Amarchand Mangaldas Delhi, led by the region’s managing partner Shardul Shroff, has been in acquisition talks with lawyers and at least one law firm in cities falling under the management of Mumbai-based managing partner Cyril, as the two brothers have been embroiled in a protracted mediation that is startting to look all but certain to result in a break-up into two firms.
According to sources, Amarchand Delhi has been in early-stage talks with lawyers in Mumbai and Bangalore to open up offices in the cities after the mediation concludes by year-end.
Management at Amarchand has been divided between the two brothers along two regions: the Mumbai region under Cyril includes Bangalore, Chennai and Hyderabad, while Delhi oversees Kolkata, Ahmedabad and Gurgaon.
All signs now point towards a 2015 break-up of India’s largest firm into two separate entities along filial lines, following Shardul filing in the Bombay high court over the will of their mother, who held the single largest equity stake in the firm.
It is understood that discussions in the mediation now also include a likely separation, with proposals ranging from allowing both brothers to use the Amarchand Mangaldas brand name, as well as an agreement prohibiting the poaching of each other’s lawyers in the case of a split. The mediations are presided over by investment banker & JM Financial founder Nimesh Kampani, senior counsel Harish Salve, Justice BN Srikrishna.
Shardul Shroff did not respond to an email seeking comment and a Delhi spokesperson declined to comment. Amarchand Mumbai also declined to comment.
Update 8:05pm: Shardul Shroff commented by email: “You have published your article on LegallyIndia without waiting for my reply. It is a completely inaccurate report.
“The mediation is ongoing and there is no truth to the rumours published by you in relation to talks with any lawyers to open offices in Mumbai or Bangalore and splitting the brand between Cyril and me or a non-poaching agreement between Cyril and me. These are all conjectures that you have carried and you should immediately withdraw this article.”
Legally India had reported in November that sources close to the Mumbai side of the dispute expected mediation to move towards a break-up.
The court-agreed mediation is set to conclude on 31 December 2014, with the court having agreed to extend the deadline for Cyril to file his potentially explosive counter-affidavit until year-end.
Comments
First let him redeem his reputation in the legal market as a person who values institutions . His reputation is in tatters .
Nobody gives him any chance in Mumbai as a long term player . He should just count mummy's money and retire from practice . He does not need to work anymore with all the loot
Apparently hildul has met them twice
The only founding partner left at ALMT is also a former Amarchand Lawyer
2015 going to be really boring
Why cant one in them take a matured approach and give up to his own brother?
What are they going to take away ultimately? apparantely nothing.
Atleast they can save (when they are alive) a big firm's breakaway.
Appreciate the sentiments. But please proofread before posting.
Was your initial report wrong, misleading or irresponsible or is Shardul not providing the true picture by denying and is lying?
In my personal opinion, if story of a journalist (hope you consider yourself one ;) ) is challenged, it should be defended!
Look forward to your comments! A little evidence to support your story would also be welcome.
Just to clarify, I am not interested in who is or is not talking to Shardul. All I am interested in knowing is that how much importance should I give to LI stories in future and how much is the credibility of Kian/LI.
We have reported very early stage discussions akin to testing the water, rather than full blown merger / hiring discussions at this point obviously, so there's some plausible deniability. And maybe some were also initiated without the knowledge of Shardul? Have asked for a follow up comment but received none so far.
Let's wait and see how mediations go. Being smart lawyers, I'm sure both sides are considering their options about 'what if' scenarios in various ways.
(1) If SSS opened office in Mumbai, clients would be readily available since he enjoys a great goodwill and SSS also presently provide huge referrals to AMSS Mumbai. No one CARES if he has allegedly destroyed a 97 year firm except a historian.
(2) Lawyers will come to him if he pays more. No lawyer in Mumbai cares about the 100 years things except Shroffs and their chamchas.There are older firms. Even existing AMSS Mumbai lawyers will shift in absence of non-poaching pact since even though SSS is a tough task master, he is fair and meritocratic unlike VCS running Mumbai who has untalented but loyal goons running things (where the ultimate sufferer is the client).
Hope that's simple enough.
(1) If SSS opened office in Mumbai, clients would be readily available since he enjoys a great goodwill and SSS also presently provide huge referrals to AMSS Mumbai. No one CARES if he has allegedly destroyed a 97 year firm except a historian.
(2) Lawyers will come to him if he pays more. No lawyer in Mumbai cares about the 100 years things except Shroffs and their chamchas.There are older firms. Even existing AMSS Mumbai lawyers will shift in absence of non-poaching pact since even though SSS is a tough task master, he is fair and meritocratic unlike VCS running Mumbai who has untalented but loyal goons running things (where the ultimate sufferer is the client).
Hope that's simple enough.[/quote]
As a take to this, mumbai offices of both the biggies , AZB and AMSS are run in a whimsical manner whereas the delhi offices are less glamourous but more secure and dignified not to mention less parochial.
I think this breakup will benefit not only AMSS Delhi lawyers who will not have a second chance to conqueor new territory in mumbai, AMSS Mumbai lawyers also benefit as a weakened Cyril is more likely to respect them.
No wonder under the so called fair & meritocratic SSS, VP Singh, Pranav Sharma moved to the Mumbai offices recently...even Rishi Gautam decided to head to AZB...
Personally having worked in the Projects team under Vishwanathan, he is by far the best Projects & Infrastructure/Financing Lawyer India has today. Ask his clients who come to him again & again. I am sure its the same for Yash, Ashwath and the rest of them too....