SC grants interim protection to Mumbai builder in cheating case

06 Sep 2024 CW Team

The Supreme Court has granted interim protection from arrest to Mumbai-based developer Rajesh Jain, accused of cheating a doctor by promising a flat in his Wadala (West) project. The interim relief comes after the Bombay High Court rejected his pre-arrest bail plea on August 26.

A bench of Justices Sudhanshu Dhulia and Ahsanuddin Amanullah issued a notice to the complainant, Dr Bharati Patil, and scheduled the next hearing for October 25. The court directed that no coercive action be taken against Jain, provided he cooperates with the investigation.

The case stems from a 2012 interaction when Jain, representing the Neumac Group, allegedly convinced Dr Patil and her son, Dr Nirmal, to invest in his Neumac Aura project, promising them a flat at a discounted rate. Over the years, Rs 9 million was transferred to Jain?s firm in three installments. In August 2019, Jain issued an allotment letter for a flat, but when the buyers visited the site, no development had taken place. Jain later refused to refund the money and allegedly issued threats.

The Bombay High Court rejected Jain's bail request, citing dishonest intentions. However, Jain's appeal to the Supreme Court argues that the dispute is civil in nature and that he had been willing to refund the money, but negotiations failed due to Dr Patil's demand for 24% penal interest. He also noted that the matter is being adjudicated by MahaRERA, which he claims is the proper forum for resolution.(ET)

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..