Ambani dream house stands on shaky ground

Is the Maharashtra government dillydallying on ordering a CBI inquiry into the issue of the alleged illegal sale of Waqf land to industrialist Mukesh Ambani for his 27- storey ultra luxury home that is worth nearly $ 2 billion? The state government had received a letter from the Union government in June, asking it to consider ' referring' the matter to the premier investigating agency to probe the land deal. The state has, however, not taken any decision on the matter yet.

The land deal on Mumbai's posh Altamount Road has been embroiled in a controversy ever since Ambani began building his multistorey residence Antillia. On Monday, the issue was raised in the state assembly by Opposition leader Eknath Khadse.

He said the Rs 500- crore plot was shown to have been sold by the Karimbhai Ibrahimbhai Khoja Charitable Trust for just Rs 21 crore. The piece of land was originally reserved for educating children of the Khoja Muslim community.

Maharashtra's minority affairs minister Arif Nassim Khan said the state had received a letter from the Centre and had sought the opinion of the law and judiciary department.

" The legal department conveyed its opinion to the state home department on July 25," Khan said. But he did not reveal what the law department's stand was.

Khan further said a notice was served to the trust by the Maharashtra government in 2004 over the transaction. It was, however, withdrawn after the state got ` 16 lakh from the trust to regularise the deal.

Maharashtra home minister R. R. Patil said he would comment on the matter only after seeing the opinion given by the law and judiciary department.

This Waqf land deal has sparked rows earlier, too. In 2007, then minority affairs minister Anish Ahmed had mentioned a number of irregularities in the sale of the land and had asked the Maharashtra State Waqf Board to take back the plot. However, in a curious development, while the minister kept claiming the sale was illegal, then chief minister Vilasrao Deshmukh said there were no irregularities in the deal.

Incidentally, Ambani has still not started living in Antillia.

Latest News

  • Shares, bond yields plunge on fears for banks and global growth

    Stock markets fell worldwide on Thursday on fears over the health of the global economy and the banking sector, with MSCI's global stock index dropping to more than 20 percent below its all-time high, ... …

  • Dollar dives as global growth fears fester
    Dollar dives as global growth fears fester

    A slump in major stock markets and a jump in bond prices this week has forced traders out of risky positions, leading to the unwinding of the carry trade and repayment of cheap yen funds. Recent global market turmoil has prompted large-scale yen buying even though Japan recently lowered its interest rates below zero, which theoretically should reduce the yen's value. Doubts about the effectiveness of the Bank Of Japan's rate policy has prompted traders to ignore traditional fundamentals and …

  • U.S. oil hits 12-year low on stockpile surge, risk aversion
    U.S. oil hits 12-year low on stockpile surge, risk aversion

    U.S. crude slid on Thursday, hitting 12-year lows as domestic stockpiles grew, Goldman Sachs called for depressed prices until the second half of the year and investors fled from equities and other risky assets into safe havens such as gold. Prices came off session lows in post-settlement trade after the Wall Street Journal quoted UAE's energy minister as saying OPEC was ready to cooperate on production cuts. Most traders were sceptical, noting that Venezuela and Russia recently called in …

  • Banks sell off but Wall Street ends far from lows
    Banks sell off but Wall Street ends far from lows

    Bank shares dragged Wall Street lower on Thursday on concerns the a slowing global economy will continue to pressure interest rates, but energy shares helped the market pare losses on a report that OPEC ... …

  • Gold surges to one-year high on financial uncertainty
    Gold surges to one-year high on financial uncertainty

    NEW YORK/LONDON (Reuters) - Gold vaulted more than 5 percent on Thursday to a one-year high, on track for its biggest daily jump in more than seven years as financial uncertainty, a lower dollar and tumbling stock prices around the world prompted investors to seek refuge in bullion. Investors grew more worried about banks' profitability in a low-growth and low-interest rate environment. Spot gold (XAU=) was up 5 percent at $1,257.26 an ounce at 2:40 p.m. EST (1940 GMT), after surging 5.3 …

  • Twitter shares slump to all-time low as user growth stalls
    Twitter shares slump to all-time low as user growth stalls

    NEW YORK/SAN FRANCISCO (Reuters) - Shares of social media website Twitter Inc (TWTR.N) hit an all-time low on Thursday after the company said late Wednesday that user growth stalled for the first time since the company went public in 2013. More than 20 brokerages cut price targets on the shares, which have fallen more than 50 percent since chief executive Jack Dorsey returned in July. In its earnings report on Wednesday, Twitter said it had 320 million average monthly active users in the …

  • India's fuel demand up 12.7 pct in Jan, rises at fastest pace in 3 mon …
    India's fuel demand up 12.7 pct in Jan, rises at fastest pace in 3 mon …

    India's annual fuel demand in January rose at its fastest pace in three months, thanks to higher gasoline consumption after the country's top court temporarily banned the sale of large diesel cars in its capital city. The Supreme Court of India imposed the ban in December to combat toxic smog in Delhi, one of the world's most polluted cities, and said it would consider extending the ban to diesel cars with engine capacity of less than 2,000 cc. India is a bright spot in a dull international …

  • Low U.S. jobless claims underscore labor market strength

    Initial claims for state unemployment benefits declined 16,000 to a seasonally adjusted 269,000 for the week ended Feb. 6, the Labor Department said on Thursday. The report was overshadowed by escalating fears over global growth, which sent the yield on the benchmark 10-year U.S. Treasury note plunging to a more than three-year low. The dollar fell to a 15-month low against the yen as the darkening global growth outlook and equities sell-off reduced the possibility of an interest rate hike …

DON'T MISS

  • Aluminium firms looking for safeguards from cheap Chinese imports

    With the northern neighbour sitting on huge excess capacity in steel and aluminium, it is looking at ready markets, and India happens to be one such market. …

  • Rajan wants govt to bite the bullet on fiscal deficit

    RBI Governor Raghuram Rajan, a celebrated economist, believes any deviation from fiscal deficit target would damage the government's credibility overseas and also impact the macro-economic stability. …

  • Houses Off the Shelf

    Prefabricated homes, quicker to build than conventional ones, are gaining in popularity. …

  • Trials and Errors

    The author's account of his experiences as a practising lawyer in the Indian legal system is both revelatory and entertaining. …

  • Reality Bites

    The rural economy is reeling under erratic monsoons and unfriendly government policies. As a result, India Inc, too, is feeling the heat as rural consumption shrinks to a multi-year low. …

  • The Shoe Is Pinching

    How long will it take for the government to phase out corporate tax exemptions? …

  • Taxman at the Door

    An ignorant yet aggressive tax system has e-commerce companies looking for succour. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    12.90-0.80-5.84%
    SUZLON.BO
    68.85-7.20-9.47%
    SPICEJET.BO
    10.52-1.49-12.41%
    GMRINFRA.BO
    154.20-4.75-2.99%
    SBIN.BO
    199.35-7.80-3.77%
    ICICIBANK.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    43.35+4.55+11.73%
    ENERGYDEV.BO
    305.00+29.00+10.51%
    SINCLAIR.BO
    102.00+9.20+9.91%
    ARONICOMM.BO
    149.00+12.70+9.32%
    SUYOG.BO
    34.85+2.85+8.91%
    NAGPI.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    20.90-20.90-50.00%
    PDUMJEPULP.BO
    24.40-6.10-20.00%
    NAGREEKEXP.BO
    53.60-13.40-20.00%
    NAHARCAP.BO
    37.00-9.25-20.00%
    NAHARPOLY.BO
    21.20-5.30-20.00%
    FAIRDSY.BO

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Yahoo Cricket