Newshour:
Sahara India Pariwar has been granted relief by Supreme Court of the State of New York and has rejected plaintiff’s bid to attach Sahara’s foreign properties to the case. Sahara India Pariwar owns The Plaza Hotel, The Dream Downtown Hotel at New York and Grosvenor House Hotel, at London. A law suit was filed by Hong Kong based JTS Trading against Trinity White City Ventures Limited and Sahara. JTS claimed that it had a deal under joint venture with Trinity for hotels which was abruptly terminated when Trinity decided to partner with Sahara. Sahara, in its rightful defense, claimed that it had nothing to with the private dispute as it was not a party to the deal between JTS and Trinity. This means that JTS had no rights to include Sahara’s subsidiary properties Sahara Plaza Hotel and Dreamland Hotel as Sahara had no idea about the deal between Trinity and JTS. This was accepted by the Supreme Court and it granted relief to Sahara.
JTS Trading was apparently in a potential joint venture with Trinity White City Ventures Ltd., in a potential bid by Trinity to refinance Sahara’s two hotels in New York and one in London. Sahara was at one time in discussions with Trinity for a refinancing deal, but had no knowledge of the dealings between Trinity and JTS. JTS has alleged breach of the prior joint venture and hence said that damages should be paid.
The broker, JTS, sought USD 350 million as damages and attachment of Sahara’s two prized overseas properties – the Plaza Hotel, the Dream Downtown Hotel at New York.However, the Supreme Court in its order, remarked, “JTS fails to establish entitlement to attach the assets of the non-parties.” Further, the Supreme Court of the State of New York, while accepting Sahara’s contentions, ordered, “Accordingly, JTS’s application for a pre-judgment order of attachment, and all of JTS’s alternate grounds for relief, must be denied.”
While speaking about Sahara’s victory in the said case, the Sahara’s spokesperson said, “We welcome the Hon’ble Supreme Court’s decision which understood our claims in the pious light of justice and protected us from becoming a victim of unscrupulous litigation which aimed at falsely and unfairly dragging us into a private dispute between two parties who have had a falling out.”
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I think JTS was trying to involve Sahara out of some competitive rivalry. But such tactics don’t take you very far.