American court orders Gujarati businessman to pay 20,000 crores to four brothers


- A 21-year-old property dispute between five Jogani brothers in America

- Shashi sued Haresh Jogani in 2003: Haresh was also ordered to share shares of the 17,000 apartment empire.

Los Angeles: The Los Angeles court in America has pronounced a historic verdict in a 21-year-old legal case of five brothers of Gujarati origin. Haresh Jogani, one of the five brothers who accumulated wealth worth crores of rupees in diamonds and real estate in Los Angeles, was awarded 2.5 billion dollars i.e. Rs. 20,000 crore has been ordered to be paid as compensation. The court has also ordered Haresh Jogani to share the shares of the Southern California property among themselves. The property comprises 17,000 apartments. The case was filed in the US on allegations that Haresh Jogani had breached a long-standing partnership with his brothers. After a five-month series of trials, a jury this week ordered Haresh Jogani to pay restitution to his brothers. The ruling may also be one of the largest in American judicial history in decades.

A famous diamond merchant family from Gujarat spread their business to Europe, Africa, Middle East and America and established their base in North America. According to a complaint filed in 2003, Shashikant alias Shashi Jogani came to California in 1969 at the age of 22. Where he started diamond and real estate business as a single company.

Shashi Jogani suffered heavy losses during the recession of the early 1990s and after the 1994 earthquake, he made the brothers partners in his company. Haresh and his family then embarked on a series of business acquisitions and established an empire of 17,000 apartments.

However, according to the complaint in the case, one day Haresh forcibly removed his brothers from the management of the company and refused to participate. Haresh Jogani argued that without a written agreement his brother could not prove that there was a partnership between them. But after hearing witnesses, the jury found that Haresh had breached the oral contract. Shashi Jogani's lawyer, Steve Friedman, argued that Gujaratis and diamond merchants have an oral contract, which is as valuable as a written contract.

The jury concluded that Shashi, now 77, owns 50 percent of the real estate partnership. After that 24 percent share belongs to Haresh, 10 percent to Rajesh, 9.5 percent to Shailesh and 6.5 percent to Chetan. 16.5 crores awarded to brothers Chetan and Rajesh for breach of diamond partnership by Haresh. Also, Shashin has been awarded 1.8 billion dollars, Chetan 23.4 million dollars and Rajesh 36 million dollars for violation of real estate partnership. This case was filed in the year 2003 and 18 appeals were made to the Los Angeles Superior Court.

Comments

Post a Comment

Popular posts from this blog

A community that has mastered monkey hunting for centuries, there are now only 150 people left

Image
Kathmandu, June 17, 2023, Saturday A community called Raute living in Nepal for centuries is on the verge of extinction. Today only 150 people of this tribe are left. The central mountainous region in Nepal is considered their home. which is near the Himalayas and the southern Terai plains of Nepal. The Raute people live in temporary houses covered with cloth over wood. However, since they live completely cut off from the rest of the world, it becomes difficult to find their abode. The men of the Raute community are adept at hunting monkeys. Once they have followed a monkey, they do not return without hunting. The Raute people sit around a fire at night in winter. What is new is that they consider it a sin to grow seeds in the soil, so instead of farming, they use the grains found naturally in the forest as food. Every day women and children bring grain bearing plants and extract grains from them. They also eat fruits and vegetables that grow naturally. This nomadic species does no
Read more

A four-pronged attack by nature in America: first fires, then cyclones, heavy rains, floods and earthquakes

Image
- There are rumors of avian landings, but many are fast asleep - After Canada and Hawaiian Islands, the U.S. There are forest fires in the state, fires in California too, earthquakes after cyclones New York: Nature seems to be at its mercy over America. After Hawaiian Islands and Canada, the forests of Washington state in the north-west of America are on fire, while the cyclone 'tornado' has destroyed food in California. Earthquake tremors have rocked California ever since. Even in Hollywood, heaven on earth, everyone has become fearful. Cyclone 'Heavy' struck over Cape Bani California, south of this cyclonic storm. This long promontory, part of Meshiko, is almost devoid of people. Juj people live by grazing sheep and goats. The entire cape is mountainous. Its western slope towards the Pacific is almost uninhabited, and there are rumors of 'aliens' landing there. Due to heavy rain in Tewa, it has also come out that the mountains are collapsing there. An ear
Read more

Israel-Hamas Conflict: Threat of World War III

Image
- The countries of the world are dividing into two parts: China-Russia Vs. America-Europe lobby - Yemen's Houthi rebels' missile, drone attacks thwarted by US Navy: major disaster in Israel averted - Russian fighter jets deployed in the Black Sea against US Navy ships in the Mediterranean Tel Aviv: The war that started between Hamas and Israel is still going on after a fortnight and there is no telling when it will end. In such a situation, new fronts of war against Israel are opening one after another. Amidst these attacks on Israel, the world is dividing into two. America has openly supported Israel while now Hamas has reached out to Russia. The US has landed two warships in the Mediterranean to help Israel, while Russia has deployed fighter jets armed with destructive missiles in the Black Sea. Thus, there is a fear that the world is on the verge of a great war. After the October 7 terrorist attack by Hamas in southern Israel, Hezbollah terrorists from Lebanon have laun
Read more