logo
Graviss chairman moves high court over family settlement feud

Graviss chairman moves high court over family settlement feud

Time of India5 days ago
Mumbai:
Gaurav Ghai
, chairman of
Graviss Group
, which owns and operates the Baskin-Robbins brand in the SAARC region, has approached the
Bombay High Court
against his father,
Ravi Ghai
, seeking the court's intervention to appoint an arbitrator for settling a dispute over a family settlement agreement (
FSA
).
Justice Somasekhar Sundaresan, in his July 15 order, directed Gaurav Ghai to issue notices to all the parties, and posted the matter for further hearing on August 5.
Explore courses from Top Institutes in
Select a Course Category
Others
Data Science
Product Management
Operations Management
Degree
MCA
CXO
others
PGDM
Management
Finance
Design Thinking
Public Policy
Technology
Digital Marketing
Artificial Intelligence
Project Management
Leadership
Healthcare
Data Science
Data Analytics
healthcare
Cybersecurity
MBA
Skills you'll gain:
Duration:
7 Months
S P Jain Institute of Management and Research
CERT-SPJIMR Exec Cert Prog in AI for Biz India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
28 Weeks
MICA
CERT-MICA SBMPR Async India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
9 months
IIM Lucknow
SEPO - IIML CHRO India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
16 Weeks
Indian School of Business
CERT-ISB Transforming HR with Analytics & AI India
Starts on
undefined
Get Details
Mumbai-headquartered Graviss Group also has interests in real estate and the hospitality business. However, the dispute is only around the group's listed entity,
Graviss Hospitality
(GHL), which owns a boutique luxury hotel, InterContinental Marine Drive.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
20 Things Women Should NEVER Wear!
TheSeniorMag.com
Undo
"The value of the promoter shares requested by my father in 2021 to be retained in his name, although the beneficial interest in these had passed to me, was a mere ₹25 crore. Over the years, the value of shares has gone up to ₹100 crore. Owing to the rise in value of shares placed under hold/freeze in my favour, he is doing everything to unlock, sell, and monetise his shares in GHL," said Gaurav Ghai when contacted. "The company contributes very minuscule amounts in terms of revenue, but for me, this company has sentimental value since it carries my grandfather's legacy," he added.
The genesis of the dispute lies in the family settlement agreement (FSA) of 2021, between Ravi Ghai, his wife Geeta Ghai, and son Gaurav Ghai. According to the agreement, a copy of which was reviewed by ET, Gaurav Ghai would have complete control over the family business, and in lieu of that, his father Ravi Ghai would receive ₹235 crore.
Live Events
At the time of executing the agreement, Ravi Ghai intended to retain 51% of the shares in GHL during his lifetime. GHL contributes about 10% to the overall revenue of the Graviss Group.
In August 2023, the family members entered into a supplemental FSA, under which Ravi Ghai agreed not to sell, encumber, assign, transfer, or create any third-party rights of any nature whatsoever on the 51% of promoter shareholding in GHL. The agreement also stated that Ravi Ghai would bequeath the 51% shareholding controlled by him in GHL to his son Gaurav, post his lifetime. Also, these shares were put under "hold/freeze", according to GHL's stock exchange filing.
When contacted, Ravi Ghai denied the existence and validity of any supplemental FSA. "I have never signed, consented to, or authorised anyone to execute such a document on my behalf," said Ravi Ghai, in response to ET's email query.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

NMC reinvites ‘Ram Kal Path' bids after lukewarm response
NMC reinvites ‘Ram Kal Path' bids after lukewarm response

Time of India

time21 minutes ago

  • Time of India

NMC reinvites ‘Ram Kal Path' bids after lukewarm response

Nashik: The Nashik Municipal Corporation (NMC) on Thursday refloated the tender for the 'Ram Kal Path' project inviting tenders from private agencies for the second phase of the work amounting to Rs 74.8 crore, after receiving a lukewarm response to its initial bids. The Ram Kal Path project involves developing a 1.3km stretch from Ramkund to Kalaram Temple and Seetagumpha. After a poor initial response, the civic body has refloated the tender for the Rs 74.8-crore project, hoping for better participation this time. If a contractor is finalised soon, work is expected to begin promptly, given the project's deadline of Sept next year, civic official said. Prashant Pagar, a senior official from the public works department of NMC, said four contractors had filed their bids, but three were disqualified. "Hence, we took the second call for inviting the bids. This time, we are expecting good response from the contractors for the project," he said. The civic officials said various beautification works were to be undertaken under the project to make the entire stretch an attraction for tourists. "Deepstambh, sculptures, fountains, laser shows and wall paintings along the roads, and other beautification works are to be carried out there. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search Ads Search Now Undo The entire area is to be revamped from the tourism point of view," another official said. The total cost of the project is estimated at Rs 99.14 crore, which is to be funded by Centre. So far, NMC has received Rs 65 crore, while the remaining funds are to be disbursed as the work progresses. In the first phase of Rs 22.55 crore, conservation and renovation works will be undertaken of the ancient temples and structures' façade along the Ram Kal Path. NMC has already finalised the contractor for the first phase of the project through the tender process. Simhastha Kumbh Mela is held every 12 years in Nashik when lakhs of sadhus and devotees take a holy dip in the Ramkund during the religious conglomerate. The upcoming Kumbh Mela is slated to be held between 2026 and 2028. Hence, NMC wants to complete the Ram Kal Path project before the Kumbh Mela begins. The flag hoisting of the Kumbh Mela is to be held in Oct next year. In June, the civic body had decided to increase Ram Kal Path's width to 9 metres. In May, NMC had set aside Rs 23 crore on renovating structures' façade along the corridor. In April, NMC sought additional funding for project and also decided to demolish six wadas to pave.

