Bar & Bench News Network
The dispute between FoxMandal and Little has ended with both the firms entering into a settlement agreement. The firms have ended their five-year old merger and have decided to part ways.
It was believed that internal conflicts between the partners had taken a serious turn leading to both civil and criminal proceedings. These proceedings were going on in Noida District Courts and were to come up for hearing this week. The Arbitration proceedings were also due to start from February 14.
However, the parties decided to settle all the disputes between them and filed a joint consent terms in the Supreme Court. The Supreme Court made it clear that in view of the settlement arrived at, all disputes between the parties shall stand disposed of in terms of the settlement.
The Partners of Little & Co. had filed a transfer petition before the Supreme Court to move all the various litigations to the Bombay High Court and also sought stay on all the proceedings.
Speaking to Bar & Bench Senior Partner Ajay Khatlawala said, ”We have amicably settled the disputes and are fully separated and have filed the consent terms with the Supreme Court yesterday. That has brought an end to all litigations both civil and criminal and arbitration proceedings”.
As per the settlement terms, Little & Co. will end up paying almost Rs. 8 crore to FoxMandal to repurchase their shares and to settle all other accounts.
Speaking to Bar & Bench Managing Partner Som Mandal said, “The matter has been resolved and we have amicably settled and have decided to part ways. FoxMandal is back as FoxMandal and Little & Co. is back as Little & Co. They have settled our accounts to our satisfaction”.
Som also informed Bar & Bench that they would be restarting their Mumbai office. He said, “Before merging with Little & Co. we had our office in Mumbai under the name FoxMandal & Partners. That partnership is now being revived. We have shifted one of our Partners Debasis Law who was with Little back to FoxMandal along with Usha Amonkar, former corporate legal head Mahindra & Mahindra”.
Bar & Bench had earlier in detail covered the dispute between the two law firms.
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The Viewpoint: Indemnification Provisions - Is the fight on the indemnity clause worth the effort?
May 17, 2012 | Bar & Bench brings to you the twentieth article on 'The Viewpoint' series with its Knowledge Partner AZB & Partners. AZB Senior Associate Nandish Vyas and Associate Pranati Ishwar in this article seek to examine the context in which indemnification rights are relevant for acquisition transactions, and also seek to explore if there are areas where they are potentially not worth the comments (4)
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