Vir Kotak, one of the promoters of JM Baxi Group, has approached the Bombay High Court, seeking to intervene in the German shipping major Hapag-Lloyd AG’s acquisition of the stake in JM Baxi Ports & Logistics Ltd (JMBPL).
As per the Bombay High Court website, Kotak has named the company, his father Krishna B Kotak, brother Dhruv Kotak, HL Terminal Holding BV and two directors of the company – Rolf Eric Habben Jansen and Dheeraj Bhatia – as respondents in the case.
“Vir Kotak is based out of Singapore and the transaction also includes his shares in the company. He claims that the transaction is initiated without him being in the loop, which leads to alienation of his rights,” said a person aware of the development. This fact was corroborated by another source.
On Wednesday, Justice Shriram Modak allowed all the respondents to file their replies and adjourned the case to November 8.
Vir Kotak resigned from the company in 2019 and moved to Singapore, his father Krishna B Kotak is the chairman of JM Baxi Group, and his elder brother Dhruv managing director.
“As the matter is sub judice, we will not be able to comment. However, the suit appears to have no merit whatsoever,” said the company in its response to ET’s queries. “There appears to be an issue within the family and we hope the same is resolved amicably, amongst the family.”
Hapag-Lloyd declined to comment.
In January, HL Terminal Holding B.V., a wholly owned subsidiary of Hapag Lloyd Aktiengesellschaft, signed a binding agreement to acquire 35 % of JM Baxi Ports & Logistics from a Bain Capital Private Equity affiliate. Additionally, it signed a binding agreement with JMBPL and its promoters, the Kotak family, to subscribe to a capital increase by the company and raise the German shipping major’s shareholding to 40% in the company.
The Kotak family now owns about 60% stake in JM Baxi Ports & Logistics.
The suit filed on October 4, through the law firm Cyril Amarchand Mangaldas, also names Arya Offshore Services Pvt Ltd and K Steamship Pvt Ltd as respondents in the case.
Senior Counsels Janak Dwarkadas, Darius Khambata, Navroz Seervai and Zal Andhyarujina along with law firm Trilegal and Shardul Amarchand Mangaldas & Co. are appearing for all the respondents in the case.
The company employs around 5,400 staff and handles a combined container volume of approximately 1.6 million TEU (twenty-foot equivalent unit). JM Baxi Ports & Logistics recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin. A TEU is a measure of volume in units of twenty-foot-long containers.
Hapag-Lloyd is one of the world’s leading liner shipping companies with a fleet of 252 modern container ships and a total transport capacity of 1.8 million TEU.
