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 It was, however, withdrawn after the state got ` 16 lakh from the trust to regularise the deal.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

  • Asia stocks near one-year highs; yen slips on BOJ easying bets
    Asia stocks near one-year highs; yen slips on BOJ easying bets

    Asian stocks climbed to fresh near one-year highs and the Japanese yen weakened on Wednesday as awaited central bank meetings this week that could see fresh stimulus in Japan and provide clues on U.S. interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, climbing to its highest since Aug. 11 2015. Japan's Nikkei gained 1.1 percent, leading the region. …

  • Apple sells more iPhones than expected, shares jump after hours

    IPhone sales dropped for the second straight quarter, pushing down Apple's total revenue 14.6 percent in the fiscal third quarter, ended June 25. Demand for Apple's phones has waned in China, partly because of economic uncertainty there, and has also slowed in more mature markets as people tend to hold on to their phones for longer. The sales slump has stoked concerns about whether the tech leader can continue to deliver profits at the level Wall Street has come to expect. …

  • LG Display to invest $1.75 billion for flexible OLED screens
    LG Display to invest $1.75 billion for flexible OLED screens

    South Korea's LG Display Co Ltd said on Wednesday it will invest 1.99 trillion won to boost capacity for flexible organic light-emitting diode displays, its latest attempt to meet growing demand from mobile ... …

  • Twitter revenue growth stalls, struggles to boost users
    Twitter revenue growth stalls, struggles to boost users

    SAN FRANCISCO/BENGALURU (Reuters) - Twitter Inc (TWTR.N) reported its slowest revenue growth since going public in 2013 and set a disappointing forecast, fanning concerns that faster growing social media services will make it a niche product. While Twitter struggles to find a way to boost user growth and win over advertisers, social media services such as Instagram and Snapchat are expanding their footprints. Co-founder Jack Dorsey returned to the company as chief executive a year ago, but …

  • U.S. crude hits three-month low; API reports smaller crude draw
    U.S. crude hits three-month low; API reports smaller crude draw

    U.S. crude prices fell on Tuesday, hitting three-month lows, on renewed worries of a glut while Brent settled higher due to its better fundamentals versus U.S. crude. Trade group American Petroleum Institute (API) said after the market's settlement that U.S. crude stockpiles fell by 827,000 barrels last week, compared with analysts' expectations for a drawdown of 2.3 million barrels. Official inventory data for the week ended July 22 is due on Wednesday from the U.S. Energy Information …

  • Yen jumps before Bank of Japan meeting, oil mixed
    Yen jumps before Bank of Japan meeting, oil mixed

    A buoyant yen and U.S. oil prices at three-month lows kept stock markets on the defensive on Tuesday as investors awaited central bank meetings this week that will unveil new stimulus in Japan and may provide clues on U.S. interest rates. The yen hit two-week highs against the euro and more than one-week highs against the dollar as traders dialled back expectations of how much new stimulus authorities will inject into Japan's ailing economy at the end of the week. Most economists surveyed by …

  • Wall Street mixed as investors eye Apple earnings
    Wall Street mixed as investors eye Apple earnings

    Choppy stock trading followed a recent rally to consecutive record highs on the S&P 500 that has stretched price-to-earnings multiples to levels that some investors say presumes that companies will beat second-quarter estimates. Five of the 10 major S&P sectors rose, while a 1.49 percent drop in the telecom services index (.SPLRCL) weighed heavily. The Federal Reserve began a two-day meeting and while it is not expected to raise U.S. interest rates, investors will be watching for hints about …

  • World Bank raises 2016 oil price forecast on supply outages, robust de …

    The World Bank raised its crude oil forecast for 2016 to $43 a barrel on Tuesday, from $41 a barrel, citing supply outages and robust demand in the second quarter. Disruptions in oil supply during the second quarter, including from militant attacks in Nigeria and wildfires in Canada, helped oil prices rebound from 12-year lows hit early in the year. The World Bank said its latest forecast takes these recent developments into account. …

DON'T MISS

  • Droom has made auto trade a breeze

    Its website lists everything that has a wheel and a motor - from bicycles and super bikes to luxury cars, planes and yachts. …

  • How Hike has taken on global competitors

    The messaging app company had zero users around January 2013. It crossed 35 million users in August 2014 and in January this year claimed over 100 million users. That is a mind-boggling number for any ... …

  • "Internet retailing of books is a wonderful development"

    Richard Charkin, Executive Director, Bloomsbury Publishing, talks to Sapna Nair Purohit about the changing publishing landscape globally. …

  • "India has a competent enough system to check quality standards"

    The $25-billion Indian pharma industry is going through intense regulatory scrutiny. Foreign drug regulators such as the US Food and Drug Adminis-tration (FDA) and EU's European Medicines Agency have increased ... …

  • Final Push

    GST infrastructure is a work in Progress. The government will have to burn the midnight oil if it wants to meet the April 2017 deadline. …

  • TRAI'S Web of Confusion

    The telecom regulator must first simplify its processes before dealing with net neutrality. …

  • Shop Till You Drop

    Once the model shops and establishments act comes into force, shops, malls and cinemas will be allowed to remain open 24x7. But does it make business sense? …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    156.90+0.25+0.16%
    KUSHAL.BO
    13.31-0.01-0.08%
    EDUCOMP.BO
    16.30+0.67+4.29%
    CASTEXTECH.BO
    62.05-1.35-2.13%
    SPICEJET.BO
    73.50-0.60-0.81%
    IDBI.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg

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