A deal between the two warring factions of the Gaekwad family, rulers of the erstwhile state of Baroda, to divide the approximately Rs 10,000 crore worth property, was signed on Wednesday evening.
A total of 22 people from both camps ó that of current maharaja Samarjitsinh Gaekwad and his Mumbai-based uncle Sangramsinh Gaekwad ó participated in the process.
Negotiations between the two factions for a settlement had been on for the past six months, before the final deal was reached at a meeting on Tuesday at Laxmi Vilas Palace between the royals and their advocates.
According to the MoU signed by the two sides, Sangramsinh will get Nazarbag Palace in Mandvi, Ashok bungalow and Bakul bungalow at Rajmahal Road, two family lands near Makarpura, plot in Sama as well as on Padakhana Varasiya road in the city, among others. He will also retain his current Mumbai residence Flowermead at Bhulabhai Desai Road and a 11 per cent share in the Chateau Windsor at Marine Drive, Mumbai.
Sangramsinh will also retain control over the family firm Gaekwad Investment Corporation (GIC) and Aulokik Trading and Investment Corporation (ATIC). He will also retain the Baroda Rayons in Surat.
Samarjitsinh would get the lionís share of the property, including the over 120-year-old Laxmi Vilas Palace, a part of movable properties including gold, jewellery, diamonds and exquisite
Sources said the negotiations over the property began at around 11 am on Tuesday and continued till 4 am on Wednesday.
The family, which was supposed to arrive in court around 1 pm, walked in only after 6 pm with their lawyers and mediators.
ďThere were some points of legal deliberation that needed to be cleared in the draft in order to avoid any future dispute. The team of legal experts took their time to frame the drafts carefully and have the families go through it,Ē a source said.
Both factions of the family have refused to speak about the distribution of the other movable properties like family jewellery, artifacts, exquisite pieces of patented Gaekwad furniture, paintings and family bequests.
Sangramsinh and his elder brother, the late Ranjitsinh Gaekwad, were engaged in a legal battle since 1990 over the inheritance of ancestral property, including palaces, precious diamonds, gold, jewellery, invaluable paintings and real estate.
It was after the death of their eldest brother, Fatehsinh Rao Gaekwad in 1989, that the legal battle over the inheritance of property began between