Odisha court orders attachment of Shri Sai Infrastructure for fraud

15 Jul 2024 CW Team

A court in Odisha's Balasore district ordered the attachment of properties belonging to Shri Sai Infrastructure, a firm accused of duping investors with promises of flats and shops.

The special OPID (Odisha Protection of Interests of Depositors) court, presided over by Judge Biswajit Das, directed the attachment of all the firm's properties except for an ice plant, according to Special Public Prosecutor Pranab Panda. The court was established under the OPID Act to protect investors' interests.

In addition to the attachment, the court mandated a public auction of the properties and equitable distribution of the proceeds among the defrauded investors.

In 2009, Shri Sai Infrastructure collected advances from multiple individuals, promising to provide residential flats and shops at Fakir Mohan Golai in Balasore town. However, the firm failed to deliver on its promises, neither providing the flats nor returning the money to the investors. The company allegedly siphoned off over Rs 30 million from 14 investors.

Following complaints from some investors to the Sahadevkhunta police station in 2016, the government filed a petition seeking the absolute attachment of the firm's movable and immovable properties.

(Source: ET)

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..