Mumbai: In a judgement that might clear the way for the land development in Tulip Star property, the Bombay High Court has set aside an arbitration award which had held that the agreement between Siddhivinayak Realties and V Hotels stood terminated. Siddhivinayak Realties is a joint venture between Oberoi Realty and DB Realty founders Shahid Balwa and Vinod Goenka, while V Hotels is currently the owners of the Tulip Star property, formerly known as Centaur Hotel, in suburban Juhu.
The court was of the view that the arbitration award was contrary to the contract agreed between the parties and deserved to be set aside. In 2005, Siddhivinayak Realties had agreed to purchase the hotel from Ajit Kerkar and the Tulip Group (V Hotels) for around Rs 300 crore and had paid Rs 73 crore to Tulip along with Rs 2 crore in an escrow account. However, V Hotels later decided against going ahead with the deal for some reasons but Siddhivinayak was keen to complete the transaction. Following the differences between the two parties, the matter was referred to an arbitrator.
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12:31 AM, May 14, 2013
New Delhi: The CBI submitted on Tuesday to a Delhi court yet more documents related to the 2G spectrum allocation case amid various defence counsel opposing the agency's way of filing documents in installments. Special Judge O P Saini, however, took the CBI documents on record after counsel for various accused in the case relented to it as the court directed the CBI to file all relevant documents in the...
05:33 PM, Mar 06, 2012
New Delhi: Etilasat has reportedly decided to halt its India operations after the 2G telecom licences to its joint venture, Etisalat DB (of DB Realty) were cancelled by the Supreme Court on February 2. The decision is bound to impact existing customers who will have 30-days time to transfer to another network. The hardest-hit, however, will be the employees, all of whom will most likely be laid off. The Abu...
08:14 PM, Feb 22, 2012
New Delhi: A prosecution witness in the 2G spectrum allocation scam case on Friday told a Delhi court that Swan Telecom promoter Shahid Balwa, an accused in the case, was pursuing the licence and spectrum issue of the firm and co-accused Vinod Goenka had nothing to do with it. Testifying as a witness, Vinod Kumar Budhiraja, Chief Regulatory Officer of Etisalat DB Telecom (P) Ltd, said Shahid Balwa was authorised...
07:40 PM, Feb 17, 2012
New Delhi: After Telenor, UAE-based Etisalat, a shareholder in new telecom operator Etisalat DB, on Thursday said that it has has written off $ 827 million worth value of its Indian operations by way of an impairment charge as an after effect of Supreme Court order cancelling 122 2G licences. "Etisalat s management has decided to recognize an impairment charge in its 2011 consolidated financial statements amounting to an aggregate...
06:41 PM, Feb 09, 2012
New Delhi: The Delhi High Court on Tuesday issued notice to CBI and sought its response on the plea of DB Realty MD Vinod Goenka challenging the order on framing of charges against him by the trial court in the 2G scam case. "Issue notice to CBI for March 13," Justice M L Mehta said while admitting the petition of Goenka. Goenka was arrested on April 20, 2011 for his...
12:34 PM, Jan 24, 2012
New Delhi: A Delhi court on Thursday directed the CBI to return to Swan Telecom promoter Shahid Usman Balwa, a 2G telecom spectrum scam case accused, his BlackBerry mobile phones seized by the agency at the time of his arrest. "Accordingly, two mobile phones of accused Shahid Balwa, seized by CBI during investigation be returned to him against proper signature," Special CBI Judge OP Saini said after the prosecutor did...
09:41 PM, Jan 19, 2012
New Delhi: DB Realty on Tuesday lost an appeal against the attachment of Rs 223 crore property over the 2G spectrum scam. The PMLA (Prevention of Money Laundering Act) authority said that the Enforcement Directorate (ED) was justified in attaching the property. Rs 223 crore is suspected to be the kickbacks by Shahid Balwa-owned Swan telecom to Kalaignar TV. DB Realty had appealed saying the attachment was wrong. ...
01:58 PM, Jan 10, 2012
New Delhi: A Delhi court on Tuesday granted bail to Swan Telecom promoter Shahid Balwa in the 2G spectrum scam case. The Central Bureau Of Investigation (CBI) had earlier told the court that it is not opposed to the bail plea of Balwa. The bail conditions of Balwa's bail are the same as for others - surety of Rs 5 lakh and no travel abroad. Majid Memon, Balwa's lawyer said,...
