Lawstreet Journal

DISPUTE ARISES IN THE HINDUJA BUSINESS FAMILY, PUTS $11 BILLION EMPIRE AT STAKE

Lawstreet Journal 30 Jun 2020 1:20am

Image courtesy: Lawstreet Journal Business DISPUTE ARISES IN THE HINDUJA BUSINESS FAMILY, PUTS $11 BILLION EMPIRE AT STAKE

Known as one of the wealthiest families in the world, the Hinduja family has established its presence in the business scenario in more than 38 countries. Their empire is estimated to be valued approximately at 11 billion US dollars. The family is a consistent name on the list of the UK's richest and consists of 4 brothers, Srichand, Gopichand, Prakash and Ashok. 

The brothers signed a document in 2014 which stated that the assets held by one are held by all and that each of them appoints the others as executors. This is the reason why the assets of the brothers are calculated together whenever it comes to it. This document has however now become the core in the dispute in the family.

The eldest brother Srichand and his daughter Vinoo now want the document to be declared of no legal effect. He wished in 2016 that the family’s assets be separated among the members. Differences among the brothers arose over the control of Hinduja Bank of Switzerland. The other three brothers tried to take control of the bank which is in fact under the sole name of Srichand resulting in a stretched legal dispute. Hence Vinoo and Srichand want the court to declare that the document has no legal standing and can be revoked. 

The source of this dispute, the bank has Srichand’s daughter Shanu as the chairperson and his grandson Karam was appointed CEO last week. It isn’t clear if the 2013 document is an informal agreement or a will or… Continue Reading...


Tagged: HINDUJA BUSINESS  
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