New Delhi, Nov 6 :    New Delhi, Nov 6:  The Thapars have started the tortuous process of disentangling their holdings in group companies in accordance with a family settlement arrangement that was reached last November. The agreement divides the almost 100 listed and unlisted companies within the group among the four branches of the family represented by the sons of the late Lala Karamchand Thapar.Inder Mohan Thapar, Lalit Mohan Thapar, Brij Mohan Thapar and Man Mohan Thapar. Under the four-way split arrangement finalised last year, Inder Mohan Thapar had got KCT Coal sales, Water Base and India City Properties. Brij Mohan Thapar got BILT Chemicals, English India Clays, Bharat Starch Industries and Crompton Greaves. Lalit Mohan Thapar got Ballarpur Industries and APR, while JCT, Greaves and JCT Electronics were assigned to Manmohan Thapar. It was decided that affiliates of the principal companies will be under the control of the main company. However, under a modification of the agreement, the loss-making Mumbai-based Greaves has now been handed over to Brij Mohan Thapar. Brij Mohan Thapar's son Gautam Thapar, who is also the MD of BILT (which is owned by his uncle Lalit Mohan Thapar) confirmed the transfer of Greaves to the BM Thapar faction. The boards of various Thapar group companies have met recently and transferred the voting rights to the respective branches of the family which actually control the group companies. The transfer of the voting rights is the first step in the process; later, the shares will be transferred to the respective family faction. The process began after the Securities and Exchange Board of India (Sebi) issued an order on October 8 which said the acquisition and realignment of voting rights of the Thapar group companies would not attract the provisions of the takeover code, in particular the need to make a minimum offer on acquiring more than 20 per cent share in a company. The Thapars had sought this special dispensation, arguing that it was a necessary part of the group reorganisation which is being undertaken as part of the family settlement. Consequently, none of the group companies will have to come out with an open offer to the ordinary shareholders while consolidating their stakes in the various group companies. The market watchdog has directed that the process of acquisition of shares should be completed by November 8. In Ballarpur Industries (BILT), for example, the Thapars have a combined stake of 32 per cent. Under the terms of the agreement, BILT goes to the Lalit Mohan Thapar group. So, all the other Thapar companies which had voting rights in BILT have transferred their proxy voting rights to BILT. Actual voting rights will be transferred only with the transfer of shares. BILT has informed the BSE that it has acquired another 9.78 per cent voting rights in the company through this process. In the financial year ending June 30, 2001, BILT, the largest and the most cash-rich company within the Thapar group, had achieved a turnover of Rs 1568 crore on which it made a net profit of Rs 101.28 crore. Some of the subsidiaries companies of BILT are Janpath Investment and Holdings Ltd, Bilt Tree Tech Ltd and The Paperbase Company Ltd.