Shroff brothers in dispute over ownership of India's top law firm
India's largest law firm Amarchand Mangaldas & Suresh A Shroff & Co could soon be facing a crisis after brothers and joint managing partners Shardul and Cyril Shroff have entered into a battle over ownership of the firm, local media have reported.
November 17, 2014 at 03:11 AM
2 minute read
India's largest law firm Amarchand Mangaldas & Suresh A Shroff & Co could soon be facing a crisis after brothers and joint managing partners Shardul and Cyril Shroff have entered into a battle over ownership of the firm, local media have reported.
Delhi-based Shardul Shroff, the older of the two, approached the Bombay High Court on Friday, according to the Economic Times, to validate the will of their mother Bharti Shroff, who passed away in August and left her equity in the law firm and her personal wealth, to him.
However, the news report said the will is contrary to a 1994 family pact which made clear that Bharti Shroff 's stake was to be equally shared between the two brothers.
The move by Shardul is thought to follow months of tension between the brothers, who until now have had equal interests in the firm.
When contacted by Legal Week, Amarchand declined to comment, except to say it was a family matter before the courts, and business remained as usual.
Amarchand Mangaldas & Suresh A Shroff & Co was set up in 1917 by Amarchand Shroff and passed down to his son Suresh Shroff before being taken over by Cyril and Shardul in 1994.
The 86-partner firm currently has eight offices, and as is top-ranked by Chambers & Partners for a broad range of capital markets, corporate, anti-trust, banking and finance, real estate, private equity, and projects and infrastructure work in India.
As it approaches its 100-year anniversary the firm is hoping to reach 100 partners and launch its first international base, which Shardul Shroff told Legal Week would most likely be in Singapore.
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