Skip to main content

FATHER LOOSE COURT BATTLE WITH SON


An 87-year-old wheelchair-bound British Sikh father has lost a high-profile court battle with his son for a share of the wealth from a luxury hotel chain they built together, which is now worth 800 million pounds. Bal Mohinder Singh co-founded the Radisson Blu Edwardian chain with his son Jasminder Singh, 63, after immigrating to the UK from India via Kenya in the 1970s. Mohinder told the court that the Sikh tradition of 'mitakshara' obliged Jasminder to share his wealth with his family because he was raised as a Sikh. However, the British judge dismissed the 50-million pounds claim, saying the root of the problem was the difference in upbringing of the father and son. Judge William Blackburne said: "Although I have rejected father's claim, it by no means follows that I regard him or mother as having in any way acted dishonestly in making it. "On the contrary, they struck me as having advanced this claim in all good faith believing it to be well founded." "The root of the difference between them was in their upbringings, with the father being raised in rural British India and the mother in Kenya. But Jasminder completing his education in the UK and taking little interest in the religious side of Sikhism," he added. In a witness statement, Jasminder had said that he never had a particularly religious upbringing and he had no formal agreement with his parents to share the property nor was there an implied agreement. According to the 'Campden Family Business' journal, the family's first business was a small post office followed by a bed and breakfast in Kensington. Over the years, the Singhs steadily brought up high-profile hotels including the Savoy Court and the May Fair in central London. The chain was originally called the Edwardian Group, before joining forces with the Carlson family's US-based Radisson brand to form Radisson Blu Edwardian in 1997. The business is now worth an estimated 800 million pounds. Although he provided the initial capital, Mohinder said he put his son in charge because of his level of English and his accountancy skills. Mohinder told the court his son forced him to retire in 2010 and has since failed to share dividends generated by the business. Mohinder's counsel, John McDonnell QC, said: "The father is not claiming a share of any of Jasminder's wealth acquired by his own efforts. It is our claim that Jasminder's wealth is the family's wealth. The only cash put into the family's empire is that put in by the father in the 70s." The wheelchair-bound Mohinder and his 80-year-old wife Satwant live with Jasminder in a seven-bedroom country house in Berkshire with their extended families.

Comments

Popular posts from this blog

JIO TARIFF CICK FOR TELECOM STOCKS

Telecom stocks today surged up to 8 per cent after the recent increase in Reliance Jio tariffs, which is largely seen as positive for the sector. Shares of Bharti Airtel jumped 4.99 per cent to close at Rs 497.50 on BSE. Bharti Airtel was the biggest gainer among the 30-share index components. The scrip of Idea Cellular soared 7.74 per cent to end at Rs 98.15 and Reliance Communications zoomed 7.60 per cent to Rs 17.70. Reliance Jio made its service dearer by about 15 per cent for its popular 84-day plan at Rs 459 from October 19, under which subscribers get 1GB 4G data at high speed per day. The company restructured its various schemes by reducing their validity period. The recent increase in Reliance Jio tariffs will increase its average revenue per user by up to 20 per cent and is a positive for the telecom sector, which is seeing a rapid consolidation, says a Philip Capital report. Established telecom sector players have seen huge reduction in their margins. Idea Cellular and Reli…

INVESTORS RICHER BY Rs. 25 LAKH CRORES IN SAMVAT 2073

Stock markets ended on a flat note on Wednesday, just below their record highs, but finished Samvat 2073 with robust gains of over 16 per cent. Equities added over Rs 25 lakh crore to investors' wealth this Samvat year. The benchmark Sensex has gained 4642.84 points, or 16.61 per cent, in the Hindu Samvat year 2073, while the broader NSE Nifty surged 1572.85 points, or 18.20 per cent during this period.
Small loss in last session
In the last session of the Samvat 2073 on Wednesday, the 50-share Nifty fell by 23.60 points or 0.23 per cent to close at 10,210.85 after moving between 10,175.75 and 10,236.45. The Sensex resumed lower at 32,518.56 and fell further to a low of 32,462.85 before ending at 32,584.35, down 24.81 points or 0.08 per cent. Investors adopted a cautious approach ahead of the long Diwali weekend, while a weak rupee too affected sentiment, brokers said.
- Axis Bank emerged as the worst performer among Sensex components, tumbling 9.52 per cent following a spike in ba…

BIRLAS ENTER TOP LEAGUE WITH $50 BILLION M CAP

The Aditya Birla group has entered the top valuation league with a market cap of over USD 50 billion post listing of financial services arm Aditya Birla Capital (ABCL), but Tatas remain on top with over USD 132 billion.
The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.
Among various listed companies of the group, UltraTech Cement's valuation stood at Rs 1,10,097.70 crore at the end of Friday's trade while that of Grasim Industries was Rs 76,881.73 crore.
The newly-listed Aditya Birla Capital's market capitalisation was over Rs 55,000 crore, Hindalco (Rs 54,607.09 crore), Idea Cellular (Rs 32,064.91 crore), Aditya Birla Fashion and Retail (Rs 13,155.73 crore) and Aditya Birla Money (Rs 547.71 crore).
Among Indian conglomerates, the Tata group remains on the top in terms of total valuation of listed firms with about Rs 8,46,567 crore (USD 132.5 billion).
There are 29 pu…