Here, intent is the key. By reaching out to government agencies to complete unfinished housing projects, the SC has one express aim: relief for the stressed homebuyer.
Sakshi Batra gets in a conversation with Moneycontrol's Vandana Ramnani to understand what this suggestion means and what precedent does it set.
Asking PSUs to finish construction of flats for a private developer is akin to privatising profits and socialising losses
At 1014 hrs, Unitech Ltd was quoting Rs 1.30, up 4.84 percent on the BSE.
The application moved in the Supreme Court seeks for the immediate suspension/removal of the board of directors of Unitech Limited and the appointment of the nominees of the union/Government of India in its place.
As many as 74 projects are under construction and over 16,000 homebuyers have invested in these projects.
These firms have not made required submissions to the exchange as per listing regulations within the prescribed time limit for the quarter ended September 2018.
A bench headed by Justice D Y Chandrachud asked accounting firm Grant Thornton to carry out the forensic audit of Unitech and all its subsidiary companies since January 2006.
Post the Jaypee, Amrapali and Unitech case, homebuyers are definitely more informed. Despite that, the trust deficit is bound to continue as a majority of them are still apprehensive about under construction projects.
At a brief hearing, Justice Chandrachud indicated that the issue of conducting a forensic audit of Unitech's financials may come up on December 7.
Selling in some small & mid-cap stocks started in the beginning of 2018 also —thanks to high valuations, but the pressure increased further post August
Its net loss stood at Rs 5.99 crore in the year ago period.
With appointment of Dhir, the company said it was complying with the mandatory provisions of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding combination of directors with at least one woman director.
Foreign institutional investors (FIIs) have pulled out more than Rs 12,000 crore from Indian capital markets so far in the month of September
The commission also asked the firm to pay a litigation cost of Rs 10,000 to the home buyer.
The National Consumer Disputes Redressal Commission (NCDRC) has asked Unitech Limited to pay, within six weeks, an amount of Rs 58,41,623 along with a compensation of simple interest at the rate of 10 percent per annum, to Shakti Kumar Matta and noted that the firm had shown deficient service.
The company said in a regulatory filing that its total revenue declined sharply to Rs 77.94 crore in the first quarter of this fiscal, compared to Rs 289 crore in the corresponding period last year.
Next date of hearing fixed for August 21
Directs Wisdom World Developers to prove its bonafide by depositing Rs 15 crore for Noida properties. Next date of hearing fixed for July 27
Next date of hearing fixed for July 16
Total income however jumped over two fold to Rs 977.59 crore during January-March, 2017-18 from Rs 480.36 crore in the year-ago quarter.
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There can be a resolution to buyers’ problems ‘soon’ if they insulate themselves from people who are spoiling their cases