The document of 2014 indicates that the property held by a brother belong to all and that every man shall appoint the other as executors. But now Srichand Hinduja, 84 years old, the patriarch of the family, and his daughter, Vinoo, want the letter to be declared without a value.
The dispute between the family members based in the United Kingdom has been revealed in a decision issued Tuesday by a judge in London, who said that the other three brothers, Gopichand, Prakash and Ashok, who had attempted to use the letter to take control of Hinduja Bank – an asset that was only on behalf of Srichand. Srichand and Vinoo want the tribunal decides that the letter will have “no legal effect” and can not be used as a testament, said the judge.
“The disputes will not have an impact on the business “
The daughter of Srichand Hinduja, Vinoo, has stated that his father had insisted as early as 2016 on the fact that the letter of July did not reflect their wishes and that the property of the family should be separated. A lawyer of Srichand has not responded to messages seeking comment.
In a press release, the three brothers have said that the dispute would not have any impact on their business. “It is clear from the judgment of the High Court of England, that the health of MS P Hinduja is deteriorating for a number of years … Vinoo, his younger daughter, acting as his friend, counsel, urges this procedure by its name. It is very unfortunate that these procedures are carried out because they go against the values and principles of our founder and of our family that have stood for many decades, in particular, ” everything belongs to everybody and nothing belongs to anyone.” We intend to defend the claim to defend these family values dear, ” they said in a statement sent by e-mail.
If the claim is successful, all assets in the name of Srichand will be passed down to her daughter and to her immediate family, including the entire stake in Hinduja Bank, said the three brothers, according to the decision. The judge noted that Srichand did not have the capacity to give instructions to his lawyers and has named Vinoo, to act in his name.
The family Hinduja is among the richest in the world. According to its website, the bulk of their fortune comes from the Hinduja group, the conglomerate closely linked to the origins of which date back over a century and which is now investing in the finance, media and health care in nearly 40 countries. The index Bloomberg Billionaires estimates the family fortune at $ 11.2 billion.
The four brothers and sisters hindouja now helping to lead the group based in Mumbai, which has suffered economic problems resulting from the pandemic. Shares in Ashok Leyland Ltd, the manufacturer of indian trucks controlled by the unit vehicle of the Hinduja group, has fallen more than a third in march. The slowdown in world travel has also penalized Gulf Oil International. This month, the Reserve Bank of India rejected the project of the brothers to increase their stake in IndusInd Bank Ltd, whose shares have lost 66 percent this year, according to people close to the matter.