After years of legal battle, the property feud of 15 thousand crores of the erstwhile Jaipur royal family has been resolved outside the court. This battle over ownership was going on between the grandson of Rajmata Gayatri Devi and her stepson Prithvi Raj Singh’s son Vijit Singh and other parties.
According to the agreement, former Jaipur queen Gayatri Devi’s grandson Devraj Singh and granddaughter Lalitya Kumari will get full ownership of the Jaimahal Palace. In return, he would have to give up his father’s share in the Rambagh Palace to step-uncles Jai Singh and Vijit Singh.
Jai Singh, son of Sawai Man Singh II, the Maharaja of Jaipur and his second wife Kishore Kanwar and Vijit Singh, son of late Prithvi Singh, son of Kishore Kanwar, second wife of Maharaja Sawai Man Singh II of Jaipur, will get Rambagh Palace and other related properties. Both sides have agreed to the out of the court settlement.
Both the parties have to forego their entire stakes
Jaimahal Palace goes to the grandson of Sawai Man Singh, the Maharaja of Jaipur and his third wife Gayatri Devi, and Jagat Singh’s sons and daughters Devraj and Lalitya. They will give up their 4.74 % shares in Rambagh Palace. Both Devraj and Lalitya Kumari families had some shares in Rambagh Palace and Jai Mahal Palace and there was a dispute between the two over ownership.
As per the mutual agreement, Devraj and Lalita will not have any share in Rambagh Palace Pvt Ltd, a company owned by Rambagh Hotel. Jai Singh and Vijit Singh will have no stake in Jai Mahal Palace Private Limited. The Tata Group is running 5-star hotels at Rambagh Palace and Jai Mahal Palace that are worth more than 15 thousand crores.
Fresh documents to be presented in the Company Law Board
The decision to divide the property has been taken under an amicable settlement mediated by Arbitrator and retired Supreme Court judge Justice Kurian Joseph. After the issue of the certificate of new ownership and shareholding pattern from the Company Law Board, fresh documentation will be done. Various formalities will have to be completed and there will be a fresh agreement with Tata regarding Rambagh and Jaimahal.
Family feud over ownership occurred after the death of Gayatri Devi
The controversy was going on after the death of Gayatri Devi Since the death of Gayatri Devi in 2009, there was a dispute going on in the former royal family. Now the dispute is likely to end with both parties reaching an out-of-court settlement.
Rambagh Palace was built in 1835. The Taj Hotel, Rambagh Palace was once the home of the favourite maid of the Queen of Jaipur. Later it was turned into the Royal Guest House and then into a heritage hotel with 78 luxury rooms and suites. Jaimahal Palace was built in 1745 and is spread over an area of 18 acres. Jai Mahal Palace has been the home of 3 prime ministers of the princely state of Jaipur. This heritage property turned five-star hotel has 94 rooms and 6 luxury suites.