Delhi HC transfer shares of Oberoi Hotel
Real Estate

Delhi HC transfer shares of Oberoi Hotel

Following an inheritance dispute regarding the will of hotelier PRS Oberoi, the Delhi High Court restrained EIH Limited, the flagship company of the Oberoi Group, along with its holding companies, from transferring any shares. The court issued the interim order in response to a lawsuit filed by the late businessman’s daughter, Anastasia Oberoi, and her mother, Mirjana Jojic Oberoi, against Anastasia’s brother, Vikramjit Singh Oberoi, her sister, Natasha Devi Oberoi, their cousin, Arjun Singh Oberoi, and others.

The court also protected the possession and enjoyment of the family home in Kapashera, Delhi, for Anastasia and her mother, as outlined in the will. In their suit, the mother-daughter duo claimed that Vikramjit and Arjun were obstructing the execution of PRS Oberoi’s will, dated October 25, 2021. Under this will, the shares of PRS Oberoi were to be divided between his two daughters, Natasha and Anastasia, with Anastasia’s share allocated through a trust of which she was the beneficiary.

Counsel for Vikramjit and Arjun contended that there was a "serious challenge" to the validity of the existing will, citing another will from 1992. Justice Navin Chawla stated in the interim order that the plaintiffs had established a "good prima facie case" and would suffer "grave irreparable harm" if the shares and properties in question were alienated while the case was pending and before the defendants had a chance to respond.

The court ordered that the interests of justice and the plaintiffs would be protected by restraining the defendants from transferring or transmitting any shares held by PRS Oberoi in EIH Limited and related companies. It also restrained the defendants from interfering with the possession and enjoyment of the land and building located in Kapashera by Anastasia and her mother.

The counsel for Vikramjit and Arjun argued that the 2021 will did not accurately reflect the intentions of PRS Oberoi and his father. They claimed that, based on a settlement between PRS Oberoi and his father, the shares were held in trust for Vikramjit and Arjun, supported by a will executed in 1992. Additionally, they noted that the Articles of Association of the companies imposed restrictions on transferring shares to a trust without first offering them to existing shareholders. The court indicated that there was sufficient evidence from the plaintiffs to suggest the reliability of the 2021 will, with further determinations to be made once the defendants submitted their response.

Following an inheritance dispute regarding the will of hotelier PRS Oberoi, the Delhi High Court restrained EIH Limited, the flagship company of the Oberoi Group, along with its holding companies, from transferring any shares. The court issued the interim order in response to a lawsuit filed by the late businessman’s daughter, Anastasia Oberoi, and her mother, Mirjana Jojic Oberoi, against Anastasia’s brother, Vikramjit Singh Oberoi, her sister, Natasha Devi Oberoi, their cousin, Arjun Singh Oberoi, and others. The court also protected the possession and enjoyment of the family home in Kapashera, Delhi, for Anastasia and her mother, as outlined in the will. In their suit, the mother-daughter duo claimed that Vikramjit and Arjun were obstructing the execution of PRS Oberoi’s will, dated October 25, 2021. Under this will, the shares of PRS Oberoi were to be divided between his two daughters, Natasha and Anastasia, with Anastasia’s share allocated through a trust of which she was the beneficiary. Counsel for Vikramjit and Arjun contended that there was a serious challenge to the validity of the existing will, citing another will from 1992. Justice Navin Chawla stated in the interim order that the plaintiffs had established a good prima facie case and would suffer grave irreparable harm if the shares and properties in question were alienated while the case was pending and before the defendants had a chance to respond. The court ordered that the interests of justice and the plaintiffs would be protected by restraining the defendants from transferring or transmitting any shares held by PRS Oberoi in EIH Limited and related companies. It also restrained the defendants from interfering with the possession and enjoyment of the land and building located in Kapashera by Anastasia and her mother. The counsel for Vikramjit and Arjun argued that the 2021 will did not accurately reflect the intentions of PRS Oberoi and his father. They claimed that, based on a settlement between PRS Oberoi and his father, the shares were held in trust for Vikramjit and Arjun, supported by a will executed in 1992. Additionally, they noted that the Articles of Association of the companies imposed restrictions on transferring shares to a trust without first offering them to existing shareholders. The court indicated that there was sufficient evidence from the plaintiffs to suggest the reliability of the 2021 will, with further determinations to be made once the defendants submitted their response.

Next Story
Real Estate

Varun Malik Joins ANAROCK as MD, Head of Capital Markets, APAC

ANAROCK Capital has appointed Varun Malik as Managing Director, Head of Capital Markets (APAC), marking a strategic move to expand its presence across Asia-Pacific. Based in Singapore, Malik will drive ANAROCK’s capital markets initiatives in the region.A real estate finance veteran, Malik brings over 18 years of experience in structuring complex cross-border transactions across South-East Asia and Australia. He has led debt and equity deals for REITs, fund managers, and developers, delivering strong returns and driving investor value.“We will redefine real estate capital solutions across ..

Next Story
Real Estate

Patra Chawl lottery held, 663 families allotted homes

Mumbai's Siddharth Nagar (Patra Chawl) Co-operative Housing Society members in Goregaon (West) saw their 15-year wait come to a close as MHADA conducted a successful computerised lottery for 663 eligible members under its redevelopment scheme.The Mumbai Housing and Area Development Board conducted the draw using the RAT (Randomised Allotment of Tenement) system at Sardar Vallabhbhai Patel Hall. The lottery, overseen by Mr. Milind Borikar, Chief Officer of Mumbai Board, ensured transparency by digitally allotting each member a building, wing, and floor.The project, located on Plot R-9, received..

Next Story
Infrastructure Transport

BLR Airport crosses 41 million passengers, 500,000 MT cargo

Kempegowda International Airport, Bengaluru (BLR Airport), has recorded key operational milestones in FY 2024-25, crossing 41.88 million passengers and handling 502,480 metric tonnes of cargo. This marks a year-on-year passenger growth of 11.6 per cent and a 14 per cent rise in cargo volumes.Domestic footfall reached 36.05 million, up 10 per cent, while international traffic saw a robust 25 per cent jump to 5.83 million, aided by Indigo’s global expansion and added frequencies by international carriers. BLR Airport now connects to 76 domestic and 33 international destinations, with Hanoi set..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?