Ludhiana: Oswal property dispute gets murkier | punjab$ludhiana | Hindustan Times
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Ludhiana: Oswal property dispute gets murkier

The Oswal family dispute has got murkier with Pankaj Oswal, the eldest son of late business tycoon Abhey Oswal, filing a petition in the Delhi high court on February 4, claiming absolute proprietary rights to the extent of one-fourth undivided share in the estate of his father.

punjab Updated: Feb 11, 2017 11:30 IST
Oswal

Abhey Oswal died last year(HT File Photo)

The Oswal family dispute has got murkier with Pankaj Oswal, the eldest son of late business tycoon Abhey Oswal, filing a petition in the Delhi high court on February 4, claiming absolute proprietary rights to the extent of one-fourth undivided share in the estate of his father.

His counsel Sachin Deshmukh said, “In its February 8 order, the Delhi high court has directed that status quo be maintained on the property, shares and bank accounts in Abhey Oswal’s name, which account for around Rs 2,500 crore. The next hearing is on July 28.”

Pankaj has alleged in the petition that the other three heirs, including his mother Aruna Oswal, younger brother Shailendra Oswal and sister Shalu Jindal, are attempting to oust him from the estate of his father.

The acrimony in the family began when Abhey Oswal, 67, died of a heart attack while on a business tour to Moscow on March 29, 2016.

He left behind a vast empire without a will or testamentary document regarding his assets, business interests, and movable and immovable properties. Since then, a battle of succession has been raging between his wife Aruna and eldest son Pankaj.

Both have been staking claim to his business empire, which includes two listed firms, Oswal Agro Mills and Oswal Greentech.

Abhey had gone to Moscow in connection with a research project on life-saving drugs for diseases such as diabetes, blood pressure and cancer.