Haresh Jogani: The Los Angeles Superior Court in America gave a shocking verdict in the case of a two-decade long property dispute of an Indian business tycoon family. It ruled in favor of the four siblings. Big businessman Haresh Jogani was ordered to pay Rs. 20 thousand crores to his four brothers.
The quarrel is..
The Jogani family from Gujarat settled in America. Business tycoon Haresh Jogani and his brothers Shashikant, Rajesh, Chetan and Shailesh Jogani are in conflict over the transfer of property. Alleging that Haresh violated the long partnership, the four brothers approached the court. After a five-month trial, the verdict was worth $7 billion. Haresh ordered to pay 2.5 billion dollars (Rs. 20 thousand crores) compensation to the brothers. A real estate property in Southern California comprising 17,000 apartments worth hundreds of crores has been ordered to be divided according to shares.
The family started in the diamond business.
The Jogani family from Gujarat excelled in the diamond trade in Europe, Africa, the Middle East and North America. Shashikant Jogani moved to California in 1969 (when he was 22). He started a solo venture in the gem business on his own. Later he got into real estate business. He expanded the business due to great success. In the early 1990s, he lost due to recession. In 1994, the North Ridge earthquake killed 16 people in a building. In this process, Shashikant included his brothers as partners in the business. 17 thousand apartment units have been constructed as part of real estate. After this the controversy started.
Removal of partners
In 2003, Shashikant Jogani complained that Haresh had forcibly removed him from the management and withheld what was due to him. But Haresh argued that there was no partnership in writing. After trial, the court found that Haresh had breached the oral agreement. The jury concluded that Shashikant (72) owns 50 percent, Haresh 24 percent, Rajesh 10 percent, Shailesh 9.5 percent and Chetan 6.5 percent in the real estate company. It suggested to pay them compensation of Rs.20 thousand crores and to divide the immovable property.
