The Bombay high court had extended time till February 20, 2015, for Cyril Shroff to file his affidavit rebutting the claims of his brother Shardul. The brothers, who are managing partners of India's largest law-firm, Amarchand Mangaldas & Suresh A Shroff & Co, are engaged in a dispute over their mother's will.
This is the second time that the HC has extended the deadline for Cyril to file an affidavit rebutting his brother's claim. On November 18, the HC had granted time to Cyril to file an affidavit in three weeks which was then extended till December 31.
On Tuesday, Cyril's counsel Iqbal Chagla sought more time which was granted till February 20, 2015. The court has also extended the mediation between the brothers till then. Chagla has said that they would be filing an affidavit showing the "deep involvement" of his brother in the will.
In November, they had agreed mediation on differences arising from the will of their deceased mother late Bharti Shroff. They had nominated investment banker Nimesh Kampani, senior counsel Harish Salve and justice (retired) BN Srikrishna as mediators.
The brothers had also agreed that they would not take any action on the 52,000 units of equity owned by their deceased mother in the legal firm. The profits on these units will be kept in an interest-bearing suspense account of the firm till the mediation process is complete.
Shardul Shroff, who manages the Delhi affairs of the family-run law-firm, had moved the HC against his younger brother Cyril over the implementation of her will.
She had willed her entire equity to Shardul Shroff. But according to the Family Framework Agreement signed by the family members, her share was to be divided equally between the two brothers.
Late Bharti Shroff held 22.5 per cent shares (largest share-holder) in the law firm.
Shardul's counsel, former finance minister P Chidambaram, argued that his (Shardul's) mother has willed her entire share to him. "If there is no family arrangement, then the share of the deceased partner has to go as per the law," argued Chidambaram.
He further argued that according to the will, she was ill-treated by Cyril, and hence decided to disinherit him.
Shardul has approached the HC for probate of the will.
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