Latest news with #AshishBhalla
Time of India
25-06-2025
- Business
- Time of India
GIFT City, GujRERA likely to opt for new entity to complete stalled WTC project
Ahmedabad: GIFT City authorities have terminated the development agreement with WTC Noida Development Company Private Limited for the World Trade Center's B and C towers following controversies and complaints filed with the Gujarat Real Estate Regulatory Authority (GujRERA). The authorities are now exploring options including allowing the association of allottees to take over the project or bringing in a substitute entity to ensure completion in order to protect the investors whose funds remain locked in the stalled project. The commercial project agreement was originally signed in 2014-15. While the developer successfully completed two towers (A and D), construction of towers B and C remains incomplete despite the deadline extension granted by GujRERA. GujRERA received approximately 30 complaints from buyers citing possession delays and failure to provide assured returns to investors. GIFT City and GujRERA officials are also considering appointing a substitute entity to complete the remaining work on the towers, sources said. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad "According to Section 8 of the RERA Act, an association of allottees can be formed to take the project forward. There is also a possibility of bringing in a substitute entity by GIFT City and GujRERA to ensure the completion of the project. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo We cancelled the development agreement of the promoter WTC Noida Development Company Private Limited because there were a number of complaints regarding possession delays and incomplete construction. Despite RERA extending the deadline for completion of towers B and C, the promoter failed to complete the project," said a top official. "There is no possibility that the WTC Noida Development Company can complete the project because its promoter, Ashish Bhalla, was arrested by the Enforcement Directorate for alleged real estate fraud. In such a situation, we decided to protect the interest of investors and will finalize the plan to complete the project soon," the official said.
Time of India
10-05-2025
- Business
- Time of India
Delhi HC restrains WTC Noida from using trademarks of World Trade Centres Association
NEW DELHI: The Delhi High Court has restrained WTC Noida Development and others from using any of the registered trademarks of World Trade Centres Association ( WTCA ), observing the mark's goodwill was being tarnished. Justice Amit Bansal said a prima facie case was in favour of WTCA and against WTC Noida and its promoters including Ashish Bhalla, related to Bhalla Group of Companies . "Balance of convenience is in favour of the plaintiff and against the defendants, in view of the nature of the issues raised as stated above and the potential impact on the plaintiff's rights. Irreparable injury would be caused to the plaintiff if the defendants continue to use the 'WTC' marks, as the goodwill of the mark is being tarnished by the defendants," the court said on May 2. Prejudice would also be caused to the public who may associate the activities of the defendants with the plaintiff, it added. The court said till September 18, the defendants and their agents or associates were restrained from infringing any one or more of the plaintiff's registered marks -- WORLD TRADE CENTER and WTC -- as trademarks, nicknames, social media handles and domain names or in any other way. The court passed the interim order on a plea by WTCA, a renowned worldwide association headquartered in the US, contended the defendants continue to use WTC marks even after termination of the agreement which amounted to infringement and passing off of the plaintiff's marks. The plea said in 1961, the Port Authority of New York and New Jersey approved of a project to build the iconic World Trade Center twin towers in New York City, which became famous worldwide and in 1969, WTCA acquired the rights in the word mark World Trade Center, its abbreviated form WTC and its device mark for use in connection with commercial real estate, trade, commerce and other related services. The plea said in February 2013, the defendant changed its name from Spire Buildtech Private Ltd to incorporate the plaintiff's WTC word mark with its consent. However, in February 2023, the plaintiff came to know of various complaints made against the defendants by individuals claiming to be investors or unit buyers in projects being undertaken by WTC Noida. They raised concerns over the non-fulfilment of contractual obligations and delays in project execution. In view of the increasing number of issues, the plaintiff engaged a firm to conduct an audit which indicated that in several licensed territories, no development activity was commenced by WTC Noida. The plea said the defendant also defaulted in making payment of the annual dues for 2024 owed to the plaintiff with respect to the license agreements for the territories of Patna, Bhopal, Amritsar and Ahmedabad. Owing to such issues, in February, the plaintiff terminated the licenses granted by it in favour of the defendants and asked them immediately to cease any use of the WTC marks. Bhalla, it said, on behalf of WTC Noida, responded that they were not willing to comply with the demand of the plaintiff. The plaintiff later learnt of Bhalla's arrest by the Enforcement Directorate which in a press release referred to Bhalla Group as the WTC Group. "The plaintiff has also been aggrieved by such conflation of the Bhalla Group with the plaintiff, as the same has subsequently been picked up by several media houses, which have severely tarnished the plaintiff's marks in India and brought disrepute not only to the plaintiff but also to 105 other bona fide licensees operating in India who have no connection with the defendants," it said.
