As Ish dead... $31m fight for Royal Castle

[The_Honourable]

$31m Royal Castle share dispute heats up

Galbaransingh vs Dagwood Investments...

A BITTER multimillion-dollar legal battle is brewing between the children of the late Ish Galbaransingh and Dagwood Investments Ltd over the ownership of shares in one of Trinidad and Tobago’s most popular fast food chains—Royal Castle.

Galbaransingh’s children and Dagwood Investments Ltd are shareholders in Inter­national Castle Holdings Ltd (ICHL), Royal Castle’s parent company.

The conflict revolves around a contested 100,000 share interest in ICHL valued at $31.2 million.

According to the Compa­nies Registry, ICHL was formed in 1999, and both Galbaran­singh and Steve Fer­guson were company directors.

Galbaransingh possessed 100,000 ordinary shares, while the remaining 100,000 ordina­ry shares were held by Dagwood Investments Ltd. Both were effectively 50/50 partners.

However, after December 2012, Ferguson’s name no lon­ger appears as an ICHL director.

Galbaransingh died in January 2024, and ICHL and his daughters—Nalini, Neisha and Reishma—exchanged letters roughly two months later.

The Galbaransingh siblings were unaware until after their father’s death that he had divided his shares evenly among them in 2016, essentially making them all shareholders in the company.

On March 18, 2024, Nalini wrote to ICHL’s corporate secretary, Annette Mamchan, expressing concern over a scheduled special shareholder meeting.

Nalini claimed that only her brother, Syam, was given notice of the meeting, which was scheduled for March 27, while she and her sisters Neisha and Reishma were barred from attending despite being listed as shareholders.

In the letter dated March 18, Nalini requested that the meeting be deferred until all shareholders were properly notified—apart from Dagwood Investments, which had been invited to the meeting.

Mamchan responded in a letter dated March 21, 2024, stating that the share register of ICHL does not reflect that Syam Galbaransingh, Nali­ni Gal­baransingh, Neisha Galba­ran­singh, and Reishma Galba­ransingh are sharehol­ders in ICHL.

The records of ICHL recognised only two legitimate shareholders: Dagwood Investments Ltd and Ishwar Gal­baransingh.

Mamchan further acknow­ledged in the letter to Nalini, and as evidenced in the Companies Registry, that the annual return dated December 12, 2016, for ICHL reflected 100,000 shares held by Ish had been transferred to his children, son Syam and daughters Nalini, Neisha and Reishma, equally at 25,000 shares.

Mamchan added that subsequent to this, the annual returns for ICHL for the period 2017-2022 reflected that all his children were shareholders of ICHL.

However, Mamchan said that in January 2024—the month of Ish’s passing—while reviewing the record of ICHL, she found no record or evidence that the share transfers from Ish to Syam, Nalini, Neisha and Reishma complied with ICHL’s by-laws.

Mamchan added that after consultation with ICHL’s attorney, Russell Huggins, the transfer was deemed illegal.

She claimed that the late Galbaransingh breached a by-law that required shareholders to initially offer shares to ICHL and Dagwood Investments before transferring them in any way.

Mamchan stated that there was no record of Ish offering the shares to ICHL or Dagwood Investments. She added that Huggins filed corrections with the Companies Registry in late January 2024.

However, an annual return was purportedly filed by Syam on February 14, 2024, according to Mamchan, which reflected all four Galbaransingh children as shareholders, along with Dagwood Investments Ltd.

According to Mamchan, the filings were now the subject of a Fraud Squad investigation after the matter was reported to the police by Syam on February 22, 2024.

Mamchan requested that Neisha give any share transfer instruments they owned, as well as various other documents. She no­ted that the March 27, 2024, meeting would take place as planned, according to the March 6 shareholder notice.

Rightful owners

Sources in the know about the situation told the Sunday Express that both parties over the last year had been working out their potential legal options.

On March 19, Mamchan wrote to Patricia Dindyal, attorney for Ish’s estate, indi­cating that ICHL had purchased Ish’s 100,000 shares for $31.2 million based on Ernst & Young’s appraisal and business guidelines.

She stated that Ish owed the company approximately $5 million in food coupons, raw materials, and a $7 million loan, of which $2.4 million was repaid by his daughter Neisha. ICHL said they placed the difference of $26.1 million in escrow, which represents the share value less the outstanding debt.

However, one week later, on March 26, attorneys for Neisha and Reishma wrote to Mamchan objecting to the contents of the correspon­dence issued by the company over the last year and, in particular, to the purported purchase of the deceased’s shares by the company and outlined several grounds.

The Galbaransingh attorneys chastised Mamchan and ICHL, claiming ICHL improperly withdrew their clients’ names from the shareholder registry.

They contended that their clients were still the rightful owners of 25,000 shares each as the company had no authority to change the register unila­terally.

https://trinidadexpress.com/news/local/ ... a7393.html

[gastly369]

Royal Castle

[DMan7]

Royal Castle >>>>>>>>>>>>>>>>> KFC, Churches and whatever rubbished fry chicken place exist right now.

[MaxPower]

Royal Castle >>>>>>>>>>>>>>>>> KFC, Churches and whatever rubbished fry chicken place exist right now.

Cant handle the fry business na…

More like poison.

[alfa]

Box ah dead take on a whole new meaning

[bluefete]

Yuh see that lawyer man - the stories I could tell about how he advises his clients to do stuff that is immoral and illegal.
Former PNM big shot Minister with no ethics whatsoever.

First hand experience and NO, I WAS NEVER A CLIENT OF HIS.

