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The promoters of Prince Pipes & Fittings Ltd face a litany of litigations which they have hidden from the investors and prospective investors. Some of the cases, civil as well as criminal, pending against them are:
a) Process came to be issued by the Ld. Metropolitan Magistrate, 37th Court, Esplanade, Mumbai bearing C. C. No. 164 OF 2013 for offences punishable under 420, 465, 468, 471 r/w 34 of the Indian Penal Code vide order dated 09/12/2013 against Mr. Jayant Shamji Chheda and Mrs. Heena Parag Chheda the partners of Aditya Developers Pvt Ltd. who are also the Promoter/Chairman/Managing Director and Promoter/ Executive Director of Prince Pipes & Fittings Ltd in a case filed by Rajesh Madhani as the Director of Montana Developers.
b) A claim before a sole arbitrator has been filed claiming inter-alia for specific performance of a Joint Venture Agreement dated 30.12.2010 and damages, which includes but is not restricted to a claim of Rs.904.64 Crores against a firm Aditya Developers., which is a registered partnership firm and an entity which forms part of the Promoter group of the said Company as is reflected on page 173 at Serial No.10 under the sub caption ‘Firms’ in the said DRHP by Montana Developers.
c) Radon Developers Pvt. Ltd. V/s. M/s. Aditya Developers bearing No. Spl.C.S./2400479/2007
d) Radon Developers Pvt. Ltd. V/s. M/s. Aditya Developers bearing No. Spl.C.S./2400599/2007
e) Phelisida Philip Ghonsalvis V/s. M/s. Aditya Developers bearing No. Spl.C.S.18/2012
f) Francis Sebestin Lopic 1Versus M/s. Aditya Developers bearing No. R.C.S./1300337/2012
g) Smt Jankibai Harishchandra Mankar v/s M/s. Aditya Developers bearing No. Spl.C.S.63/2015
h) Vimal Bhaskar Kadar v/s Aditya Developers bearing No. Spl .Dkst/1/2016
i) Tara Vishnu Bhoir v/s Aditya Developers bearing No. Spl .Dkst/11/2018.
j) Sakuntla Sadhashiv Patil v/s Aditya Developers bearing No. Spl .Dkst/12/2018.
k) Beby Shinwar Gavit v/s Aditya Developers bearing No. Spl .Dkst/13/2018
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