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Cyril Shroff affidavit deadline extended to 31 December as mediation between Amarchand Mumbai-Delhi continues

The deadline for the affidavit that was due to be filed by Amarchand Mangaldas Mumbai managing partner Cyril Shroff in the Bombay high court dispute with his brother over their late mother’s equity in the firm, has been extended by the court to 31 December 2014, coinciding with the deadline set for the close of mediation talks between the two brothers.

Cyril’s affidavit was due to be filed within three weeks of the ‘black Tuesday’ Bombay high court hearing of 18 November, in the case that was brought by his brother.

Cyril’s senior counsel Iqbal Chagla had told the court that the affidavit would show Shardul’s “deep involvement” in their mother’s will.

It is understood that this would have made the allegation that Shardul exerted undue influence over the mother, whose will disinherited Cyril and his side of the family entirely.

Shardul’s counsel P Chidambaram had read out large parts of the mother’s will and codicil in open court, including allegations of her having been neglected by Cyril and his family.

Mediations are currently ongoing between the two brothers, headed by investment banker & JM Financial founder Nimesh Kampani, senior counsel Harish Salve and Justice BN Srikrishna.

The mediation to date is believed to have been conducted without any physical meetings or direct communication between both the brothers, with the three mediators acting as the brothers’ intermediaries.

On 20 November Legally India reported that an authoritative source with knowledge of Cyril and Mumbai’s position, had said the most likely outcome of mediation would be a split of Amarchand into two firms, in part because previous rounds of mediation between the brothers have already failed. Go-betweens included AZB & Partners managing partner Zia Mody, Aditya Birla Group chairman Kumar Mangalam Birla and HDFC chairman Deepak Parekh.

Legally India published Shardul Shroff’s affidavit and explained both sides’ arguments in the case on 25 November.

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