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After months of negotiation, the Shroff brothers have finally resolved the division of the country’s largest law firm, Amarchand Mangaldas Suresh A Shroff. The almost 100 year-old firm will officially be dissolved on May 9 with the new entities, Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas coming into existence two days later.
The matter came up for hearing today in the Bombay High Court before Justice Gautam Patel in a packed courtroom No. 37. Senior Advocate Iqbal Chagla submitted the consent terms, informing the court that the mediators had passed an arbitral award dated May 5 on the terms that have been agreed between the parties.
The Court directed both the parties to act as per the consent terms, allowing the suit to be withdrawn.
Cyril Shroff has also tendered an affidavit agreeing not to contest the terms of the late Bharati Shroff’s will.
Justice Patel said that he would pass an order based on the basis of the minutes of the consent terms and also directed the issueance of probate on a priority basis.
The submission of the mediation report today marks the end of the family battle between Cyril Shroff and Shardul Shroff following the death of their mother, Bharati Shroff, in August last year.
Ever since the mediation was announced, the two Shroffs have been building their own teams with Cyril Shroff making 19 senior level hires so far and Shardul Shroff hiring about 5 partners. It is also understood that Shardul Shroff is eyeing a Bombay-based law firm to kick-start its operations in Mumbai.
But it is not manpower that the two brothers have been focusing on. Cyril Shroff has already acquired prime real estate in Saket in Delhi while Shardul Shroff has acquired a few floors in Express Towers to set up operations.
Here is a timeline of what happened in the Bombay High Court today
Here is a press release issued by the mediators: