More charges in Oswal family battle

A statement was issued on behalf of the Oswal group management that a police case had been filed against Pankaj Oswal, the son, for forcefully entering the offices of Oswal Greentech and Oswal Agro Mills, allegedly with his wife and some ‘goons’ this Monday. And, allegedly stealing certain books of accounts and other documents.

Pankaj Oswal is in a succession battle with mother Aruna Oswal for inheritance of the assets. Abhey Oswal passed away on March 29.

Aruna Oswal alleged that after the theft, a formal complaint was lodged with the police, which after investigation filed a First Information Report. The public relations agent of Pankaj Oswal did not respond to the statement, despite repeated attempts.

Aruna Oswal says the son's claim over the assets aren't tenable because Oswal Greentech and Oswal Agro are listed companies and not the properties of the Abhey Oswal Hindu Undivided Family.

In a statement issued through his public relations firm, Pankaj Oswal had said on Thursday, “My father's untimely death came as a huge shock. He was a great businessman and I now want to take his legacy forward and protect the interests and livelihoods of thousands of Oswal employees. As his legal heir, I will now start the process to take charge at the Oswal Agro Mill and Oswal Green Tech soon. I want to do my dad proud and take the businesses to new heights.”

Filings by the companies show Aruna Oswal took charge as director of the firms on April 2. She held 1.86 per cent of the shares in Oswal Agro; the patriarch had 39.88 per cent. Oswal Agro in turn holds 35.58 per cent in Oswal Greentech. Abhey held 11.11 per cent and Aruna 8.96 per cent in Greentech. Pankaj owned 5,000 shares in Oswal Greentech and did not have any shares in Oswal Agro. Oswal Greentech also owns 14.2 per cent in listed broadcaster NDTV.

Aruna Oswal said she attended the board meeting on April 2 and the directors decided to nominate her as the chairperson.