A bench headed by Justice G S Singhvi granted two weeks time to Chandra to file his response on CBI's petition alleging that he had misused the relief given to him by approaching the then CBI prosecutor A K Singh and trying to 'materially interfere' with the prosecution in an 'attempt to influence' the conduct and outcome of the trial.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
Real estate developers are sitting on around 7.85 lakh unsold housing units across eight major cities and it will take them 32 months to clear these stocks at current sales velocity, according to PropTiger. However, in Delhi-NCR residential market -- which has been adversely impacted due to defaults of many big builders like Amrapali, Jaypee Infratech and Unitech -- it will take 62 months to sell over 1 lakh unsold housing units. Housing brokerage firm PropTiger.com data showed that unsold housing inventory has increased to 7,85,260 units as on September 30, 2022 from 763,650 unsold units at the end of previous quarter.
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
Karan Choudhury reports on the implications of the strict Real Estate (Regulation and Development) Act and the prosecution of Unitech MDs, Sanjay Chandra and Ajay Chandra, in an alleged fraud case.
Board of directors of Unitech Wireless to clear name on Tuesday.
The probe agency sought to intervene in a plea of Chandrashekhar, who is lodged in Tihar jail on charges of money laundering and duping several people, and his wife seeking their transfer to a prison outside Delhi alleging threat to their lives from jail staff.
Telenor suggested that he be replaced by another representative of the promoters.
The Delhi high court on Tuesday allowed the Central Bureau of Investigation and the Enforcement Directorate's pleas seeking an early hearing into the appeals challenging the acquittal of former telecom minister A Raja and others in the 2G spectrum allocation case.
Says got govt clearance in investments in Unitech Wireless.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
If the developers continue to express inability to pay, buyers should file a petition in the SC and request it to initiate proceedings under Article 142 of the Constitution
Unitech, a New Delhi-based real estate developer, has said various bills related to land and real estate sector may impact the sector's growth if various stakeholders' interests are not taken care of.
Major companies DLF and Unitech have posted an increase in their net profit after a gap of almost two years.
Unitech is pinning its hopes on the sub-Rs 5 lakh category of flats to counter the slowdown in the property sector. So are a host of others. Apart from Unitech, others such as Omaxe, Raheja, Tata Housing and Ansal API are planning new projects in the suburbs of satellite towns or smaller cities to target the bottom segment, to generate more cash.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Foreign companies miffed at Indian partners for irregularities, rising debt.
After building a subscriber base of nearly 50 million in about eight chequered years, it finally gave up as it saw itself up against a 600-pound gorilla that breezed through double that many subscribers in a fraction of that time, says N Sundaresha Subramanian.
While DB Realty sent out an official statement early evening, Unitech did that much later.
With the deadline for filing the chargesheet in the 2G spectrum case nearing, the CBI is expected to soon question Dravida Munnetra Kazhagam MP K Kanimozhi and corporate lobbyist Niira Radia, especially on the role played by Radia in clinching a deal between Tata Realty and Unitech.
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
Taking mobile tariffs to a new low, telecom service provider Uninor, a joint venture between Unitech and Norwegian firm Telenor, on Frday announced call charges as low as 20 paise per minute.
DLF, Unitech, HDIL & Puravankara line up 60 million square feet of new launches. This is more than double the sales bookings in the past financial year.
"The inspiration to develop smaller and cheaper apartments comes from the Nano car, which is eliciting a tremendous response. I am sure our project will see a similar response, given the fact that we will come up with such low-cost apartments in metro cities," said R Nagaraju, general manager, corporate planning, Unitech. It plans to launch mid-segment residential projects in metro and suburban cities over the next few months.
A bench headed by Justice Madan B Lokur asked the Centre as to what action has been taken in the matter.
The managing director of a US-based pension fund blamed the fall on the carnage in stock markets globally and the heavy pullout by investors. "Last year saw unprecedented pullouts by hedge funds as they faced huge redemption pressure. Lots of investors believed they had paid too much and sold off. Most of the funds were listed in 2006 when realty prices were high. But now, prices have come down in most parts of the world."
The Norway-based firm, Telenor, entered India through a joint venture with Unitech Wireless.
The government on Thursday issued 22 more licenses to new players, including Idea Cellular and realty major Unitech, a move that would bring in competition and lower mobile tariffs.
For such bonanzas, prospective home buyers have a downturn to thank. Property sales have fallen 15 to 20 per cent countrywide over the last six months, owing to rising home loan rates. This has pinched the cash flows of developers, already reeling under higher borrowing costs and a range of anti-inflationary measures that restrict their flexibility to raise funds.
Omaxe, L&T and Unitech have already applied for the Rs 200-crore (Rs 2 billion) development projects at Udaipur and Amritsar. The work includes commercial operations and maintenance of the airport terminal building, besides development of 46,268 sq metres and 110,308 sq metres of land for city-side development and cargo handling facilities at Udaipur and Amritsar, respectively.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
DLF, Unitech, Emaar-MGF and the Ambience Group are in race to build the largest mall.Delhi and its suburbs are witnessing a race without a finishing line - the rush to build India's largest shopping mall. The players are the top names in the real estate business - DLF, Unitech and Emaar-MGF.
The realty run-up in the tier-II cities in north India are outrunning the employment opportunities, says Unitech's MD Sanjay Chandra.
The Central Bureau of Investigation on Wednesday registered eight more preliminary enquiries in connection with issues related to intercepted phone calls of lobbyist Niira Radia against former Jharkhand Chief Minister Madhu Koda, Reliance Industries Limited and others in separate cases.
'The growth drivers are mostly invisible, but the growth is undeniable at least for now,' notes Debashis Basu.
He allegedly advanced the cut-off date to favour accused firms in allocation of 2G licences.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
Justice Brijesh Sethi held that the 2018 amendment to the Prevention of Corruption Act relating to Section 13 (1)(d) would not come to the rescue of the acquitted accused in this appeal.
Balwa arrived at the CBI headquarters and was immediately taken before the special team constituted by CBI Director Ranjit Sinha to probe the matter.
Sun Pharma promoter Shanghvi's brother-in-law Sudhir Valia to pick 26%
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