Amarchand Mangaldas Mumbai capital markets partner Abhimanyu Bhattacharya, promoted one year ago, has left the firm on Saturday.
According to three independent sources, Bhattacharya is currently in discussions to join Khaitan & Co.
Bhattacharya and a Khaitan spokesperson declined to comment.
The NUJS Kolkata 2005 graduate and NUS Singapore Masters of Law alum joined Amarchand in 2006 as an associate and was promoted to the partnership in July 2013.
Amarchand Mumbai partner Vandana Shroff confirmed his departure and said that he has gone on six months of gardening leave.
In March the firm’s Delhi corporate partner Pooja Mahajan left the firm.
Update 19:55: Shroff comment added to story.
Comments
6 months gardening leave indicates unhappiness! Isn't it restraint of trade?
What headlines have you seen in your airy fairy world?! The rumours have been about Platinum, BMR and Axon. Not Khaitan who clearly have a banking stalwart in Bassi. Bhatta was just the right level for them. Plus he gets equity which means Khaitan knows not to concentrate wealth in a few hands and believes in real rewards ofHard work. Loyalty and quality work come at a price. You pay people or they leave and this is simple economics.
What headlines have you seen in your airy fairy world?! The rumours have been about Platinum, BMR and Axon. Not Khaitan who clearly have a banking stalwart in Bassi. Bhatta was just the right level for them. Plus he gets equity which means Khaitan knows not to concentrate wealth in a few hands and believes in real rewards ofHard work. Loyalty and quality work come at a price. You pay people or they leave and this is simple economics.[/quote]
Are you from Khaitan? or Bhatta? or out of the market?
Why did he agree to gardening leave? That is not part of his amss contract. Looks to me, he could not stand up for his rights.
If you dont make people partner when they deserve, they leave as principal associates.
[quote name="Interesting"] After spending millions on Bassi in a bad market, Khaitan buys him a young lawyer....But was it wise to have left Cyril Shroff for Haigreve Khaitan so early in his career?[/quote]
MCQ for both propositions - Folks who profit most from bull markets are the ones who buy: (a) at the peak; (b) into the market; (c) before the run.
Sorry, looks like Gujarat didn't realize but Marwar did.
[quote name="Interesting"] From Partner of AMSS to Bassi's partner in crime (read senior associate who will have to do all the heavylifting and work on KCO's miserable team and quality)! [/quote]
Please tell me when was the last time an AMSS junior partner was anything other than a glorified SA? Without any clairvoyance, I can tell you when's the next time though - when [...]. And please please tell CSS that Yash and Lall are no longer doing the heavylifting and it's left to the SAs :-D
[quote name="Interesting"] Only makes sense for Abhimanyu, if its way more money... But was it wise to have left Cyril Shroff for Haigreve Khaitan so early in his career? It has to be a LOT of money. [/quote]
Please console yourself and also lend your shoulder to AMSS in the lament that it is just about the money. Although it may now be a cliche, since you have made this statement, it is difficult if not impossible for you to ever comprehend it - sometimes, it's not all about the money. In any event, what's wrong if at all it is about the money? Free market rules, my friend. If AB was worth the money KCO is offering, CSS should have already paid him that. If he is not, it's KCO's loss, right? In any case, it's not like CSS will be forced to let out part of Roopam to match or beat what KCO is offering.
[quote name="Interesting"] With KCO's rates, wonder how they afford it! [/quote]
Stop wondering or worrying - the last I heard, Pradeep Khaitan and Haigreve Khaitan have exclusive mining rights for mithril in Moria, and unobtanium in Pandora, respectively.
[quote name="Interesting"] In terms of bosses to report to, well Bassi and Yash.... hard to pick who is worse. [/quote]
This I honestly have no clue. But looks like AB has made his choice. I am not aware of anyone who has left Bassi for Asher. Better for one of them to comment.
AB certainly wasn't the mainstay of AMSS's capital markets practice in Mumbai. Yash and Gaurav Gupte are certainly the lead partners. Arjun has also done well in Bangalore. Sure AB is a loss but not a earth shattering one. Remember they have survived the departures of Rahul Guptan, Madhurima and many others.
KCo is certainly competition but they have not dared to raise their fees to match or even come close to the big boys in capital markets.
Wish AB all the best.
Months of gardening leave? Is Cyril so insecure about his throne or ability? It means that Abhimanyu Bhattacharya was the god of capital markets there and Cyril has lost a leg, arm and his mind.
Vandana Shroff's comment only came in around around half an hour after we published, so we updated the story with the comment, since it didn't significantly change the angle of the story, nor did she confirm that he was joining Khaitan.
Ideally, we should have added a note at the bottom of the story to indicate that the comment was added later. Have updated story now, for the avoidance of doubt.
Retain - LOSE
Tight - LOOSE
There.
Should not Cyril and Vandana show grace and remain unperturbed befitting their status and of the 'shroffistan' they have created?
Turbulence can rock everyone, but the mighty deal with grace which obviously seems missing in the comments and behavior of Vandy Madam.
Or was it all the HR mouthpieces trying to justify their cost and putting words in her mouth?
If Cyril removes 75 percent of all the misfit support functions in AMSS and used the money to keep people who matter happy no one will leave him.
AMSS did not make equity partners for 3 years already and has pay freeze on salary bands last and this year. Ache din not at AMSS.
1. This is not an exit for money or position. bhatta became a partner very recently and is not of the temperateness to go chasing big bucks so immediately.
2. It is by no means certain that he will get equity partnership in KCO. There are many of his batchmates at KCO and this would upset a lot of people needlessly. Dont be surprised if he doesnt join KCO at all
3. There is a deeper reason behind his AMSS exit. From what I know it has to do with Cyril deciding to 'promote' Gaurav Gupte and Yash more. Plus there is a story about Abhimanyu and Cyril (regarding a deal he worked on) which will likely come out later and may have played a part in this exit.