An ugly litigation between FoxMandal and Little & Co has finally ended with the firms parting ways after agreeing on an ₹80 million (US$1.6 million) settlement.
Little & Co has agreed to pay the amount to FoxMandal in return for its shares that were bought by FoxMandal for almost the same price at the time of their merger in 2006. Inside sources say managing partner Som Mandal had demanded a higher amount, which was then negotiated to the current figure.
According to the sources, conflicts raged between FoxMandal and Little & Co from the very beginning of their marriage. Although much of the trouble stemmed from disputes over joint profit-sharing among the equity partners, this was not the only problem that led to the severing of relations.