The Mauritius government has dragged India to the International Court of Justice in the InduTech Zone Investments case. Mauritius government sent legal notice to India, addressing prime minister Narendra Modi.
What is InduTech zone case: InduTech zone IT SEZ was planned near Shamshabad international airport. Industrialist Indu Shyam Prasad Reddy owns this InduTech zone but Carissa Investments LLC of Mauritius holds 49% stake in InduTech Zone, through FDI. The reason for project failing to take off is the alleged scam involving the land earmarked for the purpose. The scam is – Indu Shyam Prasad Reddy, had mortgaged the same land to raise loans and laundered the money raised by those loans. This project ran into further troubles after YS Jagan and Indu Syam Prasad Reddy has been chargesheeted in various cases by CBI and ED.
Why notices to PM Modi on Jagan case: As the SEZ case got embroiled in legal tangle, Carissa Investments of Mauritius, which holds 49% stake in InduTech Zone approached the Mauritius government. The Mauritius government took up the case under a bilateral treaty for protection of investments. So it sent notices to PM Modi for arbitration in this case in the International court of justice. The Mauritius government said it is a breach of bilateral investment treaty that promised protection of investments.
March 16: Jagan is attending on March 16 to explain this to ED. Will have to wait and see if there will be any drastic decision by ED on March 16th regarding this case.
