Key Points
Indiabulls Real Estate shares were down 10.2 per cent at Rs 105.75 apiece on the Bombay Stock Exchange at around 1 pm.. ...
Shares of Indiabulls Real Estate Ltd fell over 10% today due to a vacation order from Maharashtra Industrial Development Corporation (MIDC)...
The MIDCs order requires a subsidiary of the company, Indiabulls Industrial Infrastructure Limited to vacate land in Sinnar, Maharashtra...
The Company believes this order to be unlawful and is evaluating legal options to defend itself/seek redressal against the said unlawful order, including the filing of an appeal before appropriate authorities or court(s), and shall take all desirable actions in the matter, said Indiabulls Real Estate in an exchange filing...
While IIIL was in the process of planning and conducting further development on the land at SEZ and submitted a preliminary proposal of revival plan, on without prejudice basis, with MIDC, and was expecting a favorable order of such hearing, the MIDC has issued the vacation order, directing the Company and IIIL to vacate the land area admeasuring 512.068 hectors in processing zone of such SEZ at Sinnar, Nashik district, Maharashtra, within one month of receipt of order, said the company...
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