Days after the twin death in the Chadha family, issue of succession looms large. Industry sources point that Rajinder Chadha, brother of the slain Ponty and Hardeep, is likely to take over as the Chairman and Managing Director of Wave Inc.
Ponty’s son Monty, who has been handling the real estate arm, is likely to be given the mantel of Joint Managing Director.
Ponty alias Gurpreet Chadha and his brother Hardeep were killed in a shootout on Saturday.
Sources said that the family may announce a succession plan shortly after the mourning period ends on November 24.
Wave Inc could not be reached despite repeated attempts. The group’s turnover is estimated at Rs 6,000 crore.
Meanwhile, investors are keenly watching the real estate spectre in Noida. A slew of underwriters Business Line spoke to said that property prices of the group are down by 10-15 per cent.
“Real estate sector is sluggish due to economic situation. A tragedy of this magnitude is likely to dampen consumer confidence. We expect prices to fall in the near term. However, it may regain soon depending on the smooth business transition,” sources said. Wave Infratech, subsidiary of Wave Inc, is building a Rs 10,000 crore multi-development integrated township,” sources said.
The company had announced the launch of the first phase of 152-acre township in March earlier this year. The first phase, with an investment of about Rs 4,000 crore for the development of around 9.5 million sq feet, is slated to be delivered by 2016.
As far as the liquor business is concerned, vendors have said that no new consignments have been dispatched. Chadhas control about 85 per cent of the trade in Uttar Pradesh.