The Hinduja Group-owned Amas Bank (Switzerland) Ltd on Monday said it has changed its name to Hinduja Bank to show the group's increased commitment to its banking business in Switzerland.
Dismissing concerns of India facing a governance deficit, Prakash P Hinduja, chairman, advisory board of Hinduja Bank, Switzerland, said on Tuesday that the Indian economy continues to enjoy confidence of global investors.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
Four Hinduja brothers -- Srichand, Gopichand, Prakash and Ashok -- had in 2014 signed on a document saying the assets held by one brother belong to all, and that each of them will appoint the others as their executors. But now family patriarch Srichand Hinduja, 84, and his daughter Vinoo want the letter to be declared of "no legal effect" and the family's assets be separated as per his wish of 2016.
The Hindujas have taken off the veil over their mid-sized Amas Bank in Switzerland by renaming it as "Hinduja Bank", in what its chief executive described as a bold move to expand its activities in trade finance, wealth management and investment banking.
Britain's wealthiest family, the Hindujas, have said they were 'appalled' by a Swiss court's ruling of jail terms for some members and have filed an appeal in a higher court challenging the verdict finding them guilty of exploiting vulnerable domestic workers from India at their villa in Geneva.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
The case has been brought by Srichand Parmanand Hinduja, 84, described as the "patriarch" of the family, against brothers G P Hinduja, 80, P P Hinduja, 75, and A P Hinduja, 69, and revolves around the "validity and effect" of a letter dated July 2, 2014. The letter includes statements to the effect that the brothers appoint each other as their executors, and that assets held in any single brother's name belong to all four. A related second letter, dated July 1, 2014, is also linked to the dispute.
While the Hinduja brothers - Gopichand, Prakash, and Ashok Hinduja - did not indicate any move to begin talks with Vinoo Hinduja, top Indian lawyers said mediation would help both sides considering that the letter signed by the four brothers cannot trump other legal documents and challenge the validity of a registered will of SP Hinduja.
'Our family philosophy is to build a bridge between India and Britain.'
'India is home to the third-largest number of family-owned businesses in the world.' 'While everyone pays lip service to succession planning being entrenched in the functional DNA of family-owned business enterprises, it's still not an area of focus for a lot of family businesses', points out Shyamal Majumdar.
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