Latest news with #ErrolFernandes
Time of India
06-08-2025
- Business
- Time of India
Bengaluru realtor, family face Fema violation case
Bengaluru: The Directorate of Enforcement (ED), Bengaluru zonal office, filed a complaint under Foreign Exchange Management Act, 1999, against Errol Fernandes, promoter of Ferns Estates and Developers, and his family members for alleged foreign exchange violations amounting to over Rs 20.5 crore. According to an ED press release, the adjudicating authority issued a show-cause notice to Fernandes and his family following the complaint. The investigation was initiated based on information that Fernandes and his family contravened Fema provisions between 2017 and 2024. ED probe revealed remittances totalling over Rs 20.5 cr were sent abroad by Fernandes and his family members, the press release said. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru According to ED, nearly Rs 3.7 crore was remitted under Liberalised Remittance Scheme (LRS) for investment purposes. However, after redeeming the investments, the funds were retained in foreign accounts and repatriated back to India after a significant delay. Further, the agency found nearly Rs 16.9 crore was sent abroad under the pretext of family maintenance through LRS. Investigation, however, revealed none of his family members or relatives was residing abroad during that period. The funds were allegedly used for investments overseas and, upon redemption, retained abroad before being repatriated with delays, the press release said. The ED said these actions constitute significant violations of Fema provisions, prompting issuance of show-cause notice.
The Hindu
06-08-2025
- Business
- The Hindu
ED register case against real estate company under FEMA
The Directorate of Enforcement (ED) on Wednesday registered a complaint against Errol Fernandes, promoter of realty firm Ferns Estates and Developers, and his family members under the Foreign Exchange Management Act, 1999 (FEMA) for contravention to the tune of ₹20.5 crore and issued show-cause notices. According to the official release, the enquiries in the matter were initiated on the basis of credible information that Errol Fernandes had made significant contraventions of provisions of FEMA, 1999 during the period from 2017 to 2024. ED investigation revealed that Mr. Fernandes and his family members sent remittances to the tune of ₹ 20.5 crore abroad, ED said. Investigation revealed that ₹3.6 crore was remitted by Errol Fernandes and his family members for investment under the Liberalised Remittance Scheme(LRS). However, on redemption of the investment, the amount was kept in the accounts abroad and remitted back to India after a long delay, ED said. Further, investigation revealed that ₹16.8 crore was remitted by them for family maintenance under LRS, however, investigation revealed that no family members and relatives were residing abroad during that period and the money taken outside India for family maintenance was also used for investment outside India. This money also, on redemption of the investment, was kept in the accounts abroad and remitted back to India after a long delay, ED claimed.
Yahoo
03-06-2025
- Entertainment
- Yahoo
The summer programme of events including free late opening at Horniman Museum
A museum in Forest Hill is offering a free late-night opening to mark World Oceans Day. The Horniman Museum and Gardens is marking the occasion with an event on Thursday, June 5. From 5.30pm to 9pm, guests can enjoy a night of coral-themed activities inspired by the Horniman's Project Coral research. The evening will feature performances, games, and experiences presented by Royal College of Art students. Visitors can also explore the museum's collections after hours and enjoy the current exhibitions. This late-night opening is free of charge, with no advance booking required. However, some activities may incur a fee. On Sunday, June 8, from 10am to 3pm, the Horniman's Second Hand Sunday market is returning. Local sellers will be offering a variety of second-hand clothes, books, toys and more, promoting sustainable shopping. The market is free for all to enjoy. Later in the month, the Horniman Plant Fair is set to take place on Saturday, June 21, from 11am to 4pm. In partnership with Plant Fairs Roadshow, the event will showcase a wide variety of plants from small and independent nurseries. Visitors can also interact with specialist growers, attend a series of talks curated by head of horticulture Errol Fernandes, watch a live botanical installation, and try their hand at dry flower arranging. Advance booking is required, with tickets priced at £12 for adults and £3 for children. The plant fair is primarily aimed at adult visitors, and there will be no children's activities. Dogs are allowed but must be kept on a lead. In July, the Horniman Gardens will be transformed into a midsummer daydream for the Big Fish Little Fish family rave on Saturday, July 5, from 2pm to 6pm. The event will feature crafts, a bubble show, circus skill workshops, and storytelling. It will also showcase some of London's best street food stalls. Advance booking is essential, with tickets priced at £20 for adults and £15 for under 16s. On Wednesday, July 30, the Llama Library, featuring author Holly Ryan and illustrator Ella Bailey, will be holding a storytelling and crafts event. The event will run in four sessions at 10am, 11.30am, 1.30pm, and 3pm, with tickets priced at £7.50 per child. The ticket includes one free adult. On Saturday, August 16, the Horniman will host a celebration of Caribbean culture. The event, running from 1pm to 6pm, will feature a line-up of musical talent, a selection of jerk, vegan, and vegetarian dishes, and an arts and crafts market. Tickets will be on sale from June, with prices for adults set at £17, over 60s at £12, and children at £10. The Horniman Museum's exhibitions and displays will also be open to the public. The Robot Zoo, running daily until November 2, 2025, offers an insight into the mechanisms that give animals their amazing abilities. The Egyptian women-themed exhibition All Eyes on Her is a new collaborative display honouring the everyday resistance of Egyptian women. The Great Kingdom of Benin display highlights the rich cultural, creative, and political history of the Kingdom of Benin. The Horniman Museum and Gardens is free to visit and open daily, from 10am to 5.30pm. The World Gallery, Music Gallery, and Natural History Pop-up display in The Studio are all free to visit, with no advance booking needed. However, the Natural History Gallery and Nature Base are currently closed for redevelopment until 2026. The Aquarium, Butterfly House, and The Robot Zoo require advance booking, particularly during busy periods such as weekends and school holidays.
