Soaring Markets Trigger Family Disputes

BUSINESS FAMILY DISPUTES re-emerge each time market valuations soar. The latest is Oberoi family's battle over the hotel empire. The legal battle in the Delhi High Court stems from two conflicting wills of P.R.S. Oberoi, who passed away 10 months ago.

- NEVIN JOHN

Oberoi’s daughter from second marriage, Anastasia Oberoi, has taken the matter to court, arguing that her step-siblings Vikramjit Oberoi and Natasha Oberoi and cousin Arjun Oberoi are attempting to prevent rightful execution of her father’s most recent will, dated October 25, 2021. Anastasia also submitted a codicil from August 27, 2022, that grants her rightful ownership of the assets and properties listed. Codicil is a formally executed document made after a will that adds to, subtracts from, or changes the will.

Anastasia’s claim has been disputed by Vikramjit, managing director and CEO of EIH Ltd. (flagship company of Oberoi Group), along with Arjun, chairman of EIH. They put forward an earlier will, dated March 20, 1992, in their defence. Vikramjit claimed that P.R.S. Oberoi did not have full ownership of shares in Oberoi Hotels, which were held in a trust for him and Arjun.

The Delhi High Court issued an interim order in favour of Anastasia Oberoi, preventing transfer of any shares in EIH Ltd., Oberoi Hotels and Oberoi Properties until the case is resolved. The battle is expected to escalate to the Supreme Court.