BUSINESS
How SC stood by Amrapali homebuyers, ensured funding for stalled projects
However, the spell of opulence did not last long for the firm's top management. On February 28, 2019, the Supreme Court sent the group's CMD Anil Sharma and two directors to police custody for siphoning off money invested by the homebuyers.
They continue to remain behind bars. However, their incarceration has not lessened the worries of thousands of homebuyers, who had invested their life savings in the company's projects.
Feuding brother exposes Rohtas Goel's Rs 3,000-cr scam, casts shadow on Omaxe
However, it was a melting point that threw light into the alleged scam, in which Rohtas Goel allegedly had unaccounted cash transactions to the tune of Rs 3,000 crore, according to the Income Tax Department.
Ola Electric set to launch autonomous car in about 2 years
Speaking to reporters at Ola FutureFactory in Krishnagiri district in Tamil Nadu, Aggarwal said that Ola will look forward to launching a car with indigenously-developed autonomous technology that will be a mass-level vehicle.
ICICI Bank Q4FY22 net profit at Rs 7,019, up 59% YoY
The net interest income (NII) of the lender increased by 21 per cent year-on-year to Rs 12,605 crore in Q4, from Rs 10,431 crore reported in the same quarter last fiscal.
Will recall e-scooters if found faulty: Ola's Bhavish Aggarwal
In an interaction with journalists at the state-of-the-art Ola FutureFactory at the Pochampalli town here, Aggarwal said that the company is making sure that each and every scooter goes through stringent tests on all fronts, especially the battery which is an all-crucial part, and the company will not hesitate in recalling batches if any scooter is found to be faulty.
Indonesia's export ban for palm oil may have cascade effect on India's edible oil prices
India imports roughly 80 lakh tonnes of palm oil from Indonesia, Malaysia and Thailand annually. Of the approximate six lakh tonnes per month import, almost three lakh tonnes come from Indonesia, according to Solvent Extractors' Association (SEA). Although the export ban will be effective five days later, it has already created a buzz in the Indian market with traders wary of the impending shortfall and price hike.
Entire industry not tainted, those in trouble 'bad apples': Anarock Chairman
Recently on March 25, the National Company Law Tribunal (NCLT) declared Noida-headquartered realty major Supertech Ltd as insolvent while admitting a plea filed by the Union Bank of India (UBI) over non-payment of its dues. "The cases being referred to are from times before the implementation of regulations such as RERA," Puri said.
The Case Against Ambience: Why Raj Singh Gehlot is in jail
The observation came to light during the recent hearing of the bail plea of Raj Singh Gehlot, Chairman of the Ambience Group of Companies, who was arrested by the ED on charges of allegedly defrauding the banks which granted Rs 810 crore loan. Denying bail to Gehlot, the court also noted that the loan amount disbursed by the bank was siphoned off through certain entities, which have been found to exist only on papers.
Supertech stares at insolvency amid heat of twin-tower demolition
It advertised extensively and the firm was among the top in the real estate sector. Then in 2020 came the Covid pandemic, which turned everything upside down and created an unprecedented crisis for the real estate industry. As things begin to normalise, it seems normalcy has reached beyond the reach of Supertech with the company receiving a twofold blow.
Real estate barons betrayed people's trust, pulled down a growth sector
The real estate landscape in the region suffered multiple blows as leading names of the trade were mired in scandals in the recent past and some of them even landed in jail. This is a story of how real estate barons have played with the system, betrayed people's trust and created multiple crises.
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