Hospitality sector giant Oberoi Group has withdrawn its business from the United Arab Emirates (UAE) market. The group has taken this step at a time when there is a dispute over family legacy. This matter is also going on in the Delhi High Court. Let us tell you that the Delhi High Court has recently stopped Oberoi Group’s flagship company EIH Limited and its parent companies from transferring any shares.
Group exiting UAE market
According to the Economic Times, the Oberoi Group will no longer manage the Oberoi Beach Resort located in Al Zorah, UAE. The employees have been informed about this. With this, the Oberoi Group has exited the UAE market. According to sources, Managing Director and CEO Vikram Oberoi has also visited Al Zorah along with HR officer Shailaja Singh. Meanwhile, Al Zorah Development Private Limited has assured the employees that the company will retain them.
Let us tell you that this was a joint venture between Oberoi EIH Holdings Limited, a subsidiary of EIH Limited, and Al Zorah Development Private Limited. This property is located 25 minutes away from Dubai International Airport.
What is an inheritance dispute?
A dispute has erupted over the inheritance in the will of the late Prithvi Raj Singh Oberoi, the head of the Oberoi Group. The late entrepreneur’s daughter Anastasia Oberoi and her mother Mirjana Jojic Oberoi have filed a lawsuit against Anastasia’s brother Vikramjit Singh Oberoi, sister Natasha Devi Oberoi, cousin Arjun Singh Oberoi and others. The mother-daughter duo has claimed that Vikramjit and Arjun are obstructing the execution of PRS Oberoi’s will prepared on October 25, 2021.
In this will, PRS Oberoi’s shares were to be divided between two daughters – Natasha and Anastasia. The lawyer appearing for Vikramjit and Arjun in this case said that the current will has been seriously challenged, while the existence of another will of 1992 has been cited. Prithvi Raj Singh Oberoi, Honorary Chairman of the Oberoi Group, died on November 14, 2023 at the age of 94.
