Rajiv Luthra shall, before Saturday, pay to Mohit Saraf a sum of Rs 52 crore and furnish an unconditional, irrevocable bank guarantee of a sum of Rs 25 crore, encashable in terms of the award of the arbitral tribunal adjudicating disputes between the parties;
Mohit Saraf shall cede any right to reinstatement to L&L firms;
Payments in terms of profits of firm etc. due to Saraf to be subject to outcome of arbitral proceedings;
Saraf shall be entitled to set up his own independent legal practice either alone or in partnership with anyone else. He shall be entitled to describe himself as a former Partner of L&L, but the name of the new practice shall not have Luthra or L&L as part thereof;
Luthra and Saraf will be allowed to compete for clients, advocates and staff of L&L Mumbai and Delhi;
Whichsoever clients of L&L Mumbai and Delhi decides to move to the legal practice of Saraf, shall be entitled to do so. L&L shall shift the data related to those clients to new firm and will not retain any of this data. No hardware can be taken from the firm and only the data of whichever person who is moving to join Saraf can be taken, the Judge clarified in the course of the hearing.
New emails IDs to be given for those who join Saraf. Clients will be informed of these email ids. The electronic identity of Saraf as L&L Partner shall be blocked on receipt of payment;
Parties are in talks with respect to split of litigation firm. That will be separate;
