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NRI investors sue ICICI Venture at top court in Mauritius

India Blooms News Service | | 29 Oct 2014, 12:15 pm
Mumbai, Oct 29 (IBNS): A group of 69 non-resident Indian (NRI) investors said on Tuesday that they had sued ICICI Venture at the Supreme Court in Mauritius, media reports said.

The NRIs sought to obtain $103 million in damages over alleged losses on their investments in a property fund run by the private equity firm.

ICICI Venture that is a unit of India's biggest private sector lender ICICI Bank Ltd, however, dismissed the allegations as “totally baseless”.

The Bank also said it would “take necessary steps” to respond to the legal proceedings.

According to reports, the investors alleged that the private equity firm had “invested in real estate projects that flopped miserably, instead of world class ones as the marketing teams promised.”