IPL founder wins court fight with venture capitalist over claims of deceit
Lalit Modi was sued by former model, Gurpreet Gill Maag, and Quantum Care, a company she runs, at the High Court in London.
A businessman, who founded the Indian Premier League (IPL) cricket competition, has won a High Court fight in London after being accused of “deceit” by a venture capitalist.
Lalit Modi was sued by former model, Gurpreet Gill Maag, and Quantum Care, a company she runs.
Mrs Maag wanted damages, after investing about £750,000 in a cancer care company called Ion Care, which Mr Modi was behind.
But a judge, who heard evidence at a recent High Court trial, on Wednesday declined to find that Mr Modi had made “actionable misrepresentations”.
Judge Murray Rosen said Quantum had taken on a “heavy burden in seeking to establish a difficult case in deceit” and its evidence was “manifestly not sound enough for that task”.
The judge said an investment of one million US dollars (£760,000) was subject to Mr Modi’s “contractual promise of repayment”.
He said there would be judgement against Mr Modi for the balance of 800,000 dollars (£610,000) owing.
Mrs Maag said she had invested after Mr Modi “represented” to her that the Duke of York was among several high-profile people who were “patrons” of Ion Care.
“Quantum took on a heavy burden in seeking to establish a difficult case in deceit. Its evidence was manifestly not sound enough for that task”
Mr Modi disputed her allegations.
The judge said: “I decline to find that Mr Modi made actionable misrepresentations as alleged.”
He ruled that Quantum’s deceit claim against Mr Modi fell to be dismissed.
He went on: “Even if that were wrong, apart from its one million US dollar investment which is subject to Mr Modi’s contractual promise of repayment, I am not persuaded that it suffered any recoverable loss.
“There will be judgement for Quantum against Mr Modi for the balance of 800,000 US dollars owing under his contract, and interest. Quantum’s claims otherwise fail.”