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Andhra Bank drags HDIL before NCLT

Mayursinh Kumpavat 29th Nov

The petition filed by law firm MDP & Partners on behalf of Andhra Bank says that the bank is yet to receive Rs. 55 crore out of Rs. 100 crore

MUMBAI: State-owned Andhra Bank has dragged Housing Development & Infrastructure (HDIL) to the National Company Law Tribunal (NCLT) in an insolvency petition because the Mumbai-based real estate developer failed to pay back ` . 55 crore invested by the bank in the company\'s non-convertible debentures (NCDs).

The petition filed by law firm MDP & Partners on behalf of Andhra Bank says that the bank is yet to receive Rs. 55 crore out of Rs. 100 crore it had investhe total ` ted in HDIL\'s NCDs in 2009.

Nishit Dhruva, managing partner at MDP, said the petition will come up for hearing in the first week of November. “We have served notice to the company and the petition has been accepted by NCLT earlier this month,“ Dhruva said.

In addition to Andhra Bank, In addition to Andhra Bank, United Bank of India, Allahabad Bank, Yes Bank, Oriental Bank of Commerce, Central Bank of India, Bank of India, J & K Bank, Union Bank of India, UCO Bank, and Punjab & Sind Bank have also invested an ag . 980 crore in gregate amount of ` the NCDs, of which the total amount due is about `. 226 crore, Dhruva said.

This is the second petition filed against HDIL within three months. In August, HDIL had informed the stock exchanges that the NCLT had admitted Union Bank of India\'s insolvency plea against Guruashish Constructions, a wholly-owned subsidiary of the company .

However, HDIL later clarified that it is in talks with Union Bank of India for a one-time settlement to stop the insolvency proceedings and is looking to sell two assets to pay out its debt.

HDIL MD Sarang Wadhawan said the company is looking for a settlement even in the latest case. “We have already approached Andhra Bank for one-time settlement and as the same gets approved, we will make the payment accordingly . We are settling all our outstanding dues with all the banks and entire debt repayment will be completed over the next couple of years,“ Wadhawan said.

The company had a gross debt of `. 2,585 crore in the quarter ended June 2017, down 13% from the ` . 2,967 crore it reported a year ago. It\'s consolidated net profit has come down 80% to ` . 8 crore from ` . 41crore a year ago

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Mayursinh Kumpavat 24th Nov

New Delhi: Andhra Bank has withdrawn its insolvency application from the National Company Law Tribunal (NCLT) against HDIL as the realty firm has decided to settle outstanding dues.

“The company has proceeded for settlement of its balance outstanding dues and has made part payment of its balance dues. The application stands withdrawn from NCLT by Andhra Bank,” HDIL said in a BSE filing.

The Mumbai-based developer did not disclose the amount it has paid and the dues still owed to the bank.

HDIL reported 64% increase in consolidated net profit to Rs60.87 crore for the quarter ended September, as against Rs37.03 crore in the year-ago period. Total income, however, fell to Rs163.07 crore in the second quarter of the current fiscal, from Rs223.26 crore a year ago.

Profit rose sharply as the company reported tax benefits of Rs44.5 crore during the July-September quarter of the current fiscal.

