The dispute among the four Sanghi brothers, promoters of the Hyderabad-based Rs 2,000-crore Sanghi group, seems to be coming to an end.
“The process of settlement has started; it will take some time. The group’s liabilities are also being settled in the process,” a company source, who is aware of the ongoing developments, told Business Standard.
Ravi Sanghi, one of the four brothers, communicated to stock exchanges about acquisition of a 12.4 per cent stake in Sanghi Industries Limited (SIL) “by way of inter se transfer amongst promoters”.
He informed the bourses on Friday that he had acquired 2,72,86,050 equity shares of SIL on December 18, 2014. These shares, belonging to 12 group companies and one of the group promoters, were stated to have been transferred to Ravi Sanghi as part of a "mutual agreed family settlement".
The shares have been held by SZF Private Limited (2.4 million shares), Balaji Zippers (600,000), Sanghi Poly Zips (600,000), Sanghi Synthetics (600,000), Alpha Zippers (600,000), Fancy Zippers (600,000) SKK Zippers (600,000), Maruti Fasteners (600,000), Sanghi Threads (600,000), Sanghi Filaments (750,000), Sanghi Polyesters (5.41 million), Sanghi Textiles (5.87 million), Anand Prakash Sanghi (HUF) ( 7.866 million) and Anand Prakash Sanghi (187,000).
The four brothers, Anand Prakash, Sudhir, Ravi and Girish Kumar Sanghi, together built the Sanghi industrial conglomerate. Starting with Sanghi Textiles in 1979, the group now comprises 20 enterprises including Vaarta Telugu and Hindi newspapers. Of these, only two are listed. Cross-holdings ensure each brother has interests in every group company.
However, as the group's operations expanded, the brothers entered into a bitter and protracted battle for control.
The dispute between them was over management, shareholding, assets and liabilities of the entire group.
Sudhir Sanghi had filed a complaint in a police station on December 25, 2010, alleging that some persons hired by his two younger siblings (Ravi and Girish Sanghi) had assaulted him and his family members. The younger brothers have denied the charges.
