Essar Energy GC considers panel shakeup following delisting
FTSE 250 company Essar Energy’s legal team is being restructured following its controversial de-listing and general counsel Sheena Singla is considering an informal panel shake-up as a result.
India’s Essar Capital, controlled by billionaire brothers Shashikant and Ravikant Ruia, made a 70p-per-share offer to take Essar Energy private two months ago. The company was removed from the London Stock Exchange in June following a tussle between the brothers and minority shareholders.
The shape and size of Essar Energy’s legal capacity is currently under debate however the three-strong group is understood to have already been downsized.
The delisting has prompted an informal review of the company’s external advisers as well as impacting the in-house team.
Singla has retained strong ties to Freshfields since working on the company’s IPO as an associate at the firm with partners Stuart Grider and Neil Radford. She was put in charge of building Essar Energy’s legal team in London after being headhunted from the magic circle firm.
Linklaters partner Charlie Jacobs is also a particularly strong contact, having acted for underwriting banks Deutsche Bank and JP Morgan on Essar’s IPO and advised the company as the target throughout the take-private deal.
Essar is also asking firms to offer capped fees, particularly for project work. However the company is not expected to put in place a formal panel.
Source: thelawyer
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