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Godrej Properties Ltd and Orris India Private Limited (OIPL) are embroiled in a dispute over their Gurgaon-based Air residential project. OIPL has accused Godrej Properties of diverting funds from the project to other companies, a claim the latter denies.
Deepak Khemchandani, a representative of OIPL, who had filed the petition, claimed that in 2016, Orris was developing a group housing colony on 10 acres of land in Sector 85. Orris Infrastructure and Godrej Properties entered into an agreement in 2017 for project development where the profit ratio was decided at 62.5% and 37.5%, respectively.
According to OIPL, in order to avoid sharing profits with OIPL, Godrej Properties diverted funds to another company. Due to this, OIPL filed a complaint with the economic offences wing (EOW) of Gurgaon police against Godrej Properties, accusing it of cheating, criminal breach of trust and criminal conspiracy. In December last year, the court of an additional district judge ordered to freeze 16 bank accounts of the residential housing project in the wake of a plea by OIPL.
While hearing the case, CBI special judge Sameer Bajpai directed the investigating agency to file a status report in the case by April 25. The court has appointed an investigation officer to probe the allegations and submit the report for further action.
Spokesperson of Godrej Properties said they are being falsely and intentionally implicated in an unrelated criminal dispute by Orris Infrastructure Private Limited. In an interview captured by ET Realty, the presentative was quoted saying “This we believe is with an intention to malign our reputation. As a reputed developer, we are confident of our compliance and have already filed criminal action against Orris Infrastructure Private Limited within the legal framework for making such frivolous allegations against us. With respect to the Project in context, we are at advanced stages of project completion as per schedule and as a logical next step, we will be preparing to file for the Occupancy Certificate,” he said.
The legal dispute between Godrej Properties and OIPL is a reminder of the need for caution when entering into partnership agreements in the real estate sector. It is essential to carefully draft contracts to avoid any ambiguities or potential conflicts. In the event of a dispute, parties must resort to legal means to resolve the issue. It is also important to note that allegations of financial irregularities and fraudulent practices can have serious repercussions on a company's reputation and financial health. Hence, it is crucial to maintain high ethical standards and ensure compliance with all applicable laws and regulations.
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