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.
'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.
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.
Some of the world's wealthiest Indian billionaires, such steel magnate Lakshmi Mittal and mining and metals tycoon Anil Agarwal, are based in London.
The Congress kept sheltering Quattrochi, and the BJP was more intent on shielding the Hinduja brothers. The fact is that the two roads crisscrossed, and neither the truth prevailed nor did the law take its course, says Mohan Guruswamy.
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
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