UAE NRI firms sue Indian companies for $85 billion

INVspA notice of arbitration was served on the Indian government on behalf of Strategic Infrasol Foodstuff and the Thakur Family Trust UAE Joint Venture who say they were expropriated of their rights over the two projects by their co-developer the Shapoorji Pallonji (SP) Group.

An SP Group source said the charges are false, baseless, unjustified and made with malicious intent to damage Shapoorji Pallonji’s reputation and cause financial loss and the government should take note of the baseless and motivated allegations. He also denied that the SP Group had dealings with the Thakur Family Trust.

The advocate who represents the UAE firms said the Indian government has been made a respondent because the lands belong to various government agencies who wrongly recognised SP’s rights over theirs, and the demand for $85 billion is calculated by estimating the profits that would accrue to the developer from the two plots. They had collaborated with the SP Group who betrayed the consortium and expropriated their rights by using forged documents.

The notice also alleged that various organs of India actively supported the fraudulent efforts of the SP group and ignored the investments made by the claimants.