News: Win some, lose some, the Reliance way
(TNN 07/07/2006) Ahmedabad - Decks seem to have been cleared for an October debut of Reliance Industries’ retail venture in Ahmedabad, with the Gujarat High Court vacating an interim stay on transfer of property at the Iscon Mega Mall on SG Highway.
A single judge bench comprising Justice A M Kapadia on Thursday vacated an interim stay and also dismissed the petition filed by Raheja group’s Shoppers’ Stop which had moved the High Court on April 19.
Rahejas’ plea for a stay on Thursday’s order, seeking time to appeal against it before a division bench, was turned down.
Soon after the judgement was pronounced, the mall promoters and Reliance group company Pushti Enterprises inked a sale deed for around 1.87-lakh sq ft space at the 4.75-lakh sq ft Iscon Mega Mall for Rs 88.37 crore. For Reliance, however, the total deal would cost around around Rs 100 crore, whih would include the cost of enabling infrastructure like escalators.
When contacted, Iscon Mega Mall developer Pravin Kotak confirmed that a sale deed with RIL group has been signed on Thursday. Shoppers’ Stop managing director BS Nagesh declined to comment on the matter.
The latest development in this fierce battle for prime retail space between Reliance and Rahejas comes over two months after the Rahejas moved a lower court in Ahmedabad and then the Gujarat High Court to stall the sale of space to Reliance.
This was after title clearance advertisements in newspapers in early April 2006 for the same retail space, for which Rahejas had signed a letter of intent in November 2004 proposing to enter into a lease agreement at a later stage. Shoppers’ Stop was keen on setting up a Hypercity and Shoppers’ Stop outlet at this space.
A single judge bench comprising Justice A M Kapadia on Thursday vacated an interim stay and also dismissed the petition filed by Raheja group’s Shoppers’ Stop which had moved the High Court on April 19.
Rahejas’ plea for a stay on Thursday’s order, seeking time to appeal against it before a division bench, was turned down.
Soon after the judgement was pronounced, the mall promoters and Reliance group company Pushti Enterprises inked a sale deed for around 1.87-lakh sq ft space at the 4.75-lakh sq ft Iscon Mega Mall for Rs 88.37 crore. For Reliance, however, the total deal would cost around around Rs 100 crore, whih would include the cost of enabling infrastructure like escalators.
When contacted, Iscon Mega Mall developer Pravin Kotak confirmed that a sale deed with RIL group has been signed on Thursday. Shoppers’ Stop managing director BS Nagesh declined to comment on the matter.
The latest development in this fierce battle for prime retail space between Reliance and Rahejas comes over two months after the Rahejas moved a lower court in Ahmedabad and then the Gujarat High Court to stall the sale of space to Reliance.
This was after title clearance advertisements in newspapers in early April 2006 for the same retail space, for which Rahejas had signed a letter of intent in November 2004 proposing to enter into a lease agreement at a later stage. Shoppers’ Stop was keen on setting up a Hypercity and Shoppers’ Stop outlet at this space.
posted by InCar Group Press Room at 14:17
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