KJ George has denied getting any such notice and said that even if the allegations do the matter, it would be discussed in the arbitration court.

Karnataka minister KJ Georges company issued notice for gulping down a 50-crore investment
news Monday, October 26, 2015 - 08:49

The Karnataka high court has reportedly issued a notice to a Bengaluru company co-owned by state home minister KJ George on October 16, after another Mumbai-based company filed a winding up petition alleging that a 50-crore-rupee investment had not been refunded by George’s company since 2005.

Speaking to Bangalore Mirror, KJ George has denied getting any such notice and said that even if the notice is issued, it would be discussed in the arbitration court.

KJ George is said to be the co-owner of and Director in Wildflower Estates and Resorts Pvt. Ltd.

He said, "As per our MoU with Fusion Properties Development Private Limited there is an arbitration court and both parties have decided to go to arbitration court which signing the MoU itself. We have revoked that clause and referred the matter to arbitration. Meantime, they went to the court with a winding up petition after which the court had issued a notice. However, the notice has not reached us and when it does, we will tell the court about the MoU signed between the two parties and that it is already in the arbitration."

According to BM, Fusion Properties filed the winding up petition claiming that it invested Rs 50 crore in Wildflower to buy properties has neither been refunded nor has the promised properties been delivered since 2005. BM reported that Fusion went to HC only after serving a legal notice to Wildflower did not work out. Wildflower has neither revealed their accounts to the Companies Registry nor have been able to pay the debt, said the BM report.

This is an aggregated report from Bangalore Mirror

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