Estranged brothers Cyril and Shardul Shroff have decided to split the 98-year-old Indian law firm Amarchand Mangaldas into two new firms, each controlling one of the legacy firm's Mumbai and Delhi regions, according to a report in Indian newspaper Economic Times. The split is expected to come into effect on April 1.
The paper said that the brothers Shroff, managing partners of the respective offices, decided to split after months of legal wrangling and third-party mediation failed to settle a dispute arising from the will of their mother, who died last year. The will handed her share in the firm entirely to Shardul Shroff, thus giving him a bigger share of Amarchand compared to Cyril.
According to the terms of the split, the firm will be split equally between the two, and the new firms will get the right to operate on each other's territory in Mumbai, ET said.
The elder brother Shardul, who controls the Delhi office, currently runs the firm's offices in Gurgaon, Kolkata and Ahmedabad, while Cyril oversees the Mumbai office that also controls Bengaluru, Hyderabad and Chennai.
