Singhania family groups settle property dispute after 9 yrs

New Delhi, Jul 5 () Over nine years after an arbitrator divided their family properties three-way, the Singhania family groups today brought the dispute to an end, with Raymond owner Gautam Singhania and others informing the Supreme Court that they have settled their wrangle among themselves. Three Singhania family groups -- Mumbai, Kolkata andKanpur ­­ were locked in the dispute over shares in thepremium properties, despite the arbitration award splitting itthree-ways.A bench of Justices Dipak Misra and A M Khanwilkar was apprised of the settlement which took the statement on record and allowed the parties to approach the Bombay High Court for releasing their share of Rs 46 crore deposited with it by the Kolkata group. It said the Bombay group will get Rs 23.40 crore, whilethe Kanpur group will get Rs 22.71 crore as per the settlementthey have agreed upon.The bench directed the Bombay High Court to release the principal amount among petitioner Gautam Singhania and other members of group. The apex court also allowed the refund of Rs 20 croredeposited with the Supreme Court registry on properidentification.It had on April 30, directed Raymond owner Vijaypat Singhania and his son Gautam to hand over their luxury Kamla cottage, a bungalow in Juhu, to Kolkata group of the family as per the 2008, arbitration award by May 6. The bungalow was handed over to the Kolkata group offamily after the apex court order.The arbitration award had said that the Kanpur group ofthe family was to hand over possession of four properties toVijaypat Singhania-led Mumbai group, which in turn was to handover the Juhu bungalow to the Kolkata group.However, Vijaypat Singhania had refused to part with thebungalow saying he had not got his share of property from theKanpur group.In 2006, the Supreme Court had appointed an arbitrator.In 2008 the arbitrator while splitting the property passed anaward directing that the Kolkata Group receive the Juhuproperty and four properties to be handed over to Bombay groupby the Kanpur group.The bench passed the order on an appeal filed by GautamSinghania, challenging a Bombay high court order directing himto vacate the bungalow.Counsel for the Kolkata group and senior advocate Kapil Sibal appearing for Gautam Singhania informed the bench that they have reached a settlement among themselves. The apex court, however, said that the issue of stampduty will be decided by the High Court. MNL ABA SJK RKSARC