The Bombay High Court on Friday refused ad-interim relief to Vijaypat Singhania's Singapore-based grandchildren who have challenged a 1998 settlement agreement between Singhania, chairman emeritus and owner of the Raymond Group...
The Bombay High Court on Friday refused ad-interim relief to Vijaypat Singhania’s Singapore-based grandchildren who have challenged a 1998 settlement agreement between Singhania, chairman emeritus and owner of the Raymond Group and his estranged son Madhupati Singhania.
The four grandchildren – Raivathari, Tarini, Rasaalika and Ananya had asked the court to direct all concerned parties not to deal with the properties and wealth mentioned in the 1998 agreement till it decides on the case. They are being represented by Sharmila U Deshmukh.
According to that agreement, Madhupati and his family relinquished their share of wealth and property. The grandchildren have now alleged that the settlement agreement ignored their rights as minors a claim which has been disputed by Vijaypat Singhania.
Viajpat Singhania in a reply to the high court has said that the suits filed by his grandchildren did not show how ancestral property is involved in the agreement.
Singhania in his affidavit has also said that parents being “natural guardians” have a right to enter into an arrangement on behalf of their minor children. Singhania’s has also raised the issue of limitation as there has been a delay in filing of the suits by his grandchildren.
Justice Gautam Patel on Thursday asked Madhupati Singhania’s lawyer if Madhupati is trying to “mount this challenge through his children”.
“Why did they (grandchildren) wait for so long to challenge the agreement if the eldest one turned 18 in 2003,” said Patel.
The high court has asked Madhupati and his four children to file their replies in court by 25 April and 29 April respectively. The high court will now hear the case on 8 May.
Apart from Vijaypat Singhania, Madhupati and Anuradha Singhania and Raymond Ltd have been named as defendants in the partition suits filed by Singhania’s grandchildren.
Singhania’s grandchildren are seeking rights to the Raymond brand, ancestral properties, real estate and other movable and immovable assets of the group.
On 9 February, Vijaypat Singhania transferred a 37.17% of stake in Raymond Ltd to his younger son Gautam Singhania.