Oberoi inheritance war: Siblings clash over late PRS Oberoi’s will

The drama of a powerful family clashing over their empire is something we’ve seen play out in many TV series, with ‘Succession’ being a prime example.
Now, it seems reality has a similar plot twist in the hospitality sector, where the Oberoi family is locked in an inheritance dispute.
At the heart of the tussle are conflicting wills left behind by the late PRS Oberoi, with step-siblings and cousins vying for control over the renowned Oberoi Group. This family feud comes just as the hospitality chain looks to expand in a competitive market.
The Oberoi family is in the middle of an inheritance dispute, with the timing adding to the tension.
On one side are Vikramjit Oberoi, Natasha Oberoi, and Arjun Oberoi. On the other side is Anastasia Oberoi, PRS Oberoi’s daughter from his second marriage to Mirjana Jojic Oberoi. The core issue revolves around two conflicting wills that PRS Oberoi is said to have left behind.
Anastasia Oberoi has taken the matter to the Delhi High Court, alleging that her step-siblings and cousin are trying to prevent the proper execution of her father’s will. PRS Oberoi passed away 10 months ago, and the case involves claims over the management and ownership of the Oberoi Group’s assets.
One will, dated October 25, 2021, and accompanied by a codicil from August 27, 2022, has been presented by Anastasia as PRS Oberoi’s final testament. She argues that this will confirms her rightful share of the assets and properties listed.
However, Vikramjit Oberoi, who is the Managing Director and CEO of EIH Ltd, the flagship company of the Oberoi Group, and Arjun Oberoi, Executive Chairman of EIH, dispute this claim. They argue that the will and codicil do not align with the wishes of PRS Oberoi’s father, MS Oberoi, who founded the Oberoi Group.
Vikramjit Oberoi has submitted a different will dated March 20, 1992. According to Vikramjit, this will asserts that PRS Oberoi did not have ownership rights over the shares held by him in Oberoi Hotels. He contends that these shares were held in trust for him and Arjun Oberoi, and should only pass on to them after PRS Oberoi’s death.
In response to the ongoing legal battle, the Delhi High Court has issued an interim order preventing any changes in the ownership of shares in EIH Ltd, Oberoi Hotels, and Oberoi Properties.
The court has also put a hold on transferring any shares of these entities, except for one Class-A share in each company, which is to be handed to Rajaraman Shankar, one of the executors of the will. The court has also protected Anastasia and her mother’s rights to their family home in Kapashera, Delhi, by restricting interference from other family members.
The court’s ruling is crucial as it comes at a time when the Oberoi Group is focusing on expanding its operations. Analysts suggest that the family dispute could distract the leadership from their growth plans in an increasingly competitive hospitality sector.
An insider from the Oberoi Group mentioned that the conflict has been brewing for the last three to four years, partly due to the declining health of PRS Oberoi. In response to media inquiries, the Oberoi Group said that the court’s order is a matter of public record and declined further comment on the ongoing legal dispute.
The group assured that its operations will continue as usual and it remains committed to maintaining high service standards.
Reliance Industries Ltd (RIL), which holds more than an 18% stake in EIH, is yet to comment on the issue.
For the quarter ended June, EIH reported revenue from operations of Rs 526.5 crore, a rise from Rs 498 crore the previous year. However, the profit for this quarter fell to Rs 97 crore from Rs 106 crore.
For the year ending March 31, EIH posted revenue of Rs 2,511 crore and a profit of Rs 678 crore. The share price of EIH has seen a significant increase of 60.70% over the past year, closing at Rs 380.30 on Friday.