Srichand Parmanand Hinduja, the chairman of Hinduja Group, passed away on May 17 after years-long battle with a form of dementia.
Oldest among the four Hinduja brothers, he was ranked as one of the richest people in the UK.
Srichand Hinduja, along with his brothers Gopichand, Prakash, and Ashok, established the presence of the Hinduja Group in nearly 40 countries, employing over 1,50,000 people.
The group owns IndusInd Bank, one of India’s largest private banks, and automotive manufacturer Ashok Leyland.
Founded by Parmanand Hinduja in 1914, the group operates in sectors like truck making, healthcare, chemicals, banking, and power.
For many years, the brothers have demarcated the business and its assets based on the philosophy of ‘everything belongs to everyone and nothing belongs to anyone’.
However, in the last few years, tensions prevailed in the family over the very same policy which guided them for years.
Legal Battle Among Hindujas
In 2014, the brothers signed a letter putting the ‘everything belongs to everyone philosophy on paper and allowing all the brothers to execute each other wills.
The agreement also made it clear that any asset held under one brother’s name belongs to all four.
However, just two years after the pact was signed, Srichand in 2016 insisted that the group’s businesses should be separated and the 2014 letter held no relevance, according to a Forbes India report.
The letter was challenged by Srichand Hinduja in 2019 in a UK court, saying that the letter has no legal effect. The plea came in the background of the three brothers trying to acquire a Swiss bank held under his name.
Vinoo Hinduja, the daughter of Srichand Hinduja, represented her father in the case.
The contention put forward by Vinoo was that the brothers had tried to cut the funding of the family and sidelined them in decision-making for the future of the group.
The brothers challenged Vinoo representing Srichand in the proceedings and called litigation as power-grabbing attempt that went against Srichand’s beliefs.
Reporting in the case was restricted for a long time which was allowed by a judge after it was requested by Bloomberg News, saying that public scrutiny of the family’s behavior would be in the best interest of Srichand.
After several allegations made by both sides and multiple hearings in the case, UK Court informed in a judgment released in November 2022 that the family reached a confidential agreement to resolve all disputes.
The family, according to the court, also agreed to settle all legal disputes across several countries.
What Happens Now?
After the demise of Srichand Hinduja, the questions over the truce have once again come into the spotlight.
According to a Reuters report, Srichand’s lawyer informed a London court in April that the agreement between the family is at risk. There were lawsuits and “threatened lawsuits” among the family members, the lawyer was quoted as saying by Reuters.
With the division of businesses and assets still unclear post the demise of Srichand Hinduja, the family dispute over the $14 billion empire may once again reach the court.