The fault lines run between Ravi Ghai, the son of Kwality Ice Creams founder I.K. Ghai, and his son Gaurav Ghai. The dispute involves shares ofGraviss Hospitality Ltd, the ₹300-crore market capitalization company that owns and operates the InterContinental Hotel on the city’s iconic Marine Drive promenade.

As part of a family settlement agreement signed in 2021 and a supplementary agreement signed in 2023, Ravi Ghai transferred all his stake in all the group’s private companies to his son for a payment of ₹105 crore. Mint has seen a copy of these agreements.

Ravi Ghai also received payments recently when the Graviss group exited a joint venture making non-dairy cream. In all, he received ₹235 crore net of taxes between 2021 and 2024.

As per the family settlement agreement, the father, 83, was to hold on to 51% of the promoters’ stake in listed Graviss Hospitality Ltd and remain as the non-executive chairperson. He would receive monthly payments worth ₹1.5 crore a year as business expenses from the listed company.

Upon his demise, his shares in the company were to be transferred to his son, Gaurav Ghai, who holds 49% of the promoters’ stake. In all, the promoters owned 74.92% of Graviss Hospitality as of 30 June.

However, Ravi Ghai has refused to honour this agreement, his son Gaurav has alleged.

This was due to the family settlement agreements failing to achieve their desired outcome of family harmony, said an email by Vimadalal & Co., former lawyers of Ravi Ghai–Mint has reviewed the email.

Gaurav did not invite his father to his son’s wedding in Dubai, causing him humiliation, alleged the email. Monthly payments from the listed company to the senior Ghai also stopped from March this year, the lawyer claimed.

Citing these reasons, the father terminated the two family settlement agreements, the letter said.

Subsequently, in May, the two camps agreed to appoint former Bombay High Court chief justice R.D. Dhanuka as an arbitrator to resolve their disputes, according to the letters between the lawyers of the two camps, which Mint has reviewed.

However, the same month, Ravi Ghai filed a police complaint against his son and his family members, alleging that he was made to sign the 2023 supplement agreement without his explicit knowledge.

In June, the senior Ghai emailed justice Dhanuka, alleging that Vimadalal had terminated the family settlement agreements and appointed justice Dhanuka as the arbitrator without his consent. The former high court chief justice has since recused himself from the matter.

When contacted, Sandip Vimadalal, law firm’s proprietor, refused to comment citing that it was privileged communication between an attorney and their client.

Meanwhile, Gaurav Ghai said after reviewing the family settlement agreements and conducting a preliminary enquiry, the Mumbai Police found no criminality and have dismissed the complaint filed by his father without filing any first information report (FIR).

“This is the last legacy asset that my grandfather I.K. Ghai bought. The last thing I want is for this to go away. I am fighting to protect my family’s legacy,” Gaurav Ghai said.

In an emailed response to Mint’s queries, Ravi Ghai said, “I have categorically denied the existence and validity of any Supplemental Family Settlement Agreement allegedly dated 25.08.2023.” He alleged that his signatures in the agreement had been forged. He also cast aspersions on the notary and attestation authorities who signed the agreements, saying he never visited a notarial authority.

Ravi Ghai also disputed that he received ₹235 crore as part of the two family agreements.

The senior Ghai, however, acknowledged the closure of his complaint by the Mumbai Police. He said he was aggrieved by the closure and now has approached the Bombay High Court with the same complaints he had lodged with the police.

The disputed company represents about 5% of the revenues of the Graviss Group, Gaurav Ghai said. The group’s main business is manufacturing ice creams and other food products. The group is the sole manufacturer and distributor of Baskin Robins in India. It also operates the Kwality brand outside India in markets like the Middle East and UK.

Hindustan Unilever Ltd had acquired the Kwality brand from Ravi Ghai and his family in 1995. The consumer goods major sells Kwality Wall’s branded ice cream in India.

NEW DELHI: Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, is set to launch its Rs 749.6-crore initial public offering (IPO) on July 24.

The IPO is scheduled to close on July 28, and the one-day bidding for the anchor investor will open on July 23, according to the red herring prospectus (RHP).

Brigade Hotel Ventures’ IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component.

Of the total issue proceeds, Rs 468.14 crore will be used for debt payment, Rs 107.52 crore will be utilised for the purchase of an undivided share of land from the promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.

Earlier this month, Brigade Hotel Ventures raised Rs 126 crore by selling equity shares to 360 ONE Alternates Asset Management.

Brigade Hotel Ventures Ltd is a subsidiary of Bengaluru-based real estate company Brigade Enterprises Ltd (BEL).

BEL entered into the hospitality business in 2004 with the development of its first hotel, Grand Mercure Bangalore, which commenced operations in 2009.

The company has a portfolio of nine operating hotels across Bengaluru (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) and GIFT City (Gujarat) with 1,604 keys.

These hotels are operated by global marquee hospitality companies, such as Marriott, Accor and InterContinental Hotels Group.

JM Financial and ICICI Securities are the book-running lead managers to the issue. Shares of the company are expected to list on the bourses on July 31.

One person has been arrested, police said, as more than 100 demonstrators assembled outside the Bell Hotel in Epping on Sunday evening, with some chanting “save our kids”.

Protesters outside a hotel in Essex believed to be housing asylum seekers have thrown bottles and smoke flares toward police vehicles.

Demonstrators, some of whom appeared to be drinking alcohol, chanted “send them home” and “save our kids” as projectiles were thrown towards police vans blocking the entrance to the hotel.

Officers had said they would “deal robustly” with criminal behaviour as more than 100 joined a fresh protest at the hotel where there were violent clashes last week.

An order threatening arrest for anyone who refused to remove face coverings would be in place all Sunday night, Essex police said before the protest began.

Public order vans were stationed outside the hotel in Epping in a change in police tactics after eight officers were assaulted on Thursday and police vehicles were smashed by groups of men.

Police said: “Following a large number of individuals congregating on Epping High Road, we have taken the decision to temporarily close the road.”

A 33-year-old man has been charged by officers, who made a number of arrests and circulated images of suspects.

Keith Silk, of Loughton, was charged with violent disorder and criminal damage. Dean Walters, 65 and from Harlow, had earlier been charged with affray and will appear at court in September.

Far-right activists associated with groups including Britain First were among those in a crowd that gathered outside the Bell hotel on Thursday, where local people including women and children were protesting peacefully.

Clashes with police broke out as groups of men, some of them masked, tried to reach a small anti-racism march that started at Epping station and went through the town before it was hemmed in.

In an apparent response to allegations that the police had taken a “two-tier” approach that favoured the counter-demonstration, Ch Supt Simon Anslow said: “Unfortunately, across social media we are seeing inflammatory comments which suggest we were supporting and enabling certain protesters.

“This is categorically not true. We police without fear or favour, remaining impartial at all times and have legal responsibilities to ensure peaceful protest is facilitated.”

Tensions were high in Epping after the appearance in court on Thursday of an asylum seeker charged with three counts of sexual assault.

Hadush Gerberslasie Kebatu, 38, from Ethiopia, who denies the offences, was remanded in custody before a two-day trial next month at Chelmsford magistrates court.

Neil Hudson, the local Conservative MP, has been calling on the Home Office to close the hotel and described the violence in the town on Thursday as “completely unacceptable”.

“Police put themselves in harm’s way to keep us safe. People have the right to peacefully protest but these violent scenes are not us, not Epping, not what we stand for,” he said in a post on X.