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The Hindu
30-05-2025
- Business
- The Hindu
IVCA directs VCs to migrate to AIF framework before SEBI deadline
Indian Venture Capitalist Association (IVCA) directed venture capitalists who have not migrated to AIF framework, to do so before the SEBI deadline of July 19, 2025, according to a statement. 'Despite the regulatory clarity and incentives provided under this framework—including a simplified re-registration process, fee waivers, and tailored compliance requirements— the response to the said scheme is understood to be tepid. This low uptake is a cause for concern,' IVCA said in its statement. According to the SEBI circular dated August 2024, a migrated venture capital fund will be considered an Type 1 AIF. 'The old VCF (Venture Capital Fund) guidelines were existing even in the late 1990s, and in 2012, the AIF regulations were introduced. Every fund has a limited life of generally 8-10 years. There are a lot of VC funds registered with SEBI. And as of date, many of the VCs while their tenure has got over, have not completed their winding up and termination process via-a-vis erstwhile VCF regulation of SEBI,' said Rahul Shah, Executive Vice President of IVCA. ' He further added that the members of IVCA felt that the July 19 deadline was too quick for them to comply and that they'd prefer liquidating the VC funds first before migrating.' He further added that the VC fund managers were of the view that they rather than make efforts liquidating the current investments in the fund by the given deadline and then apply for migration, the IVCA was pushing them to complete the migration process before the deadline.
Time of India
17-05-2025
- Business
- Time of India
Radius Sumer Developers' promoters arrested for cheating buyers in 'failed' South Mumbai project
MUMBAI : Well-known developers Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers were arrested by city police's Economic Offences Wing Friday on charges of luring 78 flat buyers to invest in a housing project in Mazagaon, failing to develop it and cheating them out of Rs 35.7 crore, reports S Ahmed Ali. EOW's general cheating unit arrested the father-son duo from their plush apartment in Gamdevi and produced them before the special MPID court, which remanded them to police custody. The complainant is Mahesh Mirani and his non-resident Hong Kong-based brother, Purushottam, who accused the developers and its director, Sanjay Rajkumar Chhabria, of defrauding them since 2016 by luring them to invest in the failed 'Harbor Heights' project. The arrested father-son duo of Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers have been charged with cheating under Section 420 of the IPC and under the Maharashtra Protection of Interest of Depositors (MPID) Act. Besides Mahesh and Purushottam Mirani, there are 77 other investors who invested or booked flats in the project, which was never developed, said investigating officer Ravindra Avhad. Mirani, a resident of Bandra West and proprietor of Metro Impex, claimed that he and his brother were lured into investing in the under-construction project during an exhibition in Hong Kong in late 2016. The project was promoted as a lucrative opportunity for NRIs seeking investment in Indian real estate. Following an in-person meeting with Chhabria and Rahul Shah in Feb 2017, the brothers entered into an MoU through their partnership firm, Metro Investment. The deal involved purchasing 18,181 sq ft of carpet area at Rs 28,875 per sq ft, amounting to a total of Rs 52.5 crore. An advance of Rs 21.95 crore was made via official banking channels and it was documented through tax receipts, allotment letters, and booking forms. The MoU included a two-year lock-in period, with provisions for a refund if the developer failed to obtain a commencement certificate (CC) up to the 25th floor of Tower 3. However, even by 2019, only a plinth-level certificate was issued. Consequently, a cancellation agreement was signed in April 2019. As per the new agreement, the developer issued eight cheques totalling Rs 35.7 crore, including interest and taxes. However, all cheques were dishonoured due to insufficient funds in the developer's bank account, leading to claims of deliberate default and fraud. Mirani alleged that despite repeated assurances and documented agreements, Radius Sumer Developers neither progressed with the construction nor returned the invested funds.
