JSW, Lodha, 18 other firms keen to invest Rs 2,000 cr in Jaypee’s projects

JSW Steel and Lodha Group are among the 20 entities that have evinced interest to invest Rs 2,000 crore to complete the pending real estate projects of debt-laden Jaypee Group firm Jaypee Infratech.

According to sources, the Sajjan Jindal-led JSW Steel in association with Jaypee Group’s flagship Jaiprakash Associates has expressed interest in the project.

Besides, sources said, the Mumbai-based realty firm Lodha Developers has submitted an expression of interest (EoI) for completing the projects as per the insolvency resolution plan.

The EoI invited by insolvency resolution professional (IRP) has received response from various entities, including corporates and asset reconstruction companies.

The National Company Law Tribunal (NCLT) has admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.

Moving ahead with the process, the NCLT-appointed IRP Anuj Jain had on October 27 issued a public notice seeking applications from entities with regard to Jaypee Infratech.

The last date for submission of EoI was November 7.

Jaypee Infratech has defaulted on Rs 526.11 crore outstanding loan to IDBI.

The company, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra. The company is developing more than 30,000 flats in Noida, most of which are incomplete.

Home buyers have been protesting against significant delays in completion of the projects.

As per the public notice issued by IRP, the interested body corporates having minimum net worth of Rs 1,000 crore as well as investment companies and fund houses with minimum assets under management of at least Rs 1,000 crore will be eligible to put in their applications.

Net worth, the total of share capital and free reserves, as on March 31, 2017, will be considered while deciding the eligibility of the applicants.

Listing out the eligibility criteria, the IRP had said the parties interested will have to satisfy the mandatory requirements of the resolution plan provided in the IBC and its regulations.

They should have the ability to execute real estate projects either directly or through joint ventures, contractors and the like through a resolution plan to be sanctioned under the IBC.

The corporate entities should be of good financial health and repute as well as have the ability to invest Rs 2,000 crore or more to complete the construction of flats.

Interested parties should protect the interest of home buyers generally and in particular by timely construction and possession of flats.

Earlier this week, the Supreme Court refused to allow Jaypee Associates to deposit to Rs 400 crore with its registry as against Rs 2,000 crore directed by it, and asked the real estate firm to submit a substantial amount to prove its bona-fide.

The bench then said that the firm may consider depositing at least Rs 1,000 crore by November 13 with its registry.

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Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Diana Containerships Inc. of Class Action Lawsuit and Upcoming Deadline – DCIX

NEW YORK, Nov. 11, 2017 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Diana Containerships Inc. (“Diana” or the “Company”) (NASDAQ:DCIX) and certain of its officers.  The class action, filed in United States District Court, Eastern District of New York, and docketed under 17-cv-06236, is on behalf of a class consisting of investors who purchased or otherwise acquired Diana securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Diana securities between January 26, 2017, and October 3, 2017, both dates inclusive, you have until December 22, 2017, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here to join this class action]

Diana Containerships Inc., through its subsidiaries, operates in the seaborne transportation industry in Greece. It owns and operates containerships, as well as focuses on containership acquisition opportunities. The Company also engages in chartering of its vessels. 

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) through his control of Diana, Symeon Palios (“Palios”) caused Diana to sell its common shares and securities convertible into common shares to an entity named Kalani Investments Limited (“Kalani”) at a significant discount to market price and to file registration statements so that Kalani could resell these shares into the market; (ii) when Kalani’s sales of Diana stock caused the price of Diana stock to decline, the Company would reverse split the stock, causing a certain number of outstanding shares to be merged into a single share, and thereby raise the price of Diana stock; (iii) then Diana would again sell securities to Kalani and the same pattern of transactions would ensue; (iv) Defendants failed to disclose the true purpose of the transactions and related stock issuances and reverses, to provide Diana with financing that benefited Palios and his related companies and family members and otherwise funnel money to Company insiders; and (v) as a result of the foregoing, Diana’s public statements were materially false and misleading at all relevant times. 

By October 3, 2017, as a result of defendants’ ongoing dilutive and manipulative conduct, the price of Diana common stock had declined to close at $0.47 per share on an unadjusted basis. At this share price, Diana had a market capitalization of less than one million dollars, despite having raised millions of dollars from investors since January 2017.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions.  Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]


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Law firms predict more local sexual harassment claims after high profile scandals

Like so many of us, Rachel Floyd has followed the recent flurry of sexual harassment allegations against Hollywood moguls and high profile politicians.

From Harvey Weinstein to Kevin Spacey and most recently, comedian Louis C.K., the allegations and admissions have sent shock waves through the entertainment industry.

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Weinstein’s accusers might have sparked others to come forward with information about their own alleged abuser.

But will it inspire Pittsburgh victims to file claims or share their stories?

“I think people in Hollywood are idolized. They’re people generally that are looked up to for better or for worse, so it could give people the guts,” said Rachel Floyd, speaking in downtown Pittsburgh Friday.

Pittsburgh’s Action News 4 reporter Beau Berman sat down with attorney Vincent Mersich to discuss the matter. Mersich is of counsel at Stember Cohn Davidson-Welling LLC located downtown.

