Mohit Saraf asks for Rs 50 crore as interim pay out to leave L&L Partners; parties to discuss final terms

The long drawn litigation between Rajiv Luthra and Mohit Saraf of L&L Partners appears to be nearing resolution, with the latter asking for Rs 50 crore as an interim pay out to leave the firm..Appearing for Saraf today, Advocate Raghvendra Singh set out the terms under which his client will agree to leave the firm. These included a Rs. 50 crore interim payment and a possible Rs. 250 crore final amount..Justifying these amounts, Singh said,"The firm has around Rs. 70 crore sitting in the bank account accrued over the last fiscal year. I have not received anything from this...I am asking 28.54 crore, which is my entitlement to profits.".Senior Advocates Abhishek Manu Singhvi and Sidharth Luthra, appearing for Rajiv Luthra, seemed to be in agreement with Singh's proposal on interim payment. Singhvi said,"In principle, what Singh is saying sounds okay. The only issue will be on the figure. I endorse what I think is the spirit behind Singh's suggestion.".Saraf also informed the Court that he has withdrawn his claim of wrongful termination from the firm..The Bench of Justices Rajiv Sahai Endlaw and Sanjeev Narula agreed to hear the matter tomorrow after the parties sought a day to discuss the figures..The discussions arose during the Court's hearing of an application filed by Luthra, who took objection to a letter sent by Saraf in which he was spoken about in poor light to a client.."Shouldn't he have the decency not to shoot off letters at such a time, when the Court has reserved the order in the matter? This shows that there has to be separation of the two. My earlier words are a self-fulfilling prophecy," said Singhvi who had earlier called for a "clean break" between the two lawyers..The parties eventually agreed to move towards a consensus, which will be revealed to the Court in tomorrow's hearing..Saraf had moved the High Court in October last year after he was removed from the L&L partnership by Luthra..Following a suggestion made by the Court, Senior Advocate Harish Salve had agreed to mediate between Luthra and Saraf. The same, however, failed to bear fruit. An earlier attempt to settle the matter through mediation had also failed..After the matter returned to the High Court, a Single Judge stayed the termination of Saraf from the L&L partnership..Luthra then appealed against this verdict, arguing that the Single Judge's order was riddled with inconsistencies.