Time of India
16-05-2025
- Business
- Time of India
Bldr, son held for cheating buyers of 36cr in ‘failed' SoBo project
Mumbai: Well-known developers Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers were arrested by city police's Economic Offences Wing Friday on charges of luring 78 flat buyers to invest in a housing project in Mazagaon, failing to develop it and cheating them out of Rs 35.7 crore, reports S Ahmed Ali. EOW's general cheating unit arrested the father-son duo from their plush apartment in Gamdevi and produced them before the special MPID court, which remanded them to police custody. The complainant is Mahesh Mirani and his non-resident Hong Kong-based brother, Purushottam, who accused the developers and its director, Sanjay Rajkumar Chhabria, of defrauding them since 2016 by luring them to invest in the failed 'Harbor Heights' project. The arrested father-son duo of Ramesh Shah (65) and his son Rahul Shah (40) of Radius Sumer Developers have been charged with cheating under Section 420 of the IPC and under the Maharashtra Protection of Interest of Depositors (MPID) Act. Besides Mahesh and Purushottam Mirani, there are 77 other investors who invested or booked flats in the project, which was never developed, said investigating officer Ravindra Avhad. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tukarkan Bitcoin dan Ethereum - Tanpa Dompet Diperlukan! IC Markets MULAI SEKARANG Undo Mirani, a resident of Bandra West and proprietor of Metro Impex, claimed that he and his brother were lured into investing in the under-construction project during an exhibition in Hong Kong in late 2016. The project was promoted as a lucrative opportunity for NRIs seeking investment in Indian real estate. Following an in-person meeting with Chhabria and Rahul Shah in Feb 2017, the brothers entered into an MoU through their partnership firm, Metro Investment. The deal involved purchasing 18,181 sq ft of carpet area at Rs 28,875 per sq ft, amounting to a total of Rs 52.5 crore. An advance of Rs 21.95 crore was made via official banking channels and it was documented through tax receipts, allotment letters, and booking forms. The MoU included a two-year lock-in period, with provisions for a refund if the developer failed to obtain a commencement certificate (CC) up to the 25th floor of Tower 3. However, even by 2019, only a plinth-level certificate was issued. Consequently, a cancellation agreement was signed in April 2019. As per the new agreement, the developer issued eight cheques totalling Rs 35.7 crore, including interest and taxes. However, all cheques were dishonoured due to insufficient funds in the developer's bank account, leading to claims of deliberate default and fraud. Mirani alleged that despite repeated assurances and documented agreements, Radius Sumer Developers neither progressed with the construction nor returned the invested funds.
Yahoo
08-04-2025
- Business
- Yahoo
Founded by Zhamak Dehghani, Nextdata Launches Nextdata OS to Help Enterprises Automate Data Management for Agents, Analytics and Apps
New Autonomous Data Products Safely Speed Up and Scale-Out Decentralized Data Product Operations and Development SAN FRANCISCO, April 08, 2025 (GLOBE NEWSWIRE) -- Today Nextdata, the enterprise data product company, launched Nextdata OS, the first unified platform for building and operating autonomous data products. Autonomous data products simplify and streamline data management for AI agents, analytics and applications by encapsulating complexity and standardizing and automating data product management across heterogeneous data stacks in complex organizations. Early customers include several multi-national companies using the product to let business teams self-serve data products - creation, discovery and management - without central bottlenecks. Mars Pet Nutrition Global Head of Digital Transformation and Strategy Rahul Shah said: 'As data products become increasingly critical to organizations, the focus must shift - from tools to business outcomes, centralization to federation and cost to ROI. Nextdata OS can accelerate this transition by driving data product ownership and transparency on performance and ROI. It restores confidence at the business level while leveraging existing infrastructure.' Nextdata founder and CEO Zhamak Dehghani implemented data decentralization initiatives at some of the world's largest brands for more than a decade as a consultant at Thoughtworks. This led her to conceive the data mesh architecture as a framework for decentralizing and democratizing data management. Her widely-read O'Reilly book on data mesh defined the benefits and characteristics of data products and led to their widespread embrace as the organizing principle of data management. Dehghani said: 'Enterprise data management wasn't built for a world where AI agents are everywhere, making split-second decisions at scale. We've spoken to more than a hundred companies, and the message is clear: today's data management is slow, costly and untrusted. Data teams are stuck wrangling brittle pipelines, outdated catalogs and reactive firefighting — all disconnected from the business. With Nextdata OS, we're not offering just another