Macrotech claims Rs 1,000 crore paid to Abhinandan Lodha, HoABL disputes
Macrotech Developers, led by Abhishek Lodha, has claimed that the company paid Rs 1,000 crore to his brother Abhinandan Lodha during their separation following which the latter started a new business.
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The House of Abhinandan Lodha (HoABL), a company established by the younger brother, however, has refuted the same terming it a lie. According to the company, under all the awards and settlement documents Abhinandan received Rs 429 crore and some apartments, all amounting to Rs 500 crore.
These arguments emerged immediately after Macrotech Developers approached the Bombay High Court seeking to restrain the House of Abhinandan Lodha, a company established by his younger brother, from using the word ‘Lodha’ in any form, claiming trademark rights.
The court in Tuesday’s hearing noted that it could not hear the plea, as the suit had sought damages of Rs 5,000 crore. The matter is now scheduled to be heard next on Monday.
In a statement, Macrotech Developers said that between the period of 2015-2017, initially it was agreed that each family member (as part of a separation settlement), would take some assets and some debt. However, at a later stage, Abhinandan insisted that he does not want to handle so many customers, debt, and construction and hence, wants only money.
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