Court has also directed that financial statements, bank details, any important resolutions by Board of directors of the company be placed on record along with minute books and attendance register w.e.f 1st April 2015 onwards. Also notices along with the proof of dispatch of the Board meetings and attendance registers be filed.
When the property market is hot, the sharks begin to circle; recognising the opportunity to fleece the rest of us out of our money. The problem with property scams (cartel of appreciation) is that they are hard to detect in advance and often perfectly legal. They are marketed convincingly and professionally, unlike the instantly recognisable scams we are used to in other walks of life. Property sharks are harder to pin down when the market is going up, but they are nowhere to be seen when the prices crashes.
ZiffyHomes, a Gurgaon-based home rental marketplace has raised seed funding of INR 2 crore from Individual investors. The round was led by Bikky Khosla, Angel Investor and CEO at TradeIndia.com and Anirudh Agarwal, Managing Director at Shree Sharda Group. The duo will also join ZiffyHomes as Board Members to mentor the team for fast growth.
The developers are by and large living in denial. The deep rooted psyche is that once the market conditions improve the buyers have no choice but to run for an asset class that is not only need-based but also a business where the demand far exceeds the supply. This medieval thought process is in fact the biggest roadblock in the way of best practices gaining ground in the Indian real estate.
ASSOCHAM has urged the Government, National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India to treat homebuyers in real estate projects at par, if not above banks in the pecking order, by providing a separate carve-out for those stuck in the incomplete construction, and any legal hurdle should be immediately removed, by a Presidential Ordinance, if need be.
Olympia has been designed keeping in mind the fact that the presence and availability of playing spaces and active sports for children works wonders for their health and also sharpens their minds and personalities. With in-built privacy for families, ample play spaces for children, proximity to work, access to good healthcare and educational institutions, ‘Olympia’ is the perfect package for the entire family.
Track2Realty Exclusive: Sitting in the back bench of a real estate award night I heard two developers talking among them as to in which category are they getting the award. Did I hear it right? Not the nominated category, but the category of getting award? Even before the awards were announced, how come they know that they have already bagged the award?
Track2Realty Exclusive: If CCI verdict against DLF is upheld, it will amount to all developers in danger of coming under the jurisdiction of the competition commission. Would the slew of builders across the country very much be amenable to this kind of interpretation?
The Sahara Group has clarified their stand in public after the jolt by the Supreme Court asking them to refund within three months Rs. 24,029 crore it had collected between 2008 and 2011 from over 2.96 crore investors, flouting mandatory regulatory provisions and the Company Act. In the wake of media onslaught after the Court asked two Sahara Companies to pay 15% interest on the amount, the Group in a statement has following version in its defence.
Unitech has told Company Law Board (CLB) that its dispute with Norwegian firm Telenor over their joint venture Uninor was fit case for arbitration.