Continent Worldwide Hotels stepped back from Partnership Negotiations with HJAS Hospitality due to possible fraud in India

Continent Worldwide Resorts has withdrawn the Memorandum of Understanding and stepped again of Grasp License negotiations with the HJAS Hospitality over issues that its repute could also be damaging sooner or later with this firm and the corporate may be a Fraud group.

Beforehand Continent Worldwide Resorts and BHMS India had an unique Grasp License and growth settlement for Continent Worldwide’s 6 manufacturers however because of the growth and Grasp License failure, in January 2018 this settlement was terminated and given to a different social gathering.

BHMS India had 4 shareholders:

Mr. Dinesh Kumar Bhaskar- 18 % shareholder

Ms. Aarti Gupta – 18 % shareholder

Mr. Jaskaranjit Singh Hayre- 33% shareholder

Mr. Abhishek Sharma.– 33% shareholder

After this termination, Continent Worldwide Resorts ship the discover to BHMS India to assert their misplaced. Nonetheless Mr. Jaskaranjit Singh Hayre got here up with an answer that he’ll solely open new hospitality firm, he’ll compensate a part of the debt, compensate the brand new social gathering’s funding or work with them and in return CWH won’t fill the lawsuit towards BHMS and together with his new firm solely he’ll safe the Grasp License and he has already 5 properties which he could convert instantly to one in every of CWH manufacturers.

Continent Worldwide Resorts waited since then and Mr. Jaskaranjit Singh Hayre, was delaying the newly agreed fee till right now. “We have now investigated and discover out that Mr. Jaskaranjit Hayre’s father Mr. Kamaljeet Singh Hayre, owns and function Nation Inn & Suites in Punjab since 2005 and in addition was the President of NRI Sabha Punjab till 2018. He was defeated to the opposite social gathering and declare to go Excessive Court docket relating to the forgery of ballot outcomes. How can one who owns already franchised resort model could not know the diligent of the securing Grasp License of resort manufacturers and his son’s developed firm could function such a method of unprofessionally?” mentioned Managing Director, Ethem Zagikyan.

“We’re feeling that we’re trapped right into a type of fraud operation and Mr. Hayre has unknown hidden agenda.  Mr. Jaskaranjit Singh Hayre is launched himself as a number of companies proprietor together with Micro Breweries and in addition talked about that his father owns Nation Inn & Suites in Punjab. We that’s why trusted that our manufacturers will probably be in good arms with such firm. But, he couldn’t full one easy deal” mentioned Spokesperson of the corporate. “Since April we’re ready new firm formation, since June as of the date of signing MoU, we’re ready preliminary charge. And we’re not sure how lengthy it should take till signing of Grasp License settlement and to start out growing inns. Mr. Jaskaranjit Singh Hayre is a really gradual responder or unresponsive in any respect to our messages or emails. Even right now, he had very spherical solutions and never telling us climate he’ll proceed and pay in particular date our charges or not, he solely tells now a brand new story, which is he’ll present his proof of funds solely in his firm’s checking account and as soon as he signal Grasp License settlement, solely then he’ll launch the funds. ” added Ethem.

“Below these circumstances it was the most suitable choice to step again this nonsense deal, and look forward with new potential companions” – continued Ethem and add “We are going to examine the origin of this firm and background of Mr. Jaskaranjit Singh Hayre. I don’t suppose personally he has something to do with hospitality sector.”

 

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