Pankaj Oswal sends notice to mother, others

Our Bureau Mumbai | Updated on January 20, 2018 Published on April 25, 2016

Seeks to freeze father’s assets

The family dispute in the Oswal Group has deepened with Pankaj Oswal serving a legal notice seeking to freeze all assets, including bank accounts, properties and shares owned by the late businessman Abhey Oswal. Pankaj Oswal is the eldest son of the late businessman.

The notice has been served on Pankaj’s mother Aruna Oswal, Oswal Greentech, OswalAgro and two other family members.

“The notice seeks to freeze all assets which have devolved from late Abhey Oswal onto the legal representatives and heirs including his personal financial accounts, assets, properties, shares in India and abroad, even if they are held in his investment companies,” said a press statement from Pankaj Oswal’s camp. A succession battle had broken out in the Oswal family following the death of entrepreneur Abhey Oswal. Pankaj is staking his claim to run the ₹1,000-crore Oswal empire, including two listed firms Oswal Greentech and Oswal Agro Mills.

However, Aruna Oswal, Pankaj’s mother, has taken charge as the Chairperson of the Group after a board meeting held on April 2.

“In continuation to his battle for his rights, Pankaj, in order to protect the ₹1,000-crore family businesses and safeguard the interest of employees, has initiated legal proceedings to take over the management reins,” said a statement from Pankaj’s camp.

“ I have served Oswal Greentech Board a legal letter putting on notice that there should be no more than reasonable living and official expenses from accounts on the personal side. We are also asking for a review of all of my father’s personal accounts and his assets to be frozen,” added Pankaj.

Pankaj, an engineer by profession, had founded Burrup Fertilisers in Australia, which is worth $3 billion. However, this business has run into trouble. Pankaj is now in Australia to fight out the legal case there.

Published on April 25, 2016
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