Latest news with #SupertechLtd
India Gazette
8 hours ago
- Business
- India Gazette
Delhi court suspends ED's Look Out Circulars against Gopal Kanda, others in money laundering case
New Delhi [India], June 3 (ANI): Delhi's Rouse Avenue court on Tuesday suspended the Look Out Circulars (LOCs) issued against applicant Gopal Kanda, Gobind Kumar Goyal and Lakh Ram Goyal for six months till December 3, 2025. They sought the cancellation/suspension of LOCs in a money laundering case linked to Supertech Ltd. Special Judge Jitendra Singh suspended the LOCs opened against Gopal Goyal alias Gopal Kanda, Govind Kumar Goyal and Lakh Ram Goyal after hearing the submissions of their advocates and Special Public Prosecutor for Enforcement Directorate (ED). Gopal Kanda, his brother Gobind Kumar Goyal and Son Lakh Ram Goyal had moved the application for cancellation/suspension of LOCs. This case is connected with Ram Kishor Arora and Supertech Ltd. Special public prosecutor (SPP) N K Matta along with Mohd. Faizan appeared for the ED. They opposed the applications. The ED filed a supplementary prosecution complaint against Goyal brothers on January 17 this year. It was stated that when Gopal Goyal was going to Singapore on November 2, 2023, he was stopped at Indira Gandhi International airport on the pretext of LOC opened against him by ED in this case. It was stated that LOC is illegal and unwarranted, as the applicant joined and cooperated in the investigation. The court has yet to take cognisance of the supplementary prosecution complaint. In another application, Gobind Goyal stated that the ED had opened LOC against his nephew Lakh Ram Goyal and brother Gopal Goyal. In third application moved by Lakh Ram Goyal, it was stated that he had not been arrayed as accused in the complaint. He had joined and cooperated in the investigation by ED. It is further stated that Lakh Ram was stopped at the airport on December 21, 2024, on the pretext of an LOC being opened against him. He was travelling from Goa to Bengaluru with his family. This case is connected with Ram Kishor Arora and Supertech Ltd. A Prosecution complaint was filed on August 24, 2023. The court noted that Patiala House court has already taken cognizance of prosecution complaint on September 26, 2023 and issued summons to Ram Kishor Arora, M/s Supertech Ltd. and others accused. The court will consider the supplementary prosecution complaint against the Goyal brothers and arguments on the charge on June 6. (ANI)
India Gazette
3 days ago
- India Gazette
Gopal Kanda moves court for cancellation of ED's Look Out Circular
New Delhi [India], May 31 (ANI): Gopal Goyal, alias Gopal Kanda, has moved to the Rouse Avenue court for the cancellation of a Look Out Circular (LOC) issued against him by the Enforcement Directorate (ED) in a money laundering case. His brother, Gobind Kumar Goyal, and son, Lakh Ram Goyal, have also moved similar applications. The case is connected with Ram Kishor Arora and Supertech Ltd. Special Judge Jitendra Singh on Saturday granted the prosecution a final opportunity to file a reply to the applications. Special public prosecutor (SPP) N K Matta, along with Mohd. Faizan appeared for the ED and sought time to file a response. The court has listed the matter for a hearing on June 3. Applications seeking cancellation/suspension of LOCs were filed on May 28. ED has recently filed a supplementary Prosecution complaint on January 17 against the Goyal brothers. The petitioner stated that on November 2, 2023, when Gopal Goyal was going to Singapore, he was stopped at Indira Gandhi International Airport on the pretext of an LOC opened against him by the ED in this case. The plea stated that LOC is illegal and unwarranted, as the applicant joined and cooperated in the investigation. The court is yet to take the cognisance of the supplementary Prosecution complaint. In another application, Gobind Goyal states that the ED has opened LOCs against his nephew Lakh Ram Goyal and brother Gopal Goyal. He has genuine apprehension that the ED has also opened an LOC against him. The third application moved by Lakh Ram Goyal stated that he has not been arrayed as an accused in the complaint. He had joined and cooperated with the ED's investigation. It is further stated that Lakh Ram was stopped at the airport on December 21, 2024, on the pretext of an LOC being opened against him. He was travelling from Goa to Bengaluru with his family. This case is connected with Ram Kishor Arora and Supertech Ltd. A Prosecution complaint was filed on August 24, 2023. This case was transferred to the Patiala House Court from the Rouse Avenue Court. The court noted that the Patiala House court had already taken cognisance of the Prosecution complaint on September 26, 2023 and issued a summons to Ram Kishor Arora, M/s Supertech Ltd., and other accused persons. The court is scheduled to consider the supplementary Prosecution complaint against the Goyal brothers and arguements on the charge on June 6. (ANI)
