The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA).
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.
Infrastructure company Jaypee Infratech Ltd, a part of Jaypee Group, has planned to go public with a Rs 2,600-crore IPO in the next two months. The company has filed the Draft Red Herring Prospectus with the Security Exchange Board of India. Confirming the development, sources close to the development said, "While the price band is yet to be decided, the IPO size is estimated to be around Rs 2,600 crore."
In the largest private equity deal in the country ICICI Venture Funds Management Co has concluded a $800 million (Rs 3,200 crore) deal to buy a minority stake in Delhi-based Jaypee Infratech, a subsidiary of the infrastructure-to-hotels Jaypee Group.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
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.
Gadkari, who handles key infrastructure-related portfolios, said there is no problem with the road sector at present and money is not an issue anymore.
N Sundaresha Subramanian, Karan Choudhury and Shreya Jai report on the sorry condition of homebuyers who invested in Jaypee Infratech and the Amrapali group's Noida-based projects.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The NHAI says non-availability of funds from private developers and financial institutions is also responsible for major delays.
Hike in planned public-sector capital expenditure will be credit-positive for infra cos
The 30-share Sensex lost 54 points at end at 27,086 and 50-share Nifty shed 19 points to close at 8,096.
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The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
Delhi Metro, Yamuna-expressway and Tata Power's Mundra ultra mega power project in Gujarat are among the six ventures that have figured in the list of world's most innovative, impactful infrastructure projects prepared by international accounting firm KPMG.
As FIIs pull out of road projects, doubts have surfaced about the future of new highways and roads
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More than 10% (40 of 498 companies) have lost at least half their market value.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
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No one can fault India Inc for not taking care of shareholders; in fact, it has been extra generous.
M-cap of 35% of BSE-500 companies, excluding financial ones, is below their debt or just a shade above
The minister tells Subhomoy Bhattacharjee that he wants to set up a financing corporation for the road and shipping sectors, which will throw up a business opportunity of Rs 25 lakh crore!
Promoters' holding in private sector BSE 500 companies declined to 43.4% in Sept
The 2014 Indian Grand Prix was on Tuesday dropped following a rejig in racing calendar for the coming year, according to race organisers JPSI, who said the motorsport extravaganza will now come back to the country in March 2015.
The policy statement by the RBI governor is also expected to be upbeat.
An exercise to rationalise coal linkages which will optimize transport of coal and reduce cost of power is underway.
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Few top honchos of India Inc did very well in 2014.
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