The Solicitors Regulation Authority (SRA) has suspended three directors of Axiom Ince (formerly Axiom DWFM), the firm responsible for rescuing Plexus Legal and Ince from collapsing. Pragnesh Modhwadia, Idnan Liaqat, and Shyam Mistry, key figures in Axiom Ince, have all been subject to regulatory intervention. This suspension immediately bars them from practising but does not impact the firm's ability to continue trading.
Pragnesh Modhwadia, the former managing partner of Axiom DWFM and founder of Axiom Stone Solicitors, faces intervention due to suspected dishonesty and non-compliance with Solicitors Act rules. Shyam Mistry, head of personal injury and medical negligence, and Idnan Liaqat, head of commercial, investment, and residential property, are both under investigation for alleged breaches of solicitor rules.
These directors are concurrently active directors of Axiom Ince Limited, formed in May 2023 following Axiom DWFM's acquisition of the Ince Group via a pre-pack administration agreement. Modhwadia was quoted during the acquisition announcement and also remarked on Axiom Ince Limited's recent purchase of Plexus Group, emphasizing their dedication to growth, job security, and client interests amid challenging financial and legal landscapes.
A spokesperson for Axiom said: “The SRA have suspended Pragnesh Modhwadia, Idnan Liaqat and Shyam Mistry. The reasons given are failure to comply with Accounts Rules and the Solicitors’ Code of Conduct and the misappropriation by Pragnesh of very significant sums of money. The SRA have confirmed that the firm continues to operate and the directors and partners have taken immediate steps to protect the business, our clients and our employees whose wellbeing remains our priority as we navigate the best and most viable way to proceed.”
