Singhania, business family
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Property dispute
SC bench meets on Sunday, upholds arbitration award
A property dispute between family members of a big business house got an extraordinary hearing in the Supreme Court on Sunday , which under CJI J S Khehar has time and again refused early hearing to pensioners and other property litigants.
Holdign that litigative character of corporate houses run like “wild tiger“ which should be tamed soon, Justices Misra and A M Khanwilkar held a special Sunday bench to adjudicate a dispute in the Singhania group and directed Raymond owner Vijaypat Singhania and his son Gautam to hand over their luxury Juhu bungalow to the family's Kolkata branch, as per a 2008 arbitration award. Three Singhania family oups Mumbai, Kolkata groups Mumbai, Kolkata and Kanpur have been locked in prolonged litigation over shares in ancest ral property despite the arbitration award splitting it three-ways. As per the award, the Kan pur group was to hand over possession of four properties to Vijaypat-led Mumbai group, which in turn was to hand over the Juhu bungalow to the Kolkata group.
But Vijaypat refused to part with the bungalow saying he had not got his share of property from the Kanpur group.
The court passed an interim order directing the Kolkata group to deposit Rs 20 crore with the SC registry and asked the Mumbai group to hand over the Juhu bungalow, worth Rs 90 crore, to the Kolkata group by May 6. 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, said their client was only interested in taking over the Juhu property and argued that the Mumbai group could not simply refuse to give it.
They said the Kolkata group had already deposited Rs 46 crore as per the settlement, hence there was no justification in it being denied possession of the Juhu bungalow.
The court also issued notice to the Kanpur group and posted the case for hearing on May 8. It directed transfer of execution proceedings pending before the court of district judge in Kanpur to itself.
Raymond
2018: Vijaypat Singhania sacked as chairman-emeritus
Singhania Sr out of Raymond, October 18, 2018: The Times of India
Board Sacks Vijaypat As Chairman-Emeritus
Vijaypat Singhania, the man who spearheaded textiles major Raymond and who has been in a bitter feud with his son Gautam, was sacked from the company as its chairman-emeritus.
Singhania was removed from the board of the company under section 167 of the Companies Act.
The section deals with disqualification or vacation of a director of a company for being absent from “all the meetings of the board of directors held during a period of 12 months with or without seeking leave of absence of the board”. He was removed on January 24.
Raymond insiders said Singhania senior was sent notices for board meetings, but he did not attend any of them. He was removed from the directorship only after giving him a notice and following the due process of the law.
2018: Gautam Singhania resigns as Raymond Apparel chairman
November 14, 2018: The Times of India
Gautam Hari Singhania has resigned as Raymond Apparel chairman to demonstrate "the spirit of good governance" and ensure that the business is "run professionally", the company said in a statement to the exchanges. However, Singhania continues to be on the board of Raymond Apparel.
The company has appointed Nirvik Singh as the non-executive chairman and Anshu Sarin has non-executive director along with Gautam Trivedi, who has joined as an independent director.
Commenting on the new appointments, Singhania said; "I have always believed in setting the highest standard of governance and have always advocated to run the business professionally. I am delighted that Nirvik Singh has been appointed as the non-executive chairman of Raymond Apparel Limited and I am sure that the company will benefit tremendously under his able leadership. I also welcome Anshu Sarin and Gautam Trivedi as new board members of Raymond Apparel Limited."
Offerings of Raymond Apparel include Park Avenue, Color Plus, Parx and Raymond Ready to Wear.
Nirvik has 27 years of experience in marketing and communications and is currently the chairman and CEO, Asia Pacific, Middle East, and Africa of Grey Group Asia Pacific. He started his career with Lipton India, a Unilever company and became the head of Grey Group India at the age of 33.
He joined the board of Raymond Apparel in July 2011 and has since remained as an independent director on the board.
Anshu is the chief executive officer of Berggruen Hotels and plays a central role in growing and expanding the Keys Hotels business across India. A Hotel Management graduate from IHM Pusa, she holds an EMBA degree from SP Jain Institute. She has previously worked with the Taj Group of Hotels and Kingfisher Airlines, in a career spanning nearly two decades.
Gautam is the co-founder and managing partner of Nepean Capital. He has over 26 years of experience in the Indian and Asian financial industry. He was the CEO of Religare Capital Markets, one of India's leading mid and small cap focused investment banks.
