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An Interesting Business

wealthymattersThis is an interesting case I came across in today’s ET.I have no inside information’s, so no comments.The developments should interest would-be real estate developers in India.

A Canadian businessman of Indian origin, Alnoor Jamal, has accused both the sons of Maharashtra industries minister Narayan Rane and Mumbai-based builder Shobhit Rajan, among others, of ‘cheating’ him in a property-related issue.

In a petition filed at a metropolitan court in Mumbai, Jamal alleged that 13 acres of land he bought from Parke Davis in 1999 have been misused and a part of it was sold by his business associates to Nilesh Rane and Nitesh Rane without his knowledge at much-below market rates. The petition, which was reviewed by ET, alleges that the NRI businessman and Rajan had initially agreed to develop the property — located at the Sakinaka area, near the international airport — by investing . 2.5 crore each. They formed a company named Pantheon Infrastructure, formerly A-Class Builders, for the purpose.

“We are challenging wrongful auditing, money siphoning, dubious sale of properties and wrongful dilution of the petitioner’s stake,” said Fereshte Sethna, partner of DMD Associates, who is representing Akkadian Housing, a firm floated by Jamal, in the case. She refused to reveal details as the matter is sub judice.

The chartered accountant, who devised the draft shareholders agreement, has also been named as one of the respondents in the case. He has been accused of wrongfully hiding the facts on the book of accounts. Repeated attempts to reach the Ranes did not elicit any response.

According to Akkadian Housing and Infrastructure, Rajan had sold 18,000 sq ft of land to Ashwmegh Properties in 2000 and another 53,000 sq ft to Fine Plaza Multitrade in 2005. Both real-estate firms are owned by Nilesh and Nitesh, according to the petition.

On 4 Sept’13 another article related to the case made it to ET,Here is the article in toto:

The Mumbai police have ordered an inquiry against some of its officers who allegedly barged into the hotel suite of an Indian origin Canadian businessman at the dead of night and threatened him with arrest in connection with a cheating case.
Alnoor Jamal, who has business interests in several countries, including India, had complained to senior Mumbai police officers that some policemen walked into his suite at a hotel in south Mumbai last week at about 1.30 am. He said the police officers harassed and threatened him, leaving his suite only after the intervention of his lawyer.
“Our officers should not have gone to the hotel to question Jamal at 1.30 am,” a senior police officer said. “We will investigate why they went there at such an odd time and who had asked them to carry out this operation. A report will be prepared in three weeks.”
A law firm representing Jamal said the police have assured them of an impartial inquiry. “The midnight harassment of a foreign citizen and investor into India by the Khar and Marine Drive police, including attempt to impound passport and intimidate, was very unfortunate,” said Fereshte Sethna, a partner of DMD Associates. “The higher authorities have assured us that a detailed impartial inquiry will be conducted into the matter.”
In July, Jamal had in a complaint before a city court alleged that the sons of Maharashtra’s industry minister Narayan Rane along with a local builder had illegally sold a piece of land that belonged to him. The complaint said Nilesh Rane and Nitesh Rane, sons of the minister, and builder Shobhit Rajan had “misused” and sold a part of 13 acres of land in Mumbai’s
Saki Naka without his knowledge and much below the then prevailing market rate. A public relations manager of Narayan Rane said on Tuesday that the minister and his sons would not like to comment as the matter is in court.


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About Keerthika Singaravel

6 Responses to An Interesting Business

  1. sulaiman says:

    Do u have contact details of Alnoor Jamal

    • Might I know who wishes to know and why?

  2. PM says:

    Can you please share the link to ET article you read? I cant locate it:(

    • Here you are :Link

  3. sebastian says:

    An excellent read. I’ll definitely be back.

    • Thanks.You’re Welcome!

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