The court noted that the role of a broker is to persuade the vendor and purchaser to arrive at the sale of a property and that only upon completion of the transaction the agent becomes entitled to claim the compensation for his work done.

The court determined that the Deonar gala, valued at Rs. 1.1 crore, was never sold by the property owner to the party represented by the broker and was instead sold to a different party.

“Once either side abandons the transaction, the agent cannot assert his right to recover fees as an agent. The court ruled that the claim of helping the parties to a compromise cannot be considered part of carrying out the agent’s obligations.

The buyer filed a lawsuit with the Bombay High Court after the deal between the buyer and the purchaser fell through, according to the court.

The transaction between the defendant (Valerian Noronha) and the buyer (Ganesh Kamath), for which the plaintiff (Kamani) is claiming that he discharged his duties as a broker, has thus far failed but not been completed, the court stated.

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Ambuja Cement Ltd and ACC Ltd described as “misleading” reports of promoters pledging shares as part of financing their acquisition in a joint statement to stock exchanges.

“As a result, there are market rumours that there is a requirement to meet the top-up triggers where there is selling pressure,” the statement said.

“We would like to clarify that Promoters have not pledged any Ambuja or ACC shares. The Promoters have only provided a non-disposal undertaking, so there is no requirement to provide any additional Ambuja and ACC shares or cash under the acquisition financing raised last year “It went on to say.

This comes just one day after Adani Group cancelled Adani Enterprises’ Rs 20,000-crore Follow-on Public Offer (FPO).

Earlier on Thursday, billionaire Gautam Adani stated that the decision to withdraw the fully subscribed FPO of his group’s flagship firm was primarily due to market volatility.

Adani stated that the company’s fundamentals are strong.

Since a US-based short seller made damning allegations of stock manipulation and financial reporting fraud, which the conglomerate has denied, Adani Group stocks have lost more than USD 100 billion in value.

On the last day of the share close on Tuesday, Adani Enterprises Ltd’s Rs 20,000 crore follow-on public offer attracted investors. The company decided to withdraw the FPO and refund the investors late on Wednesday.

Adani bought Ambuja and ACC cement companies through a Mauritius-based SPV called Endeavour Trade and Investment Ltd (ETIL), which is owned by Xcent Trade and Investment Ltd. (XTIL).

Adani Group has pledged its 63.15 % stake in Ambuja Cements and 56.7 % stake in ACC (of which Ambuja owns 50%) to Deutsche Bank AG’s Hong Kong Branch.

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District town planner Amit Madholia wrote to deputy commissioner Nishant Yadav, despite repeated reminders that Raheja Developers and Brisk Infrastructure had failed to deposit the audit amounts.

In the first week of August of this year, the district administration finalized a panel of four agencies to conduct structural audits of 16 housing societies where residents claimed serious flaws in construction quality.

The agencies were to be paid Rs 1.75 per sqft, with the developers footing the bill for the audit. The developers were instructed to deposit the funds in the district administration’s escrow account by the second week of September. Madholia stated that developers were reminded to deposit the audit deposit on September 24 and October 6.

The deputy commissioner called a meeting on October 28 and gave the developers seven days to pay their debts.
According to the account statements on November 11, however, the two developers made no payment, according to Madholia’s letter. If lease deed execution is halted, it will have an impact on 16 Raheja Developers projects and one Brisk Infrastructure project.

While Brisk was unavailable for comment, Raheja’s spokesperson stated, “We have requested that the department include our projects in the structural audit process despite the fact that we did not design or build them. The department has been asked to work with the agencies that built and oversaw these projects to resolve the issue. If our application is rejected, we will, however, comply with DTCP orders.”

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In Q2 FY23, the company’s net consolidated income was Rs 4,057.08 crore, up 6.42 percent from Rs 3,812.31 crore in the previous year. “We have experienced significant cost pressures in the recent past as a result of steep fuel price increases, but the recent cooling off in energy costs will benefit us in the coming quarters,” said B. Sridhar the sole director and CEO of the company.

Cement volume increased by 4% in the quarter that ended September 30, 2022, to 6.85 million tonnes, compared to 6.57 million tonnes in the same quarter last year. Ready Mix Concrete performed well, with volume increasing by 10% to 0.75 million cubic meters in the same quarter last year from 0.68 million cubic meters.

