Steward Demo | Inside Raj Mehta's Sunday session

Sunday, 12 July. Your fourth Sunday here.

Say it the way you already think it. Steward reflects back what it recognized, so you can see it understood before you trust it with anything. Nothing you say becomes a document.

Started 11:10 PM 52 things recognized across 4 Sundays 2 confirmed tonight 3 still undecided, kept without pressure

Tonight, in your words

The thread so far. Marked open stays open until you say otherwise.

You, 11:12 PM"Dinner again. Vikram asked about the Pune properties, second Sunday in a row. Arun changed the subject before I could answer."

Vikram, asked about Pune twicenoted Pune properties, 5 of 1293% Marked open. You haven't decided.

Same thread as 28 June. Kept together for you.

You, 11:16 PM"The company is not the question. Arun has run MehtaChem for six years. It goes to him, that much I know."

MehtaChem to Arun97% Arun, running it since 2020 Settled. You've said this twice now.

You, 11:21 PM"Priya never asks about any of it. She has the trust. Maybe the fact that she never asks is the thing I should be thinking about."

Family Trust, Priya leads96% New thought, kept. Not filed anywhere.

Hold and keep talking. Half-formed is fine.Speech never leaves this iPad. Erase any of it whenever you like.

Or pick up one of tonight's threads

What tonight added

Eleven minutes of talking, and the picture moved.

2Confirmed again. MehtaChem to Arun, and the trust with Priya. Both now settled in the picture.

1New open thought. Why Priya never asks. Kept as a question, not a conclusion.

0Threads picked up tonight. Three are waiting below the microphone.

Context gathered for you

You named MehtaChem and a sector once. Steward quietly gathered what's publicly known, so the picture isn't limited by what you can recall at 11 PM.

Business Standard, this week

Specialty-chemicals deals rebound; buyers paying premiums for Tier-2 makers

Relevant to what MehtaChem is worth and to the timing of any handover.

Regional property index, June

Thane industrial-belt land revalued +12% year on year

Your plant and two of the Pune-side parcels sit in this belt.

Everything you've built, in one place.

Assembled from what you've said across four Sundays. Values you stated are marked; the rest Steward estimated from public context for you to confirm or wave away. None of this is an accounting, and none of it leaves this device.

The shape of it

Four things, most of them side by side for the first time.

The breakdown

If numbers on a screen feel like evidence, veil them. The picture still works.

MehtaChem IndustriesSpecialty chemicals, Thane. Started 1989.$95Mest.

Real estate12 properties, Mumbai and Pune$62Mest.

GreenField ExportsAgri-exports, the newer venture$15Mest.

Mehta Family TrustPhilanthropy, run separately by Priya$8Mstated

The whole of it, as Steward currently sees it≈ $180M

How the MehtaChem number was reached

You never stated a value, and you don't have to. You gave revenue, around ₹380 crore. Indian specialty-chemical makers traded at a median of 2.1 times revenue across 14 private deals in 2024 and 2025. Applied here, that lands between $92M and $98M. It stays marked as inferred until you confirm or adjust it, and you can ignore it entirely.

How much of it could actually move

Cash-like versus locked in the businesses and the land. This is the question most founders never see until a split forces it.

Where it's headed, as you've said it so far.

Your wishes, drawn out. Green is settled, red is where two of the children pull at the same thing, amber is what you've marked undecided. Undecided is a valid state here; nothing rushes you.

From what you built to who takes it forward

Settled Two children, one asset You haven't decided

How it falls to each child, so far

Under tonight's version of your wishes. It changes whenever you do.

Arun$95M, MehtaChem

Vikram$0 settled; the properties are contested

Priya$8M, the trust

Not yet given$77M, real estate plus GreenField

Two things worth seeing early

Raised as questions, never verdicts. This is the kind of thing that starts a family war when nobody sees it in time.

A 12-to-1 gap

As said so far, Arun takes about $95M and Priya about $8M. Is that the balance you intend, or is the real estate how you'd even it out?

Both sons touch Mumbai

Vikram handles the tenants there; Arun mentioned the Mumbai parcels in March. Splitting the portfolio by city would separate them cleanly. A thought, not advice.

Still open, and allowed to stay open

Named honestly instead of guessed past. Pick any of them up on a future Sunday.

Who takes the real estate forwardRaised at dinner twice. The one Vikram keeps asking about.

What happens to GreenFieldYou started it for yourself. None of the three has touched it.

Whether $95M is the right MehtaChem numberInferred from 14 comparable deals. Confirm it or leave it veiled.

You're not the only one who's been through this.

Forty-one anonymized transitions of families like yours: manufacturing plus property, several heirs, one founder holding the whole picture. Business value indexed to 100 at handover and tracked six years on. Evidence to think with, not instructions.

Six years after the handover

A manufacturing family, 3 heirs

Split assets by geography, one operator per business, evened out with property

Grew 2.1x in 6 years

The closest match to your situation. Separating the portfolio by city removed exactly the overlap flagged in your picture, the same Mumbai-and-Pune question sitting open in yours.

A family that kept it all undivided "for unity"

No clear operator, equal shares, shared control of every asset

4 years in court, sold at a 40% loss

The cautionary path. Control was never resolved, which is precisely the contested real estate in your picture, and it became the fault line. The forced sale during the dispute destroyed most of the value.

A family that brought in an outside chief executive

Heirs held equal equity without operating roles; an independent board ran the company

Held together, modest growth

A third route worth weighing if no single heir should run a given business outright. Slower, but nobody went to court.