Compromise between partners of a famous Jalandhar Hotel seems to have crashed, just after a month. The infighting among the majority and minority stake holders of a Jalandhar Hotel has resumed.
Sources in the known development informed True Scoop that partners holding around 80 percent stake (majority stake) had assured that only a temporary shed-like structure will be installed at the extension on the land, but the they have now backed out of their commitment.
It is alleged that despite electricity bills of nearly Rs 5 crore pending with the Punjab State Power Corporation Limited (PSPCL), a declaration was submitted to the Municipal Corporation and Invest Punjab stating otherwise. The source stated that incorrect information was mentioned in the affidavit.
Last month, the partners holding a majority stake and those with a minority stake in the hotel reached a consensus that the hotel’s name would not be used for construction on the controversial land.
The compromise between partners was facilitated by some influential people of Jalandhar. The prominent hotel is situated at Jalandhar-Phagwara Highway.
Earlier, the partners with majority stake holders had planned construction on the 40-marla land under hotel's name. An extension of the hotel was planned on the hotel.
The land was bought by majority stake holders without taking partners holding minority stake in the hotel into confidence. Not only this, but the partners had also applied for loan in the name of hotel. This had intensified the rift among the partners.
At that time, sources had informed True Scoop that not only no construction will be done on controversial land under the hotel's name but also the loan money taken under the hotel's name will be returned.
If any construction takes place on the land, it will only be done by the majority stakeholders, but it will not come under the Hotel in any capacity.