Aquilaw partner Sanjay Basu and Anurag Choudhary, chairman and managing director of Himadri Specialty Chemical, have acquired Ei Samay, the Times of India group’s flagship Bengali daily for an undisclosed sum.
“When the opportunity to venture into the media industry through Ei Samay came to me, I knew I had to seize this opportunity,” Basu told India Business Law Journal.
He added that the overarching vision to acquire Ei Samay was “not only to blend tradition with innovation in the media landscape but to become the best in the class” among various newspapers.
The Aquilaw team was instrumental in advising Basu’s company, Tidings Media & Communications, in acquiring Ei Samay from Bennett Coleman and Company and Times Internet through a business transfer agreement.
Partner Suhana Islam Murshedd led the team, with the assistance of principal associate Subhashree Pani, and associates Milind Anand and Namasvi Karia.
The due diligence team comprised associates Anwesha S Mukherjee, Milind Anand and Namasvi Karia.
Asked how he would juggle his legal career with his new role in media, Basu said, “While Ei Samay will surely be an added responsibility, given that we have a robust management and editorial team, I am confident that time and attention management will not be a problem.”
The legal sector also reacted well to news of the media acquisition. “Many peers have expressed admiration for the vision and leadership demonstrated in venturing into the media industry,” Basu said.
“They recognise the strategic thinking and foresight required to diversify into a field that, while different from law, holds significant influence and potential for societal impact. Their support underscores the camaraderie within the legal profession and the mutual respect shared among colleagues.”
He added that, “My vision is clear and straightforward: to globally make it the most loved and popular Bengali newspaper.”
With 25 years’ legal experience and eight years as a partner at Aquilaw, Basu is also the senior standing counsel and adviser to the home department for the state of West Bengal in the Supreme Court.
