K Raheja Investment to settle REIT norms violation case

02 Dec 2024 CW Team

The settlement order followed K Raheja Investment Managers' proposal to resolve the proceedings initiated against it without "admitting or denying the findings of facts and conclusions of law." Sebi initiated the proceedings for alleged breaches of REIT regulations related to the computation and disclosure of net distributable cash flows (NDCF) at the Special Purpose Vehicle (SPV) level.

The notice issued by Sebi on August 24, 2023, accused K Raheja Investment Managers of errors in calculating NDCF figures, as well as incomplete and incorrect disclosures in half-yearly and annual reports. Furthermore, it was alleged that distributions were made to unit holders despite negative cash balances in the SPV, with funds borrowed to facilitate these distributions.

K Raheja Investment Managers submitted a settlement application to Sebi to resolve the matter. Following revisions to the proposed settlement terms, the High Powered Advisory Committee (HPAC) approved the settlement. Upon remittance of the Rs 68.73 lakh fee, Sebi's adjudicating officer, Asha Shetty, disposed of the proceedings.

This settlement highlights Sebi's regulatory focus on compliance within the REIT sector and underscores the importance of accurate financial reporting and adherence to disclosure norms by market participants.

K Raheja Investment Managers resolved a case with the Securities and Exchange Board of India (Sebi) concerning alleged violations of REIT (Real Estate Investment Trust) rules by paying a settlement fee of Rs 68.73 lakh. The case involved Mindspace Business Parks REIT, which K Raheja Investment Managers LLP (now known as K Raheja Corp Investment Managers Pvt Ltd) manages. Sponsored by the K Raheja Corp group, Mindspace Business Parks REIT has been listed on Indian stock exchanges since August 2020 and owns office portfolios across Mumbai, Pune, Hyderabad, and Chennai. The settlement order followed K Raheja Investment Managers' proposal to resolve the proceedings initiated against it without admitting or denying the findings of facts and conclusions of law. Sebi initiated the proceedings for alleged breaches of REIT regulations related to the computation and disclosure of net distributable cash flows (NDCF) at the Special Purpose Vehicle (SPV) level. The notice issued by Sebi on August 24, 2023, accused K Raheja Investment Managers of errors in calculating NDCF figures, as well as incomplete and incorrect disclosures in half-yearly and annual reports. Furthermore, it was alleged that distributions were made to unit holders despite negative cash balances in the SPV, with funds borrowed to facilitate these distributions. K Raheja Investment Managers submitted a settlement application to Sebi to resolve the matter. Following revisions to the proposed settlement terms, the High Powered Advisory Committee (HPAC) approved the settlement. Upon remittance of the Rs 68.73 lakh fee, Sebi's adjudicating officer, Asha Shetty, disposed of the proceedings. This settlement highlights Sebi's regulatory focus on compliance within the REIT sector and underscores the importance of accurate financial reporting and adherence to disclosure norms by market participants.

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..

Infrastructure Energy

05 Nov 2025

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..

Infrastructure Urban

05 Nov 2025

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..