CHALET · price
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Chalet Hotels Limited has received a favorable judgment from the Supreme Court of India regarding land allotment disputes related to Four Points by Sheraton Navi Mumbai, Vashi. Two Public Interest Litigations had challenged the land allotment by CIDCO to K. Raheja Corp Private Limited, with the Bombay High Court initially directing restoration of the plot to its original condition and delivery of vacant possession to CIDCO. The Supreme Court has now set aside the Bombay HC's adverse direction and upheld a mechanism for regularisation of the allotment, subject to payment of amounts as determined by the Court.
This favorable Supreme Court ruling removes a significant legal cloud over the company's hotel property in Navi Mumbai, providing certainty on the land tenure. This is positive for shareholders as it secures the company's operational asset.