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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Faridabad > Triveni Infrastructure Greater Faridabad & TFAA Court Case Status
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Old December 2 2012, 12:21 PM   #31
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Quote:
Originally Posted by BlessU View Post
Hi
Greetings

Thats wicked. Spreading panic to make profit out of Homeseekers fear/fatigue!!

Though selling in distress is ones own commercial decision, but creating a situation to appear distressful is not fair. Isnt it cheating??

What was the result of the failed voting for self development?? What will happen if the company goes into liquidation??

Cheers
BlessU, There is more to this case than meets the eye. I want to answer your last para but I will wait for some time.

We should ponder on the fact that how a company that is bankrupt wants to lure its existing investors to vote in its favor to resume development of the project.

You will get a shock of your life when you get to know the reasons behind all this drama. The truth will come to light one day!!!!

 
Old December 2 2012, 07:35 PM   #32
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Lots of crocodile tears being shed and shameful act of rubbing salt on wounds .those who.invested in triveni are crying everyday.
 
Old December 4 2012, 12:03 PM   #33
 
 
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Originally Posted by dkppatiala View Post
Lots of crocodile tears being shed and shameful act of rubbing salt on wounds .those who.invested in triveni are crying everyday.
Dear friend,
This forum is predominantly used by tech savvy end user & investors. If you are holding an unit of Triveni project, I can understand your grieve & distress. But be assured that this forum will support you & always try to share all important information’s/ happening pertaining to your interest.
Whatever Miketest/ Bless U have shared it’s only going to help you.
Because the news/ info may be good or bad for you, but if you came to know that in advance, you can be prepared for the same & can handle the situation in better way.
icon7
 
Old December 17 2012, 09:11 PM   #34
 
 
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Hi
Greetings

PM received from a member
Quote:
Dear Friends,

To protect and fight for our rights TFAA has joined an umbrella of associations i.e. Federation of Apartment Owners Association (FAOA)

Do take out time and go thru the website for FAOA is : FAOAIndia.org | Federation of Apartment Owners Association – We Protect Home Buyers

We have had many rounds of discussions with their representatives and were convinced that instead of reinventing the wheel it would be wise to learn from experience of people in similar problems. FAOA member associations have lot of success stories and they help each other a lot. We are talking to the experts from FAOA and will announce shortly on what possible new things we might do.

Some of the news related to FAOA are:

Federation of Apartment Owners aims to protect home buyers: Amit Jain, DG of FAOA - Economic Times

Kejriwal Finds support in Flat Owners Association
Kejriwal finds support in flat owners' association

http://www.indianrealestateforum.com...ite-39692.html

Press Invite: Launch Of Federation of Apartment Owners Association of India - 150m Dwarka Expressway - Gurgaon

Great Move!! Owners Associations form FAOA to unite against Developers

http://content..com/faoa-a-step-towa...tate-in-india/

Please feel free to cascade this message to any forum you wish too.
Cheers
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Old February 1 2013, 12:58 AM   #35
 
 
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Hi
Greetings

Some updates on the Triveni infra case as received from a source.
It seems that the case is likely to reach a logical conclusion soon. Given the crucial nature all affected to ensure presence.

Next Hearing on 1st Feb 13
Location: Division Bench, Delhi High Court
Time: 10:30

