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Property News #21: ACC’s net profit, Kapil Wadhawan offers Rs 43,000 crore, Kalpataru Properties wins

ACC’s net profit surges 20% to Rs 364 crore in Q2 FY21

The cement maker ACC Ltd reported a consolidated net profit increase of 20.25%, to Rs 363, 85 crore for the third quarter ended on 30 September 2020. The company made a profit of Rs 302, 56 crore in the same quarter a year ago, following January-December fiscal year.

During the reviewed portion, total operating revenue reached marginally Rs 3, 537, 31 as compared with Rs 3, 528, 31 in the period up to the year-end. The total expenditure by ACC has decreased from Rs. 3, 138, 67 crore to Rs. 3, 042, 75 crore.

The company said on the outlook that it expects a revival of the demand for cement that will help the government shift into major sectors of infrastructure.

Kapil Wadhawan offers Rs 43,000 crore family assets to repay DHFL lenders

The imprisoned promoter of DHFL’s crisis-hit lender of mortgages, Kapil Wadhawan, offered personal and family property for repayment of unpaid loans by the firm, for the sum of Rs 43,000 crore. Wadhawan wrote to RBI-appointed administrator R Subramaniakumar that his offer would ensure maximum value for the products placed on the loans block.

Wadhawan, currently under court custody, has proposed the transfer, to allow the land, to the full value of the property, of the rights, title, and interest in different projects which are part of his family’s immovable portfolio. 

Approximately 43,879 crores were assessed for those projects, including the Yuhu Galli project and the Irla project, which, according to a letter were lowered market value by 15%.

RBI issued, on 7 June 2019, a circular about the prudential asset resolution framework, and DHFL ‘s debt restructuring and financial stress resolution process was initiated.

DHFL, the third-largest pure-play loan mortgage lender, was sent for insolvency proceedings by the Reserve Bank in November to the National Corporate Law Tribunal (NCLT). 

According to the study from a transaction auditor, Grant Thornton, a fraudulent transaction worth Rs 17,394 crore was registered in DHFL for 2006-07 and 2018-19.

The deviation from funding by DHFL promoters contributed to DHFL being listed as “fraud” by lenders. 

The forensic audit, followed by the third earlier this month, revealed more fraudulent transactions worth Rs 12,705.53 crore. 

Grant Thornton detected the third scam worth Rs2.150.84 to underestimate the subsidiary’s insurance.

Kalpataru Properties wins 15-year court battle for the prime plot in Mumbai’s Worli

Kalpataru Properties developer won a 15-year arbitration case in Mumbai’s Worli village involving a 5-acre prime plot. The order of the Supreme Court now ends the long-term case for one of the valued properties in Mumbai.

This award was challenged before the Bombay High Court by Shree Ram Urban Infrastructure, where petitions were rejected in July 2017 by a single-judge order.

The Supreme Court upheld the award granted to the developer by the Arbitral Tribunal while rejecting the appeals filed by Shree Ram Urban Infrastructure on behalf of the Insolvency Resolution Professional (IRP) against earlier Bombay Court orders.

Although acknowledging that the court “did not see any justification to interfere with it,” the Supreme Court denied the appeal of the IRP. The said Order shall be binding upon the IRP, who shall fulfill the agreement and pass the land to the Kalpataru Properties.

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Bengali Property News#21। Advocate Chenoy Ceil |ACC net profit। Kapil Wadhawan। Kalpataru Projects

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