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jay shah 8th Jul

After a city-based developer alleged that the Housing Development and Infrastructure Limited (HDIL) connived with the Slum Rehabilitation Authority (SRA) to gobble up 25,271 sqmt or eight acres of prime property in Chakala, Andheri (E), it has been revealed that HDIL immediately sold that plot to Kanakia Spaces Pvt Ltd for Rs655 crore.
The sale was finalised despite the High Court specifically stating \"not to create any third party right on the eight acres of controversial Andheri-Chakala land.\" HDIL had signed an agreement with the Mumbai International Airport Ltd (MIAL) that they will rehabilitate people from 28,000 hutments from the airport land on this said eight acres of plot. In return, the SRA had allotted the floor space index of 4.9 to HDIL, with the free sale area of 7.55 lakh sqft.
This controversial plot was originally owned by Arjundas Thakur and his family. Then KK Motwani (78) bought it in 2004 at the rate of Rs3.95 crore. To safeguard the plot, Motwani established his office-cum-bungalow there and also erected a boundary wall.
Interestingly, HDIL neither cleared the slums from the airport area nor rehabilitated a single person on the land but sold the free sale area received from the SRA.
Motwani has alleged that in this entire deal, HDIL cheated not only Kanakia but SRA as well. \"I complained to the SRS on several occasions, but they fell on deaf ears. The government is equally responsible for this multiple selling of the plot. Chief minister Devendra Fadnavis himself should look into this multi-crore fraud and the guilty must be punished,\" said Motwani, who had also complained to the Economic OffenceS Wing, which has been investigating the case.
Meanwhile, SRA CEO Asim Gupta said they have asked not to carry out any fresh work on this said plot. \"We have given instructions that no further construction work will be carried out, till further orders. We will check the details and action will be taken accordingly,\" he said.
Rashesh Kanakia of the Kanakia developers maintained that they bought the land from the HDIL legally and even constructed a few buildings on the plot.
The Bombay High court bench comprsing justices SC Dharmadhikari and GS Patel have imposed a fine of Rs10 lakh on HDIL for acting on the agreement with the MIAL, which subsequently terminated the contract in 2013,as HDIL didn\'t fulfill the conditions.
Interestingly, the state government had released 1.20 crore sqft of transfer of development right (TDR) to HDIL for construction of houses for the slum dwellers. HDIL allegedly used this TDR to construct saleable area. The HDIL spokesperson said, \"All these allegations are baseless and false. At present, the matter is subjudice.\"


http://www.dnaindia.com/money/report-hdil-sold-prime-chakala-plot-despite-high-court-order-2169925

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jay shah 8th Jul

After waiting for over three years to gain possession of their flats, home buyers of a Kurla project have taken a top developer to task. On Tuesday, an FIR was registered against senior executives of Housing Development and Infrastructure Limited (HDIL), for failing to give possession to people who bought flats in their Premier Residences project at Kurla (W), allegedly after taking full payment from them.
The FIR was registered against HDIL on a complaint by Shabnam Latliwala, one of the buyers, at Vinoba Bhave Nagar Police Station under Sections 420 (cheating) of the IPC, and other relevant sections of the Maharashtra Ownership of Flats Act, for failing to give possession of her flat despite taking money from her. The company\'s top officials, Rakesh Kumar Wadhwa, Sarang Wadhwa, Waryam Singh, Ashok Gupta and Gurmeet Singh are named in the FIR.
Latliwala, an advocate, said, \"In 2009 I paid the total amount of around Rs 55 lakh to HDIL for a 965 sq ft flat. They asked for an additional Rs 43,000 as advance maintenance, which I also paid. Despite that, the flat was not handed over.\"
According to her complaint, HDIL constructed 1,000 flats in the mega housing complex at LBS Marg. HDIL promised possession by 2010, but most buyers claim they have not been given possession. In January this year, around 400 buyers protested the delay at HDIL\'s head office in Bandra (E), and in February Laltiwala filed a written complaint with the police after talks with the company failed. However, as the police did not register an FIR then, some buyers filed a writ petition in High Court.
At the hearing last month, HC directed the authorities to take cognizance of the complaints.
\"We met HDIL\'s top brass and sought possession of flats. But they asked us to pay an additional sum saying that the area of the flats had increased. I was asked to pay around Rs 7 lakh more in cash. I had taken loan from a bank which already paid the final instalment. The architects, BIDCO Engineering Division, had also issued a completion certificate stating the building is ready,\" the FIR reads. Latliwala added that over 40 complaints have been filed against HDIL with the police.
\"The dreams of a thousand home owners are at stake, as HDIL is withholding possession while most buyers are paying EMI of bank loans,\" said A K Chowdhary, another buyer. Like him, most people bought flats following newspaper advertisements in 2009, that said HDIL was offering affordable flats for alimited period.
The police have said they will probe the matter and submit a report to High Court. \"An FIR has been registered. We will carry out an investigation and submit a report to the court,\" said Senior Inspector Subhash Raut of Vinoba Bhave Nagar Police Station.
HDIL, on their part, maintain they have been handing over possession to buyers who made full payment. \"The process of handing over flats commenced as scheduled and we have already handed over 289 flats to those who paid the entire agreement amount. We have served interest letters to customers who defaulted on scheduled payments. These demand letters for due payments are being raised as per the agreements with home buyers. This is just mischievous and malicious propaganda against the company. Since the matter is sub-judice, we do not wish to respond to any allegations,\" a statement from HDIL said.
http://mumbaimirror.indiatimes.com/mumbai/civic//articleshow/33376705.cms

