•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student
other

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences
Subscribe for perks & to support LI

██████ ██████ founders aim to hand over to the next gen, starting with new chiefs, 3-year elections

115 people have already read this article, which will unlock for non-subscribers like you in . So what are you waiting for? Subscribe now!

Amarchand Mangaldas split done deal: To be announced in Bombay high court tomorrow

Mediated outcome: Two Amarchands
Mediated outcome: Two Amarchands

The mediation between Amarchand Mangaldas co-managing partners and brothers Cyril and Shardul Shroff has completed today, with the Bombay high court to hear tomorrow at 11am that they have agreed to split the firm in two, according to two authoritative sources.

It is understood that both parties reached an agreement in mediation today after the end of the negotiations has been repeatedly extended.

The mediation began after an explosive Bombay high court hearing on 14 November 2014, after which the brothers agreed to mediate their differences.

They selected as their three mediators Nimesh Kampani – the JM Financial founder – with Cyril proposed senior counsel Harish Salve and Shardul nominated Justice BN Srikrishna.

Legally India had reported on 20 November 2014 that a break-up of the firm was nearly inevitable.

At its core, their dispute revolved around the brothers’ late mother’s will, which allegedly bequeathed all her assets, including her largest single equity stake in the Amarchand Mangaldas law firm.

Cyril claimed that equity in the firm was not hers to bequeath, as the family’s equity holdings in the firm were governed by partnership and family framework agreements, while Shardul claimed primacy of the will.

We have reached out to Cyril and Shardul Shroff for comment.

Click to show 31 comments
at your own risk
(alt+c)
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.