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Chhabrias to keep sons-in-law out of Jumbo business

BS Corporate Bureau in New Delhi

The Chhabria family has decided to keep sons-in-law out of its $2 billion Jumbo Group. Sources close to the family told Business Standard that the two sons-in-law - Manoj Godhwani and Rajiv Wazir - will not be a part of the group's business.

Jumbo group chairman, Vidya Manohar Chhabria, has three daughters: Bhavika, Komal and Kiran. While Bhavika is married to Manoj Godhwani, Komal is married to Rajiv Wazir.

While Wazir runs his own advertising business, it is worth noting that Godhwani was earlier on the board of Dunlop India but had stepped down subsequently.

Now, Bhavika, Godhwani's wife, has demanded a one-fourth share of the Jumbo group's business as she is unhappy with her current responsibilities.

Bhavika is on the board of Hindustan Dorr-Oliver, a Mumbai-based engineering company. According to sources, the late Manohar Rajaram "Manu" Chhabria, the founder of the Jumbo Group, had indicated in his lifetime that only Komal and Kiran were willing to be inducted in the group.

While Komal is on the board of Shaw Wallace & Co as well as Dunlop, Kiran is involved with the group's business interests in Dubai.

Sources also said the decision to keep sons-in-law out of business is a part of a bigger gameplan to induct more professionals into the group.

Shortly before his death in April this year, Manu Chhabria had set up the Jumbo Group Corporate Management Board to convert the group into a professionally managed business entity.

The group has recently appointed H N Nanani as in-charge of its interests in India. The sources also disclosed that SWC, the group's flagship in India, is in the process of inducting more independent directors on its board.

SWC, Dunlop India, Mather & Platt, Hindustan Dorr-Oliver, Falcon Tyres and Gordon Woodroffe are among the Jumbo Group companies in India with a total asset value of around $600 million.

Jumbo Electronics, a Jumbo Group company, is the largest distributor for Sony in the whole world and is the biggest distributor of electronic products in the Arabian Gulf.

The Jumbo Group is associated with leading global brands in the business like Sony, Compaq, IBM, Nokia, Siemens, Fujitsu, Acer, Grundig, Casio, Ricoh, Brother and Electrolux.

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