Mumbai: India's biggest law firm, Amarchand Mangaldas & Suresh Shroff and Company, has been amicably split between warring brothers Cyril Shroff and Shardul Shroff, by a panel of arbiters appointed by the court in November 2014, it was officially announced here on Thursday.
"The two branches of the family have agreed to split and bifurcate into separate entities independently carrying on the profession of law," a statement issued by the panel comprising Justice (retired) B N Srikrishna, noted corporate lawyer Harish Salve and investment banker Nimesh Kampani, said.
Shardul Shroff, who used to manage the Delhi affairs of the family-run law firm, had moved the High Court against his younger brother Cyril Shroff, who is based in the nation's financial capital, over implementation of their mother, the late Bharati Shroff's will.
The late Bharati Shroff, who used to be the largest shareholder in the law firm holding 22.5 percent shares, had originally willed her entire equity to Shardul Shroff.
However, as per the Family Framework Agreement signed by family members, Bharati Shroff's share was to be divided equally between the two brothers, who were managing partners in the law firm and were looking after its separate geographical divisions.
Cyril Shroff has agreed not to contest the will and Shardul Shroff has agreed not to press with his suit, the statement issued by the panel said, adding that a consensus has been arrived at "with a view to preserve the fair name and reputation of the family unblemished, and in order to foster peace in the family", the panel's statement said.
A detailed family settlement has been arrived at for division of properties, professional practice and allocation of assets, the statement added.
"The Bombay High Court has accepted the family settlement and the arbitral award, and also granted probate to the will of late Bharatiben Shroff and disposed of the suit between the brothers by its order pursuant to the family settlement and arbitral award," says the panel's statement.
According to the panel's statement, this was possible since both the brothers showed "a spirit of accommodation" and "immense respect to suggestions made by the mediators", which helped resolve the issue in a relatively short period of time.
