Stocks
Chinese shares tumble over three percent
Beijing : Chinese shares tumbled heavily on Friday, with the benchmark Shanghai Composite Index nosediving more than three percent.
 
The smaller Shenzhen index opened 0.73 percent lower at 10,268.95 points, Xinhua news agency reported. 
 
The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, lost 0.68 percent to open at 2,160.17 points.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Cheating cases against Unitech officials settled
New Delhi : A court here on Thursday settled a cheating case against Unitech officials after the complainants said they have received payment and did not want to pursue the matter further.
 
Additional Chief Metropolitan Magistrate Gaurav Rao observed that the complainants settled the matter with Unitech officials in the Lok Adalat and acquitted the accused -- Unitech chairman Ramesh Chandra, managing directors Sanjay Chandra and Ajay Chandra and group director Minoti Bahri.
 
A complaint was filed by chartered accountant Sanjay Kalra and his business partner Deepak Wadhwa, claiming that they had booked a property in Habitat Apartments in Greater Noida developed by Unitech but they were not given possession.
 
Despite the court's earlier order, Unitech did not refund them the complete payment, they said in the complaint.
 
A magistrate's court here on January 11 sent the Unitech chairman, the two managing directors and the director to 14 days' judicial custody in the alleged cheating cases filed by the two investors but the sessions court later granted them interim bail.
 
Wadhwa on Thursday told the court that he has received the payment and has no personal grievance against them. He also said he does not want to pursue the matter further.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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