Start refunding investors of real estate scheme

11 Sep 2023 CW Team

The Orissa High Court has recently issued new directives to the competent authority, namely the additional district magistrate (ADM) of Cuttack, under the provisions of the Odisha Protection of Interest of Depositors (OPID) Act. These orders are aimed at initiating the refund process for investors who had deposited sums not exceeding Rs 8,000 with GLP Developers Limited and Golden Land Developers Limited. These groups, involved in deposit collection and real estate ventures, are alleged to have amassed a total of Rs 590.68 crore through their branch offices located in Balugaon, Berhampur, Bhubaneswar, Bhanjanagar, Paralakhemundi, and Bhawanipatna.

The ruling, delivered by the single judge bench of Justice Biswanath Rath on September 1, modifies a previous order issued on May 20, 2022, which had directed the competent authority to oversee the refund process for small investors with investments up to Rs 10,000.

This development comes within the context of a petition filed by GLP Developers Limited and Golden Land Developers Limited back in 2021. The companies had raised concerns that despite substantial collections from the chit fund companies by the state government, there remained outstanding dues owed to identified depositors. The Orissa High Court has been presiding over this matter, seeking to address these issues and ensure the protection of depositor interests.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..