FoxMandal and Little & Co Make De-merger Settlement
Indian firms FoxMandal and Little have ended their five-year old alliance, de-merging with a settlement agreement after internal conflicts between the partners led to both civil and criminal proceedings. Those proceedings, as well as arbitration proceedings that were scheduled to begin this month, have been disposed of in favour of the settlement agreement, which has been filed in the Supreme Court.
Under the terms of the settlement, Little & Co. will pay nearly Rs. 8 crore to FoxMandal to repurchase their shares and settle all other accounts.
FoxMandal 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”.
Mandal also revealed plans to restart the firm’s 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”.
Read more at barandbench.com.comments powered by Disqus