Time of India
05-05-2025
- Business
- Time of India
ED attaches assets worth Rs 2,348cr in PMLA case
Gurgaon: Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 2,348 crore in connection with a real estate case under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Tired of too many ads? go ad free now The assets — attached over a period of time since Feb 2024 — have been identified as "direct proceeds of crime". The case involves WTC Faridabad Infrastructure Pvt Ltd and other entities of the WTC group, led by Ashish Bhalla. Bhalla had been arrested on March 6 to prevent "obstruction of justice and tampering with evidence". According to ED, Bhalla and his group companies collected more than Rs 2,700 crore from over 12,000 investors. ED said investors were "lured" with promises of assured returns on plots and commercial spaces under the WTC brand. However, a large chunk of the money was siphoned off and diverted for other purposes, including overseas transfers to entities based in Singapore. ED launched its probe based on over 30 FIRs registered by the Faridabad police, Delhi Economic Offences Wing and other law enforcement agencies.
Time of India
05-05-2025
- Business
- Time of India
ED attaches Rs 2,348 crore assets in money laundering case of WTC group
The ED on Monday said it attached hundreds of acres of land and unsold real estate inventory in Delhi-NCR, apart from some residential units in Goa, worth Rs 2,348 crore as part of a money-laundering investigation against realty group WTC Faridabad Infrastructure Private Limited and other WTC Group entities. The federal probe agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) to attach these properties. The action has been taken in "a massive real estate fraud involving WTC Faridabad Infrastructure Private Limited and other entities of the WTC Group, headed by Ashish Bhalla", the Enforcement Directorate (ED) said. The attached assets include about 159 acres of licensed and unlicensed land, along with unsold real estate inventory across Delhi , Gurugram, Faridabad and Noida , as well as residential properties in Goa and commercial premises in Delhi-NCR, it said. These assets are worth Rs 2,348 crore, the agency said. The money-laundering investigation stems from more than 30 FIRs registered by the Faridabad Police in Haryana and the Delhi Police's Economic Offences Wing against the company and its promoters on charges of cheating, fraud and criminal conspiracy. The agency claimed more than 12,000 investors were duped by Bhalla and his group companies through a "well-orchestrated" scheme by promising assured returns on investments in plots and commercial spaces under the WTC brand. More than Rs 2,700 crore was collected from investors across states such as Haryana, Uttar Pradesh, Punjab and the Union Territory of Chandigarh, it said. However, a "significant" portion of these funds was "diverted" and "siphoned off" by Bhalla and never used for real estate development. Additionally, a substantial amount was illegally transferred abroad to entities based in Singapore, which are "beneficially owned" by close family members of Bhalla, it alleged. The ED arrested Bhalla in March as part of the probe.
Business Mayor
05-05-2025
- Business
- Business Mayor
ED attaches Delhi-NCR realty group's assets worth Rs 2,348 crore
The ED on Monday said it attached hundreds of acres of land and unsold real estate inventory in Delhi-NCR, apart from some residential units in Goa, worth Rs 2,348 crore as part of a money-laundering investigation against realty group WTC Faridabad Infrastructure Private Limited and other WTC Group entities. The federal probe agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) to attach these properties. The action has been taken in 'a massive real estate fraud involving WTC Faridabad Infrastructure Private Limited and other entities of the WTC Group, headed by Ashish Bhalla', the Enforcement Directorate (ED) said. The attached assets include about 159 acres of licensed and unlicensed land, along with unsold real estate inventory across Delhi, Gurugram, Faridabad and Noida, as well as residential properties in Goa and commercial premises in Delhi-NCR, it said. These assets are worth Rs 2,348 crore, the agency said. The money-laundering investigation stems from more than 30 FIRs registered by the Faridabad Police in Haryana and the Delhi Police's Economic Offences Wing against the company and its promoters on charges of cheating, fraud and criminal conspiracy. The agency claimed more than 12,000 investors were duped by Bhalla and his group companies through a 'well-orchestrated' scheme by promising assured returns on investments in plots and commercial spaces under the WTC brand. More than Rs 2,700 crore was collected from investors across states such as Haryana, Uttar Pradesh, Punjab and the Union Territory of Chandigarh, it said. However, a 'significant' portion of these funds was 'diverted' and 'siphoned off' by Bhalla and never used for real estate development. Read More Ministers pledge record £410m to support UK nuclear fusion energy Additionally, a substantial amount was illegally transferred abroad to entities based in Singapore, which are 'beneficially owned' by close family members of Bhalla, it alleged. The ED arrested Bhalla in March as part of the probe. READ SOURCE
