“When we refused to move away, a senior executive came out and assured us that the project would soon be delivered and we will start getting return on our investment. But, we do not trust them as on ground, there is sign of the food court getting constructed and the mall is also only halfway complete. Only Oyster part (of Appu Ghar) is fully functional. We are owners-cum-stakeholders of Appu Ghar, but we have been forced to come to the streets,” Amit Chanana, president of Shop Owners’ Welfare Association (SOWA), Amusement Park, said.
The agitators surrounded Sanjay Pandey, managing director of Inter Sports Private Limited, which had entered into an agreement with International Recreation And Amusement Limited (IRAL) as major stakeholder of the Appu Ghar in February 2018.
They allowed Pandey to leave only after he gave them a written assurance on speedy delivery of the project. “We understand their grievance and we will try to resolve it at earliest,” Pandey said.
“I booked a commercial space in the Appu Ghar food court in 2011 and the space was to be delivered by 2014. IRAL assured it will give us Rs 50,000 per month till completion of the project. There is no sign of the food court and mall till date. We are not getting the assured return either,” an investor Rinku Puri said.
“Our protest is against injustice done to us because of the unfulfilled commitments. This amounts to breach of trust and fraud by the IRAL,” he added.
The amusement park has been in the news for all the wrong reasons. The allotment of land to IRAL at throwaway price by the Haryana government has been a big cause of resentment among city residents. In May 2015, the Haryana government ordered an inquiry into the allotment because of the mounting public pressure, but the findings of the report were never made public.
Seperately, the investors are represented by a corporate counsels Pankaj Jain & Sagar Bansal of Veda Legal, Advocates & Solicitors, at Hon,ble National Company Law Tribunal, New Delhi in several litigations against IRAL for claims of Investors on assured returns or invocation of Corporate Insolvency Resolution Process under IBC.
Source: Hindustan Times & Our editors, July 2, 2018