Mumbai: In a major step toward transforming one of Mumbai’s oldest and most congested neighbourhoods, the Maharashtra Housing and Area Development Authority (MHADA) has selected AATK Constructions for the long-pending redevelopment of Kamathipura in South Central Mumbai. The project, spread over 34 acres, has now moved to the state government’s high-power committee (HPC) for approval before it goes to the state cabinet for final clearance.

MHADA’s Mumbai Building Repairs and Reconstruction Board (MBRRB) had received two bids, one from AATK Constructions and another from J Kumar Infraprojects. After a detailed evaluation of technical and financial aspects, MHADA declared AATK the successful bidder and forwarded the proposal to the HPC for consideration.

“This urban renewal project will be a historic one,” said MLA Amin Patel, who has been advocating for Kamathipura’s redevelopment for more than a decade. “Bringing landlords, tenants and the government to a consensus was not easy, but this plan will finally offer a dignified living space to thousands.

The Kamathipura Redevelopment Project covers 8,001 tenements, including 6,625 residential and 1,376 commercial units, spread across 943 cessed buildings and involving 800 landowners. Most of these structures are over a century old and beyond repair, with many plots measuring only 50 sq metres, making independent redevelopment unfeasible.

Under the proposed plan, eligible residential occupants will receive 500 sq ft carpet area flats in new towers up to 57 storeys high, while non-residential tenants will get 225 sq ft spaces. Sale buildings will rise to 78 storeys, creating a mixed-use skyline that combines residential, commercial and sale components.

The redevelopment is expected to replace dilapidated tenements with modern high-rise structures equipped with amenities and better infrastructure. Landowners will also benefit from additional entitlements based on plot sizes, with larger plots earning proportionally higher returns.

Chief Minister Devendra Fadnavis, while addressing the Assembly earlier, acknowledged the significance of the project, noting that he had worked ‘for the people of Kamathipura.’ The state government had earlier entrusted the redevelopment responsibility to MHADA’s MBRRB under the Construction and Development (C&D) format after private developers expressed disinterest due to the complex ownership patterns.

Once approved by the HPC and cabinet, the long-awaited transformation of Kamathipura is expected to finally take off, turning one of Mumbai’s most dilapidated localities into a modern, livable urban zone.

Mumbai: The Central Bureau of Investigation (CBI) which is probing the transactions between Yes bank through its former Managing Director Rana Kapoor and Anil Dhirubhai Ambani (ADA) Group company, has alleged that the funds received from the bank in M/s Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL) were further diverted to several shell companies, created only to receive funds.

CBI has submitted a chargesheet before the special CBI court against Rana Kapoor and his family, Anil Ambani and other companies for causing loss to Yes bank to the tune of Rs 2796.77 crores, as the investments made in ADA group could not be recovered.

The agency has said that during 2017-2019, Yes Bank had invested Rs. 2965.00 crores and Rs 2045.00 crores through subscription of Non- Convertible Debentures (NCDs) & Commercial Papers (CPs) of M/s RHFL and M/s RCFL respectively.

The agency has in its chargesheet listed down several shell companies which further received funds from RHFL and RCFL. The list of these shell companies, as mentioned in CBI’s chargesheet include – Gamesa Investment Management Pvt Ltd (GIMPL), Species Commerce and Trade Pvt, Crest Logistics and Engineers Pvt Ltd, Gamesa Investment Management Pvt Ltd, and Mohanbir Hi-Tech Build Pvt Ltd.

The agency claimed that, “the primary purpose of these shell companies was to receive funds from RHFL and RCFL acted on instructions of Anil Ambani.”

CBI claimed that Anil Ambani was unable to directly invest the funds available at the disposal of M/s Reliance Nippon Mutual Fund in the financial companies of the ADA Group, which were under stress, due SEBI Mutual Fund Regulations. Hence in a criminal conspiracy, Yes Bank Ltd subscribed to NCDs of M/s RHFL, M/s RCFL and M/s Reliance Capital Limited (RCL).

In return, the agency alleged that the funds available at the disposal of M/s Reliance Nippon Mutual Fund, invested in YBL AT-1 bonds and AMC also invested in Rana Kapoor’s family firm.

