NEW DELHI: World Trade Centers Association (WTCA) has said that it has terminated 13 licences held by WTC Noida Development (WTC Noida) & Spire Techpark due to numerous material violations of license agreements, failure to adhere to the bylaws of the WTCA as well as inability to advance the objectives of the association.
Effective 19 February 2025, the termination is applicable to the licences held for WTC Ahmedabad, WTC Amritsar, WTC Bhopal, WTC Chandigarh, WTC Faridabad, WTC GIFT City, WTC Lucknow, WTC Noida, WTC Noida CBD, WTC Patna, WTC Surat, WTC Vadodara and WTC Varanasi.
WTCA spokesperson said, “Upon the conclusion of our internal examination of WTC Noida, the WTCA came to the conclusion that they had breached material terms of its license agreements. Therefore, the WTCA took the necessary action to terminate its license agreements with them effective as of February 19, 2025. The difficulties have been so severe, so significant, and so public, that it has adversely affected the reputation of the World Trade Centers Association (WTCA) and its brands, and by extension, every one of our members requiring the WTCA to investigate the matter.”
Bhutani Infra also issued a statement which said that no land or funds were transferred to Bhutani Infra during its brief association with WTC, including any shares transfer in any land holding companies to Bhutani Infra or its directors. The company severed all ties with the WTC Group earlier in February after just six months of signing an MoU in July 2024.
“While we own and license the world-famous World Trade Center (WTC) brand to our members, we are not involved in developing or financing their projects, nor do we have any equity or ownership in, or enjoy any profit share from, their respective businesses,” said the WTCA spokesperson.
The statements come after the enforcement directorate (ED)-Gurugram conducted search operations on January 27, 2025 at 12 locations in Delhi, Faridabad, NCR region against WTC Group & promoter Ashish Bhalla and Bhutani Group and its promoter Ashish Bhutani under the provisions of prevention of money laundering act (PMLA), 2002.
During the search operations, various incriminating documents, digital devices, jewellery and bullions amount to Rs 1.5 crore were recovered and seized and fixed deposits in the name of WTC Group of companies had been frozen, the authority said.