DM to receive award for Bahraich's performance as aspirational district
DM to receive award for Bahraich's performance as aspirational district

Time of India

timean hour ago

  • Time of India

DM to receive award for Bahraich's performance as aspirational district

Bahraich: To recognise the success achieved by Bahraich, an aspirational district, in governance and development, district magistrate Monika Rani will receive silver medal during 'Sampoornta Abhiyan Samman Samaroh' to be held in Lucknow between July 28 and Aug 2. The district has recorded 100% achievement in five key indicators under aspirational district and aspirational block programmes. Separate awards will be given for achievements at the district and block levels during the event. The five indicators in which Bahraich district and Huzoorpur block achieved full saturation include ANC (antenatal care) registration in the first trimester of pregnancy, screening for hypertension and diabetes among individuals aged 30 and above, regular receipt of supplementary nutrition by women through anganwadi centres and distribution of soil health cards. NITI Aayog had set targets for full saturation in five indicators under the Sampoornata Abhiyan from July to Sep 2024. These indicators span key areas such as health and nutrition, education, agriculture and water resources, financial inclusion, skill development, and infrastructure. Addressing a meeting at Vikas Bhawan auditorium, DM Monika Rani said that the milestone brought honour to Bahraich and added that frontline workers, including agricultural assistants, education volunteers, ASHAs, ANMs, Anganwadi workers, and members of self-help groups would also be felicitated at the event. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What Happens To Celebrities That Go To Jail? Undo She asked the officials concerned to ensure all preparations for the event are completed in advance for smooth and successful celebration. In addition to awards ceremony, the newly constructed auditorium in Kapoorthala will also be inaugurated. As part of the Government of India's 'Vocal for Local' initiative by NITI Aayog, a week-long 'Aakanksha Haat' will be organized at the district level to showcase and promote products and handicrafts of local artisans.

IRDAI warns brokers on deal rush
IRDAI warns brokers on deal rush

Time of India

timean hour ago

  • Time of India

IRDAI warns brokers on deal rush

Mumbai: The Insurance Regulatory and Development Authority of India ( IRDAI ) has raised concerns over a surge in merger, acquisition, and demerger activities in the insurance distribution space, cautioning brokers against adopting sharp practices to solely inflate their valuations. "We have been witnessing record activity among brokers and other distribution intermediaries," said Satyajit Tripathy , member (distribution), IRDAI, at an Insurance Brokers Association of India event. "While this is fine by all means, I must add a word of caution that with increased growth being seen, we need not be adopting what we call as sharp practices to increase valuation, get listed, and to do business in a way, which may in the long run prove detrimental to the whole ecosystem." Explore courses from Top Institutes in Please select course: Select a Course Category PGDM CXO Project Management Leadership Healthcare Digital Marketing Others Technology Product Management Artificial Intelligence Operations Management Public Policy Cybersecurity Design Thinking Finance healthcare Management Data Science Degree Data Analytics others MCA Data Science MBA Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details The inflow of private equity capital into insurance broking has risen about 20x between 2011-17 and 2018-24 to reach $4.8 billion. Indian insurance broking has 735 licensed brokers of which the top 36 drive over 85% of revenue, implying a long tail of brokers that have not scaled, according to a report by IBAI and McKinsey . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Tripathy acknowledged the significant value addition brought in by brokers to the industry in the last 4-5 years, particularly post-Covid. At the event, the government urged over 700 insurance brokers to deepen insurance reach across the country and called on brokers to ensure access to affordable and appropriate insurance solutions for every Indian whether self-employed, salaried, agricultural, or industrial. Live Events "There is a vast untapped potential in Type 2 and Type 3 cities, agricultural and rural zones, in unorganised sectors, and among small businesses," said M Nagaraju, secretary, Department of Financial Services. "We believe insurance brokers can possibly increase awareness about the importance and availability of insurance in remote and low-income populations."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store