The Delhi High court has directed the fighting Jaiswal brothers of Punjab-based liquor firm Jagatjit Industries Ltd (JIL) to submit the details of their shareholding in their 14 group companies along with the memorandum of their family settlement.
A division bench comprising Justice Vikramjit Sen and Justice Manmohan Singh directed Jagatjit Jaiswal to furnish information about their group companies along with the copy of the family settlement of March, 2000.
?Appellant (Jagatjit) would provide details of shareholdings as also whether any position is held in the 14 companies mentioned in the memorandum of family settlement dated March 3, 2000, within two weeks,? the court said.
The court?s direction came on a petition filed by Jagatjit Jaiswal along with his son Daulat Jaiswal against his brother Karamjit Jaiswal and his son Shakun Jaiswal.
Jagatjit Jaiswal has filed a suit in the court after the dispute arose between the brothers after the death of their father Ladli Prasad Jaiswal, founder of JIL.
According to Jagatjit, who was managing director of the company from 1985 to 1997 and Chairman in 2000, as per the family agreement the brothers were supposed to have equal shares in all companies, held directly or indirectly.
Major companies of the Jaiswal family are JIL, Milkfood, L P Investment, Binnie Estate etc. The Group?s flagship firm JIL produces some well known whisky brands – Aristocrat Premium, AC Black and Bonnie Special.