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jay shah 8th Jul

MUMBAI: The Economic Offence Wing (EOW) of the Mumbai crime branch has arrested one out of the three people involved in cheating a real estate company Housing Development and Infrastructure Limited (HDIL) to the tune of Rs. 55 lakh by promising them a loan of Rs. 1,000 crore. According to the police, all three accused, Khalique Ahmed, Deepak Banga and Devendra Gailad, presented themselves to top HDIL officials as directors and officials of Finance India Limited (FIL).
Money talk
According to the three accused, they had a balance of 100 billion euros in their State Bank of India (SBI) accounts and had dispersed various loans running into crores to several parties. \"AS HDIL was in need of a loan of Rs. 1,000 crore, they were asked to deposit Rs. 55 lakh into the accounts of the company as procession, mortgage and several other charges,\" said a police officer from EOW.
HDIL was also asked to deposit Rs. 60 crore (6 per cent of the loan amount) as Bank Guarantee and were told that the loan will be dispersed by Converse Commerce Ltd, a subsidiary of FIL. However, after depositing Rs. 55 lakh, the three accused stopped taking the calls of HDIL officers.
Realising that they were cheated, Vice President and Company Secretary of HDIL Darshan Dhrupad Mujumdar approached the EOW. Following that, the police registered a case against the accused under sections 420 (cheating), 465 (forgery), 467 (forgery) of valuable security, 468 (forgery) for the purpose of cheating and 471 (using as genuine a forged document) of the IPC.
Cop speak
\"We have arrested Devendra Gailad, a resident of Bhandup, and have got his police custody. We will come to know if they were working with FIL or not only after interrogation. The other two are still on the run and a hunt is on for them,\" said a police officer from the EOW.


http://www.ndtv.com/mumbai-news/promising-rs-1-000-crore-loan-conmen-dupe-firm-of-rs-55-lakh-522796

