Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi revealed in its interim order.
Data centres are increasingly becoming a key part of the real estate landscape, as reality firms - with rich expertise in land acquisition, construction and dealing with government approvals - are seeing them as opportunities to build long-term assets with continuous revenue flow.
'In the past six months, capital markets have seen a dip, and realty is struggling. The stock-market investor will be cautious of putting that investment in real estate when there may be a slowdown coming.'
Two malls in Gurugram and Noida were evacuated on Saturday after they received bomb threat emails with police later saying that nothing suspicious was found following anti-sabotage checks.
Robert Vadra, brother-in-law of Congress leader Rahul Gandhi, appeared before the Enforcement Directorate (ED) for the third consecutive day on Thursday for questioning in a money laundering case linked to alleged irregularities in a 2008 Haryana land deal. The ED has been investigating Vadra in connection with a land deal in Haryana's Manesar-Shikohpur, where a company he was a director of purchased land from Onkareshwar Properties and later sold it to DLF for a significantly higher price. The case has been embroiled in controversy since 2012, with allegations of corruption and nepotism surrounding the deal. The ED is expected to file chargesheets in all three cases being investigated against Vadra.
Robert Vadra, the brother-in-law of Congress leader Rahul Gandhi, appeared before the Enforcement Directorate (ED) for the second consecutive day on Tuesday in connection with a 2008 land deal in Haryana linked to a money laundering case. Vadra, who was accompanied by his wife Priyanka Gandhi Vadra, was questioned for about five hours and his statement was recorded by the ED. The session will resume on Wednesday. Vadra has termed the ED action "political vendetta." The probe against Vadra is linked to a land deal in Haryana's Manesar-Shikohpur, where a company named Skylight Hospitality Pvt Ltd, of which Vadra was a director, purchased a 3.5-acre land in 2008. The company later sold the land to realty major DLF in 2012, which led to controversy after an IAS officer cancelled the mutation, deeming the transaction as violative of state consolidation Act and related procedures.
The case relates to development and sale of residential units in Gurgaon.
Persuaded not to sell that day in January 1975, DLF today has assets of over Rs 52,237 crore and a net worth of around Rs 40,000 crore.
Gensol Engineering, the beleaguered firm that came under market regulator Sebi's lens for fund diversions and governance lapses, said that its independent director Arun Menon has resigned with immediate effect.
DLF, the company under the cloud due to its not-so-transparent business relations with Robert Vadra, has come out with its defence. The four-page long defence is to help take the pressure off from Congress president Sonia Gandhi whose reputation is at stake.
India's most heavily indebted property firm, DLF has filed an appeal with the Securities Appellate Tribunal (SAT) against a ban from tapping capital markets for three years, a spokeswoman for the appellate told Reuters.
Vadra has been questioned multiple times by the federal probe agency in a different money laundering case.
At present, DLF builds apartments under two segments -- luxury and premium (mid-income).
No effect on ongoing projects, says company.
Four years after delisting its shares from the Delhi Stock Exchange, real estate behemoth DLF is knocking at the capital market again selling shares at - hold your breath - 837 times the valuation at which it exited the stock market. Should you buy?
Shares of DLF on Thursday plunged nearly 9 per cent after the Punjab and Haryana High Court set aside the state government's decision to allot 350 acres of land in Gurgaon to the realty major in 2010.
The real estate major plans to bid for upcoming airport modernisation contracts with foreign partner.
The national real estate market presents an intriguing picture. Lower volumes and flat pricing serve as dampeners. Sales bookings across the top ten markets have seen 6 per cent growth year-on-year (Y-o-Y) between April and August 2024, but sales volume is down 8 per cent Y-o-Y. Unsold inventory is up.
The group also plans to nearly halve DLF's debt from Rs 13,958 crore to Rs 7,000 crore by the end of the current financial year by selling around Rs 5,500 crore worth of assets and raising Rs 2,000 crore from the DAL listing, said Singh. Wednesday's divestment will also help reduce DLF's debt by around Rs 1,500 crore since this amount will be given to DAL to repay part of the Rs 4,900 crore it owes the realtor, he added.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
A Sebi spokesperson did not respond to an email seeking comments.
For the June quarter, sales for DLF were down 25 per cent at Rs 1,725 crore (Rs 17.25 billion) over the same quarter a year earlier.
Realty major DLF and Bharat Hotels, owners of The Grand group of hotels, are working towards a joint venture for developing and running hotels. While DLF will own the land and be in charge of the actual construction of hotels, the latter will operate
DLF has launched a mega discount sale of its properties.
The launch of the 19-floor luxury apartment project in Gurgaon's Sector 86 is the first big project from DLF this financial year.
Rejecting Arvind Kejriwal's allegations that DLF favoured Robert Vadra, the realty major has said that the social activist-turned politician was making these charges "out of hat" to gain publicity.
Buoyed by the recovery in the real estate sector, realty giant DLF on Thursday said it will hire people to sustain growth of the company.
Vadra launched Skylight Hospitality four months after the DLF shares got listed, amid complaints of inadequate disclosure from investor associations and former business partner Kimsuk Krishna Sinha.
It was an individual complainant, seeking action against Rs 34 crore (Rs 340 million) he was allegedly duped, and "sham transactions" involving three 'housewives' that has led to regulator Sebi coming hard on the country's biggest real estate developer DLF and its top executives.
DLFknowingly suppressed material facts: Sebi
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
Activist Arvind Kejriwal on Sunday described the clarifications of realty major DLF on his allegations that Robert Vadra was given property at throw away prices for government favours as "half truths and lies".
Real estate major DLF has come under the scanner of central revenue officials for allegedly evading service tax to the tune of about Rs 30 crore.
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Owners selling apartments are putting in a clause that if final order allows original buyers to get compensation.
CCI has accused realty player DLF of preparing one-sided agreement with home buyers
As it battles pre-IPO hiccups in a volatile market, construction major DLF was caught on the wrong side, the second time in the last three months, by Monopolies and Restrictive Trade Practices Commission who found the builder guilty of "unfair trade
Real estate giant DLF on Wednesday revived the process of entering the capital market through its initial public offer, being touted as the country's largest, to raise about Rs 13,600 crore
