Oswal takeover battle: MD Bhalla contests son Pankaj's claim

Amid a tussle over ownership of Oswal Greentech and Oswal Agro Mills after the death of Abhey Oswal, Managing Director of the two companies Anil Bhalla today said Pankaj Oswal, son of the late chairman, does not have any controlling right.
Pankaj Oswal has, however, said that he is the legal heir of late Abhey Oswal and will start the process to take charge of the two companies soon.
"Pankaj Oswal does not have any controlling right on the two companies, which are governed by the board of directors," Bhalla told PTI.
A takeover battle has erupted in the Rs 800-crore Oswal family after the death of patriach Abhey Oswal, with both wife Aruna Oswal and son Pankaj Oswal claiming ownership of the two group companies.

The fight between Aruna Oswal and her son Pankaj Oswal has even reached the police as the management of the two companies has filed a complaint against Pankaj alleging a forceful entry into the corporate office on April 4 and stealing books of account and certain documents.
An FIR has been registered against Pankaj, Bhalla said.

Pankaj, however, said the FIR filed against him and his wife is a "motivated one" and is an effort to "illegally" detain them.
Bhalla said Aruna Oswal is the largest shareholder in the two companies, while Pankaj has only 5,000 shares in Oswal Greentech Ltd.

Pankaj Oswal said in a statement that his mother Aruna Oswal has no experience in running any business and "parachuted" herself into the role of Chairperson and Director on the board of these two companies.
This is, however, refuted by the management of the two companies.
"It is learnt that Pankaj Oswal is trying to make a claim over the inheritance of the assets of Abhey Kumar Oswal claiming that he is the eldest son. However, this is to clarify that these companies have nothing to do even if such claim is made by Pankaj Oswal as these are listed public entities and not the properties of Abhey Oswal HUF," the company statement said.

"He (Pankaj) is not qualified to be even a minority shareholder as per the provisions of the Companies Act," it added.
Bhalla said Aruna Oswal holds more than 20 per cent shares of Oswal Greentech and holds more than 40 per cent shares of Oswal Agro Mills.
Abhey Oswal is survived by wife Aruna Oswal, two sons Pankaj Oswal, Shail Oswal (musician and performer) and daughter Shalu Jindal, who is married to former Congress MP and Haryana industrialist Navin Jindal.