Raheja senior willing to consider out-of-court settlement with son

  • Mohan K Korappath, Hindustan Times, Mumbai
  • |
  • Updated: Dec 14, 2012 00:59 IST

Founder of the Rs 11,000-crore GL Raheja group, Gopal Raheja, has expressed his willingness to consider an out-of-court settlement in the feud with his son Sandeep.

"I am willing to consider a workable solution," said Gopal's counsel Janak Dwarakadas during the second day of arguments regarding preliminary objections raised by Sandeep regarding the grant of interim relief sought by Gopal.

In response to Dwarakadas's offer, Sandeep's counsel SU Kamdar said, "I'm willing to provide everything, but I have to protect my interests."

Justice SJ Kathawala of the Bombay HC agreed that the parties should settle the matter through mediation, and has also agreed to meet the father-son duo on either Friday or Saturday to take the matter forward. The GL Raheja group has been caught in a legal battle after Gopal filed a suit alleging that Sandeep was trying to usurp the business.

Dwarakadas added that Gopal's intention was to keep 36% of the shares owned by him, while giving Sandeep 46%. Currently, Sandeep and his family own 58% shares. Each of Gopal's two daughters would be given 8.5% shares.

"Whatever he [Gopal] owns will ultimately go to Sandeep. Let us not destroy the whole empire in the process," Dwarakadas contended. Justice Kathawala was also told that a builder, who is a common confidant, was also trying to mediate the issue.

 

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