NCLAT orders mediated end to CKC jewellers’ feud
today May 23, 2019
The National Company Law Appellate Tribunal issued an order on May 20 to appoint retired Karnataka high court judge A V Chandrashekhar as mediator for the ongoing dispute between owners of the jewellers C Krishniah Chetty & Sons.
The NCLAT has stepped in to force mediation for the ongoing family feud between two factions of the Bengaluru-based jewellers CKC. On Monday, the NCLAT ordered that all disputes between parties within the business will be handled by the Bangalore Mediation Centre, TNN reported.
The mediation process will continue on July 8 when the NCLAT has scheduled a formal hearing for the business. The NCLAT hopes to mediate the disputes within the family business as CKC is a heritage brand that is tied into the culture of Bengaluru. The brand has an over 150-year history and previously created jewellery for the Maharaja of Mysore.
The management of CKC jewellers has run into difficulty after the binding separation agreement between the fifth-generation owners broke down. The business’ current joint managing directors and cousins C Vinod Hayagriv and C Ganesh Narayan had previously agreed to mediation but talks ceased without a resolution. The two managing directors also own C V Narayan Group and CVN Group respectively and so a settlement could see CKC’s ownership split between the two businesses as they are equal shareholders in the jewellery business.
Copyright © 2019 FashionNetwork.com All rights reserved.