delta Corp together with her husband Jaydev Mody, who held around 12 per cent.

By December 2010, according to Bombay Stock Exchange filings, Zia Mody’s stake was 29.8 per cent, with Jaydev Mody at 9.7 per cent.

However, by March 2011, the Mody family’s holdings seem to have been restructured, with Zia personally not holding any Delta shares directly.

Instead, three companies - Aryanish Finance and Investments Private Limited, Bayside Property Developers Private Limited, and Delta Real Estate Consultancy Private Limited - then each held 14.56 per cent stakes in Delta Corp.

Each of the three companies’ directors include Jaydev Mody, and, since July 2015, Zia’s brother Hormazd Soli Sorabjee, according to public company records.

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1
Like +9 Object -4 Bold 01 Sep 16, 22:16  interesting
Ganesh is killing it...
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2
Like +6 Object -0 Chai boy 02 Sep 16, 07:46  interesting
Wow Zia's husband's comapny is half a bill dollars in market cap?! Did not know that.
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2.1
Like +4 Object -0 Three comma club 02 Sep 16, 10:42
And zia owns close to half on it!
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2.1.1
Like +4 Object -0 Three comma club 2 02 Sep 16, 11:14
She is one of the richest lawyers in the whole world. By the way, can anyone share some thoughts on the turnover of AZB? Kianbhai, what are your thoughts?
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2.1.1.1
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Like +2 Object -0 kianganz 02 Sep 16, 12:22
No idea, I'm really bad with numbers. AZB Mumbai region only, maybe $50m turnover per year? Would need to do some maths and research on this actually, but either way, it'd be a massive guesstimate...
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2.1.2
Like +4 Object -0 kianganz 02 Sep 16, 11:24
To be honest, I think Zia's ownership in Delta corp is mostly structured that way for tax reasons (and her daughters I think, also hold parts of delta corp).
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3
Like +5 Object -1 Sixer 02 Sep 16, 07:51
The Cyril's Song - For men may come, and men may go but all other law firms will only have men trained from my firm ever :-)
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3.1
Like +14 Object -0 Virat 02 Sep 16, 10:05  interesting  top rated
The same song was previously sung by Mulla & Mulla, Little & Co., Crawford Bayley and like firm whose people have left and are heading top posts in various law firms and corporates..!!

From this You can see where CAM baba is leading..!!
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4
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Like +1 Object -0 Zia rox 02 Sep 16, 15:30
Hey Kian !! Has Mukesh Ambani invested in Jaydev Mody's business?
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4.1
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Like +0 Object -0 FYI 02 Sep 16, 20:11
yes in some of his real estate ventures
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5
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Like +1 Object -1 Zia rox 02 Sep 16, 15:31
Is this the reason as to why azb handles most of RIL's corporate legal work
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6
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Like +4 Object -5 JCO FAN 03 Sep 16, 08:52
Ganesh is proving to be a great business guy!
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7
Like +5 Object -0 Guest 04 Sep 16, 23:13  interesting
Getting Ashwath to do Delta work. So predictable.
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8
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Like +1 Object -1 A fan 13 Sep 16, 18:45
Zia you are the coolest most stable sensible leader in the legal fraternity in india.
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