Update as received:
Quote:
Here is the update from 29th Jan 2013 Double Bench Hearing in Delhi High Court. Following are the synopsis of court proceedings:
1. The appeal filed by Mittals came up for hearing in the Delhi High Court Division Bench (DB) Court No. 34 in the morning hours. It was the appeal filed by Mittals on the Single Judges' order (Delhi High Court) which had ordered the Company in liquidation citing its earlier court order dated 17th Oct 2012 i.e. not depositing the 10 crore etc. We were told last time in the Division Bench Court to file our reply - which we did it only by this Monday.
2. From TFAA about 30-40 people were present. Key core team + volunteer members were present alongwith 3 lawyers from TFAA side. Adv Suruchii Agarwal led from our side. 2 junior lawyers from TFAA side also attended this hearing.
3. As the DB court called our number, their lawyers were not there - but then respected judge asked our lawyers to explain the case and give details about our response which our advocate did brilliantly (and very effectively) but then their Junior lawyer asked for a passover and it was granted. The matter came up again in 1 hour time - this time their battery of lawyers led by Sr Adv. Sachdeva, Mr Malhotra, Mr Chhabra etc including Mr Madhur Mittal were present. They started with the accusation that the voting on the scheme could not be held due to TFAA - they even cited Mr Vinayak's report etc regarding mistreatment - the Ld judges brushed him aside and said that whatever it was, the voting could not take place. And so they would like to reschedule the voting.
4. Builder side even pointed that TFAA is not such a big body and they don’t think they TFAA has more than 60-70 members. There was strong rebuttal from our side and people present in the court as well.
5. Our lawyer again told the judges - that now they have filed another Scheme - a copy was shown in the court. The court told them very clearly - that the old scheme could not be taken back - they were asked to withdraw the new scheme - which they submitted that they would do it.
6. Another very significant point which was brought by our lawyer in Court was the the negative comments made by builder against the Amicus Curie Sh A.N.Haskar in the company court. Builder’s lawyer said that they have made those representations since Amicus Curie was not fair to them. To this court took a very serious view and pulled up the builder and said that tomorrow you will say that the courts are not fair to you since they passed an order against you. they were asked to expunge the two paras where they had done it - it was done immediately. Court further asked our lawyer if she have any reservation if Sh. AN Haskar be approached by court to help in this case to which our lawyer had no objections.
7. Then the question came up on the 300 cr IT dues - the judges asked if IT lawyer was present in the court - as it was not - they asked for the matter to come up again after lunch hour. The company was clearly told to deposit another 60 lakhs from their pocket to the IT dept - as the company claimed that they have deposited 4.1 cr but the Income Tax is demanding interest for late payment to the tune of the 60 lakhs. Builder tried to give excuse of no money but no sympathy for builder here. Court Directed Builder to settle the Income Tax liability within 2 weeks from today and get the Income tax department out of the way and get the attached assets released.
8. Court directed that, the Builder in the presence of Lawyer of TFAA and one more party along with IT experts extract a list of unsecured creditors from the computers seized by Income tax department so that the list is not manipulated and also Lawyer of TFAA will be eligible to take a copy of the list
9. We showed the Court that the old scheme lacked many things including escalation cost etc - the court was annoyed that the company could ask for escalation from customers. At one point when builder started the point of escalation it was strongly opposed by our Lawyer and Court also agreed that there is no question of escalation and poor and helpless investors cannot be put under additional burden. To this Builder said it’s not possible to complete the project in the original allotted rates, to this court said that if that be the case builder’s petition against the company court will be rejected and company will be finally liquidated.
10. Court also pulled up the builder for doing an out of court settlement with some of the distressed refund seekers when the court proceedings were going on and said that this will go against the builder.
11. We then raised the point of dubious credibility of JV partners. Builder was also told that in the next date of hearing which is Friday, they must bring the proposed JV partners in the court with proof of having substantial experience as well as capital.
12. We raised the point of data inconsistency and its reliability and many things such as total flats, total number of unsecured creditors, EDC etc. were brought up and these pointed to court. Court was in mood to go for any voting without authentic data/verification. The court asked to form teams of people as CA and Cost Accountant alongwith a panel of advocates to carry out the assessment of the company's financial position. Court asked for our suggestion for a name for this committee. Court asked the company to cooperate in providing the data to the teams as required. Also it will scrutinize the total list of unsecured creditors as even in liquidation process it has to take place. The composition of the committee will be finally decided by court possibly in next hearing on Friday.
13. This committee will also prepare the list of flat owners in three sections, first will be the once who have paid all their money to builder by Cheque/DD, second who have paid some part in Cheque/DD and cash, and third and most significant list will the once who have paid all their money in cash. This looks like a very intelligent and far reaching direction given by court to ensure dummy investors are identified and thrown out of the whole scheme of things. Court also said that any unsecured creditor who is unable to proof bona fide with the verification committee will not be allowed to vote.
14. It was also discussed that there cannot be a segregation of the unsecured creditors based on TFAA/BSF/Refund/construction, all of them are on the same boat and builder cannot reach an out of court settlement with a section without a formal scheme being approved. All of them have to be offered a single revival scheme, the only segregation can be between the Flat owners, Material suppliers or contractors and third category can be farmers and that separate voting can happen for these classes of unsecured creditors
15. The court has even considered that the company may advertise so as other company may take over it and complete the project if at all possible.
16. Court also asked builder how much money he can bring upfront to will the confidence of investors, to which builder did not have any convincing response
17. Matter was further listed for hearing on Friday 1st of February.
18. In all, our lawyer and TFAA representatives today brought various pointers in court against the builder which court seems to have understood and at one point went to the extent of saying to builder that the scheme in the current form will not be able to sail through. Our Sense is that Court understood the complete pulse of the case today and showed a lot of sympathy with us. Some very significant and positive development from investor’s perspective is expected on next hearing.
Overall, the Ld Judges listened to our plights very well - the case would be heard again on Friday.
Hope more investors would join us on Friday.
Please Note:
1. This update has been prepared by talking to 3-4 people who attended the court hearing today. Please do not base your views or decision on the basis of this update. This should just be treated as information and you should wait for Friday when the actual court order will be out. So please wait till coming Friday.
2. It may be that we have missed many more points as discussed in the court room - people are welcome to supplement these observations.
3. If you note anything is incorrectly mentioned above then please let us know we will issue an update ASAP.

