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Trident hotel urges court to quash CBI FIR

Tuesday, April 27, 2021, 15:17 Hrs  [IST]
HBI Staff | Hyderabad

According to TOI, Arjun Singh Oberoi and LN Sharma of Trident five-star hotel of Golden Jubilee Hotels company approached the high court urging it to quash the CBI FIR against them. Justice K Lakshman will hear their pleas on Monday.


Following a complaint from the Bank of Baroda, the lead banker of creditors consortium, charging the duo with defrauding them to an extent of INR 1,250 crore, the CBI registered an FIR against the petitioners and also against some of the officers of the bank.


The state’s youth advancement, tourism and culture department was made to part with its prime property of 4.5 acres at the Shilparamam area near Hitec City in Hyderabad for raising a five-star hotel and other amenities on a 33-year lease basis. The investigators’ case is that though the promoters were given prime land and bank loans, they resorted to funds diversion, forcing the project to go bankrupt.


Core Hotel Ventures Private Ltd and East India Hotels (EIH) have stakes in Golden Jubilee Hotels. EIH, under the Oberoi brand name, operates hotels with Oberoi and Trident names.

The state’s youth advancement, tourism and culture department was made to part with its prime property of 4.5 acres at the Shilparamam area near Hitec City in Hyderabad for raising a five-star hotel and other amenities on a 33-year lease basis. The investigators’ case is that though the promoters were given prime land and bank loans, they resorted to funds diversion, forcing the project to go bankrupt.


Core Hotel Ventures Private Ltd and East India Hotels (EIH) have stakes in Golden Jubilee Hotels. EIH, under the Oberoi brand name, operates hotels with Oberoi and Trident names.

 
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