**Title:** Family Feud Erupts in Graviss Group Over Ice Cream Empire
**Meta Description:** A bitter family dispute within the Graviss Group, founders of Kwality Ice Creams, escalates as Ravi Ghai and his son Gaurav clash over company shares.
**URL Slug:** graviss-group-family-dispute
**Headline:** Bitter Family Dispute Unfolds Within Graviss Group, Founders of Kwality Ice Creams
The Graviss Group, known for its iconic Kwality Ice Creams and landmarks like Gaylord’s and the former Nataraj hotel, is currently facing a contentious family dispute. The conflict primarily involves Ravi Ghai, son of the late I.K. Ghai, the founder of Kwality Ice Creams, and his son, Gaurav Ghai. Central to the dispute are the shares of Graviss Hospitality Ltd, a company valued at ₹300 crore that operates the prestigious InterContinental Hotel along Marine Drive.
In a family settlement agreement established in 2021, followed by a supplementary agreement in 2023, Ravi Ghai transferred his entire stake in the group’s private companies to Gaurav for ₹105 crore. Documentation of these agreements has been reviewed. Additionally, Ravi Ghai received substantial payments totaling ₹235 crore, net of taxes, from 2021 to 2024, including funds from the group’s exit from a joint venture in non-dairy cream production.
According to the family settlement, the 83-year-old Ravi was to retain 51% of the promoters’ stake in Graviss Hospitality Ltd and serve as the non-executive chairperson, receiving ₹1.5 crore annually for business expenses. Upon his passing, his shares were to be transferred to Gaurav, who currently holds 49% of the promoters’ stake. As of June 30, the promoters collectively owned 74.92% of Graviss Hospitality.
However, Gaurav has accused his father of not honoring the agreement, claiming that the intended family harmony has not materialized. An email from Ravi Ghai’s former legal representatives indicated that Gaurav’s actions, including not inviting his father to his son’s wedding in Dubai, have caused significant distress. Furthermore, payments from the listed company to Ravi Ghai ceased in March, prompting him to terminate the family settlement agreements.
In May, both parties agreed to appoint former Bombay High Court Chief Justice R.D. Dhanuka as an arbitrator to mediate their disputes. However, that same month, Ravi Ghai filed a police complaint against Gaurav and other family members, alleging he was misled into signing the 2023 supplementary agreement. In June, he communicated with Justice Dhanuka, asserting that the family settlement agreements had been improperly terminated.
This ongoing family feud highlights the complexities and challenges that can arise within family-run businesses, particularly when significant financial stakes and personal relationships are involved.
**FAQ Section:**
**Q: What is the main issue in the Graviss Group family dispute?**
A: The dispute centers around the shares of Graviss Hospitality Ltd and allegations that Ravi Ghai has not honored a family settlement agreement regarding the transfer of company stakes to his son, Gaurav Ghai.