Hindujas battle over bank control

MUMBAI: A judgement of the high court of England and Wales on Tuesday revealed a split in the Hinduja family on the issue of dividing the assets of its business empire ranging across continents, with Srichand, the eldest, ranged against three brothers, Gopichand, Prakash and Ashok.

Srichand, 84, is ailing due to age-related diseases, and being unable to conduct proceedings in court, is represented by his daughter, Vinoo Hinduja.

At the centre of the row are two letters of July 1 and 2, 2014, signed by Srichand and the three brothers. According to the latest Sunday Times Rich List, the Hinduja family is worth £16 billion. The three brothers, according to the ruling, rely on Srichand’s lack of capacity to seek control of the Hinduja Bank which is in his sole name. The court has been asked to determine the validity and effect of the letters. The July 2 letter includes statements to the effect, among other things, that the brothers appoint each other as their executors, and that assets held in any single brother’s name belong to all four.

The letters also state that Gopichand, Prakash and Ashok are authorised to carry out all steps to implement the other letter. But Srichand sought a declaration that neither document has legal effect, whether as a will, power of attorney, declaration of trust or other binding document, or alternatively that the documents are revocable and have been revoked. According to the judgement, Srichand made a witness statement in July 2016 that the July letter does not reflect his wishes and that the family’s assets should be separated. The court accepted that Vinoo Hinduja is appointed by him as his ‘litigation friend’ to act on his behalf. The three brothers (Gopichand, Prakash, Ashok) said in a statement on Wednesday: “It will be apparent from the Judgment of the High Court in England that Mr S P Hinduja’s health has been deteriorating for a number of years suffering from Lewy Body disease, which is a form of dementia”.