02:51 PM, Nov 29, 2011
New Delhi: DB Realty, Reliance Communications and Unitech rallied sharply after the Supreme Court granted bail to five corporates accused in 2G case. Ex-managing director of Unitech, Sanjay Chandra and DB Realty's Vinod Goenka, and Anil Dhirubhai Ambani group's top executives Gautam Doshi, Hari Nair and Surendra Pipara were granted bail on Wednesday. Each corporate will file two sureties of Rs 5 lakh each. DB Realty shot up 20 per...
11:28 AM, Nov 23, 2011
All 17 accused in the 2G scam case were charged under IPC Section 409. Here are the details of all of the charges. ...
12:32 PM, Oct 22, 2011
Mumbai: In fresh trouble for Shahid Balwa's DB Realty, the CBI, probing into the kickbacks-for-loans scam estimated at around Rs 12,000 crore, has registered a Preliminary Enquiry (PE) against the company on charges of availing loan without fulfilling norms. During investigations into the scam in which several senior officials of public sector financial institutions were arrested, the economic offences wing of CBI was also looking into the involvement of private...
03:56 PM, Oct 16, 2011
New Delhi: DB Realty owner Shahid Balwa on Monday, in his defence, has trashed the CAG report and dragged in Home Minister Pranab Mukherjee in the 2G controversy. He also said that Prime Minister Manmohan Singh endorsed all telecom decisions. Balwa, the first corporate to depose, has alleged that the then external affairs minister Pranab Mukherjee had a thorough discussion with then solicitor general Vahanvati on the Government's telecom policy...
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New Delhi: After slamming the Comptroller and Auditor General (CAG) report during his deposition on Monday, DB Realty promoter and 2G accused Shahid Balwa dragged in the then external affairs minister Pranab Mukherjee and then solicitor general GE Vahanvati on the telecom policy. Balwa claimed the duo was aware of the telecom policy and knew everything. He also said that the Prime Minister had endorsed all the decisions and that...
11:13 AM, Aug 01, 2011
New Delhi: The Central Bureau of Investigation (CBI) is likely to write to the Enforcement Directorate (ED) to attach the properties of DB Realty in the 2G spectrum allocation scam. Sources have told CNN-IBN that the CBI proposal to the ED is essentially to recover Rs 200 crore that DB Realty allegedly paid as bribe to Kalaignar TV. According to CBI sources Rs 200 is case property and has to...
05:20 PM, Jun 14, 2011
New Delhi: In a new twist which could have repercussions on the UPA, 2G accused Swan telecom promoter Shahid Balwa has written to the Joint Parliamentary Committee saying that he should be called to depose before Joint Parliamentary Committee (JPC). "In the interest of the investigation, I should be called to depose before the JPC," Balwa wrote in a letter to the JPC on Tuesday. Balwa, in fact, is the...
11:59 AM, Jun 01, 2011
New Delhi: With its promoters facing probe in the 2G telecom scam, DB Realty on Monday deferred the board meeting to announce the financial results for the year ended March 31, 2011, citing delay in the audit process and consolidation of the financial statements. On May 21, the company had announced the board meeting would be held on Monday to approve audited financial statements for the year ended March 31,...
09:35 PM, May 30, 2011
New Delhi: The Delhi High Court is likely to pronounce on Monday it's order on the bail plea of five corporate honchos, including Unitech promoter Sanjay Chandra and Reliance ADAG MD Gautam Doshi, in the 2G spectrum allocation scam. The corporate accused, also including D B Realty promoter Vinod Goenka and Reliance officials Hari Nair and Surendra Pipara, are in jail since April 20 when the special court ordered their...
11:28 AM, May 22, 2011
New Delhi: The Opposition on Friday welcomed the CBI special court's decision ordering the arrest of DMK MP Kanimozhi in the 2G scam spectrum case. "These arrests and actions have been possible only because the Supreme Court is monitoring the inquiry," said BJP spokesperson Prakash Javadekar. He also added, "This is the only UPA regime where government controlled inquiries will produce no results." Javadekar said, "If we want effective results,...
02:39 PM, May 20, 2011
New Delhi: A Delhi court will decide on Saturday the bail plea of DMK MP Kanimozhi in the 2G spectrum allocation scam. Special CBI Judge O P Saini had on May 7 reserved his order on the bail applications of Kanimozhi and Sharad Kumar, MD and CEO of Kalaignar TV after hearing extensive arguments advanced by noted criminal lawyer Ram Jethmalani who, citing the chargesheet, blamed former Telecom Minister A...
08:24 PM, May 13, 2011
