Income tax department slaps ₹23 crore fine on Adani Cement entity ACC

The Income Tax department has imposed two separate fines totaling Rs 23.07 crore on ACC Ltd, an Adani Group firm. These penalties, for "inaccurate particulars of income" (AY 2015-16) and "under-reporting of income" (AY 2018-19), will be contested by ACC before appellate authorities. The company stated these demands, from before Adani's acquisition, will not impact its financial activity.

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Developers who plant trees in Gurugram's Matri Van will earn green credits

Developers will now earn green credits for planting trees in Gurugram's Matri Van. This initiative aims to boost green cover in the Aravalis. Environmentalists express concerns about the policy. They fear it could compromise ecological integrity. Critics suggest it may lead to land capture. Experts advocate for natural regeneration over token plantations. The Green Credit Programme faces scrutiny.

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Runwal Realty plans up to ₹2,000-crore IPO, files DRHP

Runwal Realty plans to raise Rs 2,000 crore through an Initial Public Offer. The company filed its draft prospectus for the equity share sale. This includes a fresh issue of Rs 1,700 crore and an offer for sale of Rs 300 crore. Funds will repay outstanding borrowings. The developer also plans expansion into hospitality.

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DLF Cyber City Developers raises ₹1,100 crore through NCDs

DLF's rental arm, DCCDL, successfully raised Rs 1,100 crore through a private placement of non-convertible debentures at a 6.91% coupon rate. This funding comes as the joint venture, which holds 44 million sq ft of commercial spaces, reported a 26% increase in net profit to Rs 593 crore in the June quarter.

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Sahara firm seeks SC nod for sale of group's assets to Adani properties

Sahara India Commercial Corporation Ltd (SICCL) has sought Supreme Court approval to sell major properties, including Amby Valley, to Adani Properties Private Limited. This crucial step aims to expedite asset liquidation and repay investors, particularly following the death of Sahara chief Subrata Roy.

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Supreme Court allows conditional OCs for over 450 flats in Noida Sports City

The Supreme Court has directed Noida Authority to issue conditional occupancy certificates for six residential towers in Sector 150's Godrej Nest project, offering partial relief to over 450 families. This order, following a developer's petition, is subject to ongoing legal outcomes and the completion of promised facilities, explicitly not setting a precedent for other Sports City projects.

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CBI crackdown on builders, officials of financial institutions nexus

The CBI conducted searches at 12 locations across Kolkata, Bengaluru, and Mumbai, registering six fresh cases against builders and financial institution officials. This action, directed by the Supreme Court, targets alleged cheating and defrauding of homebuyers through 'Subvention Schemes'. Incriminating documents and digital evidence were seized during the ongoing searches.

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