The Hindu : Sport / Racing : Horse : RWITC signs development deal

Online edition of India's National Newspaper
Thursday, Jun 24, 2004

Sport

Sport - Racing : Horse

RWITC signs development deal

MUMBAI, JUNE 23. The authorities of Royal Western India Turf Club (RWITC) signed a development deal with Mr. Shobhit Rajan who is a share holder/director of Gammon India Limited here a few months ago.

The two resolutions that were put to test at Tuesday's Extraordinary General Meeting of the RWITC polled 282 against 161 and 288 against 152 respectively. In all 445 members voted for these resolutions.

The resolution No.1: is "An agreement between the Pegasus Clubs & Resorts Pvt Ltd and RWITC for the lease of the racecourse land.

The Resolution No. 2: "That the Pegasus Club & Resorts Ltd would pay a sum of Rs. 135 crores to the RWITC as a security deposit.

The Club was paid Rs. 10 crores out of Rs. 135 crores by the promoter as a payment to demonstrate the conductor's bonafides on May 2.

New development meant, construction of a Golf course, Hotel, Service apartments, Exhibition and Convention facility and sports facility on the allotted land of the racecourse.

The Club would also build a new club house, reconstruction of staff quarters, new betting pews and reconstruction of air conditioned and multi-levelled stables and quarters for trainers, jockeys and syces.

During the development of the racecourse, the Mumbai racing season would not be affected.

The Committee of RWITC proposed to utilise the funds available from this transaction for the reconstruction of Grand Stand of Pune racecourse, substantially increase the stakesmoney, construct air conditioned and multi-levelled stables and refurbish existing facilities.

Nothing would be done until Brihanmumbai Muncipal Corporation (BMC) gave consent under the lease deed.

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