tool — we're delivering a simpler operating model. We've reimagined data management as autonomous, decentralized, self-governing data products - built to work with your systems and for you. It's how enterprises finally scale-out self-serve data - with speed, trust and built-in safety.' With data complexity exploding due to a proliferation of data types, data stack technologies and AI use cases, organizations are struggling to efficiently create trusted data products. Value creation is bottlenecked by centralized data teams, who are either integrating fragmented data stacks into do-it-yourself platforms or locked-in to monolithic data warehouses and lakes. This results in constant data replatforming projects and operating budgets consumed by ongoing maintenance and support burdens. Unlike first generation data products, Nextdata's autonomous data products are long running applications that encapsulate and automate the entire data supply chain in data product containers, a unique Nextdata innovation. They encapsulate and drive all stages of the data supply chain, from data ingestion, processing and modeling to automated quality and policy enforcement, streamlining and standardizing data product development for all use cases. These containerized data products continuously sense their environment and dependencies upstream and downstream to automatically orchestrate data processing, access control, quality and compliance, allowing organizations to simplify and scale-out decentralized data management across business and technology silos. Nexdata OS provides self-service features that let independent, decentralized domain teams safely build, share and discover autonomous data products so that organizations can scale-out data production and sharing across business and technology silos in a standard way. Autonomous data products automatically self-govern, self-orchestrate and self-publish, reducing the manual tasks, cross functional dependencies, time-consuming handoffs and re-works that typify centralized data supply chains. These streamlined development and discovery workflows reduce cost and risk and accelerate time to value for data product creation. Unlike centralized data catalogs, Nextdata OS autonomous data products automate governance and security, responding to their environment by actively managing, validating and enforcing policies at every event throughout their lifecycle - data generation, data processing and data access. By continuously executing policies as code locally, autonomous data products prevent unauthorized access and keep bad data out, while letting central governance teams to federate data governance by automating compliance checks against every autonomous data product. Additional Nextdata OS highlights include: Manages multi-modal data for agents, analytics and applications. Autonomous data products can manage a domain's data as a variety of data types and formats, simple tables, unstructured data or vector databases for analytics, machine learning training or Generative AI applications, all with consistent, scalable, automated governance. Builds on what users already have. Nextdata AI agents help developers bootstrap autonomous data products from existing data assets and pipelines, speeding data product development from months to hours and accelerating AI and application innovation. Integrates with any data stack or infrastructure. An extensible, pluggable driver architecture ensures autonomous data products can adapt to orchestrate different infrastructure and services across organizational and technology silos. Tracks health and progress with enterprise-wide insights. Nextdata OS enterprise-wide observability and insights give data platform owners overall real-time visibility into the health, cost and utilization of data products, regardless of where they are running. Nextdata OS transforms the tangle of complex pipelines and bolt-on data tools usually found in enterprise data estates into a standardized, interconnected, scalable network of discoverable, self-governing, self-orchestrating autonomous data products so data teams can get off the treadmill of managing complexity and migrations and business stake holders can access and trust the data they need for AI and analytics. Data professionals and media can join Nextdata founder and CEO Zhamak Dehghani and her team at a live streamlining launch event at 8:00 AM PDT on April 22nd for a public demonstration of Nextdata OS capabilities - register here to reserve a place: About NextdataFounded in 2022, Nextdata is enabling decentralized, scaled-out data product development and operation. Nextdata OS, its data product development and operating platform, manages building, sharing and discovering self-managing, self-orchestrating autonomous data products across systems and organizational boundaries without compromising governance and data quality. Founded by the creator of data mesh and backed by Greycroft and Acrew Capital, Nextdata is building a world where data for AI agents, analytics and applications can be owned independently, shared intentionally and managed responsibly. Learn more at Media and Analyst Contact:Amber Rowlandamber@ in to access your portfolio
