Warring Sanghi brothers trying to reach settlement

Sanghi brothers, promoters of Rs 2,500-crore Sanghi Group, who are fighting a protracted battle for control of Group companies, have begun fresh negotiations, even as Sudhir Sanghi lodged a case of manhandling against younger sibling Girish.

Ravi Sanghi, one of the promoters, on Monday said the brothers may reach a settlement in less than a month.

The brothers are split into two groups, with Girish and Ravi Sanghi on one side, and Sudhir with Anand Sanghi on the other.

The battle between the two groups took an ugly turn on Sunday as Sudhir Sanghi, the elder brother, filed a case of manhandling against Girish, a former Congress MP, in a city police station.

On December 15, the Andhra Pradesh High Court revoked the order of Company Law Board Bench, Chennai, which had suspended the Board of Directors of Sanghi Polyesters, and allowed the Board to function.

Sudhir Sanghi, in his complaint to the police said he along with his wife Usha and son Siddharth went to Sanghi Polyesters with the order from the AP High Court. However, he was allegedly prevented by Girish and was manhandled.

Talking about the possible settlement, Ravi Sanghi said: "This is no more a family affair. These are issues related to company and its functioning. It (the settlement) could be an asset division or some asset and some cash or it could be a total compensation. Last week, we had almost finalised. No one is mediating. Our family members are doing it ourselves."

He said the brothers may reach the final settlement in another 15 days to one month.

Each of the four brothers has an equal stake (25 per cent) in the family enterprises. Several cases are also pending before the CLB and other courts, challenging the ownership and management of the companies.

Balaram Jakhar, former Lok Sabha Speaker, was said to have mediated to bring about some kind of settlement among the brothers two years ago, but without success.

Ravi Sanghi said as soon as the settlement is reached, police cases and all other cases filed against one another may be withdrawn.

Apart from polyesters, the group has interests in cement, textiles, SEZ and publications.