Nifty99000 100%

Sensex99000 100%

Article rating: 4.0
Article rating: 3.9
Article rating: 5.0
Article rating: 4.0
Article rating: 4.5
Article rating: 3.8
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Tata-backed project in Maldives goes for arbitration

Author: IANS/Tuesday, August 8, 2017/Categories: Global

Tata-backed project in Maldives goes for arbitration

By Ranjana Narayan

New Delhi - After the cancellation of a multi-million deal with Indian firm GMR for development of Male airport in 2012, there has been a u-turn in a promise to grant two plots of land by the previous Nasheed government to Indian firms Tata Housing and 18SG Group for development, says 18SG owner Sanyogita Atrey.

The plots in Nadhee and Odeon in Male island were promised as free sale land by the then government of President Mohammed Nasheed in 2010 to be developed into high-end housing by the Indian firms.

The land was promised as part of a deal inked by Tata Housing and 18SG to construct 350 houses in Male, in a government buy-back initiative. The houses have been completed and handed over to the Maldivian government.

After the coup, in which Nasheed was deposed and went into exile, everything changed. The housing project got delayed. “They gave us the land then, and now the new government has taken it back,” Atrey said.

Ratan Tata has filed a case and demanded that the present government of President Abdulla Yameen settle the issue.

"We approached the Ministry of External Affairs (MEA) over the issue. The land was free sale, and in exchange for all the money we have put in for the housing project. But it has been terminated," she said.

“The MEA has helped us a lot. Brotin Banerjee, MD of Tata Housing, met External Affairs Minister Sushma Swaraj. She was very supportive," Atrey said.

"They said what belongs to us should be given to us."

"Ratan Tata has told the Maldivian government to give us compensation, like they did in the GMR case."

"The government project is done, and they have taken delivery of the houses, but our personal land promised to us for free sale has been taken away."

"We wanted to meet the President of Maldives to arrive at a settlement. It has been so many years we have been involved in the project. Let's see what turn the case takes," she added.

Print Rate this article:
No rating

Number of views (296)/Comments (0)

S Vijaykrishnan
S Vijaykrishnan

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free