From Ambanis To Singhanias: 7 Family Feuds That Once Shocked The Business World
There is nothing uncommon about family feuds, right? In almost every family around the world, disagreements do happen someday. But when such family feuds happen in the business world, the fate of entire company and its crores of rupees gets jeopardized. And such incidents have happened many a times in India's business industry. Eager to know? Read on as we unfold the list of some of the biggest family feuds that once shocked the business world, including the Ambani brothers.
From Ambanis To Wadias: 7 Family Feuds That Shocked The Business World
1.Ambanis
The Reliance business empire's founder, Dhirubhai Ambani, passed away in July 2002. Following Mukesh's appointment, Anil assumed the roles of vice-chairman and managing director at Reliance Industries. In November 2004, the conflict between Mukesh and Anil was made public. The family came to an agreement in June 2005 to divide the Reliance company, with their homemaker mother Kokilaben announcing the deal. The official separation took place in 2006. Mukesh acquired the flagship company Reliance Industries, which has a stake in textiles, oil and gas exploration, petrochemicals, and refining. Anil owned companies in financial services, entertainment, power, and telecommunications at that time after the split.?
Also Read:?From Merchants To Mittals: Rich Business Families The?Ambanis Are Related To
2.Singhanias
A public argument over property ended up in court between the veteran industrialist Vijaypat Singhania and his son Gautam Singhania, the chairman and managing director of Raymond Ltd. In accordance with a 2007 family agreement, each of Vijaypat Singhania, his son Gautam, and his brother Ajaypat Singhania's widow and two sons were to receive a duplex in JK House, a family property. Gautam, however, brought the issue up with the shareholders who disapproved of the plan.?
Also Read:?9 High-profile?Divorces?That Rocked The Business World
3.Singhs
Bhai Mohan Singh divided the company between his three sons, Parvinder, Manjit, and Analjit, in the 1980s. Then Ranbaxy visited Parvinder. The two younger brothers were experiencing some heartburn, but it remained hidden. The family drama quickly descended into violence as Bhai Mohan Singh and Parvinder publicly argued over who should control Ranbaxy. Following this, Bhai Mohan Singh was forced to step down in a sort of boardroom coup in 1999, and Parvinder assumed control of the business. Parvinder's sons are Shivinder and Malvinder.?
4.Wadias
Nusli Wadia, who gained notoriety as a "corporate samurai" due to his renowned business conflicts with Dhirubhai Ambani and Ranjan Pillai, initially engaged in conflict with his father. The younger Wadia resisted father Neville's attempt to sell Bombay Dyeing Ltd to R P Goenka, and he eventually prevailed by enlisting the help of Tatas and labor unions.?
5.Bajajs
Unsatisfied with Rahul Bajaj's leadership of the group, Kushagra Bajaj requested the transfer of two businesses from the clan: a manufacturer of consumer goods and a producer of sugar. After a public spat, he eventually achieved his goal.
6.Kirloskars
Following conflicts following the passing of the group patriarch, S L Kirloskar, the Kirloskar Group was split up among family lines at the turn of the millennium. Leaving the group to pursue his own vision and business objectives was Vijay R Kirloskar.
A fight broke out between Suman Kirloskar, 82, and her younger son Sanjay after the former claimed that her son had usurped a 10-crore land parcel at the family's Lakaki Bungalow. The fight began as a feud between the Kirloskar brothers, Sanjay (60) and Atul (61) over the construction of a gate at their homestead in Model Colony in January 2017.??
According to an April 2018 report by Economic Times, Sanjay Kirloskar has requested a division of the assets owned by the Chandrakant Shantanu Kirloskar Hindu Undivided Family (HUF), adding another bitter chapter to the family's ongoing conflict.?
7.Kanwars
Controversy is nothing new to Onkar S. Kanwar. He and his father, Raunaq Singh, got into a public argument in the early 1990s about who should be in charge of Apollo Tyres. Ultimately, he prevailed, but not before numerous soiled sheets were publicly laundered. Kanwar was accused of mismanaging the company by his brother Narinder Jeet Kanwar, who filed a complaint with the Chennai Company Law Board in 2013.
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