Mauritius Government has served a legal notice to Government of India addressing Prime Minister Narendra Modi after Carissa Investments of Mauritius, which holds 49% stake in InduTech Zone claims it is losing due to the ongoing legal issues on the project.
[m9ad]
Mauritius government sent notices for arbitration in this case in the International court of justice as it is a breach of bilateral investment treaty that promised protection of investments. The IT SEZ was planned near Shamshabad Airport.
Indu Shyam Prasad Reddy owns this InduTech zone and later 49% stake was bought by Carissa Investments LLC of Mauritius. Shyam Prasad Reddy got lands from the then YSR Government illegally and made investments in Jagan’s Companies.
Later, he mortgaged the land to raise loans and laundered part of it. ED had recently served notices to Jagan Mohan Reddy to attend before it on March 16th. On the other side, Carissa is seeking 50 Million Dollars Compensation and sought arbitration.
