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Fissures in Khemka clan

Calcutta, May 12: The Delhi-based Khemka family — the promoters of the Sun group of companies — is headed for a split with one faction, led by two minors and their mother, seeking a formal division of the group’s multi-million dollar assets.

The Sun group of companies include Sun F&C — one of the leading mutual funds in India, Sun Interbrew — a top-ranking brewer in Russia and Ukraine that earned euro 433 million in revenues in 2002 and a host of investment companies that operate in Europe.

Kushal and Mihir, minor sons of Sanjay Khemka, have moved the Calcutta High Court seeking separation of the family’s assets, which includes 50-odd companies, over 30 properties and millions of dollars stashed away in bank accounts and finance companies in India and abroad.

Alleging that their father is an alcoholic and schizophrenic, Kushal and Mihir, along with their mother, Subhra, seeks to gain control of Sanjay’s share of the family’s assets. Sanjay’s father — Chandi Prasad — and his three brothers were the key promoters of the group.

In response to the petition, the court has restrained the group from alienating its assets. The court had also appointed two senior advocates as receivers to enlist the group’s assets.

In their petition, Kushal and Mihir have mentioned a number of Swiss bank accounts of the family and Rs 300 crore of moveable properties, which include some rare paintings.

Though the Khemkas are based in Delhi, most of their investment companies through which they control their businesses are registered abroad. Their operations in India, too, are limited compared with east Europe and the United States.

Besides Sun Interbrew — in which the Sun group holds 34 per cent — the Khemkas have controlling investments in a number of venture funds and capital management companies.

Sun’s investment management arm, Sun Asset Management Ltd, has sponsored a series of funds including Sun Capital Partners LP, which invests the capital of global institutional investors in Russia.

Sun has also invested in technology ventures in the US, Europe and India. It has significantly large investments in a number of venture funds like Vesta Group Ltd and WestBridge Capital Partners LLC in the UK.

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