$31m Royal Castle share dispute heats up

Galbaransingh vs Dagwood Investments...


Mamchan added that after consultation with ICHL’s attorney, Russell Huggins, the transfer was deemed illegal.

She claimed that the late Galbaransingh breached a by-law that required shareholders to initially offer shares to ICHL and Dagwood Investments before transferring them in any way.

Mamchan stated that there was no record of Ish offering the shares to ICHL or Dagwood Investments. She added that Huggins filed corrections with the Companies Registry in late January 2024.

However, an annual return was purportedly filed by Syam on February 14, 2024, according to Mamchan, which reflected all four Galbaransingh children as shareholders, along with Dagwood Investments Ltd.

According to Mamchan, the filings were now the subject of a Fraud Squad investigation after the matter was reported to the police by Syam on February 22, 2024.

[bluefete]

Royal Castle >>>>>>>>>>>>>>>>> KFC, Churches and whatever rubbished fry chicken place exist right now.

Fully agree.

[pugboy]

that story is not the clearest writing
man dead in january and by next month son gone to fraud squad
more than likely whilst he was in departure lounge all kinda moves being sized up on what was there for the taking

[st7]

Royal Castle >>>>>>>>>>>>>>>>> KFC, Churches and whatever rubbished fry chicken place exist right now.

Fully agree.

brentwood is 87% hit

[88sins]

lewwe see where this goes.

[shake d livin wake d dead]

Might end up like the Japs scene^. Eventually, it will be destroyed.

[pugboy]

construction on a big building purportedly owned by ish in woodbrook also grind to a halt too

[daring dragoon]

Indian people again. Always a fight when mammy and daddy dead.

[shake d livin wake d dead]

Indian people again. Always a fight when mammy and daddy dead.

It's called cultya

[Dizzy28]

Famously no other race fights over inheritance.

Its why all law firms local and international worth their salt has attorneys who's specialty is estate planning, probates, and trust administration

[hover11]

Famously no other race fights over inheritance.

Its why all law firms local and international worth their salt has attorneys who's specialty is estate planning, probates, and trust administration

Ppl feel they could take the property when they dead, you take nothing just as what you enter the world with you leaving it with

[MaxPower]

Indian people again. Always a fight when mammy and daddy dead.

It's called cultya

You didn’t by chance make a typo for cutlass right?

Asking for someone.

[st7]

Famously no other race fights over inheritance.

Its why all law firms local and international worth their salt has attorneys who's specialty is estate planning, probates, and trust administration

in trinidad or in general you talking about?

that's a stupid statement anyway

[Dizzy28]

Famously no other race fights over inheritance.

Its why all law firms local and international worth their salt has attorneys who's specialty is estate planning, probates, and trust administration

in trinidad or in general you talking about?

that's a stupid statement anyway

Both

[pugboy]

the sandals folks having a big battle presently since the founder died

it’s not always fraud or “grabbing” is the problem
often the siblings can’t unite on a way forward so they decide to split up the proceeds and go their way

[88sins]

Might end up like the Japs scene^. Eventually, it will be destroyed.

I suspect so, hence my statement.
That'd be a damn shame tho, if only for the pepper sauce

[K74T]

Time to buy out all the bottles from Piarco

[Dave]

The secretary has all the powers and a simple meeting and voila...all the shares are mine.
Only indian ppl do these things.

[one eye]

Sad state of Royal Castle, it tasted good when I bought last month.

Women are usually the driving factor in these disputes.

If the siblings are all male, usually no infighting, everyone works together, if there are sisters they will start the drama.

Infighting when siblings are all male are a result of their wives putting ideas in their heads.

If the male sibling is highly influenced by his wife and can't put her in her place, he will fight his brothers unnecessarily.

Then the brotherhood is broken because one of them lets an outsider dictate what is for them alone.

[Dizzy28]

Sad state of Royal Castle, it tasted good when I bought last month.

Women are usually the driving factor in these disputes.

If the siblings are all male, usually no infighting, everyone works together, if there are sisters they will start the drama.

Infighting when siblings are all male are a result of their wives putting ideas in their heads.

If the male sibling is highly influenced by his wife and can't put her in her place, he will fight his brothers unnecessarily.

Then the brotherhood is broken because one of them lets an outsider dictate what is for them alone.

You even read the story?
The siblings are not fighting each other.

[pugboy]

from the papers story it’s not clear what exactly went on
who could summarize what the article saying?

[one eye]

Yes Dizzy, the contention is between Galbaransingh's children and Dagwood Investments Ltd, both of whom are shareholders in International Castle Holdings Ltd.

"Sad state"

After that, was for the inheritance talk.

My bad I did not word it well.

[Supra GT-FOUR]

Yes Dizzy, the contention is between Galbaransingh's children and Dagwood Investments Ltd, both of whom are shareholders in International Castle Holdings Ltd.

"Sad state"

After that, was for the inheritance talk.

My bad I did not word it well.

One eye = zero comprehension.

[hover11]

Who are the owners of dogwood investments?

[The_Honourable]

from the papers story it’s not clear what exactly went on
who could summarize what the article saying?

Ish and Dagwood was in a 50/50 partnership, both had 100,000 shares each in ICHL, Royal Castle’s parent company.

Before Ish died, he split his 100,000 shares among his four children equally - 25,000 shares each.

The claim is that according to ICHL by laws, before Ish transfer any shares it must be offered to ICHL and Dagwood first. ICHL claims that Ish did not do this and broke the by-laws making the transfer illegal.

Bacchanal ensues.