Real Estate News Update for April 19
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Industry
MUMBAI: The Godrej family has begun the formal division of the conglomerate established more than a century ago by exiting the boards of each other’s companies and will soon divest stakes in them, said people with knowledge of the matter. Toward this end, Adi and Nadir Godrej resigned from the board of Godrej & Boyce earlier this year, while Jamshyd Godrej relinquished his seat on boards of GCPL and Godrej Properties.
Regulatory
MUMBAI: The Enforcement Directorate (ED) has provisionally attached properties, including a villa at Aamby Valley, various residential and business premises in Mumbai, land parcels in Raigarh District, and fixed deposits amounting to Rs. 113.5 crore linked to builder Lalit Tekchandani and his associates in a money laundering case. Earlier, the ED froze/seized investments and fixed deposits worth Rs 43 crore in this case.
Housing Finance
NEW DELHI: Altum Credo, an affordable housing finance company, has raised US$ 40 million in series C equity round.
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International
Although Chinese installations outpaced the rest of Asia-Pacific in both units and value in the first quarter, Schindler said weakness in the country's construction activity would likely weigh on future orders.
Allied Industries
LUDHIANA: The district consumer disputes redressal commission has ordered a tile-making company and its authorised distributor to pay Rs 10,000 to a customer for selling him defective tiles. The commission also gave them three days to refund Rs 18,000 to complainant Raman Kumar Bansal of Aggar Nagar’s Shree Raghunath Optical shop.
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