17 Mar 2023

More than 11,200 tillers in Punjab who have been occupying over 4,000 acres of land for generations but had no title rights will now have ownership of the land after paying due compensation as President Droupadi Murmu gave her assent to a legislation in this effect. The legislation is known as the Punjab Bhondedar, Butemar, Dohlidar, Insar Miadi, Mukarraridar, Mundhimar, Panahi Qadeem, Saunjidar, or Taraddadkar (Vesting of Proprietary Rights) Bill, 2020. This bill was passed by the Punjab Assembly in 2020 when the Congress government led by Amarinder Singh was in power.Read more

17 Mar 2023

The Securities and Exchange Board of India (SEBI) has announced that it will auction 66 properties belonging to the Saradha Group on April 11, 2023. The reserve price for these properties is set at Rs 32 crore, and the auction will be conducted between 11 am and 1 pm. The properties up for auction include land parcels located in West Bengal. SEBI has appointed Quikr Realty to assist in the sale of these properties, while C1 India will be the e-auction provider.Read more

17 Mar 2023

Haryana Shahari Vikas Pradhikaran (HSVP) has initiated proceedings to cancel the allotment, building plan approval, and registry of a prime residential plot in Sector 23A worth Rs 4.4 crore, which was bought by an individual by paying just Rs 600 last year. The plot of 500 square yards was sold through e-auction in 2021-22. The allottee made six transactions of Rs 100 each, while the HSVP’s plot and property management (PPM) system recorded that it received payment of Rs 4.4 crore. The irregularity came to light during an ongoing audit of HSVP’s bank accounts and the PPM system.Read more

17 Mar 2023

Residents of two hundred and forty flats in Dombivali, a town in Maharashtra's Thane district, have been evacuated from five buildings due to cracks that have developed in the structures. According to local MP Shrikant Shinde, the developer will provide the residents with rent during their stay in alternate accommodation. Shinde met with Kalyan Dombivali Municipal Corporation chief Bhausaheb Dangde and others to discuss the issue.Read more

16 Mar 2023

According to the New York Times, WeWork Inc is in conversation with investors to change the terms of its debt of over $3 billion and obtain additional funds. As a result of this news, the company’s stock increased by approximately 5% in after-hours trading.Read more

16 Mar 2023

Asian Hotels (West), which operates Hotel Hyatt Regency near Mumbai Airport and JW Marriott Hotel at Aerocity in New Delhi, has been admitted for corporate insolvency. Seven entities, including K Raheja Group, Devrrat Developers, Panchsil Corporate Park, GVPR Engineers, Jindal Power, and two consortiums, have expressed interest in acquiring the hotels. UV Asset Reconstruction Company (ARC) extended the deadline for submitting the resolution from March 10 to April 7. It holds 98.8% of the debt.Read more

16 Mar 2023

Last week, the Securities and Exchange Board of India (SEBI) lifted the securities market ban that had been imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL). The ban had been imposed in relation to a case concerning alleged fraudulent financial transactions. The regulator also announced that its investigation into the matter had been completed and quasi-judicial proceedings had been initiated against four other former promoters of DHFL: Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan (now known as Piramal Finance).Read more

16 Mar 2023

Earlier this week, The Mumbai Police announced that it would begin collecting details of properties rented out by people in the city. The aim of this activity it to create and maintain a record of all tenants who occupy rented properties. The move comes in the wake of rising concerns over the safety of women and children in rented properties. The injunction went into force last week for a period of 60 days, and anyone who violates it will be liable to be charged under the appropriate Indian Penal Code (IPC) provision.Read more

16 Mar 2023

Around 750 houses and shops located around the Velachery Lake in Chennai are facing eviction due to an ongoing clean-up drive in the area. The drive, initiated by the Chennai Corporation and the Water Resources Department, aims to remove illegal encroachments around the lake and restore its original capacity. The eviction drive is being carried out in phases, with the first phase covering areas around the lake's southern side. The eviction drive has faced criticism from some quarters, who argue that it is being carried out without providing adequate compensation or rehabilitation to the affected people.Read more

16 Mar 2023

The Maharashtra Virtual Incubation Centre (MVIC) is being established by the Maharashtra government in collaboration with 91Springboard Business Hub Pvt. Ltd., a leading co-working space provider that offers amenities like office infrastructure, administrative support, mentoring, access to networks, and community. Startups in Maharashtra would be given preferred access to MVIC's incubation-related goods and services, such as legal, finance, intellectual property, cloud, and mentoring.Read more