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
AZB Mumbai
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
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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Overall, this story to me does not make any iota of sense. Most of the facts are inaccurate. Please do a thorough fact check.
Bikas Jhawar is indeed a 'group head', not a partner.
We stand by the rest of the story, which has been confirmed from a large number of independent sources.
If "most of the facts are inaccurate", as you write, please do let us know which parts of the story you think are wrong.
look at the simple contradictions "promoter Vijay Sheth, who still retains management control of the company" the very next sentence is " Sheth lost control of his company after a Bharati Shipyard subsidiary acquired..."
make up your mind ...and do some research - by opening a website - you dont become a 'legally india'
Thanks for your comment.
A link to a Bloomberg article on the $1.4bn acquisition was included in the original story. To an extent we will rely on information provided by reputable third party news sources in our reporting. If we do so, we will always provide a link to the original story so the reader can make up their own mind.
( www.bloomberg.com/apps/news?pid=20601091&sid=aZFF59USqZhs&refer=india )
Sheth currently only has management control but does not have control of the equity anymore. A link to a Mint article explaining this in more detail was also included in the original story.
( www.livemint.com/2009/05/07233143/Vijay-Sheth-loses-control-of-G.html )
We have added "equity" before control to clarify the meaning of the paragraph.
Best regards,
Kian Ganz, editor
www.blonnet.com/2008/08/21/stories/2008082152220200.htm
www.upstreamonline.com/live/article161434.ece
Kian please check the facts wit related people, Luthra can not claim that they have done the deal.
Luthra did not claim to have done that $1.4bn deal but other media has reported widely that Luthra & Luthra and Great Offshore have worked together on several transactions in the past, before Bharati bought its share in Great Offshore.
you look like a plucked chicken...
Thanks again for your comment.
At the risk of repeating myself, yes, to a certain extent we have to rely on what has been reported by reputable news sources elsewhere, as all journalists do.
In this case, Luthra & Luthra has advised Great Offshore in the past on several transactions, including the $1.4bn one reported by Bloomberg, despite it ultimately not closing.
Unfortunately we can not re-investigate every historic news story that has been written before Legally India started. However, as stated before, we aim to confirm as many details as possible and will clearly provide you with the original source and link so you can make up your own mind about the background used in stories.
Bebo, if you are interested in providing constructive criticism on how we can improve our coverage, I do invite you to send us an email or to give me a call any time.
I will be happy to discuss your thoughts with you then in more detail.
Best regards,
Kian
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