Corporate Governance
Under the lens

Delta Corp wants to enter realty JV with ‘sister’ firm Peninsula. This has irked big investors

Delta Corp wants to enter realty JV with ‘sister’ firm Peninsula. This has irked big investors

From left, Jaydev Mody, Chairman, Delta Corp.; Urvi Piramal, Chairperson, Ashok Piramal Group.

Synopsis

Delta Corp promoter Jaydev Mody has a significant stake in Peninsula Land, headed by his sister Urvi Piramal and run by his nephews. This has raised governance concerns as the company doesn’t seem to have taken even the large shareholders into confidence. Also, the move comes at a time when Delta is facing an INR23,000 crore GST liability.

By
7 mins read, Last Updated:
From the development of Mumbai’s first mall Crossroads at Tardeo in the late 1990s, to the redevelopment of one of the earliest mill lands of the city, Morarjee Mills at Lower Parel, Jaydev Mody has been a prominent figure in Mumbai’s real-estate scene. In fact, according to his own account, it is from the proceeds of unwinding his realty investments, Mody generated the capital for seeding Delta Corp — a gaming company with interest in casinos

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