Narendra Modi, Shinzo Abe hold 8 km road show amid public display of bonhomie
The streets of Ahmedabad on Wednesday came alive with song and dance performances as Prime Minister Narendra Modi held an 8-km road show with his Japanese counterpart Shinzo Abe and his wife, the first such event by the Indian premier with a visiting head of government. Modi held Abe in his characteristic bear hug as he, accompanied by wife Akie, landed at the Ahmedabad airport, reflecting the close bonding the two leaders have forged over several meetings. In a gesture symbolising the growing ties between the two large Asiatic economies, Abe wore kurta-pyjama and a royal blue Nehru jacket while his wife donned a red salwar-kameez ensemble as they accompanied Modi on the road show from the airport to the Sabarmati Ashram.
UK arbitration court to Vikram Bakshi: Sell CPRL stake to McDonald’s
The London Court of International Arbitration (LCIA) has asked Vikram Bakshi, the estranged partner of McDonald’s in India, to sell his stake in the JV firm CPRL to the US-based fast food chain, said sources.
In its 2:1 majority award, the arbitration panel has asked Bakshi to transfer his 1,45,600 shares in the 50:50 joint venture Connaught Plaza Restaurant Ltd (CPRL) to McDonald’s India at a fair valuation in accordance with their JV agreement, they said. The LCIA directed appointment of independent experts to determine fair market value for McDonald’s to buy out Bakshi’s stake, they added. The international arbitration tribunal in London has also rejected Bakshi’s claim that McDonald’s India did not validly terminate the JV.
Maharashtra property market: Big setback for 50,000 homebuyers, errant builders making situation worse
Buyers of more than 50,000 apartments in Maharashtra will now have to wait even longer for their homes with errant builders having managed to get away with delayed timelines. The Real Estate Regulatory Authority (RERA) is allowing even those builders who have missed their original deadline to revise completion schedules. Gautam Chatterjee, chief, Maharashtra, RERA, claims he is constrained by the law and cannot take any action for delays before May 1, 2017. “That is not my domain,” Chatterjee had said in an interview to FE in August. At a public forum on September 6, he conceded that the majority of complaints coming in related to extensions for projects already delayed. However, he declined to comment on any course of action, saying they were a matter for adjudication.
Sachin Tendulkar co-owned Smaash Entertainment gets Rs 300 cr booster shot; goes on buying spree
Edelweiss Group has invested Rs 300 crore of mezzanine funds (a hybrid of debt and equity financing that gives the lender the right to convert to an ownership or equity interest in the company in case of default, after venture capital companies and other senior lenders are paid) into Smaaash Entertainment (SMAAASH), the sports-based entertainment company co-owned by film producer-director Shripal Morakhia and former cricketer Sachin Tendulkar. The funds raised from the Edelweiss Group have been used for debt consolidation and financing two acquisitions — a 100% stake in PVR bluO and in SVM Bowling & Gaming — in all-cash deals. PVR bluO, a subsidiary of the BSE-listed PVR Cinemas, was acquired for Rs 86 crore last month.
Huge relief for 10 home buyers of Jaiprakash Associates, SC orders Rs 50 lakh relief
The Supreme Court on Wednesday asked realty firm Jaiprakash Associates (JAL) to pay Rs 50 lakh as an interim relief to 10 home buyers of its Jaypee Kalypso Court housing project, which was launched in 2007, along the Noida-Greater Noida Expressway. A bench led by Chief Justice Dipak Misra asked JAL to pay Rs 50 lakh to the Developers Township Property Owners Welfare Society, which represents 10 home buyers in the case, as the latter have sought compensation for their loss caused on account of delay in delivery of over five years. While the Jaypee Kalypso Court project has 16 towers and was to be completed by 2011, work is yet to be finished in most of the towers.
Monsoon in India: Good news, concerns of major drought allayed; chances of one now virtually nil
As many as 225 districts in the country — mostly in central and southern India — were officially at the first level of drought trigger by August end, threatening to dent the prospect of a robust kharif output, but rainfall in the last couple of weeks seem to have salvaged the situation. As of now, only 58 of the country’s over 550 districts with sizeable farmland are witnessing “moderate drought-like conditions”, a senior official said, adding that the “possibility of severe drought emerging in any district is virtually nil”. Union agriculture secretary Shobhana K Pattanayak told FE that the country’s foodgrain production is likely to match last year’s figure of a record 276 million tonnes. The southwest monsoon is about to start withdrawing in a week.