Hinduja brothers in legal dispute over letter dividing $11 billion fortune
The UK-based Hinduja brothers are locked in a legal dispute in the High Court in England over their billionaire family assets, it emerged in a ruling in London. A letter signed by the four Hinduja brothers is at the center of a legal dispute over the future of the family’s $11.2 billion fortune.
The case has been brought by Srichand Parmanand Hinduja, 84, described as the “patriarch” of the family, against brothers G P Hinduja, 80, P P Hinduja, 75, and A P Hinduja, 69, and revolves around the “validity and effect” of a letter dated July 2, 2014.
The letter includes statements to the effect that the brothers appoint each other as their executors, and that assets held in any single brothers name belong to all four. A related second letter, dated July 1, 2014, is also linked to the dispute.
“In summary, SP seeks a declaration that neither document has legal effect, whether as a will, power of attorney, declaration of trust or other binding document, or alternatively that the documents are revocable and have been revoked,” Justice Sarah Falk notes in her judgment on Tuesday.
“Additional relief is also sought, in particular an injunction restraining use of the documents and an account of the persons to whom the documents have been submitted and steps taken in reliance on them,” she notes.
If the claim succeeds then all assets in Srichand’s name would pass to his daughter and her immediate family, including the entire shareholding in Hinduja Bank, the three brothers had said, according to the ruling.
Related News: Mallya’s plea not listed for 3 years: SC directs registry to explain
Presiding over a private hearing in the Chancery Division of the High Court, Justice Falk also partially ruled against a privacy order in the case and concluded that the court should exercise its power under CPR 21.6 to appoint S P Hinduja’s daughter, Vinoo, to act on her father’s behalf as his “litigation friend” and safeguard her father’s interests due to his ill health as a result of Lewy Body disease, a form of dementia.
The ruling also notes that the three defending brothers contend that they have been prevented from seeing their eldest brother, Srichand P Hinduja, for some time.
“It is very unfortunate that these proceedings are taking place as they go against our Founder’s and family’s values and principles that have stood for many decades, especially, everything belongs to everyone and nothing belongs to anyone. We intend to defend the claim to uphold these dearly held family values,” said a joint statement by the three Hinduja brothers.
Referring to the issue as “private family matters” now subject to litigation, they add: “We would also stress that this litigation will not have any impact on our global businesses, which will continue to function as they have been.”
The Hinduja brothers, who run the Hinduja Group of companies, have an estimated fortune of 16 billion pounds, according to the 2020 Sunday Times Rich List. Their business conglomerate, based in Mumbai and headquartered in London, covers a wide range of sectors including automotive, hospitality, banking, and healthcare.
