Latest news with #Agreements
Gulf Insider
6 hours ago
- Business
- Gulf Insider
'If You Own A Property In India...': Investment Banker Warns Of Big Real Estate Shake-Up
India is on the verge of overhauling a 100-year-old property registration system, aiming to shut down a major loophole that has long enabled real estate fraud—especially against NRIs. Investment banker Sarthak Ahuja sounded the alarm on LinkedIn, calling the upcoming Registration Bill 2025 'something every property owner in India can't afford to ignore.' The proposed law promises to digitize the country's fragmented property records, making all title deeds, owner identities (Aadhaar-linked), and existing bank liabilities available online for instant verification. Ahuja highlights that under current laws, properties are often sold by individuals who aren't the rightful owners—especially in NRI cases, where absentee landlords may only realize the fraud years later. 'This is the biggest real estate fraud today—where someone sells what they don't own, and buyers lose everything,' he wrote. The new bill mandates that not just sales but even Agreements to Sell and Builder Agreements must be registered online, cutting off the practice of one property being promised to multiple buyers. Documents executed under Power of Attorney—some decades old—will also need to be uploaded to the new system once the law is enacted. Ahuja warns that property owners must get ahead of the change. Any inconsistencies in name spellings, address mismatches, or outdated utility bill details could cause serious trouble when the online system launches. 'This is the time to clean up your paperwork,' he advised. While the full rollout process and the official website are yet to be announced, the direction is clear: India's real estate records are moving online, and the margin for error—or deception—is about to shrink dramatically.
India Today
14 hours ago
- Business
- India Today
Own property in India? Why you must fix any paperwork issues now
If you own property in India, whether you live here or abroad, there's a big change coming that you shouldn't ignore. A new law is on the way that could completely change how properties are registered and verified in the banker Sarthak Ahuja recently posted on LinkedIn to caution people about this major shift. He wrote, 'If you own a property in India, you can't miss this because you'll need to do this asapThe government has taken a huge step and changed a 100 year old law... because of which a lot of real estate frauds will be avoided...' advertisementHe added, 'So far, the biggest fraud in real estate would be when someone who is not a rightful owner would sell the property... and the buyer would after having paid the money realise that they lost their money and the rightful owner was someone else. This is most common with NRIs - where the owners are not present locally... and would realise months or years later when they come to India.' In fact, for years, the biggest property scam in India has been when someone who isn't the real owner sells a property. The buyer, after paying a huge amount, later finds out they were cheated, and the actual owner was someone else all problem hits NRIs the hardest, as they are often not around to check on their property. Many realise the fraud months or even years later when they return to the government has taken a huge step to stop property fraud by changing a law that's over 100 years old. This new law, called the Registration Bill 2025, will soon make it mandatory to move all land and property records WILL CHANGE UNDER THE NEW LAW?Sarthak Ahuja believes the new law will be a game-changer in curbing property-related the updated rules, all property records will go digital, allowing buyers to access title deeds, ownership details linked to Aadhaar, and any bank loans or dues on the to Sell, and Builder Agreements must now be registered online, and even properties purchased earlier via Power of Attorney documents must be uploaded. With real-time access to all these details, buyers no longer need to rely on brokers or visit offices for wrote, 'The Registration Bill 2025 has been announced which aims to digitise land ownership data on where you can verify in real time the title deeds, the owners' details would be Aadhaar linked, bank loans and liabilities would be listed... So that you could verify all documents online, and not offline.'TIME TO FIX PAPERWORKAhuja says property owners should use this time to sort out any issues in their documents—mismatched names, wrong addresses, outdated bills or old paperwork. These small errors could create big problems once the system goes advised, 'This is the time when if you have to correct names on properties, fix known issues in utility bills etc. done, because you would want to get your paperwork in order so that there are no mismatches in data across your documents which will create a problem for you in online registration.'In other words, India's real estate system is finally entering the digital age, and that means less room for mistakes or fraud.
