New Delhi : Over nine years after an arbitrator divided their family properties three-way, the Singhania family groups on Wednesday brought the dispute to an end, with Raymond owner Gautam Singhania and others informing the Supreme Court that they have settled their wrangle among themselves.
Three Singhania family groups Mumbai, Kolkata and Kanpur were locked in the dispute over shares in the premium properties, despite the arbitration award splitting it three-ways. A bench of Justices Dipak Misra and A M Khanwilkar was apprised of the settlement which took the statement on record and allowed the parties to approach the Bombay High Court for releasing their share of Rs 46 crore deposited with it by the Kolkata group. It said the Bombay group will get Rs 23.40 crore, while the Kanpur group will get Rs 22.71 crore as per the settlement they have agreed upon.The bench directed the Bombay High Court to release the principal amount among petitioner Gautam Singhania and other members of group.
The apex court also allowed the refund of Rs 20 crore deposited with the Supreme Court registry on proper identification. It had on April 30, directed Raymond owner Vijaypat Singhania and his son Gautam to hand over their luxury Kamla cottage, a bungalow in Juhu, to Kolkata group of the family as per the 2008, arbitration award by May 6.
The bungalow was handed over to the Kolkata group of family after the apex court order. The arbitration award had said that the Kanpur group of the family was to hand over possession of four properties to Vijaypat Singhania-led Mumbai group, which in turn was to hand over the Juhu bungalow to the Kolkata group.