Hiranandani moves HC seeking revocation of stay on flats' sale

Hiranandani Developers have contacted the Bombay High Court looking for it to vacate a stay on sale of combined flats in its township at suburban Powai. The request filed by the firm and its co-founder Niranjan Hiranandani has desired cancellation of the stay enforced by the High Court in December 08, while listening to a public interest litigation, contending that the arbitrator found no infractions in its venture. "The arbitrator appointed to look into the tripartite agreement between the land owners, government and MMRDA has found no irregularities in the project," the petitioner's counsel Shrihari Aney contended.

The High Court had on December 4, 2008 controlled Hiranandani from trading amalgamated apartments in Powai's Hiranandani Gardens and stated it couldn't sell in excess of 2 flats to 1 person till more requests. The stay was enforced in a PIL submitted by Kamlakar Satve and Rajendra Thacker claiming that Hiranandani had dishonored a 1986 deal for building 230 acres of land underneath the Powai Area Development Scheme.

 The PIL claimed that the questioned flats were constructed on a plot of land, that was initially allotted to contractors for development of inexpensive houses for the middle-class, but the same were distributed to the wealthy and well established.

Aney today quarreled that independent committees were designated by the government and MMRDA to investigate the accusations and no transgressions were found. "Even an arbitrator was appointed who passed an order in our favour in August this year," he said.

Hiranandani Constructions proposes to lodge PF money if names given

In a extraordinary defence push, the attorney appearing for the two personnel of Hiranandani Constructions has offered that the business is prepared to deposit the claimed fraud quantity of Rs9.36 crore should the Central Bureau of Investigation (CBI) informs them on whose name to deposit the cash.

Defence negotiater Jagdish Shah told a legal court that anyone who succeeds in the case can take the funds with interest. “We can provide Rs9.36 crore as a good cause. Whosoever will succeed can take away that amount of money with interest. Should they identify the charge, they will take the cash. If we are found not guilty, we will get it with interest,” said Shah.

The anti-corruption side of CBI has claimed that Hiranandani Construction hadn't compensated provident fund (PF) for their staff members. The supposed non-payment, as per an investigation submitted on June 30 by the Employee Provident Fund (EPF) in its department analysis, is to the melody of Rs9.36 crore. Gm of the firm Joseph Reddy and venture representative C Pithawala have shifted an anticipatory bail practical application ahead of the special CBI court.

Having said that, Shah’s controversy was emphatically objected to by CBI lawyer Bharat Badami. “We aren't recuperation agencies. You are unable to transfer finances and remove yourself of the criminal offense. We'd like them imprisoned.”

Shah publicly stated that there's no preventative measure in legislation which offers for this kind of understanding. He explained that the organization would prefer to cover cash with legitimate motives regardless of the capabilities of the scenario.

Special CBI judge SP Hayatnagarkar has set aside the order. Four PF officers, two company directors of company, Niranjan and Surendra Hiranandani, and the 2 applicants were referred to in the FIR submitted on March 29, 2008 for supposed fraudulence of Rs168 crore. The claim was lowered to Rs9.36 crore following the document.