Govt Cracks Down on Realty Firms Amidst Allegations
New Delhi: Central Government to Investigate 18 Realty Firms
The central government has initiated a probe into 18 realty firms across India, responding to numerous complaints alleging forgeries and dubious investment schemes. This move aims to bring transparency and accountability to the real estate sector.
Background
The Finance Ministry announced the investigation on Friday, highlighting the government's commitment to addressing grievances against these firms. Minister of State for Finance, Namo Narain Meena, disclosed the details in a response to a question in the Lok Sabha, affirming the government's proactive stance.
SEBI's Role
Meanwhile, the Securities and Exchange Board of India (SEBI) has cleared ten of the firms, stating they were not operating collective investment schemes. However, SEBI's scrutiny of the remaining firms revealed two — Ecogreen Real Estate India Ltd and Delhi-based Ken Infratech Ltd — to be running such schemes, prompting imminent action.
Firms Under Scrutiny
- вами Under SEBI Examination:
- IHI Developers India Ltd
- Imbowers Housing and Infrastructure Ltd
- Maxworth Buildtech Ltd
- Nicer Green Housing
- Royal Infra Towers Ltd
- Servehit Housing and Infrastructure Ltd
- Taneja Developers and Infrastructure (Panipat) Ltd
Reactions from Implicated Firms
- Ken Infratech Ltd's MD, Sukhchain Singh, denied operating any collective schemes, stating no official notification had been received.
- Taneja Group's AC Michael similarly refuted allegations of running a chit fund scheme, citing the absence of any communication from SEBI.
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