Delhi HC restrains share transfer in Oberoi Hotels amid dispute

19 Sep 2024 CW Team

The court also safeguarded Anastasia and her mother's possession and enjoyment of a family residence in Kapashera, Delhi, as per the terms of the disputed will. The mother-daughter duo claims that Vikramjit and Arjun are obstructing the execution of PRS Oberoi's will dated October 25, 2021, which directed that Oberoi's shares be divided between his daughters—Natasha and Anastasia—with the latter's portion managed through a trust.

The counsel for Vikramjit and Arjun argued that there is a "serious challenge" to the 2021 will, citing an earlier will from 1992. Justice Navin Chawla, however, noted that the plaintiffs have a "good prima facie case" and that they would suffer "grave irreparable harm" if the shares and properties in question are alienated before the defendants respond to the lawsuit.

"In my view, the interest of justice and the interest of plaintiffs can be protected by restraining the defendant nos.1 to 3 (Executors and Natasha), and defendant nos.4, 7 and 8 (EIH Ltd, Oberoi Hotels Pvt Ltd and Oberoi Properties Pvt Ltd) from transferring or transmitting any shares," Justice Chawla stated in the interim order.

The court also restrained Vikramjit and Arjun from interfering with the possession of the Kapashera property held by Anastasia and her mother. PRS Oberoi, Chairman Emeritus of The Oberoi Group, passed away on November 14, 2023, at the age of 94.

Vikramjit and Arjun's counsel contended that the 2021 will did not accurately reflect PRS Oberoi's wishes, arguing that, under a settlement between Oberoi and his father, the shares were held in trust for Vikramjit and Arjun. They also pointed out that, according to the Articles of Association, transferring the shares to a trust requires offering them first to existing shareholders. The court stated that these issues would be determined once the defendants have filed their response.

(ET)

The Delhi High Court has issued an interim order restraining EIH Limited, the flagship company of the Oberoi Group, and its holding companies from transferring any shares following an inheritance dispute over the will of hotelier PRS Oberoi. The order comes in response to a lawsuit filed by Oberoi's daughter, Anastasia Oberoi, and her mother, Mirjana Jojic Oberoi, against her brother Vikramjit Singh Oberoi, sister Natasha Devi Oberoi, cousin Arjun Singh Oberoi, and others. The court also safeguarded Anastasia and her mother's possession and enjoyment of a family residence in Kapashera, Delhi, as per the terms of the disputed will. The mother-daughter duo claims that Vikramjit and Arjun are obstructing the execution of PRS Oberoi's will dated October 25, 2021, which directed that Oberoi's shares be divided between his daughters—Natasha and Anastasia—with the latter's portion managed through a trust. The counsel for Vikramjit and Arjun argued that there is a serious challenge to the 2021 will, citing an earlier will from 1992. Justice Navin Chawla, however, noted that the plaintiffs have a good prima facie case and that they would suffer grave irreparable harm if the shares and properties in question are alienated before the defendants respond to the lawsuit. In my view, the interest of justice and the interest of plaintiffs can be protected by restraining the defendant nos.1 to 3 (Executors and Natasha), and defendant nos.4, 7 and 8 (EIH Ltd, Oberoi Hotels Pvt Ltd and Oberoi Properties Pvt Ltd) from transferring or transmitting any shares, Justice Chawla stated in the interim order. The court also restrained Vikramjit and Arjun from interfering with the possession of the Kapashera property held by Anastasia and her mother. PRS Oberoi, Chairman Emeritus of The Oberoi Group, passed away on November 14, 2023, at the age of 94. Vikramjit and Arjun's counsel contended that the 2021 will did not accurately reflect PRS Oberoi's wishes, arguing that, under a settlement between Oberoi and his father, the shares were held in trust for Vikramjit and Arjun. They also pointed out that, according to the Articles of Association, transferring the shares to a trust requires offering them first to existing shareholders. The court stated that these issues would be determined once the defendants have filed their response. (ET)

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