The grandchildren had sought directions restraining any further transactions in assets worth over Rs1,000 crore.
The Bombay High Court on Friday refused to grant interim relief to four grandchildren of Dr Vijaypat Singhania, who sought directions against him not to deal with any property included in the 1998 Family Settlement, entered between him and his estranged son, Madhupati Singhania.
Since justice Gautam Patel refused to grant any interim relief the suit filed by the grandchildren will now come up for hearing in due course of time. The petitioners — Raivathari (18), Ananya (29), Rasaalika (26) and Tarini (20) — are the children of Vijaypat's estranged elder son Madhupati, who left the Mumbai family home 17 years ago with his wife Anuradha, and settled in Singapore. Madhupati's children had filed the suit in February this year, staking claim to "their share of the family properties".
The grandchildren had sought directions restraining any further transactions in assets worth over Rs1,000 crore. These includes assets listed in the Family Settlement on 1998 — about 2 lakh shares of the flagship company Raymonds Ltd. which was in Madhupati's name, Madhupati's 1/24th share in JK Bankers — the company from where the entire business started and a few assets listed in the grandchildren's own name.
The grandchildren in their suit have argued that as per the Hindu Minority and Guardianship Act, the father could not have dealt in any property in his minor kids' names without a court order. However, Singhania's counsel opposed this claim on the ground that if the property was joint family property, then a minor's consent or a court order is not required to deal with the "undivided property". He added that the grandchildren had sought to challenge the outcome of a document without offering to surrender the benefits received by them under that document. There has been a delay of over 11 years in filing the case thus it was time-barred.
The counsel appearing for the flagship company Raymonds Ltd., had argued that the company's name was dragged only to sensationalise the issue. The company is neither a party nor privy to the execution of the final settlement.
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