Businessman moves to High Court over Central Garage sale
Businessman Sri Chaitaanand Yoogeandra has moved to the court against Central Garage and Dhanraj Persaud, stating that he acted as the broker during the sale of the entity but never received the two percent commission to which he was entitled.
According to Yoogeandra, in his affidavit of support, on August 21, 2007 the defendants “Central Garage and Dhanraj Persaud” entered into a written agreement of sale. It was noted that Dhanraj bought the property which was being sold for $46M. It was further stated that Dhanraj paid the representatives of Central Garage some $9.2M advance.
It was a term of the said agreement that the remaining $38M will be paid on the passing of the transport, free of all encumbrances. Yoogeandra in his affidavit explained that the vacant possession according to the agreement was to be given to Dhanraj upon the passing of the transport. Yoogeandra noted that on August 29, 2007 Dhanraj, who resides overseas, entered into another agreement of sale and purchase where he sold all his rights, title and interest of the property to him.
On June 3, 2008 Dhanraj executed a deed of assignment (an agreement under which some or all assets of an insolvent debtor are assigned to a trustee, for selling them and distributing the sale proceeds equitably among the creditors). Even though all this was done Yoogeandra, claims that the representatives of Central Garage failed to convey the title of the property to him.
As result of the failure on behalf of central garage, Yoogeandra, according to court documents, said that he has suffered losses. It was stated that he was unable to earn rent from the said property at a rate of $US62, 700 per month for a total of 33 months which is totaling at $413,820,000.00, as damnified.
Yoogeandra said that on August 21, 2010 he saw an advertisement in the Official Gazette. He said that a new company was advertising to sell the property. The matter between the parties is pending before Justice Rishi Persaud in the Commercial Court. The matter is expected to continue Wednesday.