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AZB, Kanga and Luthra embroiled in hostile Great Offshore bid

Kanga & Co Mumbai partner Dhaval Vussonji is leading the team for the original bidder Bharati Shipyard, which already owns a 19.5 per cent stake in Great Offshore.

Kanga & Co Mumbai partner Dhaval Vussonji is leading the team for the original bidder Bharati Shipyard, which already owns a 19.5 per cent stake in Great Offshore.

AZB Mumbai partner Shuva Mandal is leading the legal team for ABG Shipyard, which made a hostile counter-bid for Great Offshore at the end of June.

ABG’s offer resulted in Bharati Shipyard raising its bid, as ABG is considering re-raising its open offer price, according to Exim News Service today.

Great Offshore has not instructed external counsel, with the legal team being led by its assistant general manager for legal Bharati Srinivasan.

Luthra & Luthra group head Bikash Jhawar is advising Great Offshore's erstwhile promoter Vijay Sheth, who still retains management control of the company.

Sheth lost equity control of his company after a Bharati Shipyard subsidiary acquired a stake of nearly 15 per cent of Great Offshore in May 2009. Sheth had sold the shares he had personally pledged, diluting his shareholding to less than 1 per cent.

Luthra & Luthra founding partner Rajiv Luthra was a former board member of Great Offshore but resigned his position on 10 April 2009.

Luthra & Luthra has acted on much of the company's legal work in the past, most notably on the planned $1.4bn acquisition of an undisclosed overseas oil services company.

All parties and law firms declined to comment on the transaction.

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