BackSanghi promoters heading for split; valuation on
Sanghi promoters heading for split; valuation on
PremiumFamily feud: Sanghi group’s Anand Sanghi.
Hyderabad: The promoters of Hyderabad-based Sanghi group are heading for a split. Of the four brothers who run the group, the elder two have lodged police complaints, alleging physical assaults by the other two.
The elder brothers, Anand Sanghi and Sudhir Sanghi, said on Sunday they were ready for a split and were seeking their legitimate share of 25% each in the assets of the group. Valuation exercise was on, they said.
Though the family has been trying to restructure the group, the elder brothers alleged that the younger brothers, Ravi Sanghi and Gireesh Sanghi, resorted to physical attacks on their family members when they objected to certain resolutions pertaining to fund raising at the annual general meeting of Sanghi Industries on Saturday.
Following the objections, which also included one raised by a key foreign investor—British Virgin Islands-based investment fund Spinnaker Group that holds a 26% stake—Sanghi Industries has indefinitely deferred the resolution, said Amit Sanghi, one of the promoters and son of Anand Sanghi.
Refuting the allegations, Gireesh Sanghi said both the elder brothers had ventured into businesses unrelated to core strengths of the group, mismanaged them and sunk huge funds.
“This has forced us to take a decision on parting ways and the business ownership restructuring is currently underway, taking into account the huge losses the elder brothers are responsible for. They want to have 25% of assets each and are asking us to equally bear the losses they are responsible for, which we didn’t agree to," Gireesh, who is also a Rajya Sabha member representing the Congress party, told Mint.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
