Category: Latest Stories

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Latest StoriesRegulatory

ED Files Second Complaint Against Unitech Group Promoters

NEW DELHI: The Enforcement Directorate (ED) submitted its Second Supplementary Prosecution Complaint (SPC) to the Special Court under the Prevention of Money Laundering Act (PMLA) on July 10. The complaint targets Ramesh Chandra and others, including multiple companies such as M/s Shivalik Ventures Private Limited, M/s Auram Asset Management Private Limited, M/s Unitech Build Tech Limited, M/s Unitech Golf Resorts Limited, and M/s Ranchero Services Limited. This action is part of a larger investigation into significant financial irregularities and money laundering associated with Unitech Limited and its directors. The ED’s investigation was initiated based on FIRs lodged by the Central…

CommercialLatest Stories

Smartworks IPO Subscribed 13.45 Times

NEW DELHI: Smartworks Coworking Spaces Ltd’s initial public offering (IPO) of ₹583 crore was oversubscribed by 13.45 times by the close of bidding on Monday. During the three-day IPO, bids reached 13,99,08,852 shares, significantly exceeding the 1,04,01,828 shares available, according to NSE data. The Qualified Institutional Buyers (QIB) segment received 24.41 times the subscription, while Non-Institutional Investors subscribed 22.78 times. Retail Individual Investors (RIIs) saw a subscription of 3.53 times. Additionally, Smartworks Coworking Spaces has secured ₹173.64 crore from anchor investors. The IPO was launched last Thursday, aiming to raise nearly ₹600 crore to facilitate business expansion and debt reduction.…

IndustryLatest Stories

Two Unsafe Margao Buildings to Be Demolished After Delay

After significant delays and legal hurdles, the demolition of the unsafe ‘Cabecca de Calconde’ building in Margao is on the horizon. This follows an order from the collector due to public safety concerns. The Public Works Department (PWD) has identified potential agencies for the demolition, which awaits the final evacuation of occupants and the resolution of a high court issue. However, there are ongoing concerns regarding potential redevelopment plans once the demolition is completed.

Latest StoriesRegulatory

Settlement Officials Dismissed in Jaisalmer Fraud Case

Representative image created by AI JAISALMER: In a significant anti-corruption initiative, Settlement Commissioner Nikaya Gohaen has dismissed four officials from the Ram Nagar settlement department in Jaisalmer district after uncovering fraudulent plot allocations. The officials removed include RI Vikram Singh, Patwari Kishor Ram, senior assistant Yogendra Kumar, and junior assistant Shivraj Singh, all of whom were let go on Saturday. The investigation revealed that the Nachna settlement had been plagued by corruption, with irregularities dating back to 2006. Notably, there was a case involving plot allocations meant for 2006 that were only executed in 2016, leading to a government loss…

IndustryLatest Stories

Land registration freeze over ‘tampered’ records in AP

Representative image created by AI VIJAYAWADA: The state government appears to be at a standstill regarding the contentious issue of free-hold lands. Registration for approximately 20 lakh acres of assigned lands has been halted due to suspicions of record tampering. Despite conducting village-level revenue meetings to review land records, the government has failed to address the free-hold lands issue over the past year. Hundreds of thousands of farmers are struggling to sell their lands while the government delays in lifting the ban on registrations for lands marked in the prohibitory lands register. A Group of Ministers (GoM) has been appointed…

Latest StoriesRegulatory

HC Asks Noida Authority: OCs for Lotus Boulevard Granted Without STPs?

NOIDA: The Allahabad High Court has instructed the Noida Authority to provide a comprehensive affidavit detailing the process by which occupancy certificates (OCs) were issued for the Lotus Boulevard project, despite claims concerning incomplete sewage treatment facilities. This order, dated July 7, was in response to a petition lodged by the apartment owners’ association, which asserted that the essential sewage treatment plants (STPs) were not operational when the certificates were granted. The bench, comprising Justices Mahesh Chandra Tripathi and Vinod Diwakar, has mandated that the Authority’s CEO submit the affidavit by the next hearing scheduled for July 16. The report…

IndustryLatest Stories

Andhra Pradesh Introduces Self-Certification for Building Permits

VIJAYAWADA: In a significant initiative to streamline business operations and spur real estate development, the state government has announced updated guidelines for the Self-Certification Scheme (SCS) 2025 concerning building permits. The new framework is part of the state’s broader vision to simplify the building approval process while promoting a transparent and inclusive approach to urban development. It aims to empower both citizens and licensed technical personnel (LTPs) through a trust-based approval system, representing a shift towards responsible self-governance instead of stringent regulation. S Suresh Kumar, the principal secretary for Municipal Administration and Urban Development (MA&UD), issued a government order on…

Latest StoriesRegulatory

DTPE Notifies 61 Sushant Lok-1 Plot Owners of Illegal Activities

GURUGRAM: During a two-phase enforcement initiative, 61 show-cause notices were issued to property owners in Sushant Lok-1 for conducting commercial activities such as clinics, gyms, skincare centers, eyewear shops, departmental stores, bookstores, toy stores, and offices within residential areas. The initiative, executed by the District Town Planner Enforcement (DTPE) team with police backing, also led to the demolition or sealing of unauthorised constructions in Vyapar Kendra Market. One illegal floor and 21 offices were sealed for violating construction regulations and encroaching on shared spaces. Additionally, 17 unauthorised staircases and five encroachments were removed. Businesses affected included Pooja Taxi, multiple units…

InfrastructureLatest Stories

Delhi CM convenes meeting to review Master Plan 2041

File Photo NEW DELHI: Delhi Chief Minister Rekha Gupta has called a high-level meeting on Monday to assess the provisions of the long-awaited Master Plan for Delhi (MPD) 2041, according to officials. The Delhi Development Authority (DDA) submitted the draft plan to the Centre in April 2023, but it has yet to receive approval from the Union Ministry of Housing and Urban Affairs. Sources indicate that the DDA vice-chairman will present a comprehensive overview of the draft to the chief minister and other senior officials, including heads of departments related to industries, environment, and revenue. The meeting aims to concentrate…

IndustryLatest Stories

Rampant Building Violations Unchecked in Bengaluru Due to Resource Gaps

By Sanjana CS BENGALURU: Cooke Town has experienced a notable rise in blatant building violations over the last decade. Builders often disregard regulations, removing mandatory setbacks and constructing extra floors without the necessary permissions. Despite the Supreme Court providing clear guidelines to mitigate illegal constructions, the Bruhat Bengaluru Mahanagara Palike (BBMP) shows little willingness to enforce action against these violations. “In Cooke Town alone, 26 buildings have been flagged as severe offenders, yet only one has faced any form of action, and that was merely a token effort,” states resident Raja Shanmugam. The only building that encountered repercussions had added…