Above is not my opinion and is a reproduction of information received from a source.

Cheers
 
Old February 1 2013, 10:03 AM   #36
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Quote:
Originally Posted by BlessU View Post
Hi
Greetings

Some updates on the Triveni infra case as received from a source.
It seems that the case is likely to reach a logical conclusion soon. Given the crucial nature all affected to ensure presence.

Next Hearing on 1st Feb 13
Location: Division Bench, Delhi High Court
Time: 10:30

Update as received:



Above is not my opinion and is a reproduction of information received from a source.

Cheers
BlessU, is it possible for someone to join this case now? If so, what is the procedure/formalities for the same? I have someone who wants to join.
 
Old February 1 2013, 01:28 PM   #37
 
 
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Default Website for Triveni Apartment Alottees, Faridabad

Quote:
Originally Posted by miketest View Post
BlessU, is it possible for someone to join this case now? If so, what is the procedure/formalities for the same? I have someone who wants to join.
Hi
Greetings

All owners should have the right to join any and every association.. I dont think logically there should be any restriction for a person who holds a unit.

There is a website Welcome to TFAA which is being managed by this association and has reportedly about 1000+ members.

It is mentioned on the website that member has to pay 4500 for membership. Initially Rs 2000 were contributed and now raised by another 2500.
Bank details are
Payment for TFAA membership should be made to the following bank details:
Bank Name : HDFC Bank Ltd
Account Name : Triveni Faridabad Allottees Association
Account Type : Saving A/C
Account Number : 02791450000139
IFSC code : HDFC0000279
SWIFT code : HDFCINBB
Bank Address : Sector 16, Faridabad


Hope this helps

Cheers
 
Old February 1 2013, 01:57 PM   #38
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Quote:
Originally Posted by BlessU View Post
Hi
Greetings

All owners should have the right to join any and every association.. I dont think logically there should be any restriction for a person who holds a unit.

There is a website Welcome to TFAA which is being managed by this association and has reportedly about 1000+ members.

It is mentioned on the website that member has to pay 4500 for membership. Initially Rs 2000 were contributed and now raised by another 2500.
Bank details are
Payment for TFAA membership should be made to the following bank details:
Bank Name : HDFC Bank Ltd
Account Name : Triveni Faridabad Allottees Association
Account Type : Saving A/C
Account Number : 02791450000139
IFSC code : HDFC0000279
SWIFT code : HDFCINBB
Bank Address : Sector 16, Faridabad


Hope this helps

Cheers
Does one have to pay extra for legal case or it is automatically included in the same? I mean how does this association work? What are the benefits of joining the same?
 
Old February 1 2013, 03:18 PM   #39
 
 
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Quote:
Originally Posted by miketest View Post
Does one have to pay extra for legal case or it is automatically included in the same? I mean how does this association work? What are the benefits of joining the same?
Quote:
Originally Posted by miketest View Post
Does one have to pay extra for legal case or it is automatically included in the same? I mean how does this association work? What are the benefits of joining the same?
Hi
Greetings

I cant answer specifics of how they are working. Most of things are available on website if one wants to know more or speak/write to them directly

An impression of the association is all I have, which I would like to share as follows:
- Mostly managed by Professionals/Not sarkari type retired babus OR glorified property dealers
- All members are genuine Allottees and most are End Users
- They have divided all key functions into specialised units, namely Legal/IT/Communications/Media/Liasing/Accounting/Documentation etc..
- They have kept the cost extremely low and have focussed on getting more no of members.

Bottom line.. a single home buyer cannot fight an elephant of a system/builder. However, if they join together, worries-costs-effort-time gets shared and results get multiplied.

Just imagine Piyush got a team of 14 lawyers on the day of detention!!!

