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India Today
05-07-2025
- India Today
ED raids in Goa land grab case: Sale deeds, cache of important documents seized
The Panaji wing of the Enforcement Directorate (ED) on Friday conducted searches at eight locations in Goa and Pune as part of a probe into a land grabbing case, officials said. The case involves a conspiracy to unlawfully acquire an ancestral property measuring 5,000 square metres in Socorro, North searches were carried out at locations belonging to the accused, John Paul Valles, Sandeep Vazarkar, and their associates, under the provisions of the Prevention of Money Laundering Act, ED's searches targeted residential and office premises linked to the accused. These operations yielded multiple electronic devices and a significant cache of documents relating to land sales and financial transactions. The materials seized include deeds of sale, power of attorney documents, and records of inventory proceedings, which are pivotal in understanding the full scope of the the key evidence retained were diaries documenting cash payments and large unexplained cash deposits linked to Vazarkar. The documents are under scrutiny to uncover further details about the alleged land transactions and to track the proceeds of the crime (POC). This evidence is expected to shed light on the intricate financial network involved, officials hoped that the seized materials are likely to provide new leads on the financial trail and the broader network involved in the conspiracy. The investigation aims to hold those responsible accountable and recover the assets unlawfully complainant, Jeronimo Oliveiro Desouza, claimed that the accused fraudulently transferred the property by manipulating inventory proceedings. This enabled Valles and Vazarkar to gain control of the land, subsequently selling it in plots. The complexity of the scheme underscores the calculated efforts made to obscure the illegal allege that Valles, with a Power of Attorney obtained from two individuals in Pune, subdivided and sold the property. Vazarkar played a crucial role in facilitating this transaction by arranging buyers and receiving brokerage remain tight-lipped about the next steps but are keen to follow the money trail to ascertain the full extent of the conspiracy.- Ends IN THIS STORY#Mumbai
Mint
19-06-2025
- Business
- Mint
Bengaluru land sold for ‘marriage?' Daughter now demands compensation from buyer, 19 years later
A land transaction that took place nearly two decades ago has now become the centre of a legal dispute in Bengaluru, after the daughter of the original seller sent a legal notice to the current owners, alleging the property was sold without her consent. The matter came to light after the current owner, whose father bought the plot in 2006 under BBMP jurisdiction, shared the details on Reddit. According to the post, the sale was executed directly by the seller without any Power of Attorney (POA). The buyer stated, 'There was no POA involved' and added that they have 'been paying property taxes regularly since the purchase of the property.' The Khata certificate is also reportedly in the buyer's father's name. Despite all legal paperwork being in order, the seller's daughter is now demanding compensation, claiming she was not consulted during the sale. The buyer pointed out that 'the seller's daughter was not a minor at the time of sale. In fact, according to the seller, the property was sold off to get her married.' The situation has been further complicated by the shifting stance of the seller's son. Initially, he dismissed the matter as a 'family issue' and told the buyer they were 'trying to resolve it amicably.' However, after several months, he informed the buyers that the family would be 'going through with this legally' and advised them to get a lawyer. The buyer revealed that the tone has changed again in recent days, with the seller's son now pushing for an out-of-court resolution. 'It's now, i.e. in the past few days, he is saying to settle things with her, as even they're also trying to do so and to not go ahead legally,' she wrote. She also alleged subtle intimidation, adding, 'He also indirectly threatens by saying, 'What if the judge rules in her favour? What will you do then and all such things.'' Screengrab from the viral post. Legal advice has reassured the buyer that they have a strong case and can proceed through the proper channels. However, the seller's son reportedly continues to pressure for a private settlement, allegedly citing other cases where '2-3 buyers have settled' similar disputes. The Reddit post has since gained traction, prompting a flurry of responses. One commenter wrote, 'Not a lawyer: but if you have the sale deeds from 2006 and surveys in your name, then you should be fine legally. (The same has to exist in the government records, first check if it's there).'* Another user warned against settling, suggesting that the situation could be part of a larger inheritance dispute: 'Do not settle. It seems to be a scam or shortchanging of inheritance division of assets. Daughter seems to not have received anything and is willing to be a nuisance until son shares or buyers pay extra.'
