Yash Birla May Be Forced To Vacate Birla House
The Maharashtra home department has issued attachment notifications against properties owned by beleaguered businessman Yash Birla and other officials and entities associated with the tainted Birla Power Solutions Ltd (BPSL).
The notification has been issued under provisions of the stringent Maharashtra Protection of Interest of Depositors in Financial Establishments Act (MPID).
The notification lists six properties, including Birla House with a total plot area of 5,412 square metres, three bungalows at Juhu with a total plot area of 4,525 square metres, a plot with two buildings at Mahim, with a total plot area of 2,789 square metres, all belonging to Lakshmi Properties of which Yash Birla is the director. It also lists demat and bank accounts of Yash Birla, associated entities and other individuals associated with BPSL .
BPSL had invited the public at large to invest in them through bills of exchange, fixed deposits and inter-corporate bonds promising attractive rates of interest but failed to make repayments upon maturity in 2013.
First Information Reports (FIR) have already been lodged against Yash Birla and others associated with the company under provisions of the MPID Act and sections 420 (cheating) and 120 B (criminal conspiracy) of the Indian Penal Code (IPC). However, the Economic Offence Wing (EOW) of the Mumbai Police only filed charges against Birla last month. He has not been arrested during the course of the investigation and has moved a bail application which will be heard on December 21.
The bail application, which BloombergQuint has accessed, states that Birla stepped down as a non-executive director of BPSL in December 2012, and had nothing to do with the day-to-day affairs of the company. In his bail application, Birla also said that he did not solicit investments on behalf of the company. He added that he has been co-operating with investigators and that every effort is being made to repay investors.
The attachment notification was made as the the state government is satisfied that the company and the chairman/directors of BPSL are unlikely to make repayments to the depositors, according to the notification.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
