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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Why everybody is dragging Sahara in new disputes? The Group is already going through a rough phase and everybody is finding this as an opportunity. This way no hope remains for Sahara if the group will ever get fair judgment.
I still don’t get it that why don’t such opportunity seekers leave Sahara out of their mess? They have valid reasons to proceed with their deeds and enough evidences (like they provided to the SC of the state of NY) to prove themselves right. So why dragging it every now and then? They are already having a hard time.
I agree with Surendra..i dont know why this keeps on happening to Sahara,but this is some good news for them and i hope they come out of all the mes soon.
JTS seriously had no rights to attach the interests of non party entitle regarding Sahara if the latter was a non party to the whole dispute. Thank goodness to the judiciary system which passed the appropriate verdict and they served it right.
Congratulations to Sahara India pariwar. This is reassuring that sahara is regaining its reputation.
This is clearly good news for Sahara. The case was very weak and Sahara came out clean. Justice has been done.