The Enforcement Directorate has attached assets worth Rs 634 crore of a Unitech Group realty project in Noida as part of a money laundering investigation linked to alleged fraud with homebuyers.
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.
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.
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.
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.
The world's leading funds and financial institutions have invested in Unitech Corporate Parks Plc, the company that the Unitech Group floated last week at the London Alternative Investment Market.
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.
Approaches Morgan Stanley, GIC and Blackstone
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'.
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.
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."
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 investigating agency wants to ascertain the actual purpose of the deal.
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.
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.
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.
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.
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."
Unitech alleged that the takeover of the management of the company by the Centre would make it difficult for them to deposit Rs 750 crore as directed by the apex court to safeguard the interests of homebuyers.
All the corporate accused had challenged the special CBI court's order declining their bail pleas and directing their arrest on April 20.
For over a year Sanjay Chandra, managing director of the Unitech group, has been under a cloud for various reasons.
Summons have been issued to some new telecom firms asking for financial records and documents, according to official sources. However, the names of the companies could not be ascertained.
Nine companies were given new licences in January 2008.
But analysts advise against dumping, say these could recover if market conditions improve.
Admitting the Central Bureau of Investigation appeal, the high court said there are "some contradictions" in the trial court's judgment which require "deeper examination".
Justice Dinesh Kumar Sharma said the parties shall file brief written submissions not exceeding five pages.
The Central Bureau of Investigation (CBI) began making submissions on Monday on its appeal before the Delhi high court challenging the acquittal of accused persons, including former telecom minister A Raja, and firms in the 2G spectrum allocation scam case in December 2017.
The CBI contended before the Delhi high court on Tuesday that there were glaring illegalities in the trial court judgment that acquitted former telecom minister A Raja and others in the 2G spectrum allocation scam case.
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.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
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.
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.
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.
Likely to seek FIPB approval to raise holding; deal could bring FDI of about $696 mn.
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.
Foreign companies miffed at Indian partners for irregularities, rising debt.
The Norway-based firm, Telenor, entered India through a joint venture with Unitech Wireless.
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