New Indian Express
22-04-2025
- Business
- New Indian Express
Rosetta invests Rs 600 crore towards leisure market push
BENGALURU: Bengaluru-headquartered Rosetta Resorts & Holiday Homes has committed an outlay of Rs 600 crore over the next four years to solidify its presence in India's leisure hospitality market. The company currently owns and operates resorts in Sakleshpur and Goa, with plans to expand both properties. Rosetta launched its first resort in Sakleshpur in 2021, a 126-key property set within a coffee plantation it owns. "The company is now constructing 100 self-sustained, 3 & 4-bedroom holiday homes within the same resort, which will be sold to customers, who will then have the option to lease them back to Rosetta, thereby expanding inventory without incurring additional capex. In South Goa, Rosetta owns a 75-key resort in Varca, which has been operational for a year. This property is being expanded by a further 68 1-bedroom suites at an outlay of Rs 100 crore, and is expected to be operational two years from now. On completion, there will be 143 keys here," Rosetta CMD Errol Fernandes told TNIE. Additionally, Rosetta, part of realty major Ferns Estates, is constructing a 130-key resort at its 10-acre Ferns Forest View gated community premises in Kalyapura, Chikkaballapur, which is slated to be ready in 2.5 years. The outlay for this project is Rs 160 crore, funded by a debt of Rs 75 crore from Bajaj Housing Finance Limited. So far, Rosetta has invested Rs 200 crore in Sakleshpur and Rs 100 crore in Goa, with another Rs 300 crore earmarked for expansion over the next four years. Of the Rs 600 crore outlay, Rs 450 crore will be funded through internal accruals, while the remaining Rs 150 crore has been raised via debt from Bajaj Housing Finance. 'Rosetta is also expanding through an asset-light model, wherein it's taking properties on lease-cum-revenue share basis, instead of the traditional operations and management model. We invest in working capital on these leased properties towards refurbishment, manpower, sales, and marketing, and pre-opex expenditure. A typical lease term for this is 20-50 years, and we pay a rental to the owner,' Rosetta JMD and CEO Jai Sreedhar explained. Accordingly, the company is eyeing resorts in Rajasthan, which have been acquired by an international private equity firm, and is under negotiation. The investment in these properties will be generated from internal accruals. The company is also negotiating the lease of greenfield properties in Yercaud, consisting of 70 luxury suites, and another luxury 100-key resort in Mamallapuram, under the revenue-share model. Notably, the Rs 600-crore investment plan excludes leased properties, focusing solely on owned assets. Today, Rosetta operates under two brands. 'Rosetta' for luxury properties, with room rates at around Rs 25,000 per night; and lifestyle-oriented 'Elements by Rosetta', offering stays at Rs 12,000-14,000 per night. "We have reverse-engineered the guest experience, over a 2-3-night stay, on all critical touchpoints, like arrival, sleep, shower, and culinary experiences,' Sreedhar said. In FY2024-25, Rosetta clocked Rs 75 crore in turnover, between Goa and Sakleshpur, and is eyeing Rs 100 crore this fiscal. 'On a conservative projection, on a turnover of Rs 50 lakh per key p.a., the total turnover of all the properties four years from now will be in the region of Rs 500 crore per year, and a blended 30% GOP between the owned and leased properties," he concluded.
