Wave Inc will have a new boss in "a day or two."
Manpreet Singh Chadha alias Monty, son of liquor baron Gurdeep Singh Chadha alias Ponty, told Hindustan Times on Wednesday: "This (the succession plan) is being worked out. We will make the name of the new Wave Inc boss public in a day or two."
Ponty, his two brothers -Hardeep and Rajinder - and son Manpreet alias Monty ran Wave Inc, a conglomerate of companies worth thousands of crores of rupees. Ponty and Hardeep died in a shootout 10 days ago. With two of the three brothers dead, speculation over the succession has been rife.
In a signed advertisement that appeared in newspapers on Wednesday, Manpreet said that he, along with Rajinder, will head Wave Infratech. Manpreet "cleared the air" while responding to a question in the advertisement: Who would be heading Wave Infratech?
Though Rajinder's photograph also appeared in the advertisement along with Manpreet's, it is Ponty's son who addressed all key concerns of investors such as the empire's future in the aftermath of "the unfortunate incident". He said there were no funding issues and all projects would be delivered on time.
With two brothers dead, the claimants to the empire include Rajinder and Monty on the one hand and Hardeep's wife and her family on the other. Her daughter and two sons are students. Ponty's two daughters are married.
"Ponty was grooming Monty as his successor. But Rajinder, who runs the liquor business, could still replace Ponty as group chairman," said a source close to the Chadhas.
The group had diversified into real estate, sugar mills, paper mills, film production and multiplexes. The liquor trade had the biggest share.