Net sales at ACC were Rs 3,910 crore, up from Rs 3,653 crore in the previous quarter.
“We have aggressive growth plans,” Sridhar said, adding that “our capacity expansion initiative at Ametha is on track to be operational by March 2023.”

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MUMBAI: The GST-Authority for Advance Rulings (AAR) Karnataka bench has ruled that the goods and services tax (GST) is not applicable on the sale of plots, even if the plots are sold after basic necessities-related works have been completed (such as land leveling, installation of sewage lines, et al).

The land has always been clearly exempt from GST. GST is charged. However, a never-ending battle erupted over whether the sale of plots following basic development is subject to GST. This case is nearing its end.

“This advance ruling is in response to the circular issued by the Central Board of Indirect Taxes and Customs (CBIC) following the GST Central Council meeting on August 3,” Harpreet Singh, indirect tax partner at KPMG-India, explained. This circular states that even the sale of plots after some basic development is considered a sale of land and is exempt from GST. However, services used to develop the land, such as land leveling and drainage line installation, will be subject to GST. The CBIC’s clarification and this advance ruling clear the air on the application of GST to land sales.”

Plots are typically sold to individuals for the purpose of constructing their own homes after the seller has completed some basic development (land owner). In this case, Rabia Khanum, an unregistered individual under GST laws, attempted to convert her land on the outskirts of Bengaluru into a residential site. The land will be developed in accordance with the District Town and Country Planning Act, she stated.

Land development entails laying of electricity cables, water pipes, sewerage lines, drilling of bore-wells, setting up of a power substation, and obtaining a connection from the electricity board.
The authorities would not grant permission to sell plots to individuals for house construction unless these basic necessities were met.

She sought a response on whether GST was applicable on the advance received/sale consideration for such sites, as well as whether GST would apply on the ‘sale of plots after completion of works related to basic necessities,’ and received a favorable response that it was not.

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The revenue department has filed a First Information Report (FIR) under the Environment Protection Act against an unidentified group for destroying over ten mangroves in the Kamothe node by erecting an illegal bund that prevented tidal waves from entering vital marine plants. In a letter to the SDO, SL Manijare, the Range Forest Officer of the Navi Mumbai Mangrove Conservation Unit, requested that action be taken to address the environmental destruction affected by mangrove destruction in the Kharghar and Kalamboli nodes. A revenue department team went to Kharghar in Sector-10 for inspection on Thursday, but their vehicle became stuck in the slush. “No FIR was filed at Kharghar police station because the inspection could not be completed.” “However, we will return for inspection,” a revenue official stated.

According to RFO Manjare’s letter, Rajesh Patil of Kopra Village built a bund out of cement bags and blocked the intertidal flow. As a result, between 400 and 500 mangroves were discovered to be dead. Save the Kharghar Wetlands and Hills Group, “Nareshchandra Singh, a member of the Save the Kharghar Wetlands and Hills Group, explained.
RFO Manjare’s mention of mangrove killing is only the tip of the iceberg. In Sector-10, Kharghar alone, 13 hectares of dense mangrove zone are under constant threat of destruction. “

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The new Evacuation Safety Circular is a step towards improving evacuation routes for residents anda Safer andFaster Mode for Fire Officers to reach High – Rise Floors during fire emergencies in Maharashtra

 Mumbai, July 21, 2022:The most landmark Circular issued by Maharashtra State’s Energy Department in conjunction with the Municipal Corporation and the Fire Departmenthas made it mandatory to install and operate a Fire Evacuation Lift in every High-Rise Building scaling 70-meters and above since January 2018. The Energy Department has issued the Circular as ‘Advisory on Installation of the Fire Evacuation Lifts in the High Rise Buildings having height 70 Meters and above.”

 Making the ‘Fire Evacuation Lift’ mandatory is seen as a visionary step in providing Safer and Faster route for Fire Officersto reach the higher floors to save lives and assets. Meanwhile, it is one of the safest and fastest modes for evacuating people stranded in emergency situations of fire in High Rise Buildings. Maharashtra has become the first State in India to make Fire Evacuation Lifts mandatory for buildings 70meters and above since January 2018 in what is termed as the solution to mounting emergencies during fire-fighting and provide a safe evacuation mechanism for people and assist Fire Officers to save lives and assets.

