by THO
World Trade Centers Association (WTCA) has said that it has terminated 13 licences held by WTC Noida Development Pvt. Ltd (WTC Noida) and Spire Techpark Ltd 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,’ the company said in a statement on March 4.
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, it said.
“It has come to our attention that one of our large members in India – WTC Noida Development Pvt. Ltd. (WTC Noida) & Spire Techpark Ltd – have encountered significant problems in the development of their businesses in India. 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,” a spokesperson for WTCA 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 spokesperson said.
“The WTCA is a not-for-profit, non-political association dedicated to helping establish World Trade Center branded businesses around the world that serve as instruments for international trade expansion. 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,” the spokesperson said.
“WTC Noida was a licensee of the iconic World Trade Center brand that is owned by the World Trade Centers Association, Inc. (WTCA) located in NYC. WTCA has not been involved in any way – be it as a partner, shareholder, manager, or participant – with the real estate development projects of WTC Noida or any of WTCA’s other trademark licensees anywhere in the world. Inquiries should be sent to the appropriate entities — WTC Noida Development Pvt. Ltd (WTC Noida) and Spire Techpark Ltd,” added the spokesperson.
The move came amid a probe by the Enforcement Directorate against WTC Group and its promoters Ashish Bhalla, Suparna Bhalla, Abhijeet Bhalla, as well as Bhutani Infra and others for alleged cheating, criminal breach of trust and defrauding hundreds of homebuyers.
The WTCA is a network of over 300 highly connected, mutually supporting businesses and organisations in nearly 100 countries/territories.
As the owner of the “World Trade Center” and “WTC” trademarks, WTCA licenses exclusive rights to these brands for members to use in conjunction with their independently owned, iconic properties, facilities and trade services offerings.
On March 4, the ED said that it had identified assets worth thousands of crores of rupees after conducting searches against realty firms WTC Group and Bhutani Group.
With inputs from PTI
