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The fault traces run between Ravi Ghai, the son of Kwality Ice Lotions founder I.Ok. Ghai, and his son Gaurav Ghai. The dispute includes shares ofGraviss Hospitality Ltd, the ₹300-crore market capitalization firm that owns and operates the InterContinental Resort on the town’s iconic Marine Drive promenade.
As a part of a household settlement settlement signed in 2021 and a supplementary settlement signed in 2023, Ravi Ghai transferred all his stake in all of the group’s personal firms to his son for a cost of ₹105 crore. Mint has seen a replica of those agreements.
Ravi Ghai additionally acquired funds not too long ago when the Graviss group exited a three way partnership making non-dairy cream. In all, he acquired ₹235 crore internet of taxes between 2021 and 2024.
As per the household settlement settlement, the daddy, 83, was to carry on to 51% of the promoters’ stake in listed Graviss Hospitality Ltd and stay because the non-executive chairperson. He would obtain month-to-month funds value ₹1.5 crore a yr as enterprise bills from the listed firm.
Upon his demise, his shares within the firm have been to be transferred to his son, Gaurav Ghai, who holds 49% of the promoters’ stake. In all, the promoters owned 74.92% of Graviss Hospitality as of 30 June.
Nonetheless, Ravi Ghai has refused to honour this settlement, his son Gaurav has alleged.
This was as a result of household settlement agreements failing to realize their desired consequence of household concord, mentioned an e mail by Vimadalal & Co., former legal professionals of Ravi Ghai–Mint has reviewed the e-mail.
Gaurav didn’t invite his father to his son’s marriage ceremony in Dubai, inflicting him humiliation, alleged the e-mail. Month-to-month funds from the listed firm to the senior Ghai additionally stopped from March this yr, the lawyer claimed.
Citing these causes, the daddy terminated the 2 household settlement agreements, the letter mentioned.
Subsequently, in Could, the 2 camps agreed to nominate former Bombay Excessive Courtroom chief justice R.D. Dhanuka as an arbitrator to resolve their disputes, based on the letters between the legal professionals of the 2 camps, which Mint has reviewed.
Nonetheless, the identical month, Ravi Ghai filed a police grievance in opposition to his son and his relations, alleging that he was made to signal the 2023 complement settlement with out his specific data.
In June, the senior Ghai emailed justice Dhanuka, alleging that Vimadalal had terminated the household settlement agreements and appointed justice Dhanuka because the arbitrator with out his consent. The previous excessive courtroom chief justice has since recused himself from the matter.
When contacted, Sandip Vimadalal, legislation agency’s proprietor, refused to remark citing that it was privileged communication between an legal professional and their consumer.
In the meantime, Gaurav Ghai mentioned after reviewing the household settlement agreements and conducting a preliminary enquiry, the Mumbai Police discovered no criminality and have dismissed the grievance filed by his father with out submitting any first data report (FIR).
“That is the final legacy asset that my grandfather I.Ok. Ghai purchased. The very last thing I would like is for this to go away. I’m preventing to guard my household’s legacy,” Gaurav Ghai mentioned.
In an emailed response to Mint’s queries, Ravi Ghai mentioned, “I’ve categorically denied the existence and validity of any Supplemental Household Settlement Settlement allegedly dated 25.08.2023.” He alleged that his signatures within the settlement had been solid. He additionally solid aspersions on the notary and attestation authorities who signed the agreements, saying he by no means visited a notarial authority.
Ravi Ghai additionally disputed that he acquired ₹235 crore as a part of the 2 household agreements.
The senior Ghai, nonetheless, acknowledged the closure of his grievance by the Mumbai Police. He mentioned he was aggrieved by the closure and now has approached the Bombay Excessive Courtroom with the identical complaints he had lodged with the police.
The disputed firm represents about 5% of the revenues of the Graviss Group, Gaurav Ghai mentioned. The group’s most important enterprise is manufacturing ice lotions and different meals merchandise. The group is the only producer and distributor of Baskin Robins in India. It additionally operates the Kwality model exterior India in markets just like the Center East and UK.
Hindustan Unilever Ltd had acquired the Kwality model from Ravi Ghai and his household in 1995. The patron items main sells Kwality Wall’s branded ice cream in India.
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