Raymond's Singhania seeks time to file reply to suit by grandchildren over estate

Written By Unknown on Senin, 06 April 2015 | 22.23

MUMBAI: Dr Vijaypat Singhania the 'complete man' sought time from the Bombay high court to file a reply to a suit filed against him by four of his grandchildren over their rights in the ancestral property. The Raymond honcho whose company alone is worth over Rs 1700 crore is caught in the beginning of a bitter family battle in court.

In court before Justice Gautam Patel, counsel for Singhania, Virag Tulzapurkar asked for time. He said, "they are challenging a family arrangement 17 years later". Sharmila Deahmukh the advocate for the grandchildren said they had a right to do so, "after attaining majority". The judge then gave Singhania and the company for whom Janak Dwarkadas appeared as counsel time till April 15 to file the reply and adjourned the matter to April third week.

READ ALSO: Vijaypat Singhania's grandkids stake claim to ancestral property in Mumbai

Four youngsters, aged 18 to 29, from the Singhania family dragged Singhania, his company Raymond Ltd, his son Madhupati and daughter-in-law Anuradha to HC to challenge a family arrangement which, they claim has deprived them of their rightful share to the substantial riches and properties of the family.

They staked claim on the basis of the Hindu Law governing a Joint Family.

A screengrab from the Raymond advertisement.

The suit is by Raivathari who turned 18 recently and his sisters Tarini, Rasaalika and Ananya. In December 1998, Madhupati and Anuradha, their parents signed

An agreement with Dr Singhania, their grandfather. The deal involved giving up rights of Madhupati, his wife and the children too in the ancestral properties, said the suit, challenging its legality and validity, belatedly. The justification is that they were informed of the agreement only when the youngest turned 18. The interim plea is to stay any deals over the properties they claim to have a stake in.

A father-son discord over management styles led to the arrangement which in turn led Madhupati to move to Singapore with family which included minor children. Now with even the youngest turning a major, they allege "discrimination and injustice'' to their parents. The grandchildren want to also know how much family jewellery Dr Singhania has. He must be asked to furnish a list of the valuable bejeweled family heirlooms, they have demanded, along with assets of the company.

Their complaint is that the agreement "undervalued'' properties and shares that initially were in their names and given up by their parents. As minors then, it was their grandfather's duty to guard their interest, they have contended.

http://timesofindia.indiatimes.com/followceleb.cms?alias=Raymond Ltd,Gautam Patel,Dr Vijaypat Singhania

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