The infighting between the partners of a famous Jalandhar Hotel has come to an end. The partners with majority stake in the hotel and partners with minority stake have reach to a consensus that the hotel's name will not be used in 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.
Sources in the known development 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.
Two partners who are holding a majority stake in the hotel bought a land in the area without taking other partners into confidence.
Other partners objected to this saying that the land was purchased unilaterally and it is unsuitable as well.
Majority-stake partners also submitted documents in bank to take a loan against the land. Again partners who have minority stakes were not taken in confidence.
Hence, three other partners wrote to the bank requesting not to approve the loan.
On Saturday, sources revealed that one of the partners who is opposing the purchase of land has given a written complaint to Jalandhar Municipal Corporation to halt any kind of construction on the land.
Following his complaint, the work was halted at the site, however, later it was resumed.