“There’s no doubt that it’s happening in Pittsburgh as much as it’s happening everywhere else. That issue is certainly not limited to Hollywood or the entertainment industry,” said Mersich.

The lawyer said he has handled multiple claims similar to the behavior described by the accusers in the cases making national headlines.

“We receive many reports of women experiencing harassment ranging from comments to touching to truly horrific acts of sexual assault in those environments. All of those allegations in every example you mentioned, they’re all disturbing, at the same time unfortunately is they’re not surprising,” said Mersich.

He said his practice does anticipate an uptick in phone calls from victims following the claims now in the national spotlight.

“The attention that this issue is getting recently is likely to embolden some people to come forward and to speak up. We do hope that the attention to his matter really increases people’s willingness to speak up and come forward with these allegations,” said Mersich.

Other Pittsburgh lawyers echoed the prediction that cases could increase.

“It’s showing women that it’s not just happening just to them, it’s happening to other women as well, and if other women are speaking out then they have the confidence to speak out as well,” said Danielle Parks.

Parks is an attorney at Kraemer, Manes & Associates. She works alongside attorneys Sean Ruppert and Prabhu Narahari.

“We’ve gotten a lot of calls describing the kinds of harassment that’s become more popular or more noticed in the media recently. Too often employers treat this like a dispute between two people who have equal points of view and try to mediate it rather than investigating the claims as with one person as a victim and the other person as a perpetrator,” said Ruppert.

One law firm contacted by WTAE said they are not sure the Hollywood cases will impact reporting in Pittsburgh.

Floyd said she’s not fully convinced either.

“It depends on whether there’s a result in Hollywood as well, if there’s positive change.”

Look below for a list of resources for victims of sexual assault:

WTAE-TV

According to The Rape, Abuse, and Incest National Network, an American is sexually assaulted every 98 seconds.

There is help for victims, including some of the resources below:

  • Contact the Pittsburgh Action Against Rape (PAAR) by calling 1-866-363-7273 or visiting http://paar.net/.
  • Call RAINN’s National Sexual Assault Telephone hotline number at 800-656-4673.
  • The Pennsylvania Coalition Against Rape has multiple locations in Western Pennsylvania, including Pittsburgh, Clarion and Erie. To learn more, click here.

More links:

Tips on Reporting Harassment To HR

EEOC Definition of Sexual Harassment

Types of Sexual Harassment

What Constitutes Sexual Harassment

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Santa Monica school leader voted on contracts with firms that did business with her husband, documents show

A Santa Monica-Malibu Unified School District board member has been casting votes that benefited construction management and financial advisory companies without disclosing that her husband does business with those firms, school board records as well as sworn testimony show.

Maria Leon-Vazquez’s votes could violate state conflict-of-interest laws, according to experts on those laws. Public officials are prohibited from being financially interested in contracts made with their agencies, said Steve Cooley, former Los Angeles County district attorney.

Leon-Vazquez’s husband is Santa Monica Councilman Tony Vazquez, a political consultant who is also campaigning for a state Board of Equalization seat. Neither returned calls seeking comment.

Vazquez testified in a sworn deposition a year ago that he has been a paid consultant to TELACU Construction Management and Keygent LLC, two firms that have won contracts with the district.

“What has to be done in a situation like that is for an inquiry to be opened to ascertain if there truly is any financial gain to the person or the spouse of the person who is making material decisions on that transaction in question and benefiting financially,” Cooley said. “After that inquiry is conducted and it appears that a violation of [the conflict of interest law] has occurred, then a more formal investigation and gathering of evidence would likely ensue.”

Adam.Elmahrek@latimes.com

@adamelmahrek

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Allahabad Bank picks 20 more firms for referring to NCLT

Kolkata-based Allahabad Bank has identified close to 20 accounts, with a total exposure of around Rs 908 crore, for referring to  the National Company Law Tribunal (NCLT).

About 14 other accounts, in which Allahabad Bank is among other lenders, have also been identified, an official of Allahabad Bank said.  The bank’s exposure in these 14 accounts is about Rs 1,652 crore.

In the Reserve Bank of India’s first list of 12 companies that were identified for referring to NCLT, Allahabad Bank had an exposure in 10 companies, amounting to Rs 4,429 crore.

The bank had lent to nine of the 12 firms, and was an investor in one of the accounts. In the second list of 29 companies issued by the RBI, Allahabad Bank had an exposure in 13 accounts, amounting to Rs 4,049 crore.

Out of the 20 firms identified by the bank, one firm has already been referred. “In most of the

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Harris trains law enforcement on cyber security

Florida law enforcement officials received hands-on training from Harris Corporation’s cyber security experts during a free workshop held in south Florida.

The Melbourne-based aerospace and defense contractor hosted more than 50 people at a workshop that took a look at some of the tools cyber criminals have at their disposal.

They also learned how to protect their networks.

“Cybersecurity is a complex industry,” said Greg Coleman, marketing intelligence manager for Harris Communications Systems, in a release. “Harris is pleased to offer the best of the best experts in the industry to help our law enforcement partners take action against this everyday threat.”

