Man Industries promoters split businesses

The feud between the Mansukhani brothers, promoters of infra company Man Industries, on Sunday got resolved with the company's board agreeing to divide the businesses between the siblings by spinning off the realty and construction verticals from the flagship company.

"Yes, the demerger has happened. The infra projects business (comprising the real estate and construction verticals) will be taken care of by my brother J C Mansukhani," Chairman Rameshchandra Mansukhani said. "The family settlement entered into with J C Mansukhani has put an end to the disputes and misunderstandings. As part of the agreement, the flagship's pipes business will continue to remain under me," he said.

Jagdish C Mansukhani, the younger sibling, is a director of the company and reportedly owns 28 per cent in it, while elder brother R C Mansukhani is the chairman with a 35 per cent holding. The board, which met on Sunday, also approved the arrangement of the demerger.

Man Infraprojects, to be headed by J C, will also be listed and the board also approved a shares allocation formula, arrived at with help from consultancy firm KPMG. The board agreed upon a 1:1 ratio of allocation, under which a shareholder will get one share in Man Infraprojects for every share held in Man Industries, the company said. The company said J C had resigned as director of Man Industries, while R C and his son, Nikhil, had resigned from Man Infraprojects.