The Bombay high court has allowed Gopal Raheja-owned Ferani Hotels Pvt. Ltd to continue to develop and sell 460 acres of land in Malad (West), marking a setback for the Wadia Group, according to reports.
Reports stated that the division bench asked the Gopal Raheja Group to deposit 12% of the sales consideration in a designated bank account till the final disposal of the case.
The bench, comprising justices D.Y. Chandrachud and R.D. Dhanuka, also appointed retired justice S.K. Shah to record all sale transactions by Ferani Hotels and the evidence in the case within three months, says report.
Earlier reports said that Wadia’s senior counsel Fali Nariman declined to accept the settlement terms offered by the Rahejas or to enlist the services of a court-appointed mediator to settle their dispute over the land.