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Lachmandas Raheja’s son, Chandru Raheja, was born in 1941. He has four brothers. He graduated from the University of Mumbai with a law degree. Rajan Raheja, his cousin, is also a billionaire.
In 1996, after the company had been split into three companies led by Chandru Raheja, chairman of K Raheja Corp., Suresh Raheja, chairman of K Raheja Universal, and Gopal Raheja, chairman of K Raheja Constructions, Shoppers Stop Ltd.
According to Harish Damodaran’s book India’s New Capitalists: Caste, Business, and Industry in a Modern Nation, K Raheja Corp, owned by the Raheja family, has emerged as the largest company among the several corporations that were created following the split.
Chandru Raheja oversaw K Raheja Corp, which expanded into new markets and made significant strides in the residential and commercial real estate sectors.
Raheja is married to Jyoti C. Raheja, and the couple resides in Mumbai with their two children, Ravi and Neel. The group presidents of K Raheja Corp. are Ravi and Neel Raheja.
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Chargesheet in the matter of Cheating against builder Chandru Raheja and his sons
In a case of cheating brought by businessman Nusli Wadia, who claimed to have suffered losses totaling crores of rupees as a result of the trio, the city police have filed charges against billionaire builder Chandru Raheja and his two sons, Ravi and Neel, the police said on Saturday.
The Economic Offences Wing (EOW) filed a chargesheet in this case on October 22, according to joint police commissioner for Crime Himanshu Roy. Wadia allegedly claimed to have lost money during the reconstruction of a plot of land in Malad (W), according to the police. Nine release deeds were made by Chandru Raheja fraudulently, according to an officer.
Wadia complained to the EOW in 2008 and launched a civil lawsuit in the Bombay High Court.
Charges against Chandru Raheja in ‘Cheating’ Case
In an alleged cheating case brought by businessman Nusli Wadia, the city police’s economic offenses wing (EOW) on Tuesday filed a chargesheet against builder Andru Raheja and his two sons Ravi and Neel.
The sessions court granted anticipatory bail to the Raheja family, owners of Shoppers Stop, the Renaissance Hotel in Powai, and the InOrbit malls.
Wadia claims that the renovation of a 110-acre property in Malad (W) caused him financial damage. He and the Rahejas formed a joint venture in 1995, under which the latter was charged with developing the property. Wadia said that the Rahejas, who owns K Raheja Corp, defrauded sister firms and shell companies set up intending to buy the buildings by leasing or selling built apartments to them.
A percentage of the proceeds from the market sales of the rehabilitated properties were to be given to Wadia. However, the Rahejas are accused of selling it through benami firms for less, costing Wadia money, according to a police officer.
According to a Raheja spokeswoman, the group was accused of causing Wadia to lose Rs 4 crore, even though the landowner has an excess of Rs 5.6 crore from the developer.
With Mindspace, InOrbit mall, and HyperCity store, the Malad site has developed into a significant commercial area. The terms of the 1995 agreement required Wadia, the only administrator of the land owned by the late Eduljee Dinshaw, to receive 12% of the sale earnings when the Rahejas’ Ivory Properties & Hotels Pvt Ltd completed construction.
The Rahejas constructed three homes and nine businesses between 1995 and 2005. The landowner got money following the terms of the contract. The Raheja spokeswoman claimed that these were periodically audited to the satisfaction of the landowners’ auditors.
Wadia brought up disputes about specific transactions in 2005. He filed a civil lawsuit in the HC and a complaint with the EOW in 2008.
Raheja leaves his son a fortune of Rs 11,000 crore after battling him in court.
Gopal Raheja, a real estate mogul who passed away in March, reportedly gave his whole inheritance to his son Sandeep, with whom he was engaged in a legal dispute at the time of his death and whom he had accused of attempting to take over his Rs 11,000 crore firm.
Gopal Raheja, a real estate mogul who passed away in March, reportedly gave his whole inheritance to his son Sandeep, with whom he was engaged in a legal dispute at the time of his death and whom he had accused of attempting to take over his Rs 11,000 crore firm.
In 2012, Gopal Raheja petitioned the Bombay High Court, alleging that Sandeep and his wife Durga were forcibly attempting to take over the enterprises he had founded and had also been denying him medical care.
Raheja, who had a terrible illness, passed away last month at the age of 80.
Industry insiders claimed that the son would inherit all of Raheja’s assets under the terms of his will.
A comment from the Rahejas was not possible to obtain.
Many questions will remain unresolved in the court case as a result of Raheja’s passing, according to attorneys who have followed real estate conflicts. Wills are typically challenged in such family disputes, they claimed.
Sandeep has already said that the accusations made against him by his father are untrue.
In addition to this legal dispute, Raheja reportedly engaged in a protracted legal dispute with Nusli Wadia, the chairman of the Wadia Group, over the development of property parcels in Mumbai.
Gopal Raheja’s father Lachmandas, who established the K Raheja group in 1956, left him the construction company. Since then, the group has been divided among Lachmandas’ sons GL and Suresh Raheja, owners of K Raheja Universal, K Raheja Corp., and K Raheja Hospitality, respectively. Chandru Raheja also possesses K Raheja Corp. and Shoppers Stop.
Hindujas are somewhat relieved in the 5-star hotel case.
Two corporate titans have been engaged in a 25-year conflict over an opulent hotel in Mumbai. The Hindujas had a little measure of relief on Thursday following some progress in their legal dispute nine months after it entered the courtroom.
In connection with the alleged fraud committed against them over ownership of the prized property, the Hindujas had brought the Rahejas before the Bombay High Court. At issue was the Rs 700 crore JW Marriott Hotel in Juhu. On Thursday, several prominent attorneys spoke on both sides. The world’s largest builder, Rahejas, declared in court that they would not transfer shares or sell the hotel’s real estate without first notifying the Hinduja family.
The Rahejas further stated that they would make other records and share transfers dating back to 1982 available to the Hindujas for scrutiny. Hindujas demanded and argued that they deserved the first right to purchase shares. When the case is heard once more, the legal battle will now resume.
The Rahejas were accused of using “oppressive tactics, fraud, and manipulation to deprive him of his pre-emptive rights to purchase more shares and to deny him his rightful place on the hotel’s board of directors,” according to Ashok Hinduja’s Asia Properties Development Ltd, which owns a third of the shares in the five-star hotel. This time, the hotel’s majority shareholders and owners, the Rahejas, are standing together as brothers to reject the Hindujas’ assertion.
Get Justice Suspicious
The Hindujas appealed a Company Law Board decision from 2006 by filing a case with the high court in February. Hindujas believe that they would have owned 88% of the hotel instead of the Rahejas if it weren’t for the alleged fraud about share transfers, which ultimately started the heated dispute in 1983.
Among the 29 respondents are Chandru Raheja, GL Raheja, Sandeep, Ravi, Neel, and Rajan Vijay B Raheja, who are also named in the legal dispute.
The Company Law Board rejected Hindujas’ allegations of exploitation and fraud as untrue and without merit.
The Rahejas took the position that the dates of the transfer of shares were incorrect due to clerical error and that the Hinduja group could not now just assert its equity because it had lain dormant for 15 years about its alleged rights. The Rahejas stated that “Third Party Rights enjoyed for over 20 years can’t be undone on a plea of unsubstantiated fraud” since they (the Rahejas) “have nurtured and developed” the hotel and do not want another Hinduja to operate it.
