The Central Bureau of Investigation on Friday informed the Delhi high court that its appeal against the acquittal of former telecom minister A Raja and 16 others in the 2G spectrum allocation case was 'ripe for hearing'.
The five initial public offerings (IPOs) that closed on Monday attracted cumulative bids worth Rs 1.4 trillion against Rs 2,909 crore they were looking to raise. These offerings were subscribed between 11 and 195 times. Mamata Machinery, a limited manufacturer of machines used for making plastic bags, saw the highest oversubscription at 195x.
Union Finance Minister Nirmala Sitharaman on Saturday announced a fresh Rs 15,000 crore 'SWAMIH Fund' for completion of 1 lakh units in stalled housing projects across various cities, a move aimed at providing relief to distressed homebuyers whose investments are stuck. In November 2019, the Centre announced a stress fund named 'Special Window for Affordable and Mid-Income Housing' (SWAMIH), to complete stalled housing projects across India.
The Supreme Court on Wednesday directed a full-fledged probe into the collusion of Tihar jail officials with Unitech's imprisoned ex-promoters Sanjay and Ajay Chandra, based on Delhi police commissioner Rakesh Asthana's report filed in a sealed cover.
Properties worth over Rs 150 crore of real estate firm Unitech Group have been attached in a money laundering case, the Enforcement Directorate (ED) said on Tuesday. The assets include a dozen of land pieces measuring a total of 48.56 acres in Gurgaon near Delhi.
The Supreme Court on Thursday directed that former Unitech promoters Sanjay Chandra and Ajay Chandra be shifted from Tihar Jail in Delhi to Mumbai's Arthur Road Jail and Taloja prison in Maharashtra after the ED said they were conducting business from the premises in connivance with the staff.
This is the second instance of a realty firm foraying into telecom in less than a month. In August, Delhi-based Parsvnath Developers had submitted an application to the DoT for a Unified Access Service licence in 22 circles.
Delhi Police's Economic Offences Wing has arrested the Managing Director of Unitech and another person for allegedly not developing a project despite receiving funds from investors, police said.
Norwegian firm Telenor, the majority partner in Uninor, has asked Sanjay Chandra to step down from the post of Chairman of Unitech Wireless in the wake of ongoing 2G court case.
The company switched its focus from premium housing to affordable and mid-income projects to stay afloat
Real estate developer Unitech Ltd is bringing the super-luxury chain of hotels, Ritz Carlton, to Kolkata's Royal Calcutta Golf Club.
Unitech had 40 per cent stake in NKID, which has been acquired by the Salim group and Universal Success. Sources said NKID was now a 50:50 partnership between these two; earlier, Salim had a 40 per cent stake and Universal had 20 per cent. Asked why Unitech quit NKID, the former's managing director, Ajay Chandra, said, "I have no comments on this."
At least 38 per cent, or 8.3 million square feet, of its projected commercial space of 21.4 million square feet in its six parks will thus remain indefinitely on hold. The rentals from all these parks were expected to generate revenues for its AIM-listed associate Unitech Corporate Park, which has invested pound 317 million to acquire majority stakes in all the six seed projects in return of leasing rights.
IFCI, a state-run financial institution, today sold Rs 51.7 crore worth shares of Unitech, the nation's second-biggest property developer, as the promoters of the company failed to repay loans raised against pledged shares.
Unitech and Indiabulls Real Estate Ltd (IBREL) have deferred the listing of their respective real estate investment trusts (REITs) on the Singapore Stock Exchange (SGX)owing to the liquidity crunch in the global markets. Both Unitech and IBREL have received approval from the SGX for the initial public offers (IPOs) of their trusts.
The investigating agency wants to ascertain the actual purpose of the deal.
Telecom firms floated by DB Realty and Unitech have been identified by the CBI's prosecutor as having been given preferential treatment in the award of licences by former communications minister A Raja.
Anticipating increase in demand for space following opening up of FDI further in retail sector, realty major Unitech will invest up to Rs 4,000 crore to develop 13 shopping malls over the next four years.
Six infotech special economic zone projects of the Unitech Group, which owns the country's second-biggest real estate company, have been delayed by as much as three years owing to slowing demand and delays in government approvals, sources said.
Telenor 'yet again surprised', says will challenge order in a higher court
In spite of some initial hiccups due to problems in land acquisition, the real estate projects by Unitech in West Bengal were now on track. After facing delays due to problems in land acquisition, work at the proposed logistics hub on Kona Expressway had started.
This comes right after DLF, the largest property developer, brought out a range of measures to soothe restive customers at a couple of other housing projects at Gurgaon. The Unitech customer ire is due to alleged delay in completion of World Spa, apartments and villas that carry an average price tag of over Rs 1 crore (Rs 10 million) per unit.
The Delhi high court will pronounce its verdict on Friday on whether to admit the Central Bureau of Investigation's (CBI) appeal challenging the acquittal of former telecom minister A Raja, firms and others in the 2G spectrum allocation 'scam' case.
Unitech, the country's second largest property developer, has raised $300 million (nearly Rs 1,290 crore) from international investors for its $600 million global property fund.
In a presentation to investors, the company said it has become a key player in all four metros.
Norway-based telecom company Telenor has raised its stake in its Indian joint venture with Unitech Wireless to 60.1 percent from 49 percent at an investment of Rs 1,493 crore.
Real estate major Unitech entered the elite club of 30 scrips with highest market capitalisation on the Bombay Stock Exchange
Unitech Corporate Parks Plc, the real estate investment company listed on London's Alternative Investment Market in which developer Unitech Ltd holds a 40 per cent stake, has decided to put one of its largest assets in India on the block with a valuation of Rs 3,000 crore.
Telenor wanted to scrap the JV with Unitech and migrate the business to a new company to seek fresh operating licences.
Overseas investors questioned the difference between the net asset value of Unitech's Alternative Investment Market-listed Unitech Corporate Parks Plc fund and what the traded price of the units reflected. Company sources, however, maintained that investors were merely seeking information to understand the variance between the NAV of the fund, which was about 140 pence, and what its unit's trading price of 11.5 pence reflected.
Unitech has already got a stay on the rights issue from the Gurgaon district court, while Telenor's appeal against this decision has been declined by the Punjab and Haryana high court.
Promoter holding in Unitech, the nation's second-largest property developer, has dropped by 7 per cent since their September disclosure after lenders sold the shares pledged with them, according to analysts.
Unitech Ltd, the country's second largest real estate firm, has decided to sell its 200-room budget hotel Courtyard by Marriott in Gurgaon ahead of its inauguration in January 2009.
Unitech said it would exit the telecom JV with Telenor by disposing of its entire shareholding in Uninor and both the parties have amicably settled all legal disputes between them.
With the managing director out on bail & being questioned in relation to the 2G spectrum scam, the company is still not out of the mess.
Unitech has already tied up with hospitality chain Carlson for the Gurgaon property, and with Marriott for both the Noida and Kolkata hotels.
Sanjay Chandra is also the chairman of mobile telephony operator Unitech Wireless, which is one of the companies that are said to have made a windfall in the allocation of 2G spectrum.
The Central Bureau of Investigation (CBI) has started a fresh inquiry into the Rs 1,700-crore land deal between Tata Realty and Unitech in 2007.
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