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    Money laundering case: Delhi court takes cognisance of charge sheet against Supertech chairman

    A Delhi court has taken cognizance of a charge sheet filed by the Enforcement Directorate against the chairman and promoter of real estate group Supertech in a money laundering case. The court said there was sufficient evidence against the accused and summoned the co-accused and authorized representatives of the accused companies for October 30. The ED had filed the charge sheet against Supertech Group and eight others in August, accusing them of defrauding homebuyers of Rs 164 crore.

    Delhi court to consider taking cognisance of charge sheet against Supertech chairman on Sept 26

    The Supertech Group also defaulted on payments to banks and financial institutions, and currently around Rs 1,500 crore of such loans have become non-performing assets (NPA), the agency said. Supertech Ltd, which was formed in 1988, has so far delivered around 80,000 apartments, mainly in Delhi-NCR. The company is currently developing around 25 projects across the National Capital Region (NCR). It is yet to give possession to more than 20,000 customers.

    Delhi HC dismisses Supertech chairman R K Arora's plea challenging arrest by ED

    The Delhi High Court has dismissed a petition by R K Arora, chairman and owner of real estate company Supertech, challenging his arrest by the Enforcement Directorate in a money laundering case. Arora claimed that he was arrested without being informed about the grounds of arrest, but the court ruled that he had been duly informed. The case against Supertech and its directors stems from FIRs registered by the Delhi, Haryana, and Uttar Pradesh police. The company is accused of defrauding home buyers and misappropriating funds.

    Delhi court to consider taking cognisance of charge sheet against Supertech chairman R K Arora on Sept 25

    The NCLAT had also directed constitution of a Committee of Creditors for the Eco Village 2 project located in Greater Noida (West). The company had secured the Supreme Court's permission to mobilise around Rs 1,600 crore from institutional investors to complete 18 ongoing housing projects across Delhi-NCR under the main firm Supertech Ltd.

    ​ Their response followed the real estate group's announcement that it wanted to build a new housing project at the same location and would seek reimbursement for land cost and other expenses if the local authorities did not approve the plan, which resulted in an estimated loss of about Rs 500 crore from the demolition of its twin towers.

    Noida twin tower demolition: Black boxes recovered, repairs in Emerald Court and ATS Village on

    "Two black boxes which were placed inside the twin towers at the time of the demolition for research purposes have been recovered. There are eight more black boxes that are yet to be recovered," Dr Debi Prasanna Kanungo, senior principal scientist at the Central Building Research Institute (CBRI), said.

    The Economic Times
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