A subsidiary of the London-based investment services company Growth Capital Partners, Chaucer Capital has cried foul over Maharashtra Government's breach of contract
London based Chaucer Capital, a real estate investment company, said that it will be filing a writ against the Maharashtra Government in the Bombay High Court. The legal action is in relation to the proposed development of Alewadi Port, which has been in the works since 1996.
In a statement, Chaucer Capital said, “After a rigorous selection process, Chaucer Capital eventually was left as the sole qualified developer as other parties all dropped out. However, after having Chaucer Capital undergo additional scrutiny and innumerable follow-ups with Maharashtra Government, the London based company is still unable to receive the letter of intent (LoI).”
“Chaucer Capital is still waiting to receive a LoI from the Maharashtra Maritime Board to sanction its project while the state government has breached the arrangement and its own policy by secretly awarding the project to another firm,” the investment company added.
The company says that over the years it has approached all relevant authorities, including the Maharashtra Chief Minister, but to no avail. Back in 2007, before the bids were finalised, Videocon was also rumoured to be in the running to develop the port, even though the company had denied the reports.
“It also undermines the efforts and expenditure in terms of time and investments made by Chaucer Capital to complete its commitment to develop the Alewadi port,” said Chaucer Capital's statement.
Chaucer Capital added that the case illustrates how key infrastructure development has been held up under the Congress administration in Maharashtra. Finally, the company also alleged that the Maharashtra Government had awarded the contract to another firm, thereby dishonouring their contract and agreements.
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