Thus, funds available with Reliance Nippon Mutual Funds were routed to the group companies of ADA through Yes Bank, CBI claimed, adding that the funds were further diverted to other shell companies.

The agency has alleged that it all started with the meeting held between Rana Kapoor and Anil Ambani on October 6, 2017, just a month before the Reliance Nippon Life Asset Management Limited (AMC) was listed with BSE and NSE on November 6, 2017.

The agency pointed out that “the abnormal decision of YBL to make huge investment in the NCDs of the financial companies of ADA Group and the abnormal decision of the AMC to make huge investment in the YBL AT-1 Bonds were taken in this meeting. Both the investment decisions were taken in a hasty manner and without holding any discussion between the officers of YBL and the officers of the AMC.”

It is claimed that on October 6, 2017 it was Friday, hence the following working day that is on October 9, 2017, the process began. The agency claimed that on October 9, 2017, Kapoor instructed senior executives of IFIB for initiating the proposal for investing in NCDs worth Rs 2900 crores in three ADA group companies – RHFL, RCFL and RCL. The agency claimed that the investment transaction was completed and funds were transferred on October 13, 2017.

On the other hand, AMC, allegedly under the influence of Anil Ambani, prepared a formal note for increasing the long-term debt investment limit in M/s Morgan Credits Private Limited (MCPL), a firm owned by Radha and Roshini, from Rs 550 crores to Rs 625 crores. Accordingly in ten days AMC invested Rs 50 crores in MCPL.

Meanwhile, on October 9, 2017, Yes Bank initiated the process for issuance of fresh AT-1 bond under the instructions of Rana Kapoor, even when the DCM team of the bank had raised apprehension for arranging subscribers for making investment in fresh YBL AT 1 bonds in such a span, wherein they were still busy in offloading earlier bonds in secondary market, CBI alleged.

However, CBI claimed that Rana Kapoor had informed them that Reliance Nippon Mutual fund would make an investment of Rs 2000 crores through private placement and Rs 1000 crores secondary market in YBL AT 1 bond.

The agency claimed that AMC had enhanced the sub limit for YBL AT – 1 bond by about 600% in a short span of time, as compared to the sub-limit of other banks which was at max enhanced to 70%.

New Delhi, Oct 31: The domestic benchmark indices started the session flat amid mixed global cues, as US President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to ease the trade conflict for a year only.

The Sensex started the session at 84,379.79, down 25 points against the last session’s closing of 84,404.46. Nifty opened 14 points lower at 25,863.80. However, both the indices turned green in a while amid buying in automobile and banking heavyweights.

“The Trump-Xi summit delivered only a one-year truce in the US-China trade war, not a breakthrough trade deal. To that extent, market participants were disappointed at the outcome, even though there is relief in the declining trade tensions and possible movement towards further progress,” analysts said.

Among the Sensex stocks, NTPC, Tata Steel, Kotak Bank, Sun Pharma, and Bharti Airtel were trading lower in early trade, while Maruti Suzuki, TCS, BEL, Bajaj Finance, Titan, Tata Motors PV, L&T, and ITC were trading in positive territory.

Broader indices witnessed buying activities in the morning trade as Nifty Midcap 100 and Nifty Smallcap 100 were up around 0.4 per cent. Nifty 100 was also trading in green.

“The rally in the Indian market has been running out of steam as it approaches the record high of 26277 set in September 2024. Renewed selling by FIIs is likely to be a drag on the market in the near-term,” market watchers added.

Sectoral indices were trading high. Nifty Auto, Nifty IT, Bank Nifty, and Nifty FMCG were trading up to 0.6 per cent higher amid decent buying interest. Nifty Fin Services was also trading up.

“Given the heightened volatility and mixed global cues, traders are advised to maintain a cautious ‘buy-on-dips’ approach, particularly when using leverage. Booking partial profits during rallies and keeping tight trailing stop losses will be key for effective risk management. Fresh long positions should be considered only if the Nifty sustains above the 26,100 mark,” the analysts added.