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Tuesday, December 28, 2010

Adnan Sami issued notice on his Mumbai estates

Adnan Sami has been issued a notice by the ED for owning eight flats and five car parking areas in Mumbai.Adnan Sami said: “I have received an order from the ED which says my estates will be confiscated if I do not file an appeal in the next 45 days.”He rubbished media reports claiming that his flats have been confiscated.”The order was received Dec 21 and we have 45 days from then to file an appeal, which we will move at the earliest. But the properties have not been confiscated yet,” said Adnan Sami’s lawyer Vibhav Krishna.The ED order describes that Adnan Sami’s petition for buying property in Mumbai was declined by the Reserve Bank of India in 2003 owning to his Pakistani nationality.

Adnan Sami, however, denies any knowledge of the rejection.Adnan Sami owns eight flats and five car parking spaces in Oberoi Sky Garden in suburban Andheri.Shifting the onus on the builder, Adnan Sami said: “I was friends with Vikas Oberoi, the builder of Oberoi Sky Garden. In 2003, I had told him I want to buy a property in Mumbai. He had told me about his upcoming project and that his legal team will take care of all the formalities if I want to buy property.” “In actuality my bank loan was also cleared and the property registered in my name. I had no plan that the RBI has refused my petition.”Adnan Sami had purchased the flats in 2003 at the cost of Rs.2.53 crore and had taken a loan of Rs 1.5 crore for the purchase.

Adnan Sami has been served the confiscation order under the Foreign Exchange Management Act (FEMA). Vikas Oberoi could not be contacted despite repeated tries.

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