Hiranandani, a loan defaulter

The Bombay High Court has ruled that prima facie Hiranandani Palace Gardens has defaulted on loan repayment to Tata Capital Financial Services and asked it to disclose all its assets, in an interim order. Tata Capital had filed a winding-up petition against Hiranandani Palace Gardens, which has undertaken township projects in Chennai and at Panvel near Mumbai, over alleged default of term loan worth Rs76 crore. The lender has demanded liquidating the firm. The developer has accepted that it will file an undertaking in the Court that it will not create any third-party rights in respect of mortgaged properties and it will also not further encumber other properties without the Court’s permission. The developer defaulted on loan obligations from December 2012 and is now liable to pay Rs82.6 crore, including an annual interest of 18.5%.

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SEBI cracks down on an illegal real estate scheme

Securities and Exchange Board of India has barred Servehit Housing & Infrastructure India (Servehit) and its directors from raising money from the public. SEBI has also restrained it from launching any new scheme and has asked for a full inventory of the assets bought from the amounts collected from investors under the company’s various schemes. SEBI’s probe into the mobilisation of funds by the company showed that it was running an alleged collective investment scheme (CIS) without SEBI’s permission.

SEBI has also asked Servehit and its directors not to dispose of properties and assets acquired through the CIS and not to divert the funds raised from the scheme. Servehit had camouflaged its CIS by calling it a ‘real-estate business’. It had mobilised money by describing its business as being for ‘purchase, develop and maintain the plot’, offering high returns.
 

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Vikram Thermo Q2 net profit up 40% on strong sales

During the quarter ending 30 September 2013, company’s net profit rose 40% on healthy sales growth

Vikram Thermo (India) Ltd, a Gujarat based pharmaceutical formulations and coating (excipients) manufacturer, marketer and exporter, in its quarter to end-September recorded 40% growth in net profit at Rs1.61 crore compared with Rs1.15 crore a year ago period. It said its September quarter net sales increased 28% at Rs11.38 crore compared with Rs8.90 crore a year ago period.
 

Through the last four quarters, the promoters increased their stake by 4.11% to 59.66%, while public shareholding decreased 4.11% to 39.24% from 43.35%. However, company does not having any foreign institutional investors (FII).
 

The total assets of the company as at 30 September 2013 stood at Rs34.38 crore when compared to Rs27.89 crore on 30 September 2012. 
 

At 3pm Monday, Vikram Thermo (India) Ltd was trading 4.60% up at Rs57.95 on the BSE, while the benchmark Sensex was trading 174 points down at 20,495
 

For more stock results, check out this page

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