Observing that an attempt should be made by both sides to settle the dispute by mediation, the Bombay high court has asked Dr Vijaypat Singhania, the Chairman Emeritus of Raymond Group, and his four g
Observing that an attempt should be made by both sides to settle the dispute by mediation, the Bombay high court has asked Dr Vijaypat Singhania, the Chairman Emeritus of Raymond Group, and his four grandchildren to settle a property dispute amicably through mediation.
A division bench of Justice V.M. Kanade and Justice Revati Mohite-Dere while hearing the property dispute on February 5, suggested to both the parties that they try and solve the row amicably. The court was informed by one of the lawyers that initially the relations between the parties were very cordial.
The court was hearing an appeal filed by four grandchildren of Vijaypat Singhahia against a single judge order of August, 2015, of the Bombay high court, that refused an interim relief to them in a suit they filed seeking a share in the family property.
The appellants argued in the suit that as per the Hindu Minority and Guardianship Act, Vijaypat Singhania could not have dealt in any property registered in the name of his minor kids without a court order.
However, Vijaypat Singhania’s counsel opposed their plea on the grounds that if the property was a joint family property, then a minor’s consent or a court order is not required to deal with the “undivided property.”
While the judges were of the opinion that the parties should try to solve the dispute amicably they also said, “In our view, appeal requires further consideration. However, we are of the view that the appeal can be finally heard and disposed of at the stage of admission.”
The appellants -—Raivathari (18), Ananya (29), Rasaalika (26) and Tarini (20) are children of Madhupati Singhania, who left the family’s Mumbai home 17 years ago along with his wife Anuradha, and settled in Singapore. Madhupati Singhania’s children had filed the suit in February 2015, staking claim to “their share of the family property.” They are now seeking a direction to Vijaypat Singhania to not deal with any property, estimated over '1000 crore, included in the 1998 family settlement, which he and his estranged son Madhupati Singhania had entered in.
The assets in dispute include those listed in the family settlement of 1998, about two lakh shares of the flagship company Raymond Ltd which were in Madhupati Singhania’s name, Madhupati’s 1/24th share in JK Bankers, the company from where the entire business started, and a few other assets listed in the grand children’s own name.
The court has posted the matter for final hearing on April 6.
