New Delhi: A United States court has directed Indian-origin businessman Haresh Jogani to pay a sum of Rs 20,000 crore to his four brothers – Shashikant, Rajesh, Chetan, and Shailesh Jogani – as damages after losing a 21-year-old land dispute case.
In addition to the substantial monetary sum, Haresh was also instructed to distribute the shares of the Southern California property that initially ignited the dispute. This property, comprising an empire of 17,000 apartments valued in billions, was the focal point of the contention.
The ongoing legal proceedings revolve around allegations that Haresh breached a longstanding partnership with his brothers. While the trial has already led to a significant monetary award, further proceedings are scheduled for Monday for a punitive damages hearing, which could potentially increase the total amount awarded.
Adding an unconventional element, the Jogani v. Jogani case is distinctive as most multibillion-dollar verdicts in the US usually involve large corporations. The eventual sum each brother receives depends on the fluctuations in the real estate market.
Originating from Gujarat, India, the Jogani family founded a global diamond trading empire, expanding their business interests across Europe, Africa, the Middle East, and North America. Shashikant “Shashi” Jogani, the family’s patriarch, migrated to California at the age of 22 in 1969.
There, he began a solo gem business and commenced the development of a real estate portfolio.
Following a significant business setback, Shashikant brought Haresh and his other brothers on board as partners in the company. Subsequently, Haresh and his family spearheaded a series of acquisitions in the business, culminating in the establishment of an empire comprising 17,000 apartments.
As per the lawsuit, Haresh allegedly “forcibly removed” his sibling from managing the company and declined to compensate Shashi and other partners. Haresh Jogani argued that without a written agreement, his brothers were unable to demonstrate their partnership with him.
The lawsuit was initiated by Shashi Jogani in 2003 after Haresh allegedly ousted the other partners from the company without providing adequate compensation.
The legal proceedings stemming from the 2003 lawsuit have undergone 18 appeals, involved numerous attorneys over the years, and been reviewed by five judges in the Los Angeles Superior Court.
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