Latest news with #M3M
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Business Standard
2 days ago
- Business
- Business Standard
Indian realty companies building up over Rs 15,000 crore IPO pipeline
Robust housing sales growth after the pandemic has prompted leading developers to unleash relevant inventory across markets, experts said premium New Delhi Listen to This Article Indian real estate, often described as an unorganised sector, is busy planning initial public offerings (IPOs). Several companies in the sector are firming up their strategies to tap the capital market over the next few months to raise more than ₹15,000 crore through IPOs, sources said. Noida-headquartered BPTP Ltd, M3M group-owned Smartworld Developers, Gaursons India and Mumbai-based Wadhwa group are among those planning to list their companies either in FY26 or FY27, according to multiple people aware of the discussions. BPTP Ltd is learnt to have appointed bankers with plans to raise more than ₹5,000 crore, according to senior industry
Hindustan Times
28-05-2025
- Business
- Hindustan Times
Reassigned case: HC turns down Gurugram builder's request to withdraw petition
The Punjab and Haryana high court (HC) on Tuesday rejected a request from a Gurugram builder to withdraw his petition, seeking quashing of an FIR, wherein former judge of special CBI court, Haryana, Sudhir Parmar, is also an accused. This is the same case where on May 23, the bench of chief justice Sheel Nagu had rejected objections to withdraw the case from a judge after 'oral and written complaints' received by the chief justice. Justice Nagu in the May 23 order had said, the decision was taken to 'preserve the dignity and honour of the institution'. After withdrawing the case, the chief justice had ordered the listing of the case before him. The decision to withdraw the case was taken on May 10, two days before the judge, who had heard the matter, was to pronounce the final order. The petition is of real estate firm M3M's director, Roop Bansal, which seeks to quash a first information report filed by the Haryana anti-corruption bureau in April 2023 against Parmar, his nephew and M3M official Roop Bansal. During the hearing on Tuesday, appearing for Bansal, senior advocate Abhishek Manu Singhvi had requested that he be allowed to withdraw the petition. 'When an accused has right to file a petition, he should also have the right to withdraw it,' Singhvi had submitted. Justice Nagu, however, declined the request, orally observing, 'The way this case has been conducted, I would decline your request of the withdrawal.' The court later posted the matter for May 29. However, the detailed order neither mentions about the request nor about the court not yielding to the same. Notably, during the hearing on Monday, the court had hinted at possible 'forum shopping' by the petitioner in the case in hand. The case had to be adjourned on Monday as petitioner side's arguing counsel was not available. 'The present special bench has been created after carving out and encroaching upon the time meant for Division Bench-I and it is unfortunate that such a request is made on behalf of the petitioner in a case listed before this Special Bench,' the bench had recorded in its order on Monday. Senior Supreme Court lawyer Mukul Rohtagi had appeared on May 23 from petitioner's side. The case stems from an April 2023 FIR, registered against Sudhir Parmar, Ajay Parmar, Roop Bansal, and others under sections 7, 8, 11 and 13 of the Prevention of Corruption Act and Section 120-B of the Indian Penal Code for offences relating to public servant being bribed, a public servant taking undue advantage without consideration from person concerned in proceedings or business transacted by such public servant, criminal misconduct by a public servant and criminal conspiracy. Sudhir Parmar, who at that point of time was special CBI judge, Panchkula, was accused of alleged favouritism towards Roop Bansal and his brother Basant Bansal of M3M and Lalit Goyal of the IREO Group. The Bansals and Goyal were accused in some FIRs being investigated by CBI and ED, pending before the court presided over by Parmar. .
Indian Express
27-05-2025
- Business
- Indian Express
‘May have given wrong impression': Abhishek Singhvi seeks to withdraw realtor Roop Bansal's plea in Punjab & Haryana High Court
In a notable turn of events during a hearing in the Punjab and Haryana High Court on real estate developer Roop Bansal's plea to quash a corruption FIR, senior advocate Abhishek Manu Singhvi sought to withdraw the petition before a special bench led by Chief Justice Sheel Nagu on Tuesday. The petition by Roop Bansal, director of the real estate firm M3M, seeks to quash an FIR filed by Haryana's Anti-Corruption Bureau. As the hearing began, Singhvi opened with a pointed clarification, 'I understand why, My Lord, sometimes a wrong message is given, as if we are trying to delay or not have it heard… I just deprecate that.' Singhvi acknowledged past adjournments and sought to dispel any notion of evasiveness. 'Yes, we may have given a wrong impression … I believe in being very candid with the court,' he said. He proceeded to outline what he called 'seven or eight substantive points', foremost among them being the lack of sanction under section 17A of the Prevention of Corruption Act, which he termed a jurisdictional defect. 'The interesting point is that 17A is mandatory—this is not disputed. And 17A has factually not been taken—this too is not disputed,' he said. The chief justice interjected to clarify that the judicial officer mentioned in the FIR was not before the court. 'The judge's case is not before us, so we are not dealing with his case,' Chief Justice Nagu said. Singhvi responded: 'No, My Lord, I'm talking about the allegation against me. I'm M3M. The allegation is that I conspired with the judge to get benefits. If the judge never dealt with my cases, how can I be in a 120B with him?' CJ Nagu reiterated: 'The judge concerned is not the petitioner.' Singhvi then pivoted to challenge the evidentiary basis of the FIR, citing that WhatsApp screenshots and voice recordings had not been validated by the Central Forensic Science Laboratory's reports. 'Out of four recordings, three are not matched. One is a probable match—not a confirmed one,' he submitted. Singhvi also raised objections to alleged illegal interceptions, pointing to violations of Rule 419A of the Telegraph Rules: 'There is no averment of following the interception rules… and there's case law to that effect.' The senior counsel also criticised the role of the Enforcement Directorate (ED), which had opposed the petition. 'The ED is intervening with no locus in a predicate offence case… My clients were foolish enough not to challenge their intervention,' Singhvi said. Senior counsel Zoheb Hossain, appearing for the ED, said the agency's impleadment had not been objected to. Singhvi then made a candid admission. 'I don't want to risk adverse findings on my ultimate trial… This is a very strange case. I'm not seeking any relief today. I wish to withdraw this petition.' However, Chief Justice Nagu declined the request, stating: 'We are hearing you on merits… I would decline that request of yours.' Insisting on the right of an accused to withdraw a petition under Section 482 of the Code of Criminal Procedure, Singhvi said: 'Surely, My Lord, a criminal accused has a right to withdraw… Look, I want to satisfy the judge's conscience. There shouldn't be any catch to it. Today, opposing me is the ED—of all people—in a predicate offence 482.' Singhvi asked the court to at least record his request, 'Kindly record my submission that I wish to withdraw it.' When Singhvi expressed concern about adverse observations affecting his trial, Chief Justice Nagu reassured him, 'Even if we record some observations, we will always say that this will not influence the trial judge.' The hearing continued with Chief Justice Nagu directing Singhvi to proceed with his arguments. The case will now be heard at 9.30 am on Thursday.
