Highlights
Buyers will get flats by February next year.
Four more builder projects expected to get money soon.
New Delhi: The Central government has sanctioned Rs 165 crore for the completion stalled builder projects in Greater Noida, that will fulfill the housing dream of 900 buyers, as per a newspaper report.
Under the project, to be completed in two phases, buyers will get flats by February next year. Four more builder projects are expected to get money soon, that will enabling in construction of about 2500 more flats, a Hindustan report said.
In order to give relief to homebuyers of stalled projects, a Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH investment fund) has been created for funding stalled projects that are net-worth positive, including those projects that have been declared as Non-Performing Assets (NPAs) or are pending proceedings before the National Company Law Tribunal under the Insolvency and Bankruptcy Code. SWAMIH investment
Broker s call: Embassy REIT (Buy)
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Updated on
CMP: ₹334.04
As per an exchange announcement, Embassy Office Parks REIT (Embassy REIT) has received approval from the National Company Law Tribunal in relation to its composite scheme of arrangement among its entities that restructures and simplifies the ownership of key portfolio assets, including Embassy Manyata, Bengaluru and Embassy TechZone, Pune.
Manyata SPV, which is the largest asset in terms of size in the REIT with 11.8 msf of completed area and area under development of 3.1 msf will now have a simplified holding structure, with the REIT having direct ownership of the asset. As per current regulations, dividend distribution tax is only exempt when it is paid by an SPV to the REIT and not when there is a 3-tier ownership structure.
The National Company Law Tribunal on Wednesday began hearing a petition by Valli Arunachalam and her mother, seeking a waiver on the minimum shareholding requirement to raise their claims of oppression and mismanagement against the management of the Murugappa Group’s holding company.
Arunachalam is the eldest daughter of the former family patriarch, the late MV Murugappan. She had accused other shareholders of the diversified group of ignoring her claims for a board seat at the holding company, Ambadi Investments Ltd (AIL), over her gender. The members of the board belong to various branches of the extended Murugappa family and are all men.
The Supreme Court has reiterated that the National Company Law Tribunal(NCLT) or the National Company Law Appellate Tribunal(NCLAT) cannot interfere with the commercial wisdom of the Committee of.
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