Russians to knock judicial doors to save Goa properties

The Goa government has decided to take over four properties of True Axis Resorts at Morjim beach village after the Enforcement Directorate found the company had violated Foreign Exchange Management Act (FEMA) while purchasing them.

The company, however, has claimed that it is an Indian entity with two Russians holding the entire equity and has moved Appellate Authority under the FEMA in New Delhi challenging Goa government's decision to take over its properties.

The company has pleaded that the state government should not take over the properties till the Appellate Authority give its verdict in the matter.The plots bought by the company were among the 350 properties purchased by foreigners in Goa allegedly by violating FEMA.
The directors of True Axis - Valiulin Rashid and Leonid Beyzar, claim that they did not violate rules and made the investment through proper channel.

The Enforcement Directorate, however, after an inquiry had found that the purchase of property was in violation of FEMA and hence should be confiscated.Advocate Vikram Varma, representing True Axis Resorts Private Limited said that the suit in the Appellate Authority under FEMA against ED's order is pending and it would seek stay on government's decision to confiscate the properties, which were purchased to set up a hospitality project

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