Delhi HC restrains share transfer in Oberoi Hotels amid dispute
ECONOMY & POLICY

Delhi HC restrains share transfer in Oberoi Hotels amid dispute

The Delhi High Court has issued an interim order restraining EIH Limited, the flagship company of the Oberoi Group, and its holding companies from transferring any shares following an inheritance dispute over the will of hotelier PRS Oberoi. The order comes in response to a lawsuit filed by Oberoi's daughter, Anastasia Oberoi, and her mother, Mirjana Jojic Oberoi, against her brother Vikramjit Singh Oberoi, sister Natasha Devi Oberoi, cousin Arjun Singh Oberoi, and others.

The court also safeguarded Anastasia and her mother's possession and enjoyment of a family residence in Kapashera, Delhi, as per the terms of the disputed will. The mother-daughter duo claims that Vikramjit and Arjun are obstructing the execution of PRS Oberoi's will dated October 25, 2021, which directed that Oberoi's shares be divided between his daughters—Natasha and Anastasia—with the latter's portion managed through a trust.

The counsel for Vikramjit and Arjun argued that there is a "serious challenge" to the 2021 will, citing an earlier will from 1992. Justice Navin Chawla, however, noted that the plaintiffs have a "good prima facie case" and that they would suffer "grave irreparable harm" if the shares and properties in question are alienated before the defendants respond to the lawsuit.

"In my view, the interest of justice and the interest of plaintiffs can be protected by restraining the defendant nos.1 to 3 (Executors and Natasha), and defendant nos.4, 7 and 8 (EIH Ltd, Oberoi Hotels Pvt Ltd and Oberoi Properties Pvt Ltd) from transferring or transmitting any shares," Justice Chawla stated in the interim order.

The court also restrained Vikramjit and Arjun from interfering with the possession of the Kapashera property held by Anastasia and her mother. PRS Oberoi, Chairman Emeritus of The Oberoi Group, passed away on November 14, 2023, at the age of 94.

Vikramjit and Arjun's counsel contended that the 2021 will did not accurately reflect PRS Oberoi's wishes, arguing that, under a settlement between Oberoi and his father, the shares were held in trust for Vikramjit and Arjun. They also pointed out that, according to the Articles of Association, transferring the shares to a trust requires offering them first to existing shareholders. The court stated that these issues would be determined once the defendants have filed their response.

(ET)

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

The Delhi High Court has issued an interim order restraining EIH Limited, the flagship company of the Oberoi Group, and its holding companies from transferring any shares following an inheritance dispute over the will of hotelier PRS Oberoi. The order comes in response to a lawsuit filed by Oberoi's daughter, Anastasia Oberoi, and her mother, Mirjana Jojic Oberoi, against her brother Vikramjit Singh Oberoi, sister Natasha Devi Oberoi, cousin Arjun Singh Oberoi, and others. The court also safeguarded Anastasia and her mother's possession and enjoyment of a family residence in Kapashera, Delhi, as per the terms of the disputed will. The mother-daughter duo claims that Vikramjit and Arjun are obstructing the execution of PRS Oberoi's will dated October 25, 2021, which directed that Oberoi's shares be divided between his daughters—Natasha and Anastasia—with the latter's portion managed through a trust. The counsel for Vikramjit and Arjun argued that there is a serious challenge to the 2021 will, citing an earlier will from 1992. Justice Navin Chawla, however, noted that the plaintiffs have a good prima facie case and that they would suffer grave irreparable harm if the shares and properties in question are alienated before the defendants respond to the lawsuit. In my view, the interest of justice and the interest of plaintiffs can be protected by restraining the defendant nos.1 to 3 (Executors and Natasha), and defendant nos.4, 7 and 8 (EIH Ltd, Oberoi Hotels Pvt Ltd and Oberoi Properties Pvt Ltd) from transferring or transmitting any shares, Justice Chawla stated in the interim order. The court also restrained Vikramjit and Arjun from interfering with the possession of the Kapashera property held by Anastasia and her mother. PRS Oberoi, Chairman Emeritus of The Oberoi Group, passed away on November 14, 2023, at the age of 94. Vikramjit and Arjun's counsel contended that the 2021 will did not accurately reflect PRS Oberoi's wishes, arguing that, under a settlement between Oberoi and his father, the shares were held in trust for Vikramjit and Arjun. They also pointed out that, according to the Articles of Association, transferring the shares to a trust requires offering them first to existing shareholders. The court stated that these issues would be determined once the defendants have filed their response. (ET)

Next Story
Infrastructure Urban

India, US to promote sustainable aviation fuel and hydrogen in buses

India and the United States have agreed to promote sustainable aviation fuel (SAF), electrification of medium and heavy-duty vehicles, and the use of hydrogen in buses, tractors, and heavy equipment. This decision came during the Strategic Clean Energy Partnership (SCEP) dialogue between US Energy Secretary Jennifer Granholm and Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri in Washington, DC. Both nations also encouraged increased investments in each other's clean energy markets. The joint statement emphasised the importance of a "just, orderly, and sustainable energy trans..

Next Story
Infrastructure Transport

Tuticorin Airport upgradation set for December completion

Tuticorin Airport in Tamil Nadu is undergoing a significant upgrade, with an expected completion date in December 2024. The project, valued at Rs 3.81billion, is being carried out by the Airports Authority of India (AAI) and involves the extension of the runway to accommodate A-321 type aircraft, construction of a new apron, a new terminal building, a technical block with a control tower, and a new fire station. The new terminal building, covering 17,500 square meters, will significantly enhance the airport's capacity, enabling it to serve 1,440 passengers during peak hours and handle up to 2 ..

Next Story
Infrastructure Transport

Airfare hike not tied to increased airport charges; ACI

The Airports Council International (ACI) stated that rising airfares are not linked to increased airport charges. Airport charges are crucial for infrastructure development within the commercial aviation ecosystem, but they remain a minimal part of the overall airfare. Stefano Baronci, Director General of ACI Asia Pacific & Middle East, emphasized that airports are infrastructure-intensive businesses, with costs dominated by maintaining essential infrastructure such as runways, taxiways, aprons, and terminal buildings. He noted that neglecting the capital expenditure needed to support future g..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000