Business Recorder
24-05-2025
- Business
- Business Recorder
Summary procedure: Applying Sec 9 (3) of Companies Ordinance should be fair and just: SC
ISLAMABAD: The Supreme Court ruled that Section 9 (3) of the Companies Ordinance, though allows summary procedure, but it should be fair and just, ensuring equal opportunities for the contesting parties. A three-judge bench, headed by Chief Justice Yahya Afridi and comprising Justice Amin-ud-Din Khan and Justice Ayesha A Malik delivered the judgment against the decision of Sindh High Court (SHC). The bench by majority of 2-1 set aside the impugned judgments of the SHC dated 16.09.2019 and the Company Judge dated 05.07.2012. Justice Ayesha disagreed with the majority opinion and wrote separate note. The basic facts are that a dispute arose between the partners of Ofspace Private Limited – Shah Group (Reza A. Shah and Neelofar Shah) and Khan Group (Alamgir Khan and Sajjida Naeem) over company's shares. Shah Group held 44 per cent shares and the Khan Group 56 per cent shares in the Company. On 15 January 1999, Alamgir Khan of Khan Group transferred the 30 per cent shares held by him to his brother, Sher Asfandyar Khan. The Shah Group contends that this transfer was in violation of the two Shareholders' Agreements, which, according to them, governed the shareholding structure and management of the Company. Shah Group brought the dispute before the Company Judge under Sections 290 and 291 of the Companies Ordinance, 1984, who after examining the matter, ruled in favour of the Shah Group, holding that the transfer of shares was in contravention of the agreed framework. This decision was subsequently upheld by the Division Bench of the Sindh High Court in appeal. The Khan Group challenged these findings before the apex court. The contention of the Khan Group was that the Shareholders' Agreements were neither independently authenticated nor validly executed and that they contain forged signatures. It was also argued that the Company judge erred in adopting summary procedure under Section 9 of the Companies Ordinance, and that too, despite the existence of complex and disputed factual issues. It also alleged that the secondary evidence was admitted improperly, without fulfilling the requirements prescribed under Article 76 of the Qanoon-e-Shahadat Order, 1984 for the admissibility of secondary evidence. The 30-page judgment, authored by CJP Afridi, noted that the reference to 'summary procedure' in Section 9 (3) does not deprive the Company Judge of the authority to receive and assess evidence, where the nature of the dispute so requires. It; however, said that Section 9 of the Companies Ordinance is not to be interpreted in a manner that overrides fundamental principles of fairness, particularly where intricate factual disputes arise. The Court observed that the present case is not a mere matter of contractual enforcement but one where the very authenticity of the Shareholders' Agreements is in dispute. The judgment said that such allegations require procedural safeguards, including oral testimony, forensic examination, and cross-examination, none of which were undertaken by the courts leading to the impugned judgment. The omission of these safeguards raises serious concerns regarding fairness and due process, particularly in a case where the validity of the underlying documents is directly contested. The Court noted that the Company Judge and the Division Bench of the SHC exercised discretion in a manner inconsistent with the well-settled legal principles governing the admissibility of documentary evidence. It said that the courts must exercise strict scrutiny when admitting secondary evidence, particularly where the authenticity of the primary document is in question. The judgment noted that the Company Judge treated the Shareholders' Agreements as genuine without subjecting them to the level of scrutiny ordinarily required in cases where forgery and fabrication are alleged. The decision of the Company Judge to accept the Shareholders' Agreements as valid, despite the categorical challenge made thereto by Khan Group to their authenticity, therefore raises the question of whether summary jurisdiction was exercised in a manner that ensured a just and equitable resolution of the dispute. The discretion of the Company Judge in treating the Shareholders' Agreements as genuine was exercised in disregard of established legal principles, given the absence of a proper evidentiary inquiry. The Division Bench, in upholding this finding, failed to recognise the procedural and substantive irregularities in the adjudication of the case. Copyright Business Recorder, 2025
New Straits Times
16-05-2025
- Business
- New Straits Times
LBS Bina, Oriental Holdings sign RM7bil MOU for industrial project in Melaka
