TWG Tea founder Manoj Murjani, under his company The Wellness Group, is claiming in a lawsuit that its other directors are in cahoots to diminish his stake in the company.
He wants the Singapore High Court to overturn majority shareholder OSIM's recently acquired 70% stake in TWG back to 53.7%.
Murjani is also suing partners Ron Sim, founder of OSIM, and Taha Bouqdib, TWG Tea's other founder.
OSIM, which first invested $31.36 million for a 35% stake in TWG in 2011, plans to counter-claim the lawsuit.
TWG Tea is a luxury tea company established in Singapore 2007.