Brothers Shardul and Cyril Shroff have “amicably resolved” their very public dispute, and Amarchand Mangaldas & Suresh Shroff & Co will “split and bifurcate into separate entities independently” practicing law, according to a press release.
The release, signed by the arbitral panel comprising of BN Srikrishna, Harish Salve and Nimesh Kampani, said that a detailed family settlement had been arrived at for “division of family properties, professional practice and allocation of assets.”
According to the terms of the settlement, the younger brother Cyril has agreed not to contest and agreed for grant of probate to the will and codicil of the Shroffs’ late mother, and Shardul has agreed not to press suit. The dispute started after it was found that the mother, who died in August last year, willed her entire stake in the firm (amounting to about 22 percent) to Shardul.
Amarchand has more than 90 partners and upwards of 700 lawyers. Shardul so far managed the New Delhi office (which oversaw Gurgaon, Kolkata and Ahmedabad) while Cyril managed the Mumbai office (which oversaw Bengaluru, Hyderabad and Chennai).
