The Bengaluru court has restrained building giant Shapoorji Pallonji & Company (SPCL) from modifying, alienating, pledging and creating lien on its shares in addition to those held by its additional companies. The order was passed regarding the a case filed by property company Embassy One Developers towards SPCL, alleging the Mumbai-based major dishonoured a contract for construction of the hotel-cum-retail project in the backyard city of India.
The town civil court’s interim order restrains SPCL through creating third-party rights on it’s shares till arbitration proceedings tend to be completed.
Embassy One (formerly Cityview Bangalore Properties) is actually claiming Rs 780 crore because damages from SPCL. The task, named CityView, is coming on a 6. 5-acre piece of land how the Embassy Group acquired last 12 months from Goldman Sachs and Century Property Holdings in a deal appreciated at Rs 1, 000 crore. Global private equity major Blackstone is partnering Embassy Group within the project.
An SPCL spokesperson said the organization is yet to receive the actual court order. “We are also surprised and shocked using the order which has been acquired ex parte, without any intimation in order to us to represent our situation. This is very disappointing, particularly if the dispute has been known for arbitration. We have taken a significant note of the same and can place the facts before the actual honourable court, ” the spokesperson stated.
Last year, SPCL had threatened to consider legal action against Goldman Sachs and Century Property Holdings, both of whom had been jointly developing the hotel, which is the main CityView project. Four Seasons string will operate the hotel.