Time of India
29-04-2025
- Business
- Time of India
M3M backs Kult with $20 mn to expand beauty tech and brand portfolio
Beauty tech and discovery platform Kult has raised $20 million in a Series A funding round led Dr. Payal Kanodia and Aishwarya Bansal from the M3M family office. The round also saw participation by Venture Catalysts. The beauty app , which has a presence on both iOS and Android, will be using the funds to expand the product categories along with building a team of over 200 top-tier talent across multiple functions, such as sourcing, engineering, product, and user experience. "Dr. Payal Kanodia and Ms. Aishwarya Bansal, who have acquired 55 per cent stake in the brand, will be joining Ruchika Pallavi and me as board members. Out of the $20 million that we have raised, we will be using $8 million during phase one, i.e., the initial 12 months, and take the brand to the valuation of Rs 5,000 crore," Karishma Singh said. "The investment comes at a time when India's beauty and personal care (BPC) market is projected to grow at a CAGR of 10 per cent, reaching $30 billion by 2027. Within this, the online BPC segment is expected to account for $10 billion, representing approximately 33 per cent of the total market," she further added. Currently, the brand has a presence in categories like makeup, skin care, hair care, bath and body, and fragrance. "In the next 3-4 months, we will be foraying into 16 new categories. At present, we are working with 260 brands and plan to take this number to 800 by the end of this fiscal year," Singh asserted. "Out of these 800 brands, around 200 brands will be international brands," she further added. Currently, the beauty app has 20 exclusive brands listed on it, and 16 more are in the pipeline. 'Kult is uniquely positioned at the intersection of beauty and technology. What drew me in was the clarity of purpose - to create a platform that doesn't just sell products, but helps consumers make informed, confident choices,' said Bansal and Kanodia. "We plan to acquire the majority of the beauty market in the e-commerce segment. Currently, Kult is offering products only for women, and going ahead, we also plan to launch products for men," they further added. At present, the brand is processing 1,000 orders per month with an AOV of Rs 2,000 and plans to take it to 10,000 orders per month with an AOV towards the north of Rs 2,000 in the next 12 months. "In terms of GMV, we will be closing this fiscal at an ARR of Rs 700 crore," Singh said. The brand, which delivers to 5,000 pin codes in India, is eyeing EBITDA profitability next year when it reaches 12,000 to 13,000 orders per day When asked about foraying into the quick commerce space, Singh said, "Beauty as a category is very well placed in terms of unit economics for quick commerce. So, of course, we would be working on it in the future." Kult, a technology-led beauty platform that leverages AI to deliver personalized skincare recommendations and a seamless, inclusive shopping experience, was started by Karishma Singh and Ruchika Pallavi in 2022.
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Business Standard
29-04-2025
- Business
- Business Standard
M3M family office invests $20 million in beauty tech platform Kult
Realty major M3M's family office has invested $20 million in technology-driven beauty discovery platform Kult, taking up a 55 per cent equity stake, amid a boom in the Indian beauty market. Payal Kanodia and Aishwarya Bansal, part of the promoter family behind the M3M group, have joined the board of the start-up founded by Karishma Singh and Ruchika Pallavi. 'We have already invested $8 million as part of this round of $20 million,' Kanodia said in an interaction with Business Standard. The investment marks a substantial move by the M3M family office, which is now evaluating options for investments into start-ups across categories. India's beauty and personal care market is experiencing robust growth, projected to reach $30 billion by 2027, with the online segment constituting a substantial $10 billion. Mumbai-Thane-based Kult will compete with established players like Nykaa, Purplle, and MyGlamm to cater to the growing demand for customised skincare and beauty products as well as services. Kult's Singh said that the app aims to carve a distinct niche through its innovative AI-powered personalised skincare recommendations and inclusive shopping experience. It leverages artificial intelligence to offer tailored skincare advice and provides unique visual catalogues displaying products on diverse Indian skin tones. 'We have a panel of dermatologists and cosmetologists who will be advising customers on which products will suit their skin needs and which ones will not, by going through a product's ingredients — which no other platform provides today,' Singh said. The funding will be strategically deployed to fuel Kult's expansion plans of onboarding 700 premium products from around the globe, and aims to process over 10,000 orders daily by the end of 2025. The average ticket size is Rs 2,000. The start-up also plans to onboard exclusive brands from the US, the UK, Korea, Japan and France to give its platform an edge over rivals like Nykaa and Tira. Kult will expand its team to over 200 employees across crucial departments, including sourcing, engineering, product development, and user experience.
