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Business Standard

Gaurs Group to invest Rs 1,600 crore to build luxury flats in Ghaziabad

Realty firm Gaurs Group will invest around Rs 1,600 crore to develop a new luxury housing project in Ghaziabad, Uttar Pradesh, as part of its plan to expand business amid strong demand. The company has already launched and sold all 1,216 apartments in this project 'Gaur NYC Residences', which is spread over 12-acre land in Ghaziabad. "We have sold the entire 1,200 units within three days of launch. The total sales value we generated was Rs 3,100 crore," Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said. Gaur, who is also Chairman of realtors apex body CREDAI, highlighted that there was a huge demand for this project and the company received more than 3000 expressions of interest from customers who wanted to purchase. "For transparency, we allotted the flats through lottery conducted live on YouTube platform," Gaur said. When asked about project cost, he said the total investment will be around Rs 1,600 crore and out of that Rs 1,200 crore would be on pure constructi

Business Standard

Fada announces appointment of C S Vigneshwar as new president for 2024-26

The Federation of Automobile Dealers Associations (FADA) on Wednesday announced the appointment of C S Vigneshwar as its President for 2024-26 period. The decision was taken at the 315th Governing Council Meeting, held immediately after the 60th annual general meeting, FADA said in a statement. Vigneshwar is the Managing Director of Anaamalais Toyota based out of Coimbatore, Tamil Nadu, and has other dealerships of Volvo Eicher Commercial Vehicles (VECV) and Ather Energy, it added. He has been a council member of FADA for the last 12 years. Besides, Vigneshwar has been a member of the Apex Consultative Committee of VECV for the last 16 years and a part of the Toyota Dealer Council for 11 years and served as the Head of the Toyota India Service Dealer Council for 7 years, the statement said. FADA said its governing council also elevated Sai Giridhar, MD of Saisha Motors Pvt Ltd (Dealer for Skoda Volvo Cars & MG Motors) based out of Jaipur, as Vice President and Amar Jatin Sheth, ..

The Economic Times

ICICI-Videocon Case: Apex court notice to Kochhars

The Supreme Court has requested responses from Chanda Kochhar, former MD of ICICI Bank, and her husband Deepak Kochhar regarding the CBI's appeal against a Bombay High Court ruling that deemed their arrest illegal in the Rs 3,250-crore Videocon loan fraud case. The High Court had criticized the CBI for what it saw as an abuse of power in the arrests and confirmed interim bail for the Kochhars.

Business Standard

SC directs Sahara to deposit Rs 1,000 cr, allows JV to develop Mumbai land

The Supreme Court on Thursday directed Sahara Group to deposit Rs 1,000 crore in a separate escrow account within 15 days and allowed it to enter into a joint venture for developing its land at Versova in Mumbai to realise Rs 10,000 crore. The amount of Rs 10,000 crore has to be deposited in SEBI-Sahara refund account for returning the investors' money, in compliance with the apex court's 2012 order. A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi said in case the joint venture/development agreement is not filed in the court within 15 days, then it will sell the 12.15 million square feet of land at Versova on 'as is where is' basis. "We grant 15 days' time to SIRECL and SHICL (both Sahara Group companies) to comply with the statement made in court today. In case the joint venture/development agreement is not filed within 15 days, it will be open for this court to undertake sale of the Versova land on as is where is basis," it said. The bench added, "The Rs 1,000 .

Business Standard

ICSI launches framework for sustainable, responsible investment practices

Company secretaries' apex body ICSI has come out with a framework to promote sustainable and responsible investment practices that seek to help institutional investors and service providers. The ICSI Guiding Principles on Stewardship (IGPS) is a framework of ethical stewardship practices to empower institutional investors and service providers, it said in a release. The framework outlines best practices for responsible investment, encompassing environmental, social, and governance factors. It aligns with the global trend and offers much needed guidance towards sustainable and responsible investing, the Institute of Company Secretaries of India (ICSI) said in the release. The framework was launched at the institute's Middle East Conference in Abu Dhabi, UAE on Wednesday.

The Economic Times

Byju's insolvency case: NCLT rejects US lenders' plea to stop CoC proceedings

The Bengaluru bench of NCLT said it cannot stop the Committee of Creditors (CoC) meetings, as the apex court has allowed its constitution. It has deferred the matter between the US lenders and the troubled edtech's insolvency resolution professional.

Business Standard

SC issues notice to HP on Adani Power's plea seeking Rs 280 cr refund

The Supreme Court on Monday sought response from Himachal Pradesh on a plea filed by Adani Power Limited seeking a refund of Rs 280 crore along with interest from the state government in connection with two hydropower projects in Kinnaur district. On July 18, a division bench of the high court had overturned the decision of a single bench to return the amount of Rs 280 crore to Adani Power. An apex court bench of Justices M M Sundresh and Aravind Kumar issued notice to the Sukhvinder Singh Sukhu government on the appeal filed by Adani Power challenging the high court order. Adani Power has moved the top court against the high court judgment. "It will be crucial to mention here that the Council of Ministers (of Himachal government) had decided to issue the refund vide decision on September 4, 2015. Admittedly, the State on its volition had decided to refund the said monies to the petitioner (Adani Power). "However, the petitioner has remained out of pocket without any reason and at

Business Standard

Keystone Realtors to invest Rs 900 cr on housing project in FY25: CMD Irani

Keystone Realtors will step up investment on construction of residential projects this fiscal to Rs 800-900 crore as part of its strategy to ramp up execution capabilities. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR). In an interview with PTI, the company's CMD Boman Irani, who is also president of realtors' apex body CREDAI, said the company would invest a lot on construction and land purchases this fiscal to grow its business. "We will be investing around Rs 800-900 crore on pure construction during this fiscal. We invested around Rs 400 crore in the last financial year," he said. Irani said the company has a surplus liquidity of around Rs 3,000 crore to make investments for growth. "We raised Rs 800 crore from Qualified institutional placement (QIP) plus our internal cash flow," he said. Irani noted that the demand in the hous

The Economic Times

Centre expects hit of over Rs 1 lakh crore from apex court order allowing retrospective mining levies

The Centre expected mining companies to face a financial burden exceeding Rs 1 lakh crore due to a Supreme Court order allowing states to levy additional taxes retrospectively. The mining industry predicted even more substantial impacts, especially in Odisha and Jharkhand, with potential inflationary effects on the entire value chain.

The Economic Times

SC to mull listing of Vi's curative petition on AGR dues

The Supreme Court will soon decide on the listing of Vodafone Idea Ltd's curative petition related to adjusted gross revenue (AGR) dues. The company's new backers are seeking to know its exact liability towards AGR dues, citing DoT's errors in computing the final demand. The apex court had previously rejected Vodafone Idea's petition for rectification of alleged errors in the calculation of AGR dues payable by the company.

Business Standard

Cargo traffic across 12 major Indian ports surges 6.8 % to 69.8 MT in June

Cargo traffic across 12 major Indian ports rose 6.8 per cent to 69.08 million tonnes (MT) in June from 64.69 MT in the year-ago month, with ten ports showing positive growth while the remaining two witnessed a decline. Jawaharlal Nehru Port in Maharashtra recorded the highest growth in cargo handling at 15.12 per cent during the reporting month, followed by Cochin Port with 15.12 per cent, Kamarajar Port (10.70 per cent), Deendayal Port (8.57 per cent) and New Mangalore Port (8.53 per cent), according to the data released by the major ports' apex body Indian Ports Association (IPA). The 12 major ports are Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V O Chidambaranar), Visakhapatnam, Paradip and Kolkata (including Haldia) and Jawaharlal Nehru Port. According to the IPA, VO Chidambaranar Port's cargo traffic grew 7.73 per cent and Paradip Port 7.41 per cent growth, respectively, during the previous month. SMP Kolkata Port ...

The Economic Times

Members agree to turn GPAI into apex body for AI

Under India's chairmanship, the global partnership on artificial intelligence (GPAI) has agreed on a new vision to become a central body for AI matters. The integration with OECD aims to bring all members on equal footing. The focus is on responsible AI development and global policy-making.

The Economic Times

Look-alike, sounding similar drugs likely to face strict action

Earlier, in January India's Drug Technical Advisory Board (DTAB), India's apex drug advisory body, deliberated on the issue of same brand name (including look-alike and sound-alike ones) for different category of products and it suggested that to ensure patient safety, the manufacturing and marketing of different drugs with same brand name should "not be allowed."