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Group Chairman Adi Godrej and his brother Nadir Godrej are on one side of the turf, who want to commercially develop the landholding of Godrej & Boyce, while Jamshyd Godrej, the Chairman of the holding company and his son are opposed to the idea of "excessive development", media reports said.The centre of discord is a 1,000-acre plot in Vikhroli, a suburb of Mumbai. Sources said both the factions have reached out to their counsels to resolve the stalemate and rework the land holding pact.Adi Godrej and Nadir Godrej, the Chairman of Godrej Agrovet have hired banker Uday Kotak and Cyril Shroff of Cyril Amarchand Mangaldas, while Jamshyd Godrej has hired veteran investment banker Nimesh Kampani of JM Financial and lawyer Zia Mody of AZB Partners.While Godrej Properties, headed by Adi's son Pirojsha Godrej, aims to become a leader in Mumbai's realty market, Jamshyd Godrej has been known for being inclined toward environment conservation.Jamshyd is on the boards of the World Resources Institute and was also named as one of the "richest green billionaires" by Forbes Magazine in 2012. He is also the President of the World Wide Fund-India. In fact, Adi Godrej too was named among "richest green billionaires" by Forbes Magazine.According to sources, the counsels from both sides are trying to understand the various opinions and details of the the assets owned by Godrej & Boyce.As per the agreement with Godrej & Boyce, Godrej Properties pays 10-15 per cent revenue of the project to the land owner. Godrej Properties was essentially formed not just to monetise the land holding but also the Godrej brand.Pirojsha Godrej, Adi Godrej's son, is the current executive chairman of the company. Interestingly, after the news broke early this morning, shares of Godrej Properties surged and eventually closed 4.06 per cent or Rs 38.95 higher at Rs 999 per share on the National Stock Exchange.( With inputs from IANS )

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Pirojsha godrej, Latest News

Business :Godrej Industries launches financial services arm Godrej Capital

Godrej Industries Limited (GIL) said on Monday it will set up a subsidiary firm Godrej Capital Limited that will function as a holding entity for its financial services companies Godrej Housing Finance and Godrej Finance Limited. ...

Business :Godrej Properties posts Rs 192 crore loss in Q4

Godrej Properties said on Monday its loss totalled Rs 192 crore in Q4 FY21 due to weak home sales as compared a profit of Rs 102 crore in the same period of previous fiscal. ...

Maharashtra :Godrej Properties sells over 275 residences worth Rs 475 cr

Godrej Properties said on Friday it sold over 275 residences worth Rs 475 crore within one day of launching a project in Noida, making it one of the most successful residential launches in the NCR region. ...

Business :Godrej Properties raises Rs 3,750 crore through QIP

Godrej Properties said on Tuesday it has raised Rs 3,750 crore through the qualified institutional placement (QIP) route. ...

Business :Godrej Properties posts 69 pc fall in Q3 profit at Rs 14 crore

Godrej Properties on Thursday reported 69 per cent year-on-year fall in its Q3 net profit at Rs 14 crore versus Rs 47 crore in the corresponding period of previous fiscal. ...

National :Divergent views over land usage may end up splitting Godrej family

Family dispute has cropped up in yet another Indian business conglomerate as the 122-year Godrej Group seems to be heading towards a split over difference of opinion regarding commercial development of a 1,000-acre land held by the family. ...