Tribunal backs eldest Oswal son’s claim to shares of listed firms
LUDHIANA:The National Company Law Tribunal, Chandigarh, has issued an order recognising that Pankaj Oswal, the eldest son of industrialist late Abhey Oswal, is entitled to shares of listed companies that his father promoted, Oswal Agro Mills Ltd and Oswal Greentech Limited.
Abhey, 67, had control and held the promoters’ shareholding over both these listed companies, before he died of heart attack on a business tour to Moscow on March 29, 2016.
His sudden death had sparked off an acrimonious battle for the Oswal empire within the family as he had not left behind a will or testamentary document regarding his assets, business interests, and movable and immovable properties. This battle of succession has been on between Abhey’s wife, Aruna Oswal, and eldest son Pankaj.
At the NCLT, Pankaj had filed a petition alleging mismanagement, misappropriation and related party transactions happening in his late father’s companies. It was also alleged that after the sudden intestate (not having made a will before he dies) death of Abhey, his wife, Aruna, had arbitrarily taken control of both the companies, on the basis of nominations in her name.
The Tribunal also dismissed
SUDDEN DEATH OF ABHEY OSWAL, 67, IN MARCH 2016 HAD SPARKED OFF A BATTLE FOR THE BUSINESS EMPIRE IN THE FAMILY
the application that Oswal Agro Mills Ltd and his mother had filed that said that Pankaj’s petition was non-maintainable.
Pankaj said, “The NCLT has rightly taken this decision to allow my petition in the interest of the Oswal Agro Mill Ltd’s shareholders. This will prevent the company from further oppression and mismanagement and also help in further investigation of fraudulent conduct of the present management of both the companies.” He added, “I now have the legitimate expectation to be appointed as director or have a nominee on board.”
In February 2017, Pankaj had filed a petition in the Delhi high court claiming absolute properietary rights to the extent of 1/4th undivided share in the estate of his father. Pankaj had alleged that the other three heirs, his mother Aruna, younger brother Shailendra and sister Shalu Jindal, were attempting to oust him from the estate of his father.