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Noida: On the direction of a local court, Ghaziabad Police has registered an FIR against 18 officials of financial services company Indiabulls and real estate company m3m,
A complaint has been lodged against him in the police station Shipra Groupwhich claimed it had a loan agreement with Indiabulls but accused Indiabulls of usurping its assets including the flagship Shipra Mall In Indirapuram,
Complaint has been made by Amit Walia Shipra Group states that in December 2017, it signed an agreement with Indiabulls for a loan of Rs 1,939 crore at an interest rate cheaper than the market rate, to complete four residential and commercial projects in Noida. Ghaziabad, It claimed that Indiabulls had a condition that Shipra would have to mortgage six of its properties – which according to it are worth Rs 6,000 crore.
As per the complaint, as a security cover, shares of some group companies of Shipra were also pledged with Indiabulls.
Subsequently, it says Indiabulls disbursed Rs 1,256 crore but took back Rs 389 crore as “ex-interest”. The complaint also alleged that the loan amount was inflated to Rs 1,686 crore by using forged documents.
“In 2021, Indiabulls, without any default in repayment or any breach of the loan agreement, demanded that Shipra Group return Rs 1,738 crore within seven days or the company would be forced to acquire its property in Noida Sector 128. At that time, both the companies came up with a solution of selling 73 acres of land in Sector 128, which Shipra had mortgaged to Indiabulls. Talks began between Shipra and DLF officials. DLF agreed to pay Rs 1,250 crore, but Indiabulls illegally and arbitrarily sold the pledged shares. m3m bought the group company Final Step Pvt Ltd for Rs 900 crore,” Walia alleged in the complaint.
It claims that Shipra “received information” about plans to sell its other mortgaged properties, including the mall. “When the police did not register the case, we went to the Ghaziabad court and the court ordered the police to register an FIR and investigate,” Walia alleges.
Ghaziabad Police Commissioner Ajay Mishra said sections 420 (cheating), 467 (forgery), 468 (forgery to cheat), 471 (using a forged document as a genuine), 120B (criminal conspiracy), 323 ( An FIR was registered under IPC (voluntarily causing hurt). ), 504 (intentional insult with intent to provoke breach of the peace) and section 506 (criminal intimidation) of the IPC. “Investigation is underway and the accused will be called for questioning soon,” he added.
A senior official of Edelweiss Asset Reconstruction Company was also named in the FIR, but the complaint does not specify his role in the episode.
Dismissing the allegations of the Shipra Group, the spokesperson Indiabulls Housing Finance Ltd (IHFL) had paid Rs 1,995 crore to Shipra between 2017 and 2020.
Shipra Group has defaulted on loan agreement with IHFL. Loan recall notices were issued by IHFL seeking repayment. However, this was never paid. Shipra’s accounts became non-performing assets and legal proceedings were initiated by IHFL to recover the dues. IHFL repossessed the shares pledged by Kadam Developers Pvt Ltd,” the official said, adding that the Shipra Group had moved the Delhi High Court citing Section 9 of the Arbitration and Conciliation Act, 1996, to stay the legal proceedings .
“The High Court held that there was default by Shipra Group and IHFL was entitled to invoke securities in the event of default. On July 1, 2021, Indiabulls sold Kadam’s shares to Creative Souls Pvt Ltd. Ltd. after sale of shares. Even then, there was a shortfall in the amounts to be recovered, and hence, IHFL was forced to take steps for sale. Shipra Mall Which was pledged for repayment of the loan,” said the Indiabulls official.
“Due to frustration at not getting any favorable order, Shipra Group has filed the present complaint, pursuant to which the FIR was lodged. We will take appropriate civil and criminal action to quash the FIR and take appropriate action for this malicious and false complaint.”
An M3M spokesperson denied Shipra’s allegations. “M3M is a law-abiding company and we conduct our business with best practices and highest level of integrity and corporate governance. As the present matter is sub-judice, we would not like to comment further.”
Edelweiss officials said they did not wish to comment.
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