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  • Preliminary Rounds II

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    Abhey Jindal
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    Om Jai Pvt. Ltd. and The Orion Agarbatti Co. are Mumbai-based companies in the temple goods and incense industries, respectively, that had planned a merger to become the largest such company worldwide. However, the merger was called into question after Mr. Harikishan Syed of Orion was caught by his wife Parul in a compromising position with Mrs. Tanya Goenka of Om Jai. While Mr. Syed claimed intoxication, both wives were angry. The companies will undergo mediation on July 2nd to determine if the merger can still occur on the agreed terms of September 29th.

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    Om Jai Pvt. Ltd. and The Orion Agarbatti Co. are Mumbai-based companies in the temple goods and incense industries, respectively, that had planned a merger to become the largest such company worldwide. However, the merger was called into question after Mr. Harikishan Syed of Orion was caught by his wife Parul in a compromising position with Mrs. Tanya Goenka of Om Jai. While Mr. Syed claimed intoxication, both wives were angry. The companies will undergo mediation on July 2nd to determine if the merger can still occur on the agreed terms of September 29th.

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    30 views2 pages

    Preliminary Rounds II

    Uploaded by

    Abhey Jindal
    Om Jai Pvt. Ltd. and The Orion Agarbatti Co. are Mumbai-based companies in the temple goods and incense industries, respectively, that had planned a merger to become the largest such company worldwide. However, the merger was called into question after Mr. Harikishan Syed of Orion was caught by his wife Parul in a compromising position with Mrs. Tanya Goenka of Om Jai. While Mr. Syed claimed intoxication, both wives were angry. The companies will undergo mediation on July 2nd to determine if the merger can still occur on the agreed terms of September 29th.

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    Proposition for Preliminary Rounds II

    Om Jai Pvt. Ltd. is a Mumbai based company that has been the 5th largest international
    exporter of temple articles like temple bells, stands and other temple material across the globe
    for devotees in countries other than India from the past 30 years. Om Jai Pvt. Ltd. has been
    exporting temple articles and goods to United States of America, Canada, Australia and the
    European countries. The company has gained a huge global presence and clientele amongst
    all the Hindu devotees residing in different parts of the world. Mr. Arnab Goenka is the
    Managing Director of Om Jai Pvt. Ltd.

    The Orion Agarbatti Co. is another Mumbai based company, which was founded by late Attar
    Syed in the 1800s, and later owned by his grandson Mr. Harikishan Syed. In 1999, Miss Parul
    bought 25 percent shares of the company and later in 2001, Mr. Harikishan got married to
    Mrs. Parul Syed. Since then the company is owned and run by both of them. The history of
    Orion Agarbatti Co. dates back to more than 100 years when the manufacturing of Agarbatti
    started in 1890 by Attar Syed as a dealer of Raw material like Civet and Sandalwood Oil,
    Sandalwood Powder, etc. and then supplying it to the Priests of famous Temples of Tanjore
    and Madurai; and these Priests in turn would manufacture Dasangam from the
    abovementioned raw materials and then Mr. Attar Syed used to buy back the finished product
    of Dasangam and distribute it to Bangalore, Mysore and surroundings. This mixture of
    Dasangam was burnt on charcoal burner which used to give pleasant natural aroma making
    the atmosphere divine. In 2015, The Orion Agarbatti Co. emerged as the biggest
    manufacturer and distributer of Agarbatti across India with a turnover of more than
    Rs. 1000 cr. The company also supplies their agarbattis to Om Jai Pvt.Ltd.

    Also, Mr. Arnab Goenka and his wife Mrs. Tanya Goenka, Mr. Harikishan Syed and
    his wife Mrs. Parul Syed are members of the elite group of Mumbai and also the most
    respected business families because of their line of business.

    Om Jai Pvt. Ltd. and The Orion Agarbatti Co. are planning a merger to grow their business
    and emerge as the biggest Temple Articles company worldwide. Om Jai Pvt. Ltd decided to
    buy 49 percent shares of The Orion Agarbatti Co. by investing Rs. 605 crores and the new
    name of the company post-merger is still in discussion. The companies plan to sign and
    announce their merger publically on the first day of Navratri, i.e. 29th September 2019.
    Navratri is a nine nights Hindu festival, celebrated in autumn every year in honor of the
    divine feminine Devi. The owners of both the companies want to use the occasion to mark
    their new beginning and use their reputation to boost the business.

    Happy ADR!
    Proposition for Preliminary Rounds II

    On 6 June 2019, Mrs. Parul Syed caught her husband with Mrs. Tanya Goenka in a
    compromising position. Both, Mrs. Parul Syed and Mr. Arnab Goenka were angry and
    disgusted; and the merger was in question now.

    Mr. Harikishan Syed was able to convince his wife that he was under the influence of alcohol
    and didn’t do it intentionally and requested her to stay in her life and company. He even
    alleged that he doesn’t remember anything related to 6th June. Even Mr. Arnab Goenka
    decided to keep his professional and personal life separate but was not ready to continue with
    the merger on the same terms.

    As the cancellation of merger will have its repercussions on both the parties and only three
    months are left for the decided merger date, Syeds and Goenkas will sit for mediation on
    2nd July 2019, the former being the requesting party and latter, the responding party.

    Happy ADR!

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