UP Nazul Property Bill faces select committee review despite Assembly approval
Author : PNT Bureau
The Uttar Pradesh Legislative Assembly passed the Nazul Property (Management and Use for Public Purpose) Bill, but the Legislative Council sent it to a Select Committee for further review. The bill, aimed at regulating government-owned lands for public purposes, was met with concerns from ruling party members. Deputy CM Keshav Prasad Maurya presented the bill, but BJP's state president Bhupendra Singh Chaudhery suggested a deeper examination. The committee will report within two months. Critics urge transparency and efficient land management to benefit the community, with the bill's final shape potentially impacting future land policies in Uttar Pradesh....
SEBI fines multiple individuals and entities a total of INR 2 crore for regulatory breaches
Author : PNT Bureau
The Securities and Exchange Board of India (SEBI) has fined seven individuals and entities, including JM Financial Asset Management Ltd and its former CEO Bhanu Katoch, a total of INR 2 crore for regulatory breaches involving Dewan Housing Finance Corporation Ltd (DHFL) securities. Violations included trading on unpublished information and failing to disclose NAV changes promptly. Fines are due within 45 days, with Katoch facing INR 1.1 crore, his family members INR 17 lakh and INR 8 lakh, and other executives receiving penalties. This case underscores the need for transparency and ethical practices in India's financial sector....
NCLT approves 269 resolution plans in FY24, reflecting 42% increase
Author : PNT Bureau
In 2023-24, the National Company Law Tribunal (NCLT) approved 269 resolution plans, a 42% rise from the previous year, according to Crisil Ratings. However, creditors recovered only 27% of admitted claims, down from 36%. Of the approved plans, 88% were backlog cases. Real estate and manufacturing sectors dominated, representing 65% of approvals. Despite appointing more NCLT members, the average resolution timeline increased to 850 days. The Insolvency and Bankruptcy Board of India (IBBI) is considering out-of-court mediation to speed up processes and improve recovery rates. Delays can significantly reduce asset value, underscoring the need for systemic efficiency improvements....
Telangana's new Dharani draft bill to simplify land records with 10 modules and appellate reforms
Author : PNT Bureau
The Telangana government plans to overhaul land record processes with the proposed Dharani draft bill (Telangana Record of Rights Bill, 2024). The bill aims to address issues in the current Dharani Act by reducing the number of modules from 33 to 10, simplifying user access. It introduces a structured appellate system with the Revenue Divisional Officer and Collector to handle grievances, aiming to reduce court disputes. Additionally, the bill requires public objections for succession claims to enhance transparency. The government will consult rural communities over three months to refine the bill, aiming for a more efficient land administration system....
YEIDA takes legal action to preserve appeal rights in Jaypee Infratech case
Author : PNT Bureau
The Yamuna Expressway Industrial Development Authority (YEIDA) has filed an appeal with the Supreme Court to protect its right to contest the NCLAT's order requiring Jaypee Infratech Ltd (JIL) to pay INR 1,335 crore to farmers over four years. YEIDA's move is urgent, given the 45-day window for appeal and the potential objections from the Uttar Pradesh government. The NCLAT's ruling, reducing YEIDA's original claim from INR 1,689 crore, follows a structured payment plan from Suraksha Group. The resolution is critical for over 20,000 buyers awaiting flats and highlights the complex legal and financial landscape impacting both farmers and homebuyers....
The Supreme Court of India has directed the CEOs of Noida and Greater Noida Authorities to appear before it due to their failure to expedite housing projects by the Amrapali Group. Attorney General R. Venkataramani, serving as a receiver for Amrapali, criticised the authorities for obstructing progress and delaying approvals for building plans based on revised Floor Area Ratio (FAR) figures. The court's intervention follows allegations of fraud against Amrapali and ongoing efforts by NBCC to complete 16 projects valued at INR 8,017 crore. The court aims to ensure timely completion and delivery of homes to thousands of awaiting buyers....
Omaxe shares dip as real estate firm faces sanctions from SEBI
Author : PNT Bureau
The Securities and Exchange Board of India (SEBI) has imposed restrictions on the real estate company Omaxe, its Chairman Rohtas Goel, Managing Director Mohit Goel, and three others, excluding them from accessing the securities market for two years. This action followed a complaint alleging Omaxe's involvement in fraudulent transactions, fund diversion, misrepresentation of financial statements, and inflation of turnover. SEBI conducted a forensic audit covering the period from 2018-19 to 2020-21 and found that Omaxe had misrepresented its financial statements to manipulate its share price and maintain the value of the promoters' collateral against a loan. The regulator has also imposed a fine of INR 47 lakh on 16 entities, including Omaxe and its key personnel....
Jaypee Group seeks INR 10,000 crore bailout from Global credit funds
Author : PNT Bureau
On 3 June, the National Company Law Tribunal (NCLT) admitted Jaypee Associates Limited (JAL) for insolvency proceedings. This decision came after a petition was filed by a consortium of lenders led by ICICI Bank. The lenders approached the NCLT due to JAL's inability to meet its financial obligations. The insolvency process aims to resolve JAL's debt issues and identify a suitable resolution for the creditors. The company plans to refinance borrowings and sell its assets, including real estate and cement plants, in order to reduce the debt burden. Legal provisions may allow JAL to withdraw from insolvency proceedings, pending creditor approval....
GNIDA waives penalties for 40,000 home buyers in delayed flat registrations
Author : PNT Bureau
The Greater Noida Industrial Development Authority (GNIDA) has announced a six-month penalty waiver for around 40,000 homebuyers unable to register their flats due to developers' unpaid dues. Effective from July 22, this relief applies across 60 projects, allowing buyers to complete registrations without fines. Historically, GNIDA's penalties could reach INR 50-100 daily, creating financial strain. This initiative, influenced by homebuyers' associations, aims to rectify issues from unregistered flats and stalled projects. It is part of broader efforts to support homebuyers and stabilise the real estate market in Greater Noida....
MMRDA to evict illegal occupants from 1,336 Kurla tenements
Author : PNT Bureau
The MMRDA plans to evict illegal occupants from 1,336 tenements in Kurla, initially meant for slum dwellers displaced by airport expansion. The operation, set from October 7 to 10, follows the discovery of unauthorised residents by MMRDA in 2021. Originally built by HDIL for Bharat Nagar slum rehabilitation, these units now house individuals who paid up to INR 5 lakh to agents. Local activists and advocates highlight issues with lease renewals and unpaid rents. The eviction underscores Mumbai's housing challenges and the need for better oversight and transparent rehabilitation processes....
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