Highlights
$4.5BN LOAN DEAL SIGNED BETWEEN BANGLADESH AND INDIA
Bangladesh Economic Zones Authority. Bangladesh will
use the funds for 17 priority infrastructure projects, which
include electricity, railways, roads, shipping and ports. As
with previous line of credit (LoC) agreements, Bangladesh
will pay an interest rate of 1% a year for 20 years, with a
grace of 5 years as agreed.
Mr. Jaitley said Bangladesh had developed significantly on
the socio-economic front in the past seven years. “We have
stood by Bangladesh’s attempts to develop and we will do
so in the future. This significant agreement is a continuation
of that effort.”
On October 4, a $4.5-billion loan deal was signed between
Bangladesh and India for developing its infrastructure,
health and education. It was in the presence of Finance
Minister Arun Jaitley and his Bangladesh counterpart,
A.M.A. Muhith, by Bangladeshi Economic Relations Division
Secretary Kazi Shofiqul Azam and Managing Director of
the Export-Import Bank of India David Rasquinha that this
agreement was signed.
Mr. Jaitley said 17 development projects had been
recognized under the deal. About $500 million will be used
for setting up new economic zones for Indian and other
investors as per Indian Finance Ministry officials and the
Mr. Muhith said Bangladesh and India have “excellent
relations at the moment”. “They stood by us during our
independence struggle. We hope they will continue to do
so in the future.”
The $4.5bn deal was announced in April, whilst Prime
Minister Sheikh Hasina’s visit to India. Mr. Jaitley’s trip to
Bangladesh was used to finalize the agreement.
Under the agreement, Bangladesh will have to purchase
65% to 75% of the services, goods or works from the Indian
market with the money to be provided under the new
LoC following the precedence of the previous two nearly
identical agreements.
QUICKDEL LOGISTICS SLAPS `300-CRORE LEGAL NOTICE ON
SNAPDEAL
A `300 crore legal notice has been sent to Snapdeal
founders Kunal Bahl and Rohit Bansal, and Jasper Infotech,
the entity which runs Snapdeal by Quickdel Logistics,
the parent of GoJavas that had raised investment from
Snapdeal.
Anand Rai, who had acquired Snapdeal’s stake in
GoJavas and merged it with his Pigeon Express stated
that Snapdeal stopped doing business with GoJavas
for the benefit of Vulcan and “stole” confidential
business information such as data on employees and
service vendors.
Snapdeal held 49% stake in GoJavas and the founders of
the company had sold it to Rai in a fire sale.
“I’ve sent them a legal notice worth `300 crore for criminal
breach of trust against GoJavas which resulted in erosion of
value of Quickdel,” Rai said. (FIR) with the Delhi Police against former promoters and
directors of Quickdel - Praveen Sinha, Randhir Singh, Ashish
Chaudhary and Abhijeet Singh followed with Quickdel’s
notice.
The notice alleges the founders and the company of
criminal breach of trust and siphoning off money from
GoJavas to Vulcan Express, the in-house logistics firm of
Snapdeal. Jasper Infotech filed a first information report When contacted, a Snapdeal spokesperson termed
Quickdel’s allegations of cheating, forgery, criminal breach
of trust, conspiracy and criminal misappropriation of funds
as baseless.
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| L egal E ra | N ovember 2017
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