Singhania Family Groups Settle Property Dispute After 9 Years
Three Singhania family groups in three cities, were locked in the dispute over shares in premium properties.
Over nine years after an arbitrator divided their family properties three-way, the Singhania family groups, on Wednesday, brought the dispute to an end, with Raymond owner Gautam Singhania and others informing the Supreme Court that they have settled their wrangle among themselves.
Three Singhania family groups – Mumbai, Kolkata and Kanpur – were locked in dispute over shares in the premium properties, despite the arbitration award splitting it three-ways.
A bench of Justices Dipak Misra and AM Khanwilkar was apprised of the settlement, which took the statement on record and allowed the parties to approach the Bombay High Court for releasing their share of Rs 46 crore deposited with it by the Kolkata group.
It said the Bombay group will get Rs 23.40 crore, while the Kanpur group will get Rs 22.71 crore as per the settlement they have agreed upon. The bench directed the Bombay High Court to release the principal amount among petitioner Gautam Singhania and other members of group.
The apex court also allowed the refund of Rs 20 crore deposited with the Supreme Court registry on proper identification. It had on 30 April, directed Raymond owner Vijaypat Singhania and his son Gautam to hand over their luxury Kamla cottage, a bungalow in Juhu, to Kolkata group of the family as per the 2008, arbitration award by 6 May.
The bungalow was handed over to the Kolkata group of family after the apex court order. The arbitration award had said that the Kanpur group of the family was to hand over possession of four properties to Vijaypat Singhania-led Mumbai group, which in turn was to hand over the Juhu bungalow to the Kolkata group.
However, Vijaypat Singhania had refused to part with the bungalow saying he had not got his share of property from the Kanpur group. In 2006, the Supreme Court had appointed an arbitrator.
In 2008 the arbitrator while splitting the property passed an award directing that the Kolkata Group receive the Juhu property and four properties to be handed over to Bombay group by the Kanpur group.
The bench passed the order on an appeal filed by Gautam Singhania, challenging a Bombay High Court order directing him to vacate the bungalow. Counsel for the Kolkata group and senior advocate Kapil Sibal appearing for Gautam Singhania informed the bench that they have reached a settlement among themselves.
The apex court, however, said that the issue of stamp duty will be decided by the High Court.
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.