Time Business News
13-06-2025
- Business
- Time Business News
What Happens to Your Assets When You Go to Prison: Property, Accounts, and Legal Rights Explained
When an individual is incarcerated, their assets—ranging from real estate to financial accounts—can quickly become vulnerable to government action, civil claims, and mismanagement. In particular, prison and frozen bank accounts are a serious concern, often triggered by court orders, investigations, or unpaid financial obligations. Knowing how incarceration affects personal property and finances is critical to ensuring long-term protection and legal compliance. Bank accounts can be frozen upon incarceration, especially if tied to financial crimes or outstanding debts. A Power of Attorney (POA) is crucial to allow someone you trust to manage your assets legally while you're in prison. Real estate and vehicles remain your responsibility, and without proper planning, they can be foreclosed, repossessed, or seized. Asset forfeiture laws can result in permanent loss of property even without a conviction if linked to criminal activity. Post-release asset recovery requires swift legal action to reclaim accounts, titles, and property ownership. Once a person is incarcerated, they are typically unable to directly manage or access their assets. Without prior arrangements, control of bank accounts, business holdings, and property becomes complex. In most cases, a trusted family member or an appointed Power of Attorney (POA) must be legally designated to act on behalf of the inmate. Without this, mortgages may default, accounts may go dormant, and properties may be seized or neglected. Financial institutions may place holds or restrictions on accounts if notified of the incarceration, particularly in cases involving fraud, money laundering, or financial crimes. Joint account holders may still access funds unless a legal freeze is in place. A durable POA executed before incarceration ensures uninterrupted access and management. Bank accounts can be frozen through court orders or enforcement actions tied to criminal investigations or unpaid debts. These freezes are often preventative, ensuring that assets are available for restitution or fines. When this occurs, all account activity halts, including bill payments, withdrawals, and transfers. Frozen assets may be subject to federal or state seizures, especially under laws related to Racketeer Influenced and Corrupt Organizations (RICO), asset forfeiture, or financial fraud. To challenge a freeze, legal counsel must file motions to demonstrate that the funds are not tied to criminal conduct. Inmates who own property remain responsible for taxes, mortgages, and maintenance. Failing to make timely payments due to frozen accounts or lack of authorized access can result in foreclosure or tax lien sales. For rented properties, absentee landlords must designate a property manager to handle leases and repairs. Prisoners may also risk losing their primary residence through divorce settlements, civil litigation, or default judgments filed during incarceration. Without a strong legal defense, even legitimate property holdings can be diminished or sold off by creditors or the state. Automobiles and titled vehicles must be maintained, insured, and protected during imprisonment. If the incarcerated person is the sole owner, they must assign ownership rights or grant POA to ensure the vehicle is not towed, ticketed, or repossessed. Failure to keep insurance active can lead to fines, license suspension, or asset seizure by the DMV or local authorities. In certain jurisdictions, vehicles used during a criminal act can be seized and sold under civil asset forfeiture laws. A strong legal case is necessary to retrieve or protect such property. Business owners face serious disruption upon incarceration. If no succession or contingency plan exists, operations may stall, leading to insolvency or forced sale. A pre-appointed manager or POA can keep the business functional, pay taxes, and respond to legal inquiries. Courts may also intervene in closely held corporations if disputes arise among shareholders due to the incarceration. Licensing and permits may also be revoked or expire if left unattended. Bankruptcy proceedings or hostile takeovers are common risks for businesses without clear legal continuity. Incarceration does not absolve an individual from financial responsibilities such as child support or spousal maintenance. Courts may allow temporary modification of these obligations, but failure to file for such relief can result in debt accumulation, wage garnishment, or liens on property. Civil suits for damages, unpaid rent, or personal injury can still be filed and ruled upon during incarceration. If a judgment is entered, creditors