Tag: Supreme Court

Latest StoriesRegulatory

SC asks Centre, SEBI about Sahara firm’s property sale to Adani

NEW DELHI: The Supreme Court has requested responses from the Centre, the Securities and Exchange Board of India (SEBI), and other stakeholders regarding a petition by Sahara India Commercial Corporation Ltd (SICCL) to sell 88 prime properties to Adani Properties Private Limited. A special bench led by Chief Justice B R Gavai, along with Justices Surya Kant and M M Sundresh, reviewed the interlocutory application related to the Sahara Group’s refund obligations. The bench, acknowledging Solicitor General Tushar Mehta’s submissions, directed that the Union Ministries of Finance and Cooperation be added as parties to these proceedings and requested their response…

Latest StoriesRegulatory

SC to Hear Sahara Firm’s Asset Sale Plea to Adani Tuesday

NEW DELHI: The Supreme Court is set to hear a plea from Sahara India Commercial Corporation Ltd (SICCL) on Tuesday, requesting permission to sell properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited. A special bench led by Chief Justice B R Gavai, along with Justices Surya Kant and M M Sundresh, will consider the request at 2 PM. On Monday, an attorney presented another plea regarding the release of salaries for employees at a Sahara group firm, noting that salaries have been on hold since 2014. Additionally, a lawyer representing one of…

Latest StoriesRegulatory

I-T Flags Unreported Cash Deals in Bihar, Uttar Pradesh

NEW DELHI: The income tax department is scrutinizing cash transactions exceeding Rs 2 lakh in property deals, especially in Bihar and Uttar Pradesh, particularly in areas adjacent to Nepal. Numerous violations have been identified, and sub-registrars have failed to provide the necessary data. This nationwide initiative, following a Supreme Court directive from April, led tax officials to discover instances where entire transactions were conducted in cash. Tax authorities are baffled by the inaccurate reporting from sub-registrars in Bihar and UP. The department has escalated this issue to senior officials in both states, urging them to instruct sub-registrars to share information…

Latest StoriesRegulatory

SC Declines Plea on Delhi HC Ruling in Signature View Case

Sure! Here’s a rewritten version of the content: NEW DELHI: On Friday, the Supreme Court declined to consider a petition that challenged a Delhi High Court ruling stating that there would be no halt to the demolition of the Signature View Apartments in Mukherjee Nagar, New Delhi. The petition was presented to a bench comprising Justices Sanjay Kumar and Alok Aradhe, seeking a suspension of the interim order issued by a division bench of the high court on September 17. The Signature View Apartments are part of a multi-storey residential project initiated by the Delhi Development Authority (DDA) in 2010.…

Latest StoriesRegulatory

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

SC Requests MCA Records on Indiabulls Complaint Closures

NEW DELHI: The Supreme Court on Wednesday instructed the Ministry of Corporate Affairs to submit the original records related to the closures of irregularities identified by the Securities Exchange Board of India (SEBI) concerning Indiabulls Housing Finance Limited, now known as Sammaan Capital Limited. A bench comprised of Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh requested Additional Solicitor General SV Raju, representing central investigating agencies, to clarify how many cases have been closed. “We wish to understand the extent of your leniency in resolving hundreds of objections,” Justice Kant remarked, directing that a senior official from the Ministry…

Latest StoriesRegulatory

SC calls Bhubaneswar development body on certificate issuance

BHUBANESWAR: The Supreme Court has summoned the Bhubaneswar Development Authority (BDA) to explain the controversial occupancy certificate (OC) issued for Odisha’s first public-private partnership (PPP) real estate project. The project, initiated by the Odisha State Housing Board (OSHB), is currently facing legal and regulatory issues that raise serious questions about compliance and governance in the state’s real estate landscape. As per the case details, the project has been embroiled in a lengthy legal battle due to alleged fraudulent activities and regulatory failures. A timeline of events shows numerous missteps and disputes. In 2018, the builder started handing over possession without…

IndustryLatest Stories

Sahara Seeks SC Approval for Asset Sale to Adani Properties

NEW DELHI: Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court for permission to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited. The petition, mentioned for hearing recently, is expected to come up on October 14. In the plea filed by advocate Gautam Awasthi, it states, “..to outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited under the terms outlined in the term sheet dated September 6, 2025.” The interlocutory application, filed in ongoing matters concerning the Sahara Group, outlined the challenges faced…

Latest StoriesResidential

Supreme Court Permits Conditional OCs for 450 Noida Flats

NOIDA: The Supreme Court has instructed the Noida Authority to issue conditional occupancy certificates for six residential towers in the Sports City project, Sector 150, providing a significant, albeit partial, victory for over 450 families awaiting their homes in Godrej Nest. The ruling was made by Justices MM Sundresh and Satish Chandra Sharma, in response to a petition from Brick Rise Developers, part of the Sector 150 project led by Lotus Greens Constructions. Brick Rise contested a February order from the Allahabad High Court that was unfavorable to the developers, citing issues such as irregularities, delays, and unpaid dues. The…

Latest StoriesResidential

No Occupancy Certificate Required for Buildings Over 1,200 Sq Ft

Sure! Here’s a rewritten version of the content: The Karnataka Cabinet has announced that buildings on plots exceeding 1,200 sq ft within Bengaluru’s jurisdiction will no longer require an Occupancy Certificate (OC). This decision follows a Supreme Court ruling that mandated OCs for power connections, impacting more than 330,000 completed structures in the state that were left without electricity due to the absence of approved plans and OCs. With numerous applications still pending in Bengaluru, the Cabinet aims to offer a one-time relief by drafting a special law to facilitate electricity connections for these buildings. However, the Advocate General noted…