One of Britain's richest business houses, the Hinduja family is about to part ways. In fact, the deadline for the division of the 108-year-old Hinduja Group has been fixed. The total net worth of the group is $14 billion. The dispute between the Hindua brothers has been going on for a long time. Lawyers for 86-year-old Srichand Hinduja, the eldest of the Hinduja brothers, recently told a London court that the family had agreed to end a 2014 mutual agreement. In this regard, the agreement between the families was done on June 30, 2022.
According to the fixed sources of November month deadline for partition, the division of family business will be finalized on the same basis in this month ie November itself. If the partition is not finalized in the month of November, then once again this matter can reach the court. The Hinduja Group owns dozens of companies, out of which six are listed companies. IndusInd Bank, which is involved in the banking business in India, is also owned by the Hinduja Group. Apart from this, a company named Ashok Leyland, a major manufacturer of commercial vehicles, is also owned by the Hinduja Group.
What is the dispute between the Hinduja family?
The reason for the ongoing dispute between the Hinduja family is a family settlement in 2014. The agreement stated that everything in the family belonged to each person and nothing belonged to anyone. The agreement was signed by the four brothers of the family. However, a few years after the settlement, it was challenged by Shanu and Veenu, the daughters of the eldest brother Srichand Hinduja. After that Srichand Hinduja reached the court against his brothers GP Hinduja, PP Hinduja and AP Hinduja. The matter was related to the validity of the agreement. On the other hand, the three younger brothers argued that the letter was a succession plan of the more than 100-year-old Hinduja Group. The legal dispute over this is going on since November 2019. Apart from Britain, this legal struggle is going on between Hinduja Brothers in many countries of Europe. Due to this, the reputation of the family has also been damaged in a big way.
In which business is Hinduja Group interfering?
Apart from the business of making trucks (commercial vehicles) in the country, Hinduja Group is associated with banking, chemicals, power, media and health sectors. Group companies include big brands like auto major Ashok Leyland and IndusInd. The Hinduja Group is Britain's largest business family with a net worth of $14 billion. The business of the group is spread over 38 countries of the world. The company has around 1.5 lakh employees on its payroll. The Hinduja Group was founded in the year 1914 by Srichand Parmanand in the Sindh province of undivided India. The group once traded as a commodity-trading firm. But Srichand and his brothers continuously expanded their business to other areas with their efficient management.