Hotline: 1800 102 2007
X
Loading
Search Business Opportunities
Aug, 07 2014

Banan lodges FIR against IEP

Over allegation of cheating, fabrication and forgery of documents.

Jayaram Banan, promoter and founder of Sagar Ratna has filed an FIR against the restaurant's current management led by private equity firm India Equity Partners (IEP) over allegations of cheating, fabrication and forgery of documents.

Banan has resigned as chairman of Sagar Ratna as per the agreement between him and IEP inked three years ago which ended in June. Now, as part of the same agreement, he wants to sell off his 22.7% equity in Sagar Ratna at current valuations.

IEP holds 73-75% of Sagar Ratna and the Banan family owns the rest. Banan lodged an FIR against IEP partners Sid Khanna and Ravi Sampat as well as Sagar Ratna Restaurants CEO Murli Parna based on the accusations cited above.  However, IEP in turn has accused Banan of violating their contract by starting a restaurant chain Shri Ratnam. According to an IEP spokesperson, “This is a spurious and false FIR. We have lodged multiple civil cases against Banan and associates, which include severe breach of non-compete, interference in the operation of Sagar Ratna restaurants and use of force. He has political patronage from the highest levels in the Congress party, and we have taken this matter to the highest governing authorities.”
 

Comment
Related opportunities
  • Casual dine Restaurants
    About: WRAPICO IS THE CATEGORY LEADER BRAND IN AHMEDABAD AND..
    Locations looking for expansion Gujarat
    Establishment year 2016
    Franchising Launch Date 2016
    Investment size Rs. 20lac - 30lac
    Space required 1000 - 1200 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Ahmedabad Gujarat
  • Quick Service Restaurants
    Hakka Express our love for hearty, delicious food overrides everything..
    Locations looking for expansion Maharashtra
    Establishment year 2015
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 0
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Juices / Smoothies / Dairy parlors
    About:Milkshake & Co a progressive venture of Kaira luxury beverages private..
    Locations looking for expansion New Delhi
    Establishment year 2000
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 150 - 175 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Competitive Exam Coaching Institute
    India is the fastest growing economy in the world; however,..
    Locations looking for expansion Maharashtra
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities