The ultra-luxury branded residences in Gurugram will be developed by M3M India and Elie Saab while in Noida it will be developed by M3M’s subsidiary company Smartworld Developers in partnership with Elie Saab.
A provisional order has been issued by the federal probe agency under the Prevention of Money Laundering Act (PMLA).
The court said the ED arrested Pankaj Bansal and Basant Bansal without informing them about the reasons for their arrest. The ED probe against them will continue
The apex court deferred the hearing due to paucity of time
In July 2023, the Punjab and Haryana High Court refused to release Basant Bansal and Pankaj Bansal, after they were arrested on charges of money laundering in connection with a former CBI judge in Panchkula
According to CCI, the presence of such developers seem to impose significant competitive constraints of M3M and hence it cannot be called a dominant player.