may garnish prison wages, seize bank accounts, or force the sale of property. Asset forfeiture allows law enforcement to seize property suspected of being linked to criminal activity, even before a conviction. This includes cash, vehicles, homes, and other valuables. If not contested effectively, seized property can be auctioned or retained permanently by the state. Civil forfeiture cases place the burden of proof on the property owner, requiring them to demonstrate the legitimacy of their assets. Inmates must act swiftly through legal counsel to challenge unjust forfeitures. Before sentencing or surrender, it is crucial to: Establish a durable Power of Attorney Update property deeds and beneficiary designations Transfer assets to trusted relatives or irrevocable trusts Set up automatic payments for critical bills Consult a financial and criminal defense attorney These steps protect against administrative holds, creditor claims, and potential government action. For those serving long sentences, property degradation becomes a major issue. Unattended homes may suffer from vandalism, unpaid taxes, or zoning violations. Vehicles may depreciate or be lost through neglect. Banks may close dormant accounts, and investment portfolios may stagnate. Family disputes over inheritance, estate access, or POA misuse also commonly arise. Without structured oversight, even wealthy inmates may return to little or no financial security upon release. Upon release, former inmates must act fast to regain control. This involves: Reinstating account access Clearing liens and legal holds Filing motions to reverse forfeitures or asset seizures Updating titles, deeds, and legal documents Rebuilding credit and tax records Post-release reentry services can assist, but private legal representation often yields better results in asset recovery and dispute resolution. Being incarcerated drastically alters one's control over assets. From frozen bank accounts to the potential loss of real estate and vehicles, the legal and financial consequences are significant. Preparing before incarceration and acting quickly afterward is essential to preserving property, finances, and future stability. Comprehensive legal counsel and proactive planning remain the strongest safeguards. TIME BUSINESS NEWS
India Today
06-06-2025
- Business
- India Today
Stocks to watch on June 6: IREDA, Coal India, NTPC Green Energy, SpiceJet
NTPC Green Energy starts 110.25 MW Khavda-I Solar PV project. Stock market rises on RBI rate cut hopes for June 6 NCLT asks SpiceJet lessors to submit valid Power of Attorney NTPC Green Energy starts Khavda-I Solar PV project operations The stock market has ended higher with gains in the past two sessions, as investors anticipate a potential rate cut by the Reserve Bank of India (RBI) on June 6. Several stocks are being closely monitored, as they could be impacted by the announcememt of RBI's monetary policy committee decision. SpiceJet The National Company Law Tribunal (NCLT) has directed three aircraft lessors of SpiceJet to file a valid Power of Attorney. This development comes amid ongoing financial challenges faced by the low-cost carrier. NTPC Green Energy NTPC Green Energy has commenced operations of the first part of its Khavda-I Solar PV project, with a capacity of 110.25 MW. This is part of a larger initiative by its subsidiary, NTPC Renewable Energy. JSW Energy JSW Energy has successfully commissioned a renewable energy project in Maharashtra, comprising 215 MW of solar capacity and 66 MW of wind capacity, totaling 281 MW. This move marks a significant step in expanding the company's renewable energy footprint. Dr Reddy's Laboratories Dr Reddy's Laboratories has entered into a collaboration with Alvotech, an Ireland-based biotech company, to co-develop, manufacture, and commercialize a biosimilar version of the cancer drug Keytruda for global markets. This partnership could position Dr Reddy's as a significant player in the biosimilars market. ICICI Prudential Life Insurance ICICI Prudential Life Insurance reported that it disbursed over Rs 900 crore as loans against traditional policies to more than 42,700 customers during the fiscal year 2024-25. This indicates robust activity in the policy loans segment. IREDA The Indian Renewable Energy Development Agency (IREDA) has launched a Qualified Institutional Placement (QIP) with a floor price set at Rs 173.83 per share. The company may offer up to a 5% discount on the floor price as part of this fundraising initiative. Coal India Coal India has signed a non-binding Memorandum of Understanding with the Indian Port Rail and Ropeway Corporation to develop rail infrastructure. This agreement aims to enhance Coal India's logistics and transportation capabilities. Bajaj Finserv