NEW DELHI: Differences between Ponty Chadha and his youngest brother Hardeep widened soon after their father Kulwant Singh Chadha died last June, business sources say. Hardeep wanted the family business split.
"Hardeep would get aggressive when he demanded separation of the business. Although things never really went out of hand, like it did on Satuday, heated arguments did take place. Ponty had come to realise that it would be virtually impossible for a status quo to continue, but wasn't sure how the business would be valued because their sisters too were eligible for a share in the business owned by their father. He wouldn't mind if the brothers and sisters stayed together. But Hardeep had made it clear that he wanted his share at the earliest," a business associate said.
Hardeep, sources said, had sold a Bilaspur paper mill owned by their father without informing anyone in the family. "When Ponty got to know, he raised objections. Eventually, the mill was bought back," the business associate said. Hardeep, sources said, skipped the wedding of their other brother Rajinder's daughter two weeks ago. Rajinder was said to be close to Ponty and looked after the family business actively.
The Chadha empire flourished during BSP rule in UP and Ponty floated 16 companies after Mayawati took office as CM. These firms got contracts ranging from real estate to sugar mills to film production and distribution.
After SP came to power in March 2012, CM Akhilesh Yadav said he'd investigate Ponty and his wealth but not much was done following reports that the party had patched up with the controversial businessman.
Earlier, in February when Uttar Pradesh was gearing up for Assembly Elections, the Income Tax department had searched 17 locations across the state and New Delhi, including a prime shopping mall - Centrestage Mall in Noida - and farmhouses owned by Ponty.
After the searches in February, the income tax department had said that it had seized Rs 11 crore in cash, jewellery and fixed deposits and sealed 13 bank lockers. Three months after the raids, an income tax official said that Ponty had disclosed an "unrecorded income of Rs 175 crore" to them.
Ponty, as mentioned in the company website, had "the supervisory charge of the group's businesses" and was "executive head of all expansion and diversification programmes".
With his death, people in business circle say "the Chadha family business may be looked after fully by Rajinder and Ponty's son, Manpreet, but it might not reach the heights Ponty could have taken it because of his political links".
Brothers' battle turns into bloodbath
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Brothers' battle turns into bloodbath
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Brothers' battle turns into bloodbath
