#WeeklyNewsRoundUp: Corporation Bank Moves NCLT Against Amrapali

In a new turn of events in the Amrapali saga, the country’s top court on September 6 allowed Corporation Bank, which has lent the company Rs 270 crore, to move the National Company Law Tribunal against the builder. The SC has also identified 16 properties of the group for auctioning to provide NBCC with an initial corpus to start work on stuck projects. The top court also slammed Amrapali Chairman and Managing Director Anil Sharma for misreporting his net-worth. In his election affidavit filed during the 2014 Lok Sabha polls, Sharma had declared he held assets worth Rs 847 crore ─ he now claims to have only Rs 67 crore.

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The Karnataka government is planning to increase the guidance value of properties by up to 20 per cent. The move could generate revenue of between Rs 1,000 and Rs 1,500 crore to fund its crop loan waiver scheme. The government has already issued a gazette notification proposing a revision in guidance value and has invited objections from the public within 15 days. The revised rates will come into effect before the first week of October.

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The National Green Tribunal has restrained six states falling in the Western Ghat region from giving environmental clearance to activities which might adversely affect the eco-sensitive areas. The green panel allowed the Ministry of Environment and Forests (MoEF) to republish the draft notification of the Western Ghats that lapsed on August 26.

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After an amendment in the Maharashtra Apartment Ownership Act (MAOA) was approved by President Ram Nath Kovind, it would require only the permission of 51 per cent of the residents to carry out the redevelopment of old buildings in Mumbai. Earlier, consent of all residents was required to undertake such projects.

Source: Media reports