The break up of Amarchand Mangaldas, whose Delhi and Mumbai-based managing partners and brothers Shardul and Cyril Shroff respectively are currently mediating about the future of the firm, has been postponed by at least a month, with the Bombay high court having been told that the mediation would not complete before April-end.
The deadline to conclude the mediation was postponed to 30 April 2015 in the Bombay high court, confirmed two independent sources close to the matter.
The mediation is presided over by former Supreme Court judge BN Srikrishna, senior counsel Harish Salve and Nimesh Kampani, founder and chairman of the JM Financial group.
The mediation deadline has been extended several times, having originally been set for 31 December 2014 by the Bombay high court, where Shardul filed a case against Cyril and the Bombay partnership following a dispute about their late mother’s will and equity holdings in the firm.
Both Cyril and Shardul have registered new independent web domains, with Cyril having secured office space in Delhi and Shardul in the process of doing so.
Shardul and Cyril did not respond to messages seeking comment.
Update: The Bombay high court order is out (hat-tip @superselector5)
Comments
Can you confirm the veracity of this?
Or Baba Kalyani
We know about this because the other brother made sure the whole world knows about this.
if they do patch up, well well, it would mean that even the other brother (also) cared a damn about the mother.
It would also mean that commerce makes more sense over mother's treatment. and that mother's treatment was approved by both brothers. one - who did mistreat. and the other who acquiesced.
It would also mean, that the effort, that the first brother made to have the new will prepared : wasted.
So are the brothers patching up ?
"may" make a lot of business sense to patch up.
but I would seriously, seriously doubt it.
there is an old japanese saying: Never take a sword out. if you do, it must taste blood. else, the threat that the sword looses meaning.
Once P Chidambaram was engaged to read out the reason for the second will. Once it was known word by word how bad the treatment was.
Once it was clear that one brother had the advantage as per the second will, patching up does not make sense.
Why go through all this and then patch up ?
Why ?
Does this also mean partners who are promoted to new partnership will continue to work as associate for one more month for nothing of their fault.
People know hence Legally India, also gets to know. So many touch points! Many of you comment also right,in such forums, so hardly any rocket science to not know and figure things out? Also, since all comments, whether visible to all posted here, so information anyways reaches LI ;-)
Oh boy ! Damn clue huh..rather well informed I say all are!
Also any idea on what is happening with the a&m logo and the Lex Mundi membership?
Seriously though, there was too much work to do leading to a distinct lack of inspiration. Was it missed? Maybe next year?
HR Head: This year too, bonuses will be as per the Bell Curve ????
ASSociate: What is that pray tell?
HR Head: Let me put it in Hindi, "Ghanta milega"..!