Prime Minister Narendra Modi has been served with legal notice by Mauritius Government after Carissa Investments of Mauritius, which holds 49% stake in InduTech Zone claims it is losing due to the ongoing legal issues on the project and the country failed to keep the promise on bilateral investments protection.
Mauritius government sent notices for arbitration in this case in the International court of justice as it is a breach of bilateral investment treaty that promised protection of investments. The IT SEZ was initially planned near Shamshabad Airport in Hyderabad. This InduTech zone is owned by Indu Shyam Prasad Reddy and later 49% stake was bought by Carissa Investments LLC of Mauritius. Shyam Prasad Reddy got lands from the YSR Government back then illegally and made investments in Jagan’s Companies.
Later, he mortgaged the land to raise loans and laundered part of it. Enforcement Directorate had recently served notices to Jagan Mohan Reddy to attend before it on March 16th. On the other side, Carissa is seeking 50 Million Dollars Compensation and sought arbitration. We have to wait and see what decision will ED take on the case.