Creditors of Jaiprakash Associates (JAL) will focus on recovering dues from the company's hotel, cement, and real estate businesses in Delhi, Agra, Noida, and Mussoorie. The company's promoters' personal guarantees of around ₹778 crore are less than 2% of the ₹52,000 crore dues. State Bank of India is the largest creditor with provisional admitted dues of over ₹15,000 crore.
Open FlipICICI Prudential Asset Management Company has acquired a commercial tower in Mumbai's Santacruz for over Rs 315 crore from Kalpataru's subsidiary Ixora Properties. The tower has a carpet area of over 60,000 sq ft and will house the company's new head office. The deal is significant as it goes against the trend of leasing office space, with the company paying over Rs 18.90 crore as stamp duty.
Open FlipHindenburg Research revealed that Kotak Mahindra Bank and its founder Uday Kotak's brokerage firms created and oversaw an offshore fund structure used by an investor partner to short Adani Group stocks. The structure was used by the K-India Opportunities fund, but SEBI's 46-page show-cause notice to Hindenburg failed to mention Kotak's name, instead using the acronym "KMIL".
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