After fighting him in court, Raheja leaves Rs 11,000-crore fortune to son
Real estate magnate Gopal Raheja, who passed away in March, has reportedly left his entire estate to his son Sandeep, with whom the senior Raheja was fighting a court case at the time of his death, accusing the son of trying to grab his Rs 11,000-crore business.business Updated: Apr 24, 2014 00:33 IST
Real estate magnate Gopal Raheja, who passed away in March, has reportedly left his entire estate to his son Sandeep, with whom the senior Raheja was fighting a court case at the time of his death, accusing the son of trying to grab his Rs 11,000-crore business.
Gopal Raheja had filed a petition in the Bombay High Court in 2012 and had alleged that Sandeep and his wife Durga were illegally trying to take over the businesses that he had started and had also denied him medical attention.
Raheja, who was suffering from a serious ailment, died last month at the age of 80.
Industry sources said that according to Raheja’s will, all his properties will go to the son.
The Rahejas could not be reached for a comment.
Lawyers who have tracked real estate disputes said Raheja’s death will leave a lot of unanswered questions in the court case. Typically in such family disputes, wills are almost always contested, they said.
Allegations have flown thick and fast from both sides since the case was filed.
Sandeep has in the past said his father’s allegations against him were false.
Apart from this court case, Raheja was also reportedly involved in a long-drawn battle with Wadia Group chairman Nusli Wadia on developing land parcels in Mumbai.
Gopal Raheja inherited the construction business from father Lachmandas, who founded the K Raheja group in 1956. The group has since been divided among Lachmandas’ sons GL Raheja, who owns K Raheja Constructions and K Raheja Hospitality, Chandru Raheja who holds K Raheja Corp and Shoppers Stop, and Suresh Raheja the owner of K Raheja Universal.
THE STORY OF A DISPUTE
Rs 11,000 cr
GL Raheja Group’s current market value
2005-06: Gopal Raheja gives son Sandeep 58% share of the group with an understanding that he will still retain control
2012: Raheja accuses son Sandeep of trying to usurp his entire business consisting of 25 firms, files petition in Bombay HC
Though Raheja later expressed his willingness for an out-of-court settlement, the case was still in court until the time of Raheja’s death