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jay shah 8th Jul

An FIR has been registered against principle secretaries of Maharashtra’s housing and woman and child development departments, HDIL Group chairman and the company’s ten directors in connection with alleged irregularities in Slum Rehabilitation Authority (SRA) project in suburban Bandra, the Anti-Corruption Bureau said on Wednesday.
The accused were booked following a sessions court order which directed the ACB to probe the matter brought before it by a complainant.
The FIR was filed yesterday against Principle Secretary (Housing) Debashish Chakrabarty, Principal Secretary (Woman and Child Development) Ujjwal Uke, HDIL Group Chairman and the company’s ten directors.
They have been charged under relevant IPC sections including 166 (public servant disobeying law, with intent to cause injury to any person), 167 (public servant framing incorrect document with intent to cause injury), 420 (cheating and dishonestly inducing delivery of property), 465 (forgery), 467 (forgery of valuable security, will, etc), 471 (using as genuine a forged document or electronic record), 409 (criminal breach of trust by public servant, or by banker, merchant or agent) and 34 (acts done by several persons in furtherance of common intention) and sections pertaining to the Prevention of Corruption Act.
According to ACB’s Assistant Police Commissioner Rajesh Bagalkote, the complainant owned a commercial space at the Motilal Nehru Nagar in suburban Bandra.
The complainant alleged that the area had been redeveloped under SRA scheme by real estate and construction company HDIL in 2005—2006, but he was not allotted a shop after he was deliberately declared ineligible, police said.
“However, those who are ineligible were provided shops in the redeveloped area. It was also discovered that more than allotted area had been used for the redevelopment project. All these illegal activities were carried out allegedly in connivance with government officials, including Chakrabarty and Uke, who were executive officers in SRA. Various documents were allegedly forged for the purpose,” Bagalkote said.
The victim approached the court following which Special Sessions Judge S V Ranpise ordered ACB to probe the complaint and take appropriate action against the persons concerned.
Following the court order, the FIR was registered yesterday against Chakrabarty, Uke, HDIL’s Wadhwan, the then additional collector in suburbs, office—bearers of Motilal Nehru Nagar Cooperative Housing Society and 10 directors of the HDIL for their alleged role in the irregularities in allotment of the space.

http://www.thehindu.com/news/cities/mumbai/govt-officials-hdil-chairman-booked-for-irregularities-in-bandra-slum-rehabilitation-project/article6657719.ece

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Prachi Sharma 2nd May

After a city-based developer alleged that the Housing Development and Infrastructure Limited (HDIL) connived with the Slum Rehabilitation Authority (SRA) to gobble up 25,271 sqmt or eight acres of prime property in Chakala, Andheri (E), it has been revealed that HDIL immediately sold that plot to Kanakia Spaces Pvt Ltd for Rs655 crore.

The sale was finalised despite the High Court specifically stating \"not to create any third party right on the eight acres of controversial Andheri-Chakala land.\" HDIL had signed an agreement with the Mumbai International Airport Ltd (MIAL) that they will rehabilitate people from 28,000 hutments from the airport land on this said eight acres of plot. In return, the SRA had allotted the floor space index of 4.9 to HDIL, with the free sale area of 7.55 lakh sqft.

This controversial plot was originally owned by Arjundas Thakur and his family. Then KK Motwani (78) bought it in 2004 at the rate of Rs3.95 crore. To safeguard the plot, Motwani established his office-cum-bungalow there and also erected a boundary wall.

Interestingly, HDIL neither cleared the slums from the airport area nor rehabilitated a single person on the land but sold the free sale area received from the SRA.

Motwani has alleged that in this entire deal, HDIL cheated not only Kanakia but SRA as well. \"I complained to the SRS on several occasions, but they fell on deaf ears. The government is equally responsible for this multiple selling of the plot. Chief minister Devendra Fadnavis himself should look into this multi-crore fraud and the guilty must be punished,\" said Motwani, who had also complained to the Economic OffenceS Wing, which has been investigating the case.

Meanwhile, SRA CEO Asim Gupta said they have asked not to carry out any fresh work on this said plot. \"We have given instructions that no further construction work will be carried out, till further orders. We will check the details and action will be taken accordingly,\" he said.

Rashesh Kanakia of the Kanakia developers maintained that they bought the land from the HDIL legally and even constructed a few buildings on the plot.

The Bombay High court bench comprsing justices SC Dharmadhikari and GS Patel have imposed a fine of Rs10 lakh on HDIL for acting on the agreement with the MIAL, which subsequently terminated the contract in 2013,as HDIL didn\'t fulfill the conditions.

Interestingly, the state government had released 1.20 crore sqft of transfer of development right (TDR) to HDIL for construction of houses for the slum dwellers. HDIL allegedly used this TDR to construct saleable area. The HDIL spokesperson said, \"All these allegations are baseless and false. At present, the matter is subjudice.\"



http://www.dnaindia.com/money/report-hdil-sold-prime-chakala-plot-despite-high-court-order-2169925

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