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.
StayAbode Ventures has announced Asia’s largest co-living project in partnership with CP Developers. This will be the largest A grade co-living project in India with 1400 people living in a community environment, in the heart of Bengaluru’s Whitefield – a professional hub neighbouring ITPL and large MNCs with a working population of over 50,000 millennials.
Call it market disruption or the innovative disruption or just new marketing strategy but it seems this is the next big idea at a time when the market conditions are really challenging to get noticed. What really is disruptive innovation?
In a move to strengthen its position as one of India’s largest student co-living companies, Stanza Living has raised a total of INR 73 crore (USD 10 million) in an investment round led by Sequoia India.
Sunil Goel, the second largest promoter and shareholder of Omaxe Group has alleged for financial fraud at Omaxe Group. He has filed a legal petition against Rohtas Goel, Chairman & Managing Director, Omaxe Ltd for malpractices and financial mismanagement carried out in the company allegedly by Rohtas Goel.
This marks Mitsubishi’s entry into the Indian real estate sector and Shriram has been chosen partner for Mitsubishi’s maiden investment. Shriram was earlier chosen partner for first-ever realty investment respectively by TPG, Tata Capital, Walton Street Capital and Starwood Capital.
It is more of bad news than good news for the developers as far as their efforts to entice the NRIs is concerned. The good news is that the outlook of the expat Indians towards the Indian real estate is changing; the recent policy reforms have made them more optimistic about the property market back home. But the bad news is that they are yet not ready to commit for property purchase in India.
The role played by the DGTCP (Director General Town & Country Planning) has also been in question because of its alleged inaction in addressing the concerns of the homebuyers regarding the blatant violations of the provisions of the Haryana Development & Regulation of Urban Areas Act, 1975 and Rules of 1976 made thereunder while failing to stop the illegal sale of units being made by IREO in its name without having been granted any permission/approval for the same by the DTCP under the extant provisions of applicable laws.
This was also the first quarter where the new accounting standard of IND AS 115 was followed by the company, which uses the project completion method instead of the existing percentage completion method. While some fluctuations in reporting the income are expected, there is no impact on the company’s cash flow or income tax liability, as the company continues to follow percentage completion method under Income Computation and Disclosure Standards (ICDS) for income tax purpose. In other words, it is a compliance requirement which will not have any impact on the overall business of the company. We are confident that on completion of some of the ongoing projects in this financial year, the overall income growth momentum will be maintained
Provident Housing, a Puravankara Company, has announced the integration of Artificial Intelligence into the business, by introducing its two very own robots – Mitra and Mitri.