Time of India
29-04-2025
- Business
- Time of India
SC orders CBI probe into Supertech & other builders over 'unholy' nexus between banks or financial institutions in undelivered NCR projects
The Supreme Court on Tuesday directed the Central Bureau of Investigation (CBI) to register preliminary enquiries into real estate projects launched by real estate firm Supertech Ltd and other builders to uncover the "unholy" nexus between banks or financial institutions with respect to various undelivered housing projects in the Delhi-National Capital Region. #Pahalgam Terrorist Attack The groundwork before India mounts a strike at Pakistan India considers closing airspace to Pakistani carriers amid rising tensions Cold Start: India's answer to Pakistan's nuclear threats The CBI will investigate projects by Supertech and the role of banks which have given loans worth Rs 5157.86 crore since 1998 under the subvention scheme for multiple housing projects in Delhi-National Capital Region. The agency will also probe the role of government authorities- New Okhla Industrial Development Authority, Greater Noida Industrial Development Authority, Yamuna Expressway Industrial Authority and others. A bench led by Justice Surya Kant ordered that the preliminary enquiries be conducted by CBI in the manner proposed, with priority being given to Supertech Ltd. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Don't Pay Full Price for 2025's Top Games! Shop Now Undo "While we propose to issue directions from time to of now, we deem it appropriate to direct the CBI to register seven preliminary enquiries ...the first preliminary enquiry shall pertain to the projects of M/s Supertech preliminary enquiry for the projects of builders other than Supertech Ltd. falling outside NCR region (viz. Mumbai, Bangalore, Kolkata, Mohali and Allahabad)...5 preliminary enquiries (one each) for the projects only under one development authority - Noida, Greater Noida, Yamuna Expressway, Gurugram and Ghaziabad", the SC said. The CBI will form a special investigation team consisting of its officers and personnels from Uttar Pradesh and Haryana police. The directors general of police, who are the top-ranking police officers, of Uttar Pradesh and Haryana have also been asked to provide police officers to the CBI to aid in the investigation. Live Events For carrying out the probe, the top court asked land development authorities, Ministry of Housing and Urban Affairs, Real Estate Regulatory Authority of Uttar Pradesh and Haryana, and the Reserve Bank of India to appoint nodal officers that will provide all the information sought by the probe agency and special investigation team. The Institute of Chartered Accountants of India will also have to provide services of three chartered accountants to help the SIT to probe the builder-bank nexus. From the Amicus' report, the SC noted that Supertech had over 21 projects in six cities. And the builder had entered into tripartite agreements with 19 banks/HFCs and there were approximately 800 aggrieved homebuyers. Of the 19 banks/HFCs, eight figure in most of the 21 projects. Rest of the 11 banks/HFCs were in 3 or less projects. The apex court asked the Central Bureau of Investigation to submit an interim status report within a month. The court said it will monitor the case every month. The SC was hearing a batch of petitions by homebuyers concerning the disbursement of funds by banks to builders-cum-developers through subvention schemes for various housing development projects in Noida, Greater Noida, Gurugram and other nearby areas. Under the subvention scheme, banks disburse the sanctioned amount directly to the accounts of builders, who are then required to pay EMIs on that loan amount until flats are handed over to homebuyers. After developers defaulted on EMIs of sanctioned loans, banks started taking action against homebuyers though they had not received the possession of their flats. In fact, the projects were still under construction, incomplete, or had yet to start construction. The home buyers argued that almost 70-80% of the loan amounts were disbursed by the banks to the builders as 'first tranche', despite project milestones not being achieved. The banks and financial institutions violated several RBI guidelines when disbursing the amounts as the disbursal was done without any due diligence by the banks, they alleged.
