Ansal API MD Pranav Ansal summoned by Delhi court
May 19, 2014
Source : The Economic Times

 

DELHI: Pranav Ansal, the managing director of real estate firm Ansal API, has been summoned by a district court in Delhi for allegedly cheating a former colleague of Rs 40 crore. According to the complaint, Suneal Mangal, who was inducted as director in Ansal's company Prime Maxi Mall Management for his experience in advertising and event management, signed an agreement with the company in 2005. Under this agreement, he was to be paid 9% of the increase in revenue of the mall management company and 5% of the brand value of Ansal Plaza mall for helping the company improve its revenues, but the company failed to make the payments.

Mangal, in his complaint filed in the District Court in Saket, New Delhi, has also alleged that he was forced to resign from the directorship of the company and that Ansal and his people threatened him. In response to an email query, a spokesman for Prime Maxi Mall Management said: "It is a false allegation since the figure of Rs 40 crore is imaginary, without any basis and Mr Mangal filed a false suit for an amount of Rs 61 cr."

The spokesman also denied that Mangal was ever threatened or that he was ever forced to resign. The agreement was executed on May 4, 2005 and its validity was for three years or till he remains director whichever was later.

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