Hinduja Brothers, who come on the list of billionaires have finally agreed to end their family dispute that was running for over a decade.
According to reports, the conflict between the brothers was because of a pact signed in 2014. The pact mentioned that ‘everything belongs to everyone and nothing belongs to anyone.’
The brothers asserted that the letter assigned the succession planning of the age-old conglomerate. However, the battle ended in June after lawyers declared that the brothers had to agree to tear up.
The breaking up of the conglomeration would become the separation of one of the world’s biggest conglomerates.
A UK court filing in June 2020 disclosed that a conflict had begun between the eldest sibling Srichand, with his three younger brothers over the license of a Geneva bank of the group. The conflict among the brothers also started over control of a bank that they have in Switzerland, Hinduja Bank.
Srichand’s younger brother Gopichand had questioned the legitimacy of a lasting power of attorney given to Srichand’s wife Madhu, and later his daughters, Vinoo and Shanu, in the Court of Protection, which makes judgments on financial or interest matters for people incapable to do so.
“The Hinduja family matter regarding the health and welfare of SP [Srichand] has already been resolved amicably between all parties and today’s judgment solely concerned whether those matters should remain private,” a spokesperson for the Hinduja family said in an emailed statement
The Hinduja Brothers is a family business and have assets of 100 billion dollars around the world. It has $50 billion worth of assets in America. The business spans sectors including banking, chemical, and healthcare and employs about 200,000 people worldwide.
It was founded by Paramanand Deepchand Hinduja in 1914. Its headquarters is situated in Mumbai, Maharashtra. It generated a revenue of US $70 billion in 2022. The group chairman and co-chairman are Srichand Hinduja and his brother Gopichand. They moved to London to develop an export business.
The group operates in Geneva, Switzerland is managed by the third brother Prakash while he oversees the Indian interest of the youngest brother Ashok. In 2017 Gopichand and Srichand were declared the wealthiest men in Britain.
Bollywood also made an impression at the hearing, when Gopichand sang “Mera Joota Hai Japani” — My Shoes Are Japanese. It is a Hindi song from a 1950s movie about a man who says his soul remains in India, even if his apparel comes from other countries.