Taj Trade and Transport Co Ltd has filed an affidavit against Ajit Kerkar, the former chairman and MD of Indian Hotels Co Ltd, alleging that he had hidden majority stake in Cox and Kings and awarded Taj contracts to the latter. The affidavit contends that though Kerkar holds only 0.87 per cent in his own name, his wife and daughter hold about four per cent; the two firms, Liz Investments and Graphic Services Private Ltd hold about 18 per cent combined "" Kerkar has more than 2 per cent of issued capital in both these firms respectively. Also, Ajit Kerkars son, Peter Kerkar is the director and CEO of Cox and Kings India. TTT alleges that the family had linked interests in dealings between Indian Hotels and Cox and Kings.
The specific charges are that Ajit Kerkar granted an exclusive 75 year contract to Cox and Kings from the Taj Trade and Transport Company, of which he served as chairman; that he voted for the contract without the boards approval; and that he acquired shares of Piem Hotels, a Taj group company, at less than market value.