Promoters Bajaj Holdings and Jamnalal Sons are reportedly considering selling up to a 1.94% stake in Bajaj Finserv through block deals. This development is being closely monitored by market participants. Ashoka Buildcon Ashoka Buildcon has secured a Letter of Intent worth Rs 1,390 crore from the Motors Vehicles Department, Maharashtra. This contract underscores the company's significant presence in infrastructure development. The stock market has ended higher with gains in the past two sessions, as investors anticipate a potential rate cut by the Reserve Bank of India (RBI) on June 6. Several stocks are being closely monitored, as they could be impacted by the announcememt of RBI's monetary policy committee decision. SpiceJet The National Company Law Tribunal (NCLT) has directed three aircraft lessors of SpiceJet to file a valid Power of Attorney. This development comes amid ongoing financial challenges faced by the low-cost carrier. NTPC Green Energy NTPC Green Energy has commenced operations of the first part of its Khavda-I Solar PV project, with a capacity of 110.25 MW. This is part of a larger initiative by its subsidiary, NTPC Renewable Energy. JSW Energy JSW Energy has successfully commissioned a renewable energy project in Maharashtra, comprising 215 MW of solar capacity and 66 MW of wind capacity, totaling 281 MW. This move marks a significant step in expanding the company's renewable energy footprint. Dr Reddy's Laboratories Dr Reddy's Laboratories has entered into a collaboration with Alvotech, an Ireland-based biotech company, to co-develop, manufacture, and commercialize a biosimilar version of the cancer drug Keytruda for global markets. This partnership could position Dr Reddy's as a significant player in the biosimilars market. ICICI Prudential Life Insurance ICICI Prudential Life Insurance reported that it disbursed over Rs 900 crore as loans against traditional policies to more than 42,700 customers during the fiscal year 2024-25. This indicates robust activity in the policy loans segment. IREDA The Indian Renewable Energy Development Agency (IREDA) has launched a Qualified Institutional Placement (QIP) with a floor price set at Rs 173.83 per share. The company may offer up to a 5% discount on the floor price as part of this fundraising initiative. Coal India Coal India has signed a non-binding Memorandum of Understanding with the Indian Port Rail and Ropeway Corporation to develop rail infrastructure. This agreement aims to enhance Coal India's logistics and transportation capabilities. Bajaj Finserv Promoters Bajaj Holdings and Jamnalal Sons are reportedly considering selling up to a 1.94% stake in Bajaj Finserv through block deals. This development is being closely monitored by market participants. Ashoka Buildcon Ashoka Buildcon has secured a Letter of Intent worth Rs 1,390 crore from the Motors Vehicles Department, Maharashtra. This contract underscores the company's significant presence in infrastructure development. Join our WhatsApp Channel
Time of India
05-06-2025
- Business
- Time of India
Tribunal flags lapse: NCLT seeks updated Power of Attorney from SpiceJet's lessors; next hearing set for July 3
The National Company Law Tribunal (NCLT) halted proceedings on insolvency pleas by three Ireland-based lessors over a Rs 77 crore default, after SpiceJet raised a legal validity issue. The tribunal has asked three aircraft lessors of SpiceJet to submit a valid Power of Attorney (PoA) to continue insolvency proceedings against the airline, after it was pointed out that the current PoA on record expires in February 2025, PTI reported. The matter pertains to petitions filed in April 2024 by AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland, seeking to initiate insolvency proceedings against the low-cost carrier over alleged defaults totalling Rs 77 crore. During the hearing on June 2, SpiceJet's counsel argued that the PoA held by the person filing the petitions was only valid until February 11, 2025, and no fresh document had been submitted to prove current authorisation. The NCLT, in its order, noted the objection and said: 'In order to continue the proceeding by the person who has initiated this petition, there must be a valid Power of Attorney existing at present point of time.' In response, counsel representing the lessors requested additional time to file the updated document. Accepting the request, the tribunal posted the matter for next hearing on July 3, 2025. SpiceJet, which has been in operation for 19 years, is facing several insolvency petitions across forums. These include filings from creditors such as Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation, both at the NCLT and the appellate tribunal NCLAT. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
