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
Widening its probe into the 'taped' conversation between Central Bureau of Investigation prosecutor AK Singh and Unitech Managing Director Sanjay Chandra, the investigating agency on Wednesday questioned Swan and DB Realty promoter Shahid Balwa. ...
12:14 AM, Feb 21, 2013
Swan and DB Realty promoter Shahid Balwa on Wednesday reached the Central Bureau of Investigation headquarters in Delhi after the investigating agency summoned him for questioning in connection with the audio recordings of purported conversation between the CBI prosecutor AK Singh and another 2G scam accused Unitech Managing Director Sanjay Chandra. ...
05:31 PM, Feb 20, 2013
The Central Bureau of Investigation (CBI) has now summoned Swan and DB Realty promoter Shahid Balwa to join investigations in the 2G collusion. The net in the 2G collusion, exposed by CNN-IBN, has widened after Balwa has been asked to join CBI investigations. ...
10:34 AM, Feb 20, 2013
A day after the big CNN-IBN expose in connection with the 2G spectrum allocation scam case, the Central Bureau of Investigation (CBI) director appeared before the Joint Parliamentary Committee (JPC) on Tuesday, and admitted to a collusion between its prosecutor AK Singh and Unitech MD Sanjay Chandra. Also, the CBI has sent the tapes for forensic examination. According to sources, the probe may widen to focus on other accused as...
06:59 PM, Feb 12, 2013
New Delhi: The CBI on Tuesday claimed in a Delhi court that a DB group official was "deposing falsely" in the 2G spectrum allocation case to "save" accused Shahid Usman Balwa, who is associated with the group and Swan Telecom Ltd. Balwa is the promoter of the chargesheeted company Swan Telecom which is now known as Etisalat DB Telecom Pvt Ltd. In its charge sheet, the CBI had alleged Swan...
07:55 PM, Oct 09, 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: The lawyer for accused former telecom secretary Siddharth Behura completed the cross examination of Aseervatham Achary in the 2G spectrum scam. He was a close aide of former telecom minister A Raja and has implicated the former telecom minister and others. Achary again refuted the suggestion that he was a CBI influenced witness in the case. He also said that even after January 2008, the 2G scam co-accused...
12:53 PM, Jan 03, 2012
New Delhi: A Raja's former additional personal secretary Aseervatham Achary on Monday stood by his statements in a 2G court under Section 164 of the CrPC, which counts as admissible evidence in court. He told the 2G court that DMK MP Kanimozhi was a frequent visitor to Raja's office and residence when he was the IT minister. Achary also said that Unitech's Sanjay Chandra and DB Group's Shahid Balwa and...
02:44 PM, Dec 19, 2011
New Delhi: DMK MP Kanimozhi, who was recently granted bail in the 2G spectrum allocation scam case, said on Sunday that she will continue with her political career. "I will continue the political career as my father has brought me to this field. DMK and me will together face the 2G case and will decide about the party posting later," Kanimozhi said. After over six months in Tihar Jail, DMK...
12:53 PM, Dec 04, 2011
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: A Delhi court on Tuesday reserved its order on bail plea of Swan Telecom promoter Shahid Balwa in the 2G spectrum scam case. The Central Bureau Of Investigation (CBI) on Tuesday had told the court that it is not opposed to the bail plea of Balwa. The CBI had arrested the Mumbai-based realty promoter in February. The Enforcement Directorate had trailed Rs 214 crore allegedly routed by Balwa...
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New Delhi: As the Supreme Court granted bail to all five corporate executives in the 2G spectrum scam, the other accused in the case are now also hopeful of getting bail. Former Telecom Minister A Raja's lawyer Sushil Kumar said, "This is a good order and gives an opening to other accused." He said that if five persons in the case have got bail, the others accused in the case...
11:22 AM, Nov 23, 2011
New Delhi: The CBI on Friday said the special court in the 2G scam case has not issued any directions on the application of accused Shahid Balwa allegedly asking it to refrain from interfering with witnesses. "In fact neither any such directions have been issued nor such observations have been made by hon'ble special judge (2G spectrum case). The application is pending before the hon'ble special judge," CBI spokesperson Dharini...
07:50 PM, Nov 18, 2011
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02:17 PM, Nov 17, 2011
Reflecting the global turmoil, the fortunes of a majority of the richest Indians fell this year. Even then, 15 individuals managed to break into his exclusive club. Oh, the ways of wealth! After two years of unprecedented richness, the 100 richest people in India have turned poorer in 2011. With the volatile Sensex losing more than 20 percent since we last compiled the list, Indias wealthiest saw their total fortune...
10:51 AM, Nov 15, 2011
New Delhi: Former telecom minister A Raja, DMK MP Kanimozhi along with 12 other people and three companies, who have been accused in the 2G spectrum allocation scam case, have been charged under Indian Penal Code Section 409 (criminal breach of trust by public servant, or by banker, merchant or agent). The maximum punishment if convicted for criminal breach of trust is life term while the minimum punishment is seven...
01:09 PM, Nov 11, 2011
New Delhi: The trial in the biggest corruption case in the country got off to a noisy start in the court of Special Central Bureau of Investigation Judge OP Saini in New Delhi on Friday. As soon as the trial in the 2G spectrum allocation scam began the defence counsel objected to the trial being conducted in a cramped space. There was more drama as prime accused in the 2G...
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New Delhi: The trial in the biggest corruption case in the country began on Friday as Special CBI Judge OP Saini started recording the statement of Assistant Vice President of Reliance Capital Anand Subramaniam as prosecution witness in the case. Subramaniam's chief examination by CBI is over and most of the accused refused to cross-examine him. Reliance Telecom executives said they can't cross-examine till they are given a written copy...
10:33 AM, Nov 11, 2011
New Delhi: DMK MP Kanimozhi will spend Diwali in jail as the court of Special Central Bureau of Investigation (CBI) Judge OP Saini reserved its order on her bail application till November 3. The court was hearing the bail application of Kanimozhi along with Kalaignar TV MD Sharad Kumar, Cineyug Films' founder Karim Morani, and Kusegaon Fruits and Vegetables Chief Executives Asif Balwa and Rajiv Agarwal. The order on the...
02:23 PM, Oct 24, 2011
