Latest news with #JaiprakashAssociates
Time of India
26-05-2025
- Business
- Time of India
ED seizes ₹1.70 crore cash, documents in raids against Jaypee Infratech, others
NEW DELHI: The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on Sunday. The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (a project of JIL) and Jaypee Greens (a venture of JAL). Officials had earlier said the alleged fraud was worth Rs 12,000 crore. During the searches, the ED said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies apart from cash of Rs 1.70 crore were seized. In a stock exchange filing made on Saturday, Jaiprakash Associates said "the Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025." The company continues to operate in normal course of business, it added. "... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said. Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others. Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.
&w=3840&q=100)
Business Standard
26-05-2025
- Business
- Business Standard
ED seizes ₹1.70 cr cash, documents in raids on Jaypee Infratech, others
The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on Sunday. The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (a project of JIL) and Jaypee Greens (a venture of JAL). Officials had earlier said the alleged fraud was worth Rs 12,000 crore. During the searches, the ED said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies apart from cash of Rs 1.70 crore were seized. In a stock exchange filing made on Saturday, Jaiprakash Associates said "the Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025." The company continues to operate in normal course of business, it added. "... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said. Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others. Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.
Time of India
26-05-2025
- Business
- Time of India
Jaiprakash Associates' lenders approve ₹936 crore cash outflow for Q1 FY26
NEW DELHI: Lenders of Jaiprakash Associates have approved budgeted cash outflow of Rs 936.27 crore for the current quarter to ensure that the company remains as a going concern. Jaiprakash Associates, which is facing insolvency proceedings, also informed that the Enforcement Directorate initiated searches on May 23 and the company is cooperating with the agency. According to a regulatory filing on Saturday, Jaiprakash Associates informed that a Committee of Creditors (COC) has approved "the budgeted cash outflows of the Corporate Debtor for the period from April 01, 2025, to June 30, 2025, of up to INR 936.27 crores". This includes regular operational expenses of Rs 856.73 crores plus one-time expenses of Rs 79.54 crores. The cash outflow is to "ensure that the business continues as a going concern, which would form part of 'insolvency resolution process costs' under the Insolvency and Bankruptcy Code , 2016", the company said. In a separate filing, Jaiprakash Associates informed that the "Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025." The company continues to operate in normal course of business, it added. "... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said. The company will keep the Stock Exchanges informed of any impact on its operations or any further developments, the filing said. Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group , is into cement, construction, power, real estate and hospitality businesses among others. Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group .
&w=3840&q=100)
Business Standard
25-05-2025
- Business
- Business Standard
Jaiprakash Associates' CoC clears ₹936-cr cash outflow for June quarter
Jaiprakash Associates' CoC clears ₹936 crore cash outflow for Q1 FY26, covering routine and one-time operational expenses during ongoing insolvency proceedings New Delhi Lenders of Jaiprakash Associates have approved a planned cash expenditure of ₹936.27 crore for the ongoing quarter to help the company sustain its operations. In a regulatory filing made on Saturday, Jaiprakash Associates stated that its Committee of Creditors (CoC) has approved 'the budgeted cash outflows of the Corporate Debtor for the period from 1 April 2025 to 30 June 2025, of up to ₹936.27 crore.' The approved sum includes routine operational expenses amounting to ₹856.73 crore, along with one-time expenses of ₹79.54 crore. According to the company, the cash outflows are necessary 'to ensure that the business continues as a going concern, which would form part of 'insolvency resolution process costs' under the Insolvency and Bankruptcy Code, 2016.' Around 88 per cent of the shareholders had approved the decision. Jaiprakash Associates, currently undergoing insolvency proceedings, also disclosed that the Enforcement Directorate conducted searches on 23 May. The company is fully cooperating with the authorities. The shareholders also authorised the resolution professional to submit an application to initiate the corporate insolvency resolution process of Bhilai Jaypee Cement Limited (BJCL) in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016. The BJCL insolvency decision received over 88 per cent of shareholder votes. The shareholders, with an approval vote of 85.98 per cent, also endorsed the appointment of M/s Dass Gupta & Associates as the statutory auditors of the company. Their appointment will cover the financial years 2025–26 to 2029–30. For the financial year 2025–26, the audit fee has been set at ₹80 lakh, in addition to applicable GST and out-of-pocket expenses (OPE) on an actual basis. Jaiprakash Associates, the flagship company of the troubled Jaypee Group, operates across sectors including cement, construction, power, real estate, and hospitality, among others. Jaypee Group's subsidiary, Jaypee Infratech, had been acquired by Mumbai-based Suraksha Group.
Economic Times
25-05-2025
- Business
- Economic Times
Jaiprakash Associates' lenders approve Rs 936 cr cash outflow in June quarter
IANS Jaiprakash Associates' lenders have approved a Rs 936.27 crore cash outflow for the current quarter to maintain operations. ( File Photo) Lenders of Jaiprakash Associates have approved budgeted cash outflow of Rs 936.27 crore for the current quarter to ensure that the company remains as a going concern. Jaiprakash Associates, which is facing insolvency proceedings, also informed that the Enforcement Directorate initiated searches on May 23 and the company is cooperating with the agency. According to a regulatory filing on Saturday, Jaiprakash Associates informed that a Committee of Creditors (COC) has approved "the budgeted cash outflows of the Corporate Debtor for the period from April 01, 2025, to June 30, 2025, of up to INR 936.27 crores". This includes regular operational expenses of Rs 856.73 crores plus one-time expenses of Rs 79.54 crores. The cash outflow is to "ensure that the business continues as a going concern, which would form part of 'insolvency resolution process costs' under the Insolvency and Bankruptcy Code, 2016", the company said. In a separate filing, Jaiprakash Associates informed that the "Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025." The company continues to operate in normal course of business, it added. "... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said. The company will keep the Stock Exchanges informed of any impact on its operations or any further developments, the filing said. Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others. Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.
