Connect with us
Tuesday,02-March-2021

Business

Emaar accuses MGF of trying to illegally transfer land parcels

Published

on

Chairman-Shravan-Gupta

Emaar India Ltd. on Friday accused MGF Group and its Chairman Shravan Gupta of trying to illegally transfer a land parcel in Okhla.

In a statement, Emaar cautioned against dealing with MGF Group, Gupta and associates in respect of the land parcel which was valued at nearly Rs 500 crore in 2008 and may be valued much higher now.

Emaar has also issued a public notice to this effect.

“We were informed by credible sources that MGF was likely to deal with the Okhla land parcel. We wanted to caution the public against dealing with MGF Group, SSP Buildcon Private Limited, Shravan Gupta, Shilpa Gupta or any of their associates/related entities or persons,” it said.

The notice pertains specifically to a land parcel of approximately 4.88 acres in Okhla, Mathura Road, New Delhi.

Emaar India was a joint venture between Dubai-based Emaar and Shravan Gupta’s MGF Developments Limited. Emaar Properties entered the Indian real estate with one of the largest FDI in the real estate sector in 2005.

Gupta was the Managing Director and CEO of the joint venture Emaar MGF Land until 2016. He finally resigned as the Managing Director of the joint venture company in 2016 and the demerger of MGF was approved in July 2018.

According to Emaar, once it took management control of Emaar India, it found several unauthorised related party transactions prior to 2016. After investigating, Emaar proceeded with recourse to the necessary remedies available under Indian law.

It has sought to recover over Rs 2,400 crore and interest from the relevant date of siphoning of funds or properties. The proceedings were filed in November 2019 before the NCLT Delhi.

Emaar’s statement said that it has been “informed that Shravan Gupta and his family are since outside India and recently learned from a court order in an unrelated matter that he and his family are likely to take up citizenship of the Commonwealth of Dominica”.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Petrol and diesel prices unchanged for 3rd straight day

Published

on

Petrol

The rise in the prices of petrol and diesel has paused for the last three days as oil marketing companies (OMCs) have decided to wait and watch the developments on global oil market before finalising their India retail strategy.

The OMCs kept the pump price of petrol and diesel unchanged on Tuesday. With this, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital.

Across the country as well, petrol and diesel prices remain unchanged.

Sources in OMCs said that price pause on Tuesday followed subdued movement in product price in global markets. The crude oil, which has been on fire for the last couple of weeks, has also shown some downward movement lately, staying at less than $63 a barrel now.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, prices have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.

The increase in the previous weeks has taken petrol past the historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol prices is just Rs 2.4 per litre short (Rs 97.57 a litre) of touching the three-figure mark of Rs 100 per litre for the very first time ever. Diesel prices in the city are closing on Rs 90 a litre (Rs 88.60 a litre).

In all the other metros, petrol is over Rs 90 a litre-mark, while diesel is well over Rs 80 a litre. Premium petrol had crossed Rs 100 per litre mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra a few days back.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.

Petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively, so far this year.

Oil company executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent the OMCs from making a loss on sale of auto fuels.

Continue Reading

Business

Government-NUSI ink MoUs for Rs 225 Cr benefits to seafarers

Published

on

Indian-seafarers

In a third major achievement in 3 months, the National Union of Seafarers of India (NUSI) signed six memorandums of understanding (MoUs) with the Centre to extend various benefits worth Rs 225-crore to the 4,00,000 Indian seafarers across all categories, a top unionist said here on Tuesday.

The MoUs were signed between NUSI General Secretary Abdulgani Y. Serang and Director-General of Shipping Amitabh Kumar ahead of the crucial Maritime India Summit (MIS) starting Tuesday, and as part of the NUSI’s 125th anniversary celebrations.

“For the first time in Indian maritime history, the six MoUs have been signed for the welfare, training, medical, education and other requirements of the sea-farers,” Serang told IANS.

The scope of the MoUs includes: Financial assistance for Covid-19 vaccination to all seafarers, sponsorship to seafarers or their families to study at the Indian Chapter, World Maritime University in Sweden, Training and Skill Enhancement to seafarers free of cost.

Other important areas covered are: Medical and education assistance to seafarers and their families, and also educational help to kin of retired/deceased seafarers, said NUSI Spokesperson Sunil Nair.

The NUSI claimed that it was their third major milestone for the seafarers in the past three months at the height of the pandemic when the Indian and global maritime industry suffered hugely.

In December, the NUSI and FSUI clinched an agreement with Indian National Shipowners Association (INSA) for a hefty 40 per cent wage hike with retrospective effect to all seafarers.

In January, the government agreed to extend the provident fund, gratuity, and pension to all ranks of seafarers serving on both Indian or foreign flag ships, after years of struggle by NUSI.

However, with the efforts of Shipping Minister Mansukh Mandaviya and Prime Minister Narendra Modi, the demands have been accepted which will go a long way to ensure the financial, medical and academic well-being of the seafarers and their families after they retire, the NUSI leaders said.

Continue Reading

Business

Shipping Corp shares up 15% as government gets multiple EoIs

Published

on

Shipping-Corporation-of-India-Ltd

Shares of Shipping Corporation of India Ltd surged over 15 per cent on Tuesday as its disinvestment process gathered momentum with the government receiving multiple Expressions of Interest (EoI) for the privatisation of the company.

Around 12 p.m., its shares on the BSE were trading at Rs 120.15, higher by Rs 16.45 or 15.86 per cent from its previous close.

Taking to Twitter, Tuhin Kanta Pandey, the Secretary for Department of Investment and Public Asset Management (DIPAM) on Monday said: “Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage.”

The Union government proposes to sell its entire shareholding of 63.75 per cent in the listed entity to a buyer that will take over the company with full management control.

The government expects to complete the privatisation in the coming financial year. Presenting the Union Budget for FY22, Finance Minister Nirmala Sitharaman had said that all the announced disinvestment processes will be completed during the upcoming fiscal.

Continue Reading
Advertisement
Advertisement

Trending