Indiabulls has entered into executed definitive transaction documents with Blackstone Group LP to divest 50% stake in subsidiaries at an aggregate enterprise value of $1.46 billion or Rs 9,500 crore.
Moody\'s reviews Indiabulls Real Estate\'s B1 rating for downgrade
Interesting order ! RERA not applicable if you had not committed any date ? Strange.?
Indiabulls Panvel Project
A Delhi court has issued notice to Indiabulls Real Estate Ltd and its subsidiary firm Athena Infrastructural Ltd on a criminal complaint seeking lodging of an FIR against them for allegedly cheating buyers and embezzling funds. Additional Sessions Judge Raj Kapoor sought reply from 22 respondents including the builder, its directors and Delhi Police on the plea and listed it for arguments on December 23, the next date of hearing. “Issue notice to the respondents for the next date… Copy of the revision petition be also given to the prosecutor for the state,” the court said.
The revision petition was filed by a woman challenging the order of a magisterial court, dismissing her plea for lodging of an FIR against the builder and its officials, claiming that the trial court had ignored the issue of alleged conspiracy to commit the offences of criminal breach of trust, cheating, embezzlement of funds, dishonest inducement and misappropriation with fraudulent intention under IPC.
The petition, filed through advocate Arpit Bhargava, alleged Indiabulls Real Estate Ltd used Athena Infrastructural Ltd as a conduit to collect funds from gullible customers like his client saying that it was developing a project by the name of Indiabulls Enigma in Sector 110, Gurgaon. The flat was booked in November 2011 by paying Rs five lakh as booking amount and till 2014, the woman had made a total of payment over Rs 1.8 crore to the builder, it said.
The project was scheduled to be completed within three years from the date of signing of agreement — January 30, 2012, but neither the possession of the flat was handed over nor any information was given about its status, it said. The plea claimed the builder took 90 per cent of the total value of the property from the woman but it appeared that the project site was abandoned and neither the site nor connectivity from Dwarka Expressway seemed to be heading anywhere.
The petitioner has also approached the National Consumer Commission against the builder for deficiency in service and the matter is pending. “Respondents have not only cheated the petitioner of her hard-earned money but many others who bought units/apartments etc in the project Enigma. It is apprehended that more than Rs 500 crore have been collected by respondents in connivance with each other and there is a possibility that they may run away to a foreign country in case immediate action is not taken,” the petition said.
It said a complaint was given at Connaught Place police station but no action was taken and also added that during pendency of the criminal complaint, the woman received a cheque of over Rs 1.8 crore from the builder towards principal amount only in April 2016 and no interest.