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.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..