Subscribe for perks & to support LI

Your Interests & Preferences: Personalise your reading

Which best describes your role and/or interests?

I work in a law firm
I work for a company / in-house
I'm a litigator at the bar
I'm a law student
Aspiring law student
Save setting
Or click here to show more preferences...

I am interested in the following types of stories (uncheck to hide from frontpage)

Firms / In-House
Legal Education

Always show me: (overrides the above)

Exclusives & Editor's Picks

Website Look & Feel

Light Text on Dark Background

Save preferences

Note: Your preferences will be saved in your browser. You can always change your settings by clicking the Your Preferences button at the top of every page.

Reset preferences to defaults?

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 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 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.

Click to show 14 comments
at your own risk
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.
refresh Filter out low-rated comments. Show all comments. Sort chronologically
Like +9 Object -4 Bold 01 Sep 16, 22:16  interesting
Ganesh is killing it...
Reply Report to LI
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.
Reply Report to LI
Like +4 Object -0 Three comma club 02 Sep 16, 10:42
And zia owns close to half on it!
Reply Report to LI
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?
Reply Report to LI
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...
Reply Report to LI
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).
Reply Report to LI
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 :-)
Reply Report to LI
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..!!
Reply Report to LI
Like +1 Object -0 Zia rox 02 Sep 16, 15:30
Hey Kian !! Has Mukesh Ambani invested in Jaydev Mody's business?
Reply Report to LI
Like +0 Object -0 FYI 02 Sep 16, 20:11
yes in some of his real estate ventures
Reply Report to LI
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
Reply Report to LI
Like +4 Object -5 JCO FAN 03 Sep 16, 08:52
Ganesh is proving to be a great business guy!
Reply Report to LI
Like +5 Object -0 Guest 04 Sep 16, 23:13  interesting
Getting Ashwath to do Delta work. So predictable.
Reply Report to LI
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.
Reply Report to LI

Latest comments