Sanghi brothers file petition with CLB

Two of the promoters of Hyderabad-based Sanghi group, Ravi Sanghi and Gireesh Sanghi, have filed a petition with the Company Law Board - Chennai bench seeking removal of other two promoters and their elder brothers, Anand Prakash Sanghi and Sudhir Sanghi, from directorship of Sanghi Industries Ltd (SIL).

The petition also urged the CLB to restrain both the respondents and their family members from dealing with or alienating any of SIL shares. SIL is into cement production with its plant located at Kutch in Gujarat.

In fact, the promoters of the Sanghi group are heading for a split following a family feud, which came out in the open recently with the elder brothers lodging a police complaint against the younger brothers. The elder brothers had also earlier stated that they were ready for a split and were seeking their share of 25 per cent each in the assets of the group.

 

The younger brothers also admitted that ownership restructuring was under way.

Starting its operations in 1978 with textiles and textile-related activities, the Sanghi group diversified into publications (Vaartha Telugu and Hindi daily papers) plastics, leather and cement production. Besides SIL, the group has another listed company, Sanghi Polyesters Limited.

The Sanghi group has a land bank of around 2,600 acres at Sanghi Nagar, the headquarter of its operations located about 30 km from the city. The group's asset base is estimated at Rs 10,000 crore. One of the promoters, Gireesh Sanghi, is a Congress Rajya Sabha member.