{"id":35870,"date":"2014-11-17T15:22:55","date_gmt":"2014-11-17T09:52:55","guid":{"rendered":"https:\/\/www.legalindia.in\/news\/?p=35870"},"modified":"2014-11-17T15:26:41","modified_gmt":"2014-11-17T09:56:41","slug":"amarchand-mangaldas-delhi-managing-partner-shardul-shroff-sues-brother-cyril-bombay-hc","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/amarchand-mangaldas-delhi-managing-partner-shardul-shroff-sues-brother-cyril-bombay-hc","title":{"rendered":"Amarchand Mangaldas Delhi managing partner Shardul Shroff sues brother Cyril in Bombay HC"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/11\/shardul-vs-cyril.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"35871\" data-permalink=\"https:\/\/www.legalindia.com\/news\/amarchand-mangaldas-delhi-managing-partner-shardul-shroff-sues-brother-cyril-bombay-hc\/shardul-vs-cyril\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/11\/shardul-vs-cyril.jpg?fit=400%2C243&amp;ssl=1\" data-orig-size=\"400,243\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"shardul vs cyril\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/11\/shardul-vs-cyril.jpg?fit=300%2C182&amp;ssl=1\" class=\"alignright size-large wp-image-35871\" src=\"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/11\/shardul-vs-cyril-300x182.jpg?resize=300%2C182&#038;ssl=1\" alt=\"shardul vs cyril\" width=\"300\" height=\"182\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/11\/shardul-vs-cyril.jpg?resize=300%2C182&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/11\/shardul-vs-cyril.jpg?resize=150%2C91&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/11\/shardul-vs-cyril.jpg?w=400&amp;ssl=1 400w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Two of India&#8217;s top lawyers, Shardul and Cyril Shroff, brothers who run the law firm Amarchand Mangaldas &amp; Suresh A Shroff &amp; Co (AMSS) could find themselves in a protracted legal battle over the assets and ownership of the law firm.<\/p>\n<p>Shardul, the Delhi-based elder brother and one of the two managing partners of the country&#8217;s largest corporate law firm, has approached the Bombay High Court seeking a direction to implement his late mother Bharti Shroff &#8216;s will.<\/p>\n<p>The petition, which was filed on Friday, is the denouement of a dispute which has simmered for months and had become common knowledge in Mumbai&#8217;s corporate, banking and legal circles.<\/p>\n<p>Two of India&#8217;s top bankers and a number of top industrialists are said to have acted as mediators in an attempt to resolve the matter. These attempts appear to have failed, at least for now.<\/p>\n<p>When asked about the case in the high court, Cyril Shroff said he was yet to decide whether to accept the will. &#8220;I will never initiate any legal action which is public in nature, as it impacts the family and firm&#8217;s name. I have not yet decided as to whether I am accepting the will or not. We are more focused on our clients, partners and people working with us, and for them there will be business as usual,&#8221; he said. He declined comment on the details of the dispute.<\/p>\n<p>&#8220;This is an internal family matter and we do not wish to comment on such issues,&#8221; said Radhika Garg, head of corporate communications at the Delhi operations of Amarchand Mangaldas, headed by Shardul Shroff. Senior advocate MP Bharucha, whose law firm Bharucha &amp; Partners is representing the elder brother in court, declined comment.<\/p>\n<p>In the will which is at the heart of the dispute, Bharti, the wife of Suresh S Shroff, father of Cyril and Shardul, has willed her equity in the law firm and her personal wealth to elder son Shardul, a move that creates ambiguity in the ownership structure of the firm that was till her death run jointly by Cyril and Shardul. Currently, the Shroff brothers own around 60% in the firm with the rest being held by non-family equity partners.<\/p>\n<p><strong>Will Contradicts Family Pact<\/strong><\/p>\n<p>People privy to the developments say the will contradicts a 1994 family agreement under which Bharti Shroff &#8216;s ownership stake was to be equally divided between the two brothers. Further, her share in Amarchand Tower Properties, a partnership that owns properties in Delhi, has also been willed to Shardul Shroff.<\/p>\n<p>The ownership dispute has been discussed by members of Amarchand Mangaldas&#8217; management committee, according to people familiar with the matter. Two independent members (the committee has seven members in all), George Golding and James Abraham, recently moved a resolution that there cannot be ambiguity in the ownership of the firm and on principle of equality, Bharti Shroff&#8217;s shares should be distributed equally between the two managing partners.<\/p>\n<p>They also contended that family matters should not have any consequence for the firm. Sources said the resolution, which was circulated over email earlier this week, was passed 5:2 in Cyril Shroff &#8216;s favour. Cyril declined comment on the resolution.<\/p>\n<p>AMSS is the country&#8217;s largest law firm with over 600 lawyers and more than 80 partners. The firm has gone from strength to strength in the past decade fuelled by a M&amp;A and banking finance boom, and Amarchand&#8217;s next phase of growth was chalked out by consulting major BCG with the aim to reach a Rs 1,000-crore turnover, along with a bench strength of 100 partners and some 1,000 lawyers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two of India&#8217;s top lawyers, Shardul and Cyril Shroff, brothers who run the law firm Amarchand Mangaldas &amp; Suresh A Shroff &amp; Co (AMSS) could find themselves in a protracted legal battle over the assets and ownership of the law firm. Shardul, the Delhi-based elder brother and one of the two managing partners of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[90],"tags":[30416,30417,30418],"class_list":["post-35870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bar-bench-firm-news","tag-amarchand-mangaldas-delhi-managing-partner-shardul-shroff","tag-shardul-shroff-has-filed-legal-action-in-the-bombay-high-court","tag-shardul-shroff-sues-brother-cyril-in-bombay-hc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amarchand Mangaldas Delhi managing partner Shardul Shroff sues brother Cyril in Bombay HC  - Legal News India - Supreme Court &amp; 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