Home BusinessHC orders status quo on properties of Ranbaxy's ex-patriarch
A status quo on “title and possession” is to be maintained on four properties that were owned by the late patriarch of the Ranbaxy family, Bhai Mohan Singh, and his wife, according to an order of the High Court here. Further proceedings will be taken up in March 2010.
- Vodafone looks to list Indian arm - Indians cast net for expat CEOs - ITC open to raising stake up to 25% in EIH - Govt may allow private sector investment in education - Govt defers decision on Vodafone stake sale by Singh, Ghosh - Newsmaker: Analjit Singh">Newsmaker: Analjit Singh
This order’s ambit includes the 15, Aurangzeb Road, property in Delhi, where Max India Group Chairman Analjit Singh resides.
“The parties are directed to maintain status quo, as regards title and possession to the suit properties, till further orders,” the court said in a response to a petition filed by Bhai Manjit Singh in 2006.
Bhai Manjit Singh is one of the three sons of Bhai Mohan Singh. Analjit Singh and the late Parvinder Singh are the other two sons.
Citing a family settlement signed in 1989, Bhai Manjit Singh claims he was entitled to a third of all properties of the family. He has claimed one-third share of the Aurangzeb Road property, as well as three other properties, of which two are in Chandigarh and one is in Mumbai.
Ownership of the Aurangzeb Road property, which is residential in nature, is vested in Delhi Guest House Pvt Ltd (DGH). “I want ownership of my shares. My parents owned 66 per cent of DGH, of which 22 per cent should come to me,” said Bhai Manjit Singh.
According to sources, 54 per cent of DGH was given as a corpus donation to the Bhai Mohan Singh Foundation by Bhai Mohan Singh in 2006. Another 6 per cent was given as corpus donation by Analjit Singh to the Foundation. The possession of the Aurangzeb Road property is primarily with the Bhai Mohan Singh Foundation and with Analjit Singh.
This then becomes a case between Bhai Mohan Singh Foundation and Bhai Manjit Singh, said officials familiar with the matter.