Friday, July 24, 2015

Madras Finvest and Mascon Global property sale case

Link to the case at High Court Delhi.

The property: A-32, Diplomatic Enclave Extension, Co-operative Housing Building Society Limited, Westend Colony, New Delhi.

The owner was Madras Finvest pvt ltd, a finance corporation linked to Mascon Global, and to its Chairman Sandy K Chandra. The value of the property is estimated to be 55 crore. Madras Finvest and K Chandra mortgaged this property with Bank of India (BoI) for credit facilities for Mascon Global, and as on 31 July, 2009 a sum of Rs 31,08,72,842 (31 crore plus) was payable by MGL to BoI.

By this time Mascon Global was in financial trouble and they sold the property to SICPA in lieu of the latter paying off the mortgage amount. However K Chandra claimed this sale deed to be a sham, and portrayed the arrangement with SICPA more as a loan. This claim was to accepted by the court. Chandra continued occupying this plush property till late 2013 when the judgment was delivered. Even in 2014, Maya Chandra, director of Secure Earth Technologies had listed this property as her address.

How and when did Mascon Global or K Chandra acquire this plush property, valued over 50 crore? What was the source of the funds?

Mascon Global creditors need to look at the books of this sister concern, Madras Finvest, since there is a demand of more than 70 crore Rupees on it from the Debts Recovery Tribunal in Chennai.

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