Truebell Fujairah: Founding partner moves to establish ownership rights

Police case has already been registered in Fujairah

DUBAI: Fictitious it may sound, but the story of how Sanjay Ramsinghani, a UAE-based Indian businessman lost his 20 per cent ownership in a well-run Fujairah-based company on a fine morning could take anyone by surprise, and at the same time giving Sanjay himself the shock of his life.

Sanjay Ramsinghani, one of the founding partners of the Truebell Marketing & Trading LLC, Fujairah (UAE), has raised a serious charge against Haresh Ramsinghani a US passport holder, who is also the chairman and managing director of the Rama Group of companies based in India, for illegally and wilfully transferring his 20 per cent shareholding in the Fujairah-based company into the latter’s name.

“Not only that I have not transferred my share in that business to anyone, but more intriguing was that I didn’t have a clue about why this happened,” said Sanjay while explaining to how he ceased to be a partner in Truebell Fujairah.

Sanjay Ramsinghani said this illegal act had taken place in his absence when he was away in Iraq in 2003 on a different business assignment of his own.

Sanjay Ramsinghani said, “On my return from Iraq, I was stunned to learn that the 20 per cent shareholding I had in Truebell, Fujairah, had been transferred to Haresh’s name though I didn’t have a clue how this happened without my endorsement or even without my knowledge,” Sanjay said. tried to seek responses from the Investors Office of Rama Phosphate as well as from Haresh Ramsinghani himself using the available mail addresses and whatsapp number, but was of no avail.

Sanjay Ramsinghani said that after having failed to rectify the shareholding in the company and being denied justice as well as his due benefits from the company that would have run into tens of millions of dirhams, for years together, he filed a complaint at the Fujairah police station hoping to get justice from the authorities concerned.

It’s also not known whether Haresh Ramsinghani, being a US passport holder, has paid tax in the US against the earnings –  that could run into about AED135 million – he made from the disputed ownership in company for the past 16 years since 2003.

It was in 1998 five partners, including himself established two companies by the name of Truebell Marketing & Trading LLC, one each in Fujairah and Sharjah, as standalone entities.

“I actively worked to establish these legal entities and held 20 per cent shares of these separate legal entities. Till 2003, I was an active partner and the company had been successful in their operations,” Sanjay added.

When he moved to Iraq to work on a few logistic support contracts received from US, British Military and the UAE Army on behalf of some other legal entities promoted by him in the UAE, Sanjay said he entrusted the operations of those two entities in Fujairah and Sharjah to other partners. He said in due course of time, he sold his 20 per cent shareholding in the Sharjah Truebell to a Panama-based company.

“In my absence, I learnt that the remaining four shareholders of the Fujairah based Truebell Marketing & Trading have teamed up to transfer my 20 per cent shares in the company to Haresh Doulat Ramsinghani, without notifying me,” Sanjay added.

Sanjay Ramsinghani said a rough estimate will prove that the company had made good earnings and Haresh had unduly gained around AED135 million, or around USD36 million as dividend during 2003 to 2019. “In fact, this dividend belongs to me and hence I have determined to explore all legal avenues to establish my justice and recover my dues from the wrongdoers,” Sanjay said emphatically.


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