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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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Overall Indian retail market may touch $1,200 bn by 2020: Report
New Delhi : The overall Indian retail market has the potential to grow from $630 billion in 2015 to $1,100-1,200 billion by 2020, indicates a CII-BCG report on retail industry.
 
"Organized retail and ecommerce will grow rapidly to be $140-160 billion and $45-50 billion respectively by 2020. Retail sector will reap the benefits of a large, young population adding to the workforce, 70 percent increase in income levels, nuclearization of families and increasing urbanization," said "Retail transformation: Changing your performance trajectory", which will be unveiled at the CII National Retail Summit on Friday, according to a CII release. 
 
The report, which assesses the impact of retail trends and imperatives for retailers to win in this emerging landscape, also highlights the challenges faced by Indian organized retailers in terms of value conscious & digitally connected consumers, lower bargaining power against suppliers, strong competition from traditional retailers & ecommerce as well as regulatory barriers.
 
It says that a transformation effort that can change the performance trajectory of a company can be undertaken. 
 
"Senior leadership needs to therefore craft a large- scale transformation agenda based on three priorities - winning in the medium term to establish competitive advantage through strategic/ structural moves, Rapid cash release in the short term from current business to fund the journey and building capabilities to be future ready," it said.
 
CII director general Chandrajit Banerjee said: "The retail sector is on the path of a transformational journey. Such a path would require arduous and strategic planning of the future by both stakeholders and government, keeping in mind the changing patterns in consumer behaviour, the galloping pace of e-commerce and omni-channel shopping which is redefining the ecosystem, and the critical need to expand the base of organized retail."
 
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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