AgenciesGurgaon court has ordered the police to register an FIR against Kalpesh Mehta, promoter of real estate group Tribeca, on the complaint of Manish Jaiswal, former CEO of the company.
Jaiswal, in his complaint, has alleged that Mehta had promised buyback of equity partnership but never fulfilled it.
“I had to approach the Gurgaon court, who ordered to file the FIR against Kalpesh Mehta under various sections of IPC for cheating and fraud including 420 amongst others,” Jaiswal said.
According to Jaiswal, on June 5, 2015, Kalpesh Mehta gave offer to join him fulltime as minority partner to help setup the Tribeca real estate development business.
“In the offer, Kalpesh Mehta promised of making me partner in Tribeca Creators LLP and giving minority equity of upto 5% (linked to various milestones) in Tribeca business along with the assurance to buy out such equity at the time of my exit from Tribeca,” the complainant said.
Tribeca did not respond to the email query.
Jaiswal said that the business started growing but despite requesting multiple times, Mehta kept on delaying the promises he had made.
“In July 2019, I made a plea to Mehta to give me exit from the promised partnership in Tribeca business and honor the buyback commitment he was given in writing on June 5, 2015. The value of such 3% stake in Tribeca was estimated to be above Rs 30 crore based on market estimates. At first Mehta flatly refused to fulfil any of his commitment but later agreed to give Rs 7.5 crore against all claims. Such amount has been admitted in the draft agreement shared by email on Nov 21 by Mehta’s lawyer,” the complainant said.
Jaiswal claimed, Mehta never gave him any money, following which he had to approach court.
Jaiswal, in his complaint, has alleged that Mehta had promised buyback of equity partnership but never fulfilled it.
“I had to approach the Gurgaon court, who ordered to file the FIR against Kalpesh Mehta under various sections of IPC for cheating and fraud including 420 amongst others,” Jaiswal said.
According to Jaiswal, on June 5, 2015, Kalpesh Mehta gave offer to join him fulltime as minority partner to help setup the Tribeca real estate development business.
“In the offer, Kalpesh Mehta promised of making me partner in Tribeca Creators LLP and giving minority equity of upto 5% (linked to various milestones) in Tribeca business along with the assurance to buy out such equity at the time of my exit from Tribeca,” the complainant said.
Tribeca did not respond to the email query.
Jaiswal said that the business started growing but despite requesting multiple times, Mehta kept on delaying the promises he had made.
“In July 2019, I made a plea to Mehta to give me exit from the promised partnership in Tribeca business and honor the buyback commitment he was given in writing on June 5, 2015. The value of such 3% stake in Tribeca was estimated to be above Rs 30 crore based on market estimates. At first Mehta flatly refused to fulfil any of his commitment but later agreed to give Rs 7.5 crore against all claims. Such amount has been admitted in the draft agreement shared by email on Nov 21 by Mehta’s lawyer,” the complainant said.
Jaiswal claimed, Mehta never gave him any money, following which he had to approach court.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.