The finance ministry
on recently said that the central government is probing 18 real estate
companies across the country for alleged forgeries & running dubious
investment schemes.
In a written reply to
a question in Lok Sabha, minister of state for finance Mr. Namo Narain Meena
gave out the details of the fims against which the central government had
received complained & taken action
for committing various forgeries and launching wrong / or dubious investment schemes.
Ten of these
companies had received a clean chit from the regulator SEBI that they were not
running collective investment schemes(CISs).
The stock market
watchdog was still examining complaints against 7 entities while it had found
prima facie that 2 companies were running collective investment scheme &
was in the process of taking suitable action against them.
These 2 companies are
Ecogreen Real Estate India and Ken Infratech.
Mr.Sukhchain Singh, MD, Delhi-registered Ken Infratech, said his company
did not run any collective investment scheme. We have not got any letter from
the government enquiring from us, he said.
Different agencies
have already initiated action against another 8 firms - Alchemist Infra Reality
, PACL, KBCL India, SGS Agro Farm , RBN Real Estate and Allied India, Maitreya
Plotters and Structurals Pvt , Megacity Bangalore Developers and Builders Pvt
and Sai Prasad Properties.
In the case of Jain
Housing & Constructions Hyderabad
the company's reply is awaited. SEBI is still examining complaints
against Nicer Green Housing, Imbowers Housing and Infrastructure, IHI
Developers India, Servehit Housing and Infrastructure , Taneja Developers and
Infrastructure (Panipat), Royal Infra Towers and Maxworth Buildtech.
In the case of
Alchemist Infra Reality the Delhi High Court has granted an interim stay
against investigation ordered by the finance ministry.
Mr. AC Michael, Vice
President - Corporate Communication, Taneja Developers and Infrastructure said:
"Our firm is not into chit fund scheme. The concern relates to fully
secured Non Convertible Debentures (NCD) raised through Karvy Realty India.
Also, we have not received any notice from SEBI."
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