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Dubious investments: Centaur hotel dealing

Dubious investments: Centaur hotel dealing

In July 2011, the arbitrator terminates the agreement between SRPL and V Hotels for the purchase of the Centaur hotel.

Ajit Kerkar
Ajit Kerkar
1. March 2002 Ajit Kerkar's Tulip Hospitality acquires Juhu Centaur for Rs 153 crore from the government under the privatisation programme.

2. March 2005
Siddhivinayak Realties, or SRPL, a JV of Oberoi Realty and DB Realty, enters into a deal with V Hotels (as Tulip has been named) to buy Centaur for Rs 350 crore.

Arun Shourie
Arun Shourie
3. May 2005 A CAG report questions the sale of hotel properties. A CBI inquiry brings former Disinvestment Minister Arun Shourie under scrutiny

4. June 2005 With CBI launching its inquiry, SRPL holds back payment to V Hotels. Finally, both parties opt for arbitration.

5. July 2011 The arbitrator terminates the agreement between SRPL and V Hotels for the purchase of the Centaur hotel.

-Anamika Butalia