Godrej Properties to develop two residential projects

Godrej Properties enters into a profit sharing joint venture with Godrej & Boyce to develop projects in Hyderabad and Thane

Godrej Properties Ltd (GPL), the real estate development arm of the Godrej Group, has formed two LLPs with Godrej & Boyce to develop residential projects in Hyderabad and Thane.

Godrej Buildcorp LLP (GB LLP) will develop the 9.16 acres land parcel at Moosapet, Hyderabad. The approximate developable area will be 2 million square feet. This is a profit sharing arrangement with GPL getting 35% of the profits from the project.

Godrej Property Developers LLP (GPD LLP) will develop the 3 acre land parcel at Thane. The approximate saleable area will be 0.26 million square feet. This is also a profit sharing arrangement with GPL getting 32% of the profits from the project.

Pirojsha Godrej, executive director, Godrej Properties said, "We are very happy to have entered into two LLP's with Godrej & Boyce. These are the second and third developments after our project, The Trees, in Mumbai that we will do in partnership with one of our Group companies. We look forward to additional future opportunities to partner with our Group companies. Our aim will be to create outstanding projects that offer our customers an environmentally friendly, well designed living environment."  

On Tuesday, GPL ended 2.31% up at Rs807 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.79% to 18,653.87.

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Greenply Industries net profit rises Rs12.96 crore for June quarter

Greenply Industries reported net sales of Rs352.32 crore for the June 2011 quarter, registering a growth of 34.44%

Greenply Industries Ltd said that its net profit for the quarter ended 30 June 2011 stood at Rs12.96 crore, compared to Rs10.39 crore in the corresponding quarter of last fiscal, registering a growth 24.69%.

The company reported net sales of Rs352.32 crore for the June 2011 quarter, registering a growth of 34.44% against Rs262.07 crore in the same period of the last fiscal. Earnings per share (diluted) for Q1FY11-12 stood at Rs5.37, compared to Rs4.31 in Q1FY10-11.

Saurabh Mittal, joint managing director & CEO, Greenply Industries said, "We have achieved a growth of 34.44% during the first quarter, and we expect better results in future on achieving optimum utilisations and superior value-mix in the new MDF and laminate plants."

On Tuesday, Greenply ended 2.63% down at Rs228 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.79% to 18,653.87.

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2G case: Court to start hearing on framing of charges on 21st July

The CBI had, in its first charge-sheet, accused Mr Raja, and eight other persons as well as three companies of causing a loss of Rs30,984 crore to the exchequer. In the second charge-sheet, the CBI accused Ms Kanimozhi of allegedly entering into a criminal conspiracy with prime accused Mr Raja

New Delhi: A Delhi court today decided to commence from Thursday arguments on framing of charges in the high-profile second generation (2G) case in which former telecom minister A Raja, DMK MP Kanimozhi and several corporate honchos have been charge sheeted by the CBI, reports PTI.

"Arguments on the charges shall commence with effect from 21st July," Special Central Bureau of Investigation (CBI) judge OP Saini said after the agency and the defence counsel submitted that the supply of documents, annexed with the two charge-sheets in the case, has been completed.

The CBI had, in its first charge-sheet, accused Mr Raja, and eight other persons as well as three companies of causing a loss of Rs30,984 crore to the exchequer.

The companies named in the charge-sheet filed in the Delhi court include Reliance Communications, Unitech Wireless and Swan Telecom.

Charges of cheating, forgery, criminal conspiracy and corruption have been levelled against Mr Raja, his private secretary R K Chandolia, former telecom secretary Siddharth Behura and Swan Telecom promoter Shahid Usman Balwa.

Others named in the charge sheet include Vinod Goenka, a director of Mumbai-based DB Realty which was also the promoter of Etisalat DB, Sanjay Chandra, managing director of Gurgaon-based real estate company Unitech and Unitech Wireless (Tamil Nadu) Pvt Ltd, and Gautam Doshi, Hari Nair and Surendra Pipara, the group managing director and senior vice presidents of Mumbai-based Reliance Telecom Company respectively.

In the second charge-sheet filed on 25th April, the CBI accused Ms Kanimozhi, daughter of DMK chief M Karunanidhi, of allegedly entering into a criminal conspiracy with prime accused Mr Raja.

Ms Kanimozhi (43) has been charged under Prevention of Corruption Act for taking illegal gratification through Kalaignar TV-a channel run by the ruling DMK in Tamil Nadu-in which the money related to the 2G scam was allegedly routed.

Besides Ms Kanimozhi, four others-Kalaignar TV managing director Sharad Kumar, Karim Morani, director of Cineyug Media and Entertainment Pvt Ltd, Swan Telecom promoter Shahid Usman Balwa's cousin Asif Balwa and Rajeev Agarwal, who are directors of Kusegaon Fruits and Vegetables Pvt Ltd-were named in the charge sheet.

The second charge-sheet discusses the routing of over Rs200 crores alleged illegal gratification from M/S Dynamix Realty to Kalaignar TV Pvt Ltd through M/S Kusegaon Fruits and Vegetables Pvt Ltd and Cineyug Films Pvt Ltd.

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