November 15, 2002

All’s not well in Manu Chhabria’s family. Media reports have said that the eldest of his three daughters Bhavika Godhwani is unhappy with her share of her late father’s $1.5 billion empire. Manu (56) died in April this year following a bypass surgery.

Reports say that Bhavika feels sidelined by her family — including sisters Komal Chhabria Wazir and Kiran Chhabria, and mother Vidya Chhabria. While Komal and Kiran share the corporate limelight, Bhavika is angry that her presence is not visible anywhere.

Manohar ‘Manu’ Chhabria had guts, vision, ruthlessness and strategy — that’s how he went from being a Lamington Road trader of radio parts to build a $1.5-billion empire. It is difficult to comprehend Jumbo group’s future without its founder-chairman Manu, who authored a gutsy corporate saga since 1974 and spread his companies’ presence in over five countries — with electronics, telecommunications, home appliances products, liquor, tyres and trading.

But with his death and the absence of a succession plan, there are doubts if the business empire would be able to continue its steady progress. His daughters have been tuned in to the different domains of the Jumbo group. Komal, was being prepared as the inheritor for most of Jumbo’s Indian businesses, like Shaw Wallace, Dunlop and Falcon Tyres. Bhavika looks after Hindustan Dorr Oliver, while Kiran is involved in the Dubai electronics business.

Vidya became chairman, because, as one analyst said, “Trust is not an apparent virtue in the Chhabria household.” So, she would be best suited to balance her daughters’ interests and she would have the support of the recently constituted Jumbo Group Corporate Governance Board.

But can she prevent the break-up of this successful company?

For the late Manu, who fought many battles and won all, this may have been one battle he would have no answer for.