As part of the evacuation solutions, many Developers of High – Rise Buildings in the cities like Mumbai have installed or are currently opting to install non-standardized or low graded Fire Evacuation solutions/Lifts. However, these Non-standard Fire Solutions/ Evacuation Lifts may not provide right security and safety to people in the event of a fire due to compromise in quality by the builders and regular passenger lift makers. In contrast, the Fire Evacuation Lifts are a far more secure and safer option and are developed by specialized teams of a Fire Evacuation Lift Manufacturer. It protects and enables fire-fighters to reach higher floors faster and evacuate a group of 10-18 people of all ages and abilities including pets at one given time in less than three minutes(i.e. almost 100 people in 30 minutes approximately). It also enables the Emergency Response Team (ERT) to reach any floor within a minute to fight fire, save lives and assets and thus reduce losses.

As per the New Circular, henceforth, it is mandatory to obtain the permission for erection and License for operation of Fire Evacuation Lifts in the State of Maharashtra.

Further, it will provide a much awaited solution to the Fire Brigades across cities in Maharashtra and the ERTs in combating emergency fire situations in High – Rise Buildings, as they can use the ‘Fire Evacuation Lifts’ to reach to higher floors rapidly to evacuate people and save assets by dousing fire more efficiently and timely.

The implementation of the new Circular shall be effective immediately from the date of issue for the upcoming Fire Evacuation Lift installations and shall apply with retrospective effect to the existing Fire Evacuation Lift installations.

High-Rise Buildings scaling 70-meters and above in heights in Maharashtra will have to put in place the necessary infrastructure, such as Fire Evacuation Lifts, which provide a much safer and more secure option.This Circular, will begin a new chapter of fire evacuation in Maharashtra.

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The Securities and Exchange Board of India (Sebi) announced the auction on July 15, 2022, from 11 a.m. to 1 p.m. Office premises, residential flats, land parcels, shops, land & buildings in Gujarat, Maharashtra, Goa, Daman, and Dadra and Nagar Haveli are among the properties up for auction.

More than 266 properties were auctioned off between November 2019 and March 2022, with a reserve price of Rs 1,297 crore.

The move followed a Supreme Court judgement in December 2019 for the sale-cum-monitoring committee, led by retired Justice J P Devdhar, to sell 114 properties owned by the firms within six months.

Citrus Check Inns and its directors were fined Rs 50 lakh by Sebi in December 2018 for failing to comply with its order, which prevented them from raising funds from the general public.

Sebi has received multiple investor complaints against Citrus, stating that Royal Twinkle’s directors were administering their Collective Investment Scheme (CIS) through Citrus.

The regulator had issued a four-year ban on Royal Twinkle and its four directors in August 2015 for illegally generating over Rs 2,656 crore in the guise of bogus “timeshare” holiday plans.

Furthermore, it had asked the company and its administrators to repay the money to the investors, along with the promised returns, within three months.

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On Friday afternoon, the two were apprehended near the Bombay High Court. Ahuja Constructions is well-known in Central Mumbai and the western suburbs for its distinctive luxury constructions.

Last March, the 14th Metropolitan Magistrate Court convicted and sentenced them to six months in uncomplicated imprisonment.

They were also ordered to pay Rs 14.7 lakh in compensation to the petitioner within 30 days, or face another three months of simple imprisonment. The complainant is a Breach Candy resident who filed a lawsuit against Ahuja Properties and Developers and its two directors, Jagdish and Gautam Ahuja, under Section 138 of the Negotiable Instrument Act.

In October 2015, the accused sought the complainant for a “friendly loan” of Rs 10 lakh on the condition that it be repaid within 12 months with a 20.4 percent interest rate. He agreed to make the loan because the complainant was a family friend.

The complainant further said that the accused paid two quarterly interest payments on time. However, the cheque for the third quarterly payment of interest was returned unpaid. This led the complainant to lodge a complaint. According to the conviction ruling, he indicated that two cheques for the fourth quarterly interest were likewise returned due to “insufficient balance.”

According to property market sources, many complaints have been launched against the construction firm and its directors in various courts for alleged cheque bouncing.

According to city police, the duo was also arrested under the Maharashtra Protection of Interest of Depositors (MPID) Act.  A couple from Pune accused them of scamming them of Rs 2 crore.

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