Wadia-Raheja spat reaches court

Business tycoon Nusli Wadia has moved the Bombay High Court against K Raheja Corp's Chandru Raheja and his sons Ravi C Raheja and Neel C Raheja and nephews Rahul S Raheja and Ashish S Raheja for violating the agreement between him and the Rahejas on developing nearly 200 acres of land in Malad. The land is owned by late Eduljee Framroze Dinshaw and Wadia is the sole administrator.

The agreement required the developer to sell or lease the land or any structure built by him on it only to 'genuine third parties'.

Wadia has alleged that CL Raheja group has fraudulently sold or leased it to their ''own sister concerns and shell companies created for the purposes of purchase of these properties." Wadia has alleged fraud by Rahejas and demanded damages worth Rs 350 crore from them.

Wadia has terminated the agreement with Ivory Properties and Hotels owned by Rahejas (dated January 2, 1995) with effect from February 1, 2008, and two powers of attorney on the same date executed by Wadia in favour of Ravi C Raheja and Neel C Raheja, Wadia's advocates said in a public notice.

Wadia has alleged that nearly ten properties have been illegally built by the Rahejas inlcuding Hypercity Mall, Inorbit Malls, Infinity Towers, Intelnet on the Malad land and asked the court to order Rahejas to demolish the structures on the land.

He has also asked the court to stop all further renewals of shop leases and any further creation of third party rights. The next hearing is scheduled on February 16.