 | « Back to article | Print this article |
It is not just the will of Bhai Mohan Singh - the founder of India's largest pharmaceutical company, Ranbaxy Laboratories - that is under dispute.
According to fresh information unearthed by Business Standard, the real estate controlled by the family is already under litigation in the Delhi high court.
The case - filed by Malvinder and Shivinder, Singh's grandsons from his eldest son Parvinder, their mother Nimmi, and supported by their uncle, Bhai Manjit Singh - opposes the transfer of the control of this land to the Bhai Mohan Singh Foundation.
The petition, citing the family settlement of 1989, seeks a division of the property among Singh's three sons - Parvinder, who died of cancer seven years ago, Manjit, and youngest Analjit.
Filed over a year ago, it opposes the transfer of 53.36 per cent equity in Delhi Guest Houses, which controls 2.6 acres on New Delhi's Aurangzeb Road, to the foundation, a charity of which Analjit is the chairman.
A real estate consultant pegged the value of this land at close to Rs 380 crore (Rs 3.8 billion). The four bungalows that have been built on this land can be expected to yield a combined rental of Rs 60-80 lakh (Rs 6-8 million) per month.
In a supporting affidavit, Manjit has said, "It was always intended by the members of the family that the said property was only for the purpose of residence of the family members and had to be divided among them for the same purpose."
The petition urges the court to grant a mandatory injunction to the respondents - the Bhai Mohan Singh, who died on March 27 this year, Manjit, Analjit, Delhi Guest Houses, Bhai Mohan Singh Foundation and Max India - to formulate a scheme for division of the property in terms of the family settlement of 1989.
The family settlement had given Ranbaxy, the family gold, to Parvinder, Montari Industries to Manjit and a factory in New Delhi's Okhla locality to Analjit.
