| Author | Message | ||
     Thokkalohdi Comedian Username: Thokkalohdi Post Number: 1919 Registered: 01-2008 Posted From: 24.6.204.178 Rating: N/A |
tatas dont conduct the business this way Ranbir Kapoor is god of acting | ||
| Rajusk Legend Username: Rajusk Post Number: 30201 Registered: 02-2008 Posted From: 170.74.56.82 Rating: N/A |
Property Developers in Hyderabad are stunned by news of massive fraud conducted by a lawyer (PS Prasad) retained a power of Attorney by Mumbai based Cyrus Investments. The company is owned by the family of Tata Sons chairman, Cyrus P Mistry.. The fraud seem to have affected large developers including Prajay and Aditya who bought land in good faith from Mr. PS Prasad who, it''s now claimed by Cyrus Investments, had forged documents to cheat developers and buyers. Cyrus Investments, which owns 9.2 per cent of the Shapoorji Pallonji stake in Tata Sons, bought the land from the heirs of the Hyderabad Nizam, Nawab Mir Usman Ali Khan, in 1967. Located in posh localities — Hafeezpur and Hashmathpet — the properties are now estimated to worth thousands of crore. As Cyrus Investments had to face constant legal suits over these properties, it had appointed PS Prasad as its attorney in April 2004 to identify its share of lands and buildings, secure the the rights and manage them. It had given Prasad the power of attorney over these land parcels. But a spate of recent complaints from many individuals who alleged they were sold properties without clear titles by Prasad or that the same land was sold to more than one buyer made Cyrus Investments realise that all was not right in Hyderabad. Subsequent internal investigations led it to believe that its attorney had not acted in its interests and sold properties worth at least a few hundreds of crores without its consent. The Shapoorji Pallonji family-owned firm believes that the attorney not only caused serious financial losses to it but also damaged its reputation. In a notice served on Prasad on March 19, Cyrus Investments accused him of acting contrary to its interests "by indulging in unlawful activities to make unjust gains". Accusing Prasad of "misusing the power of attorney", the company said it learnt that he was also "indulging in forgery by fabricating documents," including "non-existent" resolutions by Cyrus Investments. On Friday, the management of Cyrus Investments issued a public notice stating that the power of attorney issued in favour of Prasad was revoked and all those dealing with him did so at their own risk. A company owned by the family of Tata Sons chairman, Cyrus P Mistry, has accused the attorney it hired to take care of issues related to properties it bought from the Hyderabad Nizams of fraudulently selling them. A company owned by the family of Tata Sons chairman, Cyrus P Mistry, has accused the attorney it hired to take care of issues related to properties it bought from the Hyderabad Nizams of fraudulently selling them. Cyrus Investments, which at its board meeting held on March 31, decided to revoke the power of attorney issued to Prasad, has served notices on him, asking him to submit details of all acts done by him on the properties. The board also decided to "take possession of all the immovable properties of the company at Hyderabad from any third party, initiate appropriate actions to take possession of the properties disposed of by Prasad." This could cause serious issues to the buyers and the property developers who bought the land and constructed huge apartments }} |
