Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans

economictimes.indiatimes.com:

business families are asking legal advisors and experts in the field to advise them on possible amendments to tightly written Deeds of Family Settlement (DFS) that were designed to safeguard inheritances in an age that didn’t envisage the prospect of members going abroad venturing into segments that were non-existent at the time.

For instance, the younger members of a Delhi-based family which has multiple interests in the consumer sector are seeking opportunities within and outside the country, said a top Mumbai-based business advisor.

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“The family deed created 50 years ago is however very tightly knit and structured, allowing little scope for business changes,” he said.

Modifications for overseas expansion:

“That is leading to conflicts and we are looking at how best it can meet the new gen's requirements,” the advisor said.
ET spoke to a number of advisors who said those seeking counsel include high-profile names. Identities can’t be divulged due to confidentiality pacts. As the next generation gets inducted or takes over the reins, business houses are reaching out to trusted lawyers, chartered accountants and consultants to see if they can make amendments to settlements, trust deeds and charters.

Legal experts said the old deeds were drawn up to cater to those who spend their