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The Jaiswals' Wealth

Jagatjit Industries

Revenues: Rs 355 crore
PAT: - Rs 85 lakh (2004-05)

Products: Whiskys like Aristrocrat, Binnie's and Binnie Scot, and milk products (which included Maltova and Viva). Has a joint venture to make Southern Comfort and Jack Daniels.

Milkfood Industries

Revenues: Rs 181 crore

PAT: + Rs 27 lakh (2004-05)

Products: Ghee and milk products under the Milkfood umbrella brand.

Accounts in British Virgin Islands in Standard Chartered, HSBC, Credit Foncier Monaco

Foreign cars, including two Rolls Royce and Mercedes Benz cars

Investments in closely-held Indian firms like L.P. Jaiswal & Sons and Fast Buck Investments, as well as those based in British Virgin Islands like Higro Trading, Orissa Holdings and Investec Group. All these have direct and indirect stakes in JIL.

The Inheritance Tussle

  • The three sons—Punnu, Binny and Nandi—of the late L.P. Jaiswal are fighting over LPJ's wealth
  • Nandi alleges Punnu has walked away with his father's wealth by forging and/or influencing LPJ's last wills
  • Punnu counters that LPJ gave him everything of his own free will
  • Both Punnu and Nandi, who were born of different mothers, hurl charges that the other is not LPJ's legitimate heir
  • Nandi says Punnu manipulated JIL's board and shareholders to increase his voting rights in JIL and give an open offer to shareholders to further consolidate his grip on the parent company
  • Punnu says all decisions were taken with his father's consent
Published At:
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