NEW DELHI: A dispute among children of veteran hotelier PRS 'Biki' Oberoi has landed before the Delhi high court , which last week passed an interim order restraining EIH and its holding companies - Oberoi Hotels (OHPL), Oberoi Properties (OPPL) - from transferring its shares.
The court was dealing with a suit filed by PRS Oberoi 's daughter Anastasia against her siblings and a cousin over control of the family's substantial holdings in EIH, which manages the Oberoi and Trident hotel chains and PRS Oberoi's will.
She and her mother Mirjana Jojic Oberoi have filed the suit against her brother Vikramjit, sister Natasha, and cousin Arjun among others. The suit alleges that Vikramjit and Arjun, in conspiracy with the executors appointed by their late father, were attempting to obstruct the execution of his will.
On Sept 12, Justice Navin Chawla issued an interim order in favour of Anastasia and passed the injunction in connection with the shares held by PRS Oberoi, and protected Anastasia's and her mother's continued possession of their family home. The HC said Anastasia has been able to make out a "good prima facie case in their favour" and the plaintiffs will suffer grave irreparable harm in case the shares and properties are alienated.
While passing the interim order, HC also said there is sufficient material placed on record by the plaintiffs to demonstrate the prima facie reliability of the will. The case revolves around the control of the family's substantial holdings in EIH, and a family villa at Bijawasan in Kapashera in Delhi.
Through the suit filed by Anastasia and her mother they have sought directions to declare they are entitled to own, hold, enjoy and exercise all rights in 1600 A-class shares and 62,075 B-Class shares of Oberoi Hotels and 100 A-Class shares and 2,600 B-Class shares of Oberoi Properties. According to the suit, PRS Oberoi bequeathed moveable properties, including shares and interests in the three holding companies - OHPL, OPPL and Aravali Polymers - to his two daughters. While one half went to his daughter Natasha, the other went to AO Trust, whose sole beneficiary is Anastasia.
As regards the villa at Bijawasan, his will bequeathed it to Aashiana Trust, where again Anastasia is a sole benefactor and trustee along with her mother and another trustee Anmol Joshi, all of whom are plaintiffs in her suit.
The plaintiffs say they are apprehensive that other family members may sell the shares in the company and contended that instead of exploring the option of transfer of the shares held by the PRS Oberoi in OHPL and OPPL, the executors of the will, which includes Natasha, may sell those shares to Vikramjit and Arjun at a price that would be determined by them, defeating the purpose of the will itself. Therefore, the suit also sought direction to grant a decree of permanent injunction against Rajaraman Shankar, Daniel Lee Farrugia, Natasha Devi Oberoi and Oberoi Hotels and Oberoi Properties, from registering any transfer or transmission of shares held by PRS Oberoi in Oberoi Hotels and Oberoi Properties other than in favour of the legatees under the last will dated Oct 25, 2021 read with codicil dated Aug 27, 2022.
The counsel appearing for the Vikramjit and Arjun opposed the plea and contended that the suit itself isn't maintainable. They also argue that shares can be transferred to a blood relative and not to a trust as Oberoi's Will directed. While granting the injunction HC clarified that Rajaraman Shankar (COO Oberoi Hotel Groups) may exercise his voting rights only for the purpose of ensuring statutory compliance and filing statutory reports.
The court was dealing with a suit filed by PRS Oberoi 's daughter Anastasia against her siblings and a cousin over control of the family's substantial holdings in EIH, which manages the Oberoi and Trident hotel chains and PRS Oberoi's will.
She and her mother Mirjana Jojic Oberoi have filed the suit against her brother Vikramjit, sister Natasha, and cousin Arjun among others. The suit alleges that Vikramjit and Arjun, in conspiracy with the executors appointed by their late father, were attempting to obstruct the execution of his will.
On Sept 12, Justice Navin Chawla issued an interim order in favour of Anastasia and passed the injunction in connection with the shares held by PRS Oberoi, and protected Anastasia's and her mother's continued possession of their family home. The HC said Anastasia has been able to make out a "good prima facie case in their favour" and the plaintiffs will suffer grave irreparable harm in case the shares and properties are alienated.
While passing the interim order, HC also said there is sufficient material placed on record by the plaintiffs to demonstrate the prima facie reliability of the will. The case revolves around the control of the family's substantial holdings in EIH, and a family villa at Bijawasan in Kapashera in Delhi.
Through the suit filed by Anastasia and her mother they have sought directions to declare they are entitled to own, hold, enjoy and exercise all rights in 1600 A-class shares and 62,075 B-Class shares of Oberoi Hotels and 100 A-Class shares and 2,600 B-Class shares of Oberoi Properties. According to the suit, PRS Oberoi bequeathed moveable properties, including shares and interests in the three holding companies - OHPL, OPPL and Aravali Polymers - to his two daughters. While one half went to his daughter Natasha, the other went to AO Trust, whose sole beneficiary is Anastasia.
As regards the villa at Bijawasan, his will bequeathed it to Aashiana Trust, where again Anastasia is a sole benefactor and trustee along with her mother and another trustee Anmol Joshi, all of whom are plaintiffs in her suit.
The plaintiffs say they are apprehensive that other family members may sell the shares in the company and contended that instead of exploring the option of transfer of the shares held by the PRS Oberoi in OHPL and OPPL, the executors of the will, which includes Natasha, may sell those shares to Vikramjit and Arjun at a price that would be determined by them, defeating the purpose of the will itself. Therefore, the suit also sought direction to grant a decree of permanent injunction against Rajaraman Shankar, Daniel Lee Farrugia, Natasha Devi Oberoi and Oberoi Hotels and Oberoi Properties, from registering any transfer or transmission of shares held by PRS Oberoi in Oberoi Hotels and Oberoi Properties other than in favour of the legatees under the last will dated Oct 25, 2021 read with codicil dated Aug 27, 2022.
The counsel appearing for the Vikramjit and Arjun opposed the plea and contended that the suit itself isn't maintainable. They also argue that shares can be transferred to a blood relative and not to a trust as Oberoi's Will directed. While granting the injunction HC clarified that Rajaraman Shankar (COO Oberoi Hotel Groups) may exercise his voting rights only for the purpose of ensuring statutory compliance and filing statutory reports.
You may also like
'No one trying to ...': How Elon Musk reacted to 2nd assassination attempt on Trump
N. Korea to hold key parliamentary meet on Oct 7 to revise constitution
RG Kar case: Indira Jaising to represent junior doctors at SC on Tuesday
'I went to one of the best steakhouses in the UK - but there was a slight twist'
