NEW DELHI: The wealth of the late businessman Ponty Chadha, worth about Rs 15,000 crore, will be shared between his son Manpreet Singh Chadha and younger brother Rajinder (Raju) Chadha. Two sources connected with the case have reported this. The scheme of splitting into Wave Group has been prepared on the advice of law firm AZB & Associates.
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According to this, 64% of Ponty Chadha's assets will go to his son Manpreet. They will have the responsibility of the real estate business of the web group. Most of the group's sugar mills, malls, beverage plants will also be available to them. On the other hand, Raju Chadha, the younger brother, will get 36% of the group. However, a spokesman for Wave Group refused to comment on the matter. But a spokesman for Raju Chadha confirmed this.
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He said there was no dispute over the split and a relaxed decision was taken. "Both sides have already signed the agreement." The Wave Group was founded in 1963 by Kulwant Singh Chadha as a liquor distribution company. Ponty Chadha then expanded the business in a tremendous way. Ponty Chadha was killed in a bloody conflict in 2012.
His father, Kulwant, died a year before he died of illness. Ponty Chadha's son Manpreet will get 64 per cent of Wave's share, while The Veve Group's 36 per cent will be given to Rajinder Chadha. After ponty Chadha's death, Manpreet and Raju were running a business together. The group has seven sugar mills in Uttar Pradesh.
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The group has a Beverage Plant in Amritsar in Punjab, one of the nine franchises of Coca-Cola India. All the malls except Ludhiana and Jammu will go to Manpreet. The liquor business includes a large distribution network in Uttar Pradesh and Punjab. This includes two distilleries and one brewery. They will be controlled by Raju Chadha. Rajinder Chadha will get most of the liquor business.
This will include liquor distribution, distillery and breweries business. They will also get a 41-storey building 'Wave One' located in Noida's 18 sectors, with a built-up area of 20 lakh sq ft. They will also get the film production and distribution business.