A suit filed by the grandchildren of Dr Vijaypath Singhania, chairman emeritus of Raymond Ltd, seeking claim on the ancestral property, was today adjourned till April 20 by the Bombay High Court to allow all respondents to file their reply affidavits.
Singhania’s grandchildren - Ananya (29), Rasaalika (26), Tharini (20) and Raivathari (18) - had filed a suit in the High Court earlier this year challenging the agreement signed on December 30, 1998, between their parents - Madhupati and Anuradha - and Vijaypath Singhania whereby their parents had given up theirs as well as their children’s rights over the ancestral properties.
The suit came up for hearing before Justice Gautam Patel today who adjourned it till April 20 granting the respondent parties time to file affidavits.
The court on April 20 will also hear the plaintiffs (grandchildren) on the interim relief sought by them.
The grandchildren had by way of interim relief sought that till the time the court decides finally on the issue, all the concerned parties be directed not to deal with the properties/ shares mentioned in the agreement of 1998.
The grandchildren have made their parents, Dr Singhania and Raymond Ltd as defendants in the suit. They have appointed their maternal grandfather Devkumar Aggarwal, as constituted attorney.
In 1998, Dr Singhania and Madhupati decided to part ways after discord over difference in management styles. As per the agreement, Madhupati settled in Singapore with his family and gave up their share in the family wealth. They also gave up the share of their minor children.
The grandchildren have now challenged the agreement and termed it as prima facie illegal and claimed that they and their parents were treated with utmost discrimination and gross injustice and against the traditions of the Singhania family.
According to a Business Standard article, it was the gift of a 37 per cent stake in Raymond’s by Vijaypat Singhania to his youngest son, Gautam, in February that prompted the Singapore-based grandchildren to move the Bombay high court for a division of his assets.
The 4 grand children claim that they were in for a rude shock when they got to know of the manner in which the properties had been gifted away by their parents in favour of Dr Singhania.
The suit filed by them also alleges that intentions of Dr Singhania were ‘malafide and illegal’ with a motive to grab the share of Madhupati and Anuradha as well as grandchildren and to achieve the same he also directed that his son and daughter-in-law move to another country ‘instead of continuing to stay in India with the family ’, according to the website, The Golden Sparrow.
(With inputs from PTI)
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