Could Vadilal’s big family truce be a gamechanger for shareholders?

Subscribe to enjoy similar stories. On 1 April, investors in Vadilal experienced a moment of sweet vindication as shares of the company surged more than 14% intraday, hitting a record high of ₹5,250. This was more than a mere spike in the small-cap stock—it was a resounding vote of confidence.

After years of boardroom battles and courtroom duels the Gandhi family, custodians of India’s beloved ice-cream brand, had finally buried the hatchet. The decades-old family-run business announced a sweeping settlement and restructuring plan designed to end internal conflict and usher in a new era of governance and professionalism. The market responded enthusiastically.

For a brand frozen by its own infighting, the thaw came with promises of stability, transparency and value creation for shareholders. With the leadership reshuffle, brand consolidation, and a professional governance framework in place, Vadilal Industries is no longer just about scoops and cones—it's about serious corporate reinvention. Vadilal has long been a household name in India, but behind the iconic brand was a saga of discord that quietly simmered for years.

The fourth-generation Gandhi family members—Rajesh R. Gandhi, Janmajay V. Gandhi, and Devanshu L.

Gandhi—found themselves on opposing sides over everything from the company’s future strategy to control over governance and operations. These disputes escalated beyond internal squabbles, landing before the National Company Law Tribunal (NCLT) and later the National Company Law Appellate Tribunal (NCLAT). Also read: Amusement parks are a brutal business.