 "My mother is being misled by mischievous folks around her: Pankaj Oswal")
A bitter succession battle has broken out in the Oswal family after the death of Abhey Kumar Oswal last month. Allegations and counter allegations are flying thick and fast as Oswal's eldest son, Pankaj Oswal, has challenged his mother's appointment to the board of group companies - Oswal Greentech and Oswal Agro Mills. On the other hand, the companies have filed a police complaint against him for alleged stealing of documents. In an interview, Pankaj Oswal, 43, talks with N Sundaresha Subramanian about several critical issues. Edited excerpts:
You have claimed that your mother parachuted herself in to the boards of group companies, whereas the companies say she was appointed through a proper board-approved process. How do you plan to challenge this?
It's actually proof of the fact that the board of the company put into place a person who won't be able to catch them from siphoning monies off. They will eventually enjoy the spoils of my late father's hard work. This is precisely the reason. Only three days after my father's death that they helped appoint her, please note-minus me (at her house) without any thorough process according to the guidelines of Sebi (the Securities and Exchange Board of India). My mother depends solely on these people. They will have to be her eye and ears because she has no knowledge to run the business or do justice to the shareholders who have invested and believed in my late father's business acumen.
There is only one point here. My father sadly died without a will. So, as a son I have a right to a law-defined inheritance of his personal estate. Whatever that may be, I am happy to receive my just share. Whether it is $10 or a billion is not the issue! My mother's advisors clearly seek that I be denied what has to come to me.
A first information report (FIR) has been filed against you, your wife and other associates at the Barakhamba Road Police Station. Have you received any enquiries from the police?
My lawyers informed me after my departure from India about how these people are working and exerting political influence. A motivated FIR was filed against me and my wife by an (unknown to me) Oswal company employee. We are soon going in for a reverse complaint to prove that the incidents they claim did not take place. In fact, there are CCTV cameras in the building. We are asking for the footage that will prove that the FIR was a motivated attempt to intimidate us.
Being a seasoned businessman, they know, that I will not allow any wrongdoings, hence, they are using all kinds of Indian system pressure tactics to try and intimidate me. They have gone to the extent of filing fabricated police complaints two days ago against me and my wife and they apparently even tried to get us illegally detained.
I will not let these shady people destroy my family businesses which my father and I toiled to build. I have served Oswal Greentech Board a legal letter now putting on notice that there should be no more than reasonable living and official expenses from accounts on their side. We are also asking for all of my father's personal accounts and assets to be frozen till the time the family meets to decide these matters. My mother is being confused and misled by the mischievous folks around her.
They are also using the political clout of one of my kin to get police to act in this matter.
When was the last time you spoke to your father? What did you discuss?
We spoke only about three weeks ago when his Russia plans were finalised but we spoke about projects. He wanted input on some technical issues he was facing in his Sudan project. At that time, I had briefed him about my Australian cases and that I'm visiting Australia for the last leg of that fight very soon. We were meant to talk from Moscow but that sadly was not to be.
What is your siblings' position in the matter? Are they with you?
Those misguiding my mother at the moment know that my siblings sadly cannot assist my mother in business. But, they have promised them the moon - if they go along with my mother. My brother Shael is a singer and performer and has never taken any interest in my father's business. My sister is married into the Jindal and I'm sure Jindals are capable of taking care of her. Of course, they both deserve a fair part in the inheritance. I truly believe everyone should be given their equal share, while the management of corporations should be left to the most capable hands - the real professionals, not time servers.
People close to your mother say your father had disowned you after you got into litigation and legal issues in Australia. Is this true?
We were always very close in business matters. Those spreading false rumours have their own vested interests and you can see that they want to enjoy the spoils of my late father's wealth. Had it been any hint of differences, leave alone disowning had existed, my pagri rasam would not have been done in front of 1,200 members of family and community. My mother was there when all these matters were decided.
You have claimed that your mother parachuted herself in to the boards of group companies, whereas the companies say she was appointed through a proper board-approved process. How do you plan to challenge this?
It's actually proof of the fact that the board of the company put into place a person who won't be able to catch them from siphoning monies off. They will eventually enjoy the spoils of my late father's hard work. This is precisely the reason. Only three days after my father's death that they helped appoint her, please note-minus me (at her house) without any thorough process according to the guidelines of Sebi (the Securities and Exchange Board of India). My mother depends solely on these people. They will have to be her eye and ears because she has no knowledge to run the business or do justice to the shareholders who have invested and believed in my late father's business acumen.
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Most of the promoter shares in Oswal Agro is held in the personal capacity by your late father. Aruna Oswal has claimed that your father has nominated her as successor. Do you have any documentary evidence to prove otherwise?
There is only one point here. My father sadly died without a will. So, as a son I have a right to a law-defined inheritance of his personal estate. Whatever that may be, I am happy to receive my just share. Whether it is $10 or a billion is not the issue! My mother's advisors clearly seek that I be denied what has to come to me.
A first information report (FIR) has been filed against you, your wife and other associates at the Barakhamba Road Police Station. Have you received any enquiries from the police?
My lawyers informed me after my departure from India about how these people are working and exerting political influence. A motivated FIR was filed against me and my wife by an (unknown to me) Oswal company employee. We are soon going in for a reverse complaint to prove that the incidents they claim did not take place. In fact, there are CCTV cameras in the building. We are asking for the footage that will prove that the FIR was a motivated attempt to intimidate us.
Being a seasoned businessman, they know, that I will not allow any wrongdoings, hence, they are using all kinds of Indian system pressure tactics to try and intimidate me. They have gone to the extent of filing fabricated police complaints two days ago against me and my wife and they apparently even tried to get us illegally detained.
I will not let these shady people destroy my family businesses which my father and I toiled to build. I have served Oswal Greentech Board a legal letter now putting on notice that there should be no more than reasonable living and official expenses from accounts on their side. We are also asking for all of my father's personal accounts and assets to be frozen till the time the family meets to decide these matters. My mother is being confused and misled by the mischievous folks around her.
They are also using the political clout of one of my kin to get police to act in this matter.
When was the last time you spoke to your father? What did you discuss?
We spoke only about three weeks ago when his Russia plans were finalised but we spoke about projects. He wanted input on some technical issues he was facing in his Sudan project. At that time, I had briefed him about my Australian cases and that I'm visiting Australia for the last leg of that fight very soon. We were meant to talk from Moscow but that sadly was not to be.
What is your siblings' position in the matter? Are they with you?
Those misguiding my mother at the moment know that my siblings sadly cannot assist my mother in business. But, they have promised them the moon - if they go along with my mother. My brother Shael is a singer and performer and has never taken any interest in my father's business. My sister is married into the Jindal and I'm sure Jindals are capable of taking care of her. Of course, they both deserve a fair part in the inheritance. I truly believe everyone should be given their equal share, while the management of corporations should be left to the most capable hands - the real professionals, not time servers.
People close to your mother say your father had disowned you after you got into litigation and legal issues in Australia. Is this true?
We were always very close in business matters. Those spreading false rumours have their own vested interests and you can see that they want to enjoy the spoils of my late father's wealth. Had it been any hint of differences, leave alone disowning had existed, my pagri rasam would not have been done in front of 1,200 members of family and community. My mother was there when all these matters were decided.