Cheers
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Old February 9 2013, 02:46 AM   #40
 
 
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Hi
Greetings

This is what builders do when DTCP gives them LICENSES TO sell homes.. Reading this, DTCP should be freed of the responsibility of giving licenses. God knows where money has been siphoned off by other big builders in Greater Faridabad unable to deliver despite 7-8 years.. I mean BPTP.. SFIO should do a thorough check on the accounts of al builders

Quote:


IN THE HIGH COURT OF DELHI AT NEW DELHI



CO.APP. 94/2012



MADHUR MITTAL and ANR. ..... Appellant

Through Mr. Harish Malhotra, Sr. Advocate,

Mr. Sanjeev Sachdeva, Sr. Advocate with Mr. Sanjay
Chhabra, Mr. Anish Maheshwari and Mr. Abhimanyu Chopra,
Advocates.




versus



DINESH MITTAL and ORS. ..... Respondent

Through Ms. Suruchi Aggarwal and Mr. Rajesh
Sharma, Advocates for R-21.
Ms. Punam Singh and Ms. Amita
Prakash, Advocates for BSF Welfare
Society.

Mr. Sarat Chandra, Advocate with
Mr. Sachin Chandra and Mr. B.R.
Saini, Advocates for R-7,8,9 and 10.

Mr. Vivek Singh Bishnoi, Advocate
for R-11 to 20.

Mr. Rajeev Behl, Advocate for Official
Liquidator.

Mr. Sanjeev Sabharwal, Sr. Standing
Counsel for Income Tax Department.



CORAM:

HON'BLE MR. JUSTICE SANJIV KHANNA

HON'BLE MR. JUSTICE SIDDHARTH MRIDUL



O R D E R

01.02.2013



There are serious allegations in the investigation report submitted
by the Serious Fraud Investigation Office. In the report it is stated
that 17 subsidiaries were created and monies have been siphoned off and
transferred to the said companies. Land valuing Rs.17.82 crores was
purchased in the name of R.M.S. Club and Resorts Private Limited. The
funds for purchase of the said land plus the stamp duty (total of
Rs.18.90 crores) were paid by Triveni Infrastructure Development Company
Limited (TIDCO). The sale deeds, however, were not registered in the
name of TIDCO, but in the name of R.M.S. Club and Resorts Private Limited.
Shareholding of TIDCO in R.M.S. Club and Resorts Private Limited was
transferred for Rs. 1 lac to a third person on 15th October, 2008.

2. Another serious allegation made in the said report is that Rs.27.54
crores from TIDCO was transferred for purchase of shares of Triveni Media
Limited between the period July, 2006 to October, 2009 and the said
company i.e. Triveni Media Limited has gone burst. This funding was in
spite of the fact that TIDCO itself was facing financial crunch.
Another fact recorded in the said report is that TIDCO has given

corporate guarantees totalling to Rs.41 crores on behalf of its group/associate companies, namely, Triveni Media Limited and Zoom
Communications Ltd.

3. Income tax returns have not been filed for the financial years
2008-09, 2009-10 and 2010-11. They are also defaults in payment of TDS
deducted and Service Tax. Dues of ESI and PPF have also not been paid.

4. Report further states that Madhur Mittal and Sumit Mittal had
invested Rs. 2 crores in M/s Jitender Singh and Others in 2008, which was
liquidated in 2010 for just Rs.2.03 crores i.e. interest rate of less
than half a per cent.

5. Mr. Harish Malhotra, Sr. Advocate prays for four days? time to
examine the said report.

6. Mr. Jaya Sawla, Advocate has entered appearance on behalf of SICOM
and states that they are a secured creditor and principal amount of Rs.25
cores was advanced by them to TIDCO. SICOM was not permitted and allowed
to vote in the meeting of the secured creditors. He states that he has
instructions to oppose the scheme. He further states that SICOM has
initiated proceedings before the Debt Recovery Tribunal and recovery
certificate of Rs.35 crores is pending execution.

7. Mr. Sanjeev Sabharwal, Sr. Standing Counsel, Income Tax Department
had appeared in the morning and stated that by order dated 13th
September, 2012, the settlement application stands dismissed. Mr.
Sabharwal also pointed out that assessment proceedings are continuing.
It will be the duty of the management and the Official Liquidator that
full details and particulars are made available to the Assessing Officer.
In case best judgment assessment order is passed, they will be held
responsible and liable for the consequences.



8. Madhur Mittal or Sumit Mittal will go to the office of the Official
Liquidator on 4th February, 2013 at 10.30 A.M. and thereafter along with
the Official Liquidator or his representatives visit the respective sites
where land of the company is located. The said land will be identified
and demarcated. The Official Liquidator will indicate and inform the
Sub-Registrar Office about the pending litigation in the Company Court
and the order of status quo, which has been passed. Madhur Mittal or
Sumit Mittal will be entitled to take assistance and help of other
officers of the company.

List on 8th February, 2013.

Dasti under signature of the Court Master.





SANJIV KHANNA, J.







SIDDHARTH MRIDUL, J.

FEBRUARY 01, 2013

NA



$ 15
 
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