Page 36 - Newsletter-Hotel & Hospitality industry

Supreme court allows Park Hyatt Goa

sale to ITC by IFCI
t In a landmark judgement the Supreme Coast Hotels to retain possession of the

h Court on Monday upheld the sale of Park property, on grounds of possible collusion
Hyatt Goa to ITC Ltd by Industrial Financial between ITC and IFCI since ITC was the
Corp of India (IFCI), under the Sarfaesi Act. sole bidder offering just Rs1,000 more than
g The apex court set aside a Bombay High the reserved price, LiveMint reported.

Court order, directing the transfer of the Blue Coast Hotels had argued that the price
i
property title to be completed within six quoted by ITC was not even half the
s months. property value as the actual value of the

The verdict was delivered by bench property was around Rs1,250 crore and
n comprising justices S A Bobde and L that there was some kind of collusion

Nageshwara Rao, on an appeal by Blue between IFCI and ITC, which the high court
I had accepted, the report said.
Coast Hotels, the original owner of Park
s Hyatt Goa, against the Bombay High Court After Blue Coast Hotels defaulted on the

quashing of the sale of Hyatt to ITC by IFCI.
payments, IFCI took possession of the
ITC was the highest bidder for the property property in June 2013 under the SARFAESI
s with a bid of Rs515-crore in February 2015. Act in June 2013 and put Park Hyatt on sale

through auction.
However, a division bench of the Bombay
e High Court quashed the sale and directed

n IFCI to refund the amount, allowing Blue

i
China slams down Marriott site, app for
s

showing Tibet, others as separate nations
u China has shut down the Chinese website violated cybersecurity and advertising laws.

B and app of Marriott International for a week, China's tourism ministry said it "attaches
after the firm listed Tibet, Hong Kong, great importance to this incident" and
Macau and Taiwan as separate countries in immediately ordered an investigation.
a its emails and app. It said others in the industry should heed

The hotel group has apologised for the error this as a warning.
and said it did not support separatist "Hotel companies must immediately review
i movements in China.
all information on their corporate websites
d Tibet, Taiwan, Hong Kong and Macau were and apps, and strictly abide by Chinese
listed as individual nations in an online laws and regulations to firmly stop such
n survey sent to customers. incidents from happening again," it said.
"Officials must ... severely punish violators."
Beijing considers self-ruling Taiwan to be a
I breakaway province while Tibet is governed Marriott was also chastised after one of the
as an autonomous region. Hong Kong and firm's social media accounts "liked" a post
Macau are both special administrative made by a group supporting a separatist
regions of China. Tibet.
Chinese authorities say Marriott's wording M a r r i o t t a p o l o g i s e d p r o f u s e l y.