KUALA LUMPUR: LBS Bina Group Bhd has entered into a Memorandum of Understanding (MOU) with Oriental Holdings Bhd (OHB) to jointly develop an integrated mixed-use industrial project in Klebang, Melaka, with an estimated gross development value (GDV) exceeding RM7 billion. The landmark development will comprise primarily industrial and commercial components, strategically located within the Straits of Melaka Waterfront Economic Zone (SM-WEZ). Klebang was chosen for its advantageous coastal location, expanding infrastructure, and alignment with Melaka's long-term economic transformation goals. The MOU was signed by LBS executive director Datuk Sri Daniel Lim and OHB group executive chairman Datuk Loh Kian Chong in the presence of Melaka Chief Minister Datuk Seri Utama Ab Rauf Yusoh. The Chief Minister's attendance highlights the state government's strong support and underscores the project's pivotal role in driving economic growth and urban development in Melaka. LBS Bina group executive chairman, Tan Sri Dr. Lim Hock San, hailed the agreement as a key milestone in the group's expansion into Malaysia's southern region. "In partnership with OHB, we are excited to shape Klebang into a vibrant, sustainable township. By combining our expertise and shared vision, we aim to deliver lasting value, both in building sustainable developments and uplifting Melaka's economic and social landscape. We look forward to a strong, long-term partnership built on shared goals and mutual success," Lim said. The primary focus of this mixed-use industrial development is to cater to small and medium-sized enterprises (SMEs) in sectors such as oil and gas production, manufacturing, food and beverage supply chains, and warehousing. Furthermore, given the development's frontage along a main access road, the industrial units offer commercial value, as they can also function as retail showroom warehouses. Additionally, Melaka ranks sixth among Malaysian states in terms of industrial property transactions. Notably, the demand for vacant plots and semi-detached industrial units has recorded double-digit growth, driven by both investors and owner-occupiers. Covering approximately 561 acres, the development will be implemented in four phases. LBS Bina stated that detailed land demarcations and development plans will be finalised in forthcoming Definitive Agreements, to be mutually agreed upon by both parties. Enhancing the project's connectivity and long-term potential is the upcoming West Coast Expressway (WCE), which will stretch from Banting, Selangor, to Gelang Patah, Johor. Once completed, the highway is expected to relieve traffic on the North-South Expressway and serve as a catalyst for growth in key coastal towns including Klang, Port Dickson, Melaka, Muar, and Batu Pahat. Corporate Jan 27, 2025 @ 12:55am LBS Bina unveils three-year roadmap to reach new milestones Property Apr 28, 2025 @ 3:41am LBS Bina's 'Makan Angin Lokal' campaign achieves RM537mil in bookings Corporate Feb 20, 2025 @ 9:39pm LBS Bina posts 11-year high PATMI of RM240.2mil Property Jan 16, 2025 @ 5:16am LBS Bina marks Merdeka Campaign success with RM30,000 cash prizes for eight winners
Mid East Info
14-05-2025
- Business
- Mid East Info
Dubai Chambers organises two legal workshops on shareholder agreements and tax transactions - Middle East Business News and Information
Dubai, UAE – Dubai Chambers recently organised two legal workshops aimed at raising awareness among companies about shareholder agreement procedures and tax-related transactions, as well as the importance of participating in the Customer Councils workshops organised by the Federal Tax Authority. The sessions were attended by 70 representatives from the private sector across diverse industries. The first workshop, presented in collaboration with Clifford Chance, focused on key considerations of a Shareholders' Agreements (SHA). The session delved into the intricacies of structuring, governance, investor protections, and international investment implications within SHAs. Participants gained a comprehensive understanding of best practices and essential elements involved in the negotiation and implementation of SHAs. Key areas covered included the stages of a transaction and the role of SHAs, essential elements of an SHA, structuring joint ventures, governance and key reserved matters, term and exit strategies, non-compete and exclusivity clauses, and considerations related to anti-trust, foreign direct investment, taxation, sanctions, and export controls. The second workshop was hosted in partnership with the Federal Tax Authority (FTA) and focused on the importance of participating in the Authority's Customer Councils. These councils fall under the UAE government's Customer Councils initiative, which aims to enhance the quality of government services by involving stakeholders in co-designing innovative experiences based on their feedback and insights. Participants in this session also gained valuable insights into the process of submitting reconsideration requests for tax decisions, applying for waivers or instalment plans for administrative penalties, and had the opportunity to share their suggestions and recommendations during the session.
