The Delhi High Court’s single judge bench of Justice V Kameswar Rao had passed an order referring L&L Partners Rajiv Luthra and Senior Partner Mohit Saraf to mediation over the issue of diluting the firm’s equity. The parties have abided by the court’s order to solve the month-long dispute before Senior Advocate Sriram Panchu.
The issue dates back to January 6th when founder Rajiv Luthra had given his notice of withdrawal from the firm’s pool of equity shareholders. By a series of extensions, the last being October 31st, the notice was accepted by Mohit Saraf on October 12th. Luthra’s conditions of diluting all the partners’ equities were not accepted by Saraf who has tried to induct two new equity partners in the firm.
In response to Saraf’s equity strategy, Luthra had terminated the former from the Partnership firm and had blocked his access to the same. This decision was challenged before the Delhi High Court that shall take up the matter in case of the mediation’s failure to resolve the dispute