Ekta World accuses Pashmina Realty of Rs 1,000 crore fraud

21 Oct 2021 CW Team

Realty company Ekta World has accused Pashmina Realty of cheating, fraud and siphoning off money in a redevelopment project, Lake Riviera, Mumbai, of Rs 1,000 crore.

Ekta approached the Metropolitan Magistrate Court with its complaint regarding the project across 3.5 acres. The police registered the First Information Report (FIR) of this project. Pashmina Realty has declined the allegations and said that the company would seek legal recourse.

Ekta World approached the promoter and directors of Pashmina Realty in 2016 to form a joint alliance for the development of the plot.

According to Ekta World, Pashmina initiated the project as Pashmina Lotus, but the company was unable to complete the project and so was looking for another developer who could manage the project and undertake sales through their expertise.

According to the joint alliance, Pashmina assured the company to pay 7.25% of revenue to Ekta World from the already sold area and 15% revenue from the remaining sale area towards the Development Management fees. As per the FIR, Pashmina mentioned that the company intends to acquire three lands of one acre each.

Ekta promoters entered into a Development Management Agreement (DMA) with Pashmina by paying Rs 30 crore in July 2016. The money was to be used by Pashmina to buy more land parcels.

Ekta also helped Pashmina to acquire third party finance of Rs 200 crore with the promoter's guarantee to the extent of fees.

According to the terms of the alliance, Ekta and Pashmina were to operate a Master Escrow Account, while other accounts were operated jointly or only by Ekta World. However, it accused Pashmina of opening several accounts without the knowledge of Ekta and siphoning off the money and receivables of the Master Escrow Account.

Pashmina said that Ekta failed the duties of a development manager. As per the alliance terms, Ekta had to sell Rs 50 crore in six months but could only achieve Rs 20 crore in two years.

According to Pashmina, Ekta is putting false accusations on Pashmina and their directors, and representatives never wanted to develop land with Ekta, and their main intention was to defraud and cheat them by obtaining a huge amount and using their expertise to their wrongful gains.

Image Source

Realty company Ekta World has accused Pashmina Realty of cheating, fraud and siphoning off money in a redevelopment project, Lake Riviera, Mumbai, of Rs 1,000 crore. Ekta approached the Metropolitan Magistrate Court with its complaint regarding the project across 3.5 acres. The police registered the First Information Report (FIR) of this project. Pashmina Realty has declined the allegations and said that the company would seek legal recourse. Ekta World approached the promoter and directors of Pashmina Realty in 2016 to form a joint alliance for the development of the plot. According to Ekta World, Pashmina initiated the project as Pashmina Lotus, but the company was unable to complete the project and so was looking for another developer who could manage the project and undertake sales through their expertise. According to the joint alliance, Pashmina assured the company to pay 7.25% of revenue to Ekta World from the already sold area and 15% revenue from the remaining sale area towards the Development Management fees. As per the FIR, Pashmina mentioned that the company intends to acquire three lands of one acre each. Ekta promoters entered into a Development Management Agreement (DMA) with Pashmina by paying Rs 30 crore in July 2016. The money was to be used by Pashmina to buy more land parcels. Ekta also helped Pashmina to acquire third party finance of Rs 200 crore with the promoter's guarantee to the extent of fees. According to the terms of the alliance, Ekta and Pashmina were to operate a Master Escrow Account, while other accounts were operated jointly or only by Ekta World. However, it accused Pashmina of opening several accounts without the knowledge of Ekta and siphoning off the money and receivables of the Master Escrow Account. Pashmina said that Ekta failed the duties of a development manager. As per the alliance terms, Ekta had to sell Rs 50 crore in six months but could only achieve Rs 20 crore in two years. According to Pashmina, Ekta is putting false accusations on Pashmina and their directors, and representatives never wanted to develop land with Ekta, and their main intention was to defraud and cheat them by obtaining a huge amount and using their expertise to their wrongful gains. Image Source

Infrastructure Urban

04 May 2026

Jyoti Structures FY26 profit rises 56.5%

Jyoti Structures (JSL) recently reported strong financial results for the quarter and year ended 31 March 2026, driven by disciplined execution, cost management and steady progress across its order book.For Q4 FY2025-26, total income rose 44.2 per cent to Rs 2.41 billion from Rs 1.67 billion in Q4 FY2024-25. EBITDA increased 58.6 per cent to Rs 237 million, while EBITDA margin improved by 89 basis points to 9.84 per cent. Profit before tax grew 53.3 per cent to Rs 188.5 million, and net profit rose 51.9 per cent to Rs 181.4 million.For FY2025-26, total income grew 53.1 per cent to Rs 7.72 bill..

Infrastructure Energy

04 May 2026

Cat BEPU to Power Doppstadt Separator at IFAT 2026

Caterpillar’s Cat Battery Electric Power Unit (BEPU) has been selected by Doppstadt to power its SWS 6 Spiral Shaft Separator, which will be showcased for the first time at IFAT 2026 in Munich, Germany, from 4–7 May.The compact plug-and-play BEPU is designed to replace a diesel engine within the same space, using the same mounting locations and relative machine position. It integrates the battery, motor, inverter, onboard charging, cooling and controls, enabling OEMs to electrify existing chassis platforms without extensive redesign.Caterpillar and Cat dealer Zeppelin Power Systems have be..

Infrastructure Urban

04 May 2026

VECV sales rise 6.9% in April 2026

VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, recorded sales of 7,318 units in April 2026, compared to 6,846 units in April 2025, registering 6.9 per cent growth. The total included 7,159 units under the Eicher brand and 159 units under the Volvo brand.Eicher branded trucks and buses reported sales of 7,159 units during the month, up 6.6 per cent from 6,717 units in April 2025. In the domestic commercial vehicle market, Eicher sales rose 8.6 per cent to 6,797 units from 6,257 units a year earlier.Exports declined 21.3 per cent, with VECV recording 362 units in ..