Indiabulls Real Estate shares fall by more than 9 percent

New Delhi: Shares of Indiabulls Real Estate plunged over nine per cent on Wednesday after the Maharashtra Industrial Development Corporation (MIDC) asked the company to vacate 512.068 hectares of land in the processing area of the Special Economic Zone (SEZ) at Sinnar in Maharashtra’s Nashik. There was a decline. District. Indiabulls Real Estate is trading at Rs 106.95, down 9.21 per cent. Following the show cause notice received by Indiabulls Real Estate Limited and Indiabulls Industrial Infrastructure Limited, a subsidiary of the Company (IIIL) from MIDC and the Company’s reply to the claim petition, the concerned authority i.e. Executive Engineer, MIDC decided the matter. A hearing was held on 5 February in which the Company and IIIL presented the case before the Executive Engineer on merits and the matter was reserved for passing necessary orders.

“Whereas IIIL was in the process of planning and carrying out further development on the land in the SEZ and had submitted a preliminary proposal of revival plan with the MIDC on a without prejudice basis, and is looking forward to a favorable order at such hearing; “Within one month of receipt of the order, the Company and IIIL are required to vacate the land area of 512.068 hectares in the processing area of such SEZ at Sinnar in Nashik district of Maharashtra,” Indiabulls Real Estate said in a release issued by MIDC. “The Company considers this order to be illegal and is evaluating its legal options for its defence/redressal against the said illegal order, including filing of appeal before the appropriate authorities or courts, and Will take all desirable action in this matter,” it added.

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2024-03-06 15:44:35

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