Justice Somasekhar Sundaresan, in his July 15 order, directed Gaurav Ghai to issue notices to all the parties, and posted the matter for further hearing on August 5.
Mumbai-headquartered Graviss Group also has interests in real estate and the hospitality business. However, the dispute is only around the group’s listed entity, Graviss Hospitality (GHL), which owns a boutique luxury hotel, InterContinental Marine Drive.
“The value of the promoter shares requested by my father in 2021 to be retained in his name, although the beneficial interest in these had passed to me, was a mere ₹25 crore. Over the years, the value of shares has gone up to ₹100 crore. Owing to the rise in value of shares placed under hold/freeze in my favour, he is doing everything to unlock, sell, and monetise his shares in GHL,” said Gaurav Ghai when contacted. “The company contributes very minuscule amounts in terms of revenue, but for me, this company has sentimental value since it carries my grandfather’s legacy,” he added.
The genesis of the dispute lies in the family settlement agreement (FSA) of 2021, between Ravi Ghai, his wife Geeta Ghai, and son Gaurav Ghai. According to the agreement, a copy of which was reviewed by ET, Gaurav Ghai would have complete control over the family business, and in lieu of that, his father Ravi Ghai would receive ₹235 crore.
At the time of executing the agreement, Ravi Ghai intended to retain 51% of the shares in GHL during his lifetime. GHL contributes about 10% to the overall revenue of the Graviss Group. In August 2023, the family members entered into a supplemental FSA, under which Ravi Ghai agreed not to sell, encumber, assign, transfer, or create any third-party rights of any nature whatsoever on the 51% of promoter shareholding in GHL. The agreement also stated that Ravi Ghai would bequeath the 51% shareholding controlled by him in GHL to his son Gaurav, post his lifetime. Also, these shares were put under “hold/freeze”, according to GHL’s stock exchange filing. When contacted, Ravi Ghai denied the existence and validity of any supplemental FSA. “I have never signed, consented to, or authorised anyone to execute such a document on my behalf,” said Ravi Ghai, in response to ET’s email query.
