Tag: ED

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Court Orders Seizure of ₹128 Crore in Uttar Pradesh’s 1st FEOA Case

Representative Image LUCKNOW: On Thursday, a special court ordered the confiscation of assets valued at approximately Rs 128 crore in connection with the fugitive economic offender proceedings initiated by the Enforcement Directorate (ED) against the Shine City Group based in Uttar Pradesh, along with its fugitive promoter, Rashid Naseem, accused of deceiving investors. Officials noted that this decision was made under the Fugitive Economic Offenders Act (FEOA) of 2018, marking the first case of asset confiscation via this mechanism in Uttar Pradesh. The ED will confiscate movable and immovable assets worth Rs 127.98 crore, which had been previously attached under…

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ED, IBBI Set New Standards for Restoring Assets to Cheated Homebuyers

NEW DELHI: The Enforcement Directorate (ED) announced that the assets of bankrupt companies and their promoters, which were previously attached under anti-money laundering laws, will now be returned to affected parties like banks or homebuyers. This follows the establishment of a new standard operating procedure, as stated by the federal probe agency on Wednesday. The Insolvency and Bankruptcy Board of India (IBBI) issued a circular on November 4 after extensive coordination meetings with ED officials. The coordinated efforts resulted in a “standard undertaking” to be submitted by Insolvency Professionals (IPs) to the special PMLA court for releasing ED-attached assets for…

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ED Alerts Supreme Court to IHFL’s Financial Transaction Issues

NEW DELHI: On Wednesday, the Enforcement Directorate (ED) highlighted significant irregularities in the financial dealings of Indiabulls Housing Finance Ltd, now referred to as Sammaan Capital Ltd. This comes as an NGO informed the Supreme Court that the Ministry of Corporate Affairs (MCA) overlooked numerous corporate governance violations by IHFL, disregarding adverse reports from the market regulator, SEBI. Despite strong objections raised by senior advocate Harish Salve, representing Indiabulls, a bench comprising Justices Surya Kant, Ujjal Bhuyan, and N K Singh directed a ‘responsible officer’ from MCA to present original documents related to IHFL in court on November 19. The…

Latest StoriesRegulatory

Delhi HC Dismisses Plea to Oversee ED Probe into IREO Residences

NEW DELHI: The Delhi High Court has affirmed the Enforcement Directorate’s investigation into the real estate company IREO Residences and dismissed a petition claiming bias against the agency. Justice Manmeet Pritam Singh Arora issued the ruling on Wednesday, criticizing petitioner Gulshan Babbar for omitting vital information and imposing a fine of Rs 1.25 lakh for misleading the court. Babbar alleged that the Enforcement Directorate had failed to properly investigate financial discrepancies amounting to Rs 1,317 crore related to bank loans and land transactions in Gurugram. The High Court dismissed Babbar’s petitions due to lack of standing and maintainability. Published On…