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The massive amount of Welsh land and property held by offshore firms

Companies registered overseas own nearly a billion pounds’ worth of real estate in Wales – including a piece of land that sold for more than £83 million.

Land Registry data has revealed that foreign-registered companies own properties in Wales worth at least £844 million – and likely far more.

The information comes as the so-called Paradise Papers reveal the vast wealth held offshore by politicians, celebrities, corporate giants and business leaders. The Paradise Papers are a huge batch of leaked documents mostly from an offshore law firm.

However, the information in this article is not linked in any way to the Paradise Papers.

The most expensive real estate bought by an offshore company in Wales, where we know the price, was land at Brunel Way in Swansea, which is next to the Liberty Stadium and Morfa Shopping Park.

The land was bought by Swansea View Limited – registered in Jersey – who paid £83.5 million for the plot. Similarly, a unit at Newhouse Distribution Centre in Monmouthshire was bought for £50.9 million by a company registered in Luxembourg.

Meanwhile, Broader Company Limited, which is registered in the British Virgin Isles, bought an office block attached to the National Assembly for Wales in Cardiff for £40.5 million.

Ty Hywel, the office block linked to the Senedd building that houses AMs’ offices, is owned by a firm called Broader Company Limited

Broader Company Limited is registered in the British Virgin Islands

There’s no ban on foreign or offshore companies buying UK property, and no suggestion that these companies are doing anything wrong.

However, while the figures also include some residential properties, commercial property in the UK being owned by foreign-registered companies has major ramifications when it comes to selling it on. A legal loophole means that, while a UK individual or company will have to pay corporation tax when they make money selling commercial real estate, foreign companies will not.

It’s estimated that a third of all commercial properties in the UK are owned by offshore companies – which are typically based in tax havens – and closing the loophole could raise between £5bn and £8bn in tax a year.

Stella Creasy, the Labour and Co-operative MP, has been leading a campaign to close the legal loophole that means foreign companies don’t have to pay tax on profits made on commercial property in the UK. She says: “It’s not fair that when British businesses sell commercial properties they pay tax on the gains they have made, but overseas companies
don’t.

“These eye-watering figures show it’s a tax loophole that’s costing British taxpayers billions of pounds. Most other countries do tax these profits but our Government refused, voting down a recent amendment to the Finance Bill and saying it was too complicated for them to introduce.”

The major land deals involved in Wales

1. Brunel Way, Swansea

This land cost £83.45 million. The proprietor, Swansea View Limited, registered in Jersey, was registered as proprietor in January 2016.

2. Mathern, Chepstow

Land at Unit 8, Newhouse Distribution Centre, Mathern, near Chepstow cost £50,965,532. Finnery Acquisitions I S.A.R.L of Luxembourg was registered as proprietor in January 2016.

3. National Assembly for Wales, Cardiff

The Ty Hywel building in Cardiff Bay cost £40.5 million. The proprietor is Broader Company Limited, based in the British Virgin Islands, who bought it in March 2014.

4. Newport Road, Cardiff

Land and buildings on the south-east side of Newport Road were bought for £31 million by ARP Properties Limited in November 2015. The firm is based in Jersey

5. Deeside Industrial Park, Flintshire

Boughey Distribution, Deeside Industrial Park, Flintshire cost £26.9 million in November 2016. The proprietor is Moorfield Logistics Partnership Limited, based in Jersey.

6. Neuadd Willis, Bangor

Neuadd Willis 1, High Street, Bangor, cost £23.3 million in July 2016. The proprietor, Westbourne Portfolio S.A.R.L, is based in Luxembourg.

7. Trunking Station, Magor

The registered proprietor of this land is Callisto Properties, registered in the Isle of Man. It cost £21.485 million in July 2015.

8. Millennium Plaza, Cardiff

The Millennium Plaza, next to the Millennium Stadium in Cardiff, is held by Thor Properties Ltd, based in Jersey. It was acquired for £20.5 million in 2017.

9. East Retail Park, Newport

28 East Retail Park, Docks Way, Newport was acquired for £19.9 million by Newport LUX S.A.R.L in 2015. The company is based in Luxembourg.

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Hance Law Group Honored in 2018 Best Law Firms Rankings by…

The Dallas-based law firm has received a Metropolitan Tier 1 ranking in Family Law for the DFW Metroplex.

Dallas, Texas (PRWEB) November 09, 2017

U.S. News & World Report and Best Lawyers have honored Hance Law Group in the prestigious 2018 Best Law Firms rankings. The firm has been given a Metropolitan Tier 1 ranking in Family Law for the second year. This tier designation is based on a rigorous evaluation process and reflects the high level of respect the firm has earned within the legal community.

The 2018 Best Law Firms rankings recognize law firms whose attorneys have shown professional excellence and remarkable legal knowledge. Achieving a tiered ranking means that voters think that the firm’s attorneys are responsive, cost-effective, and act with integrity. This year, awards were given in 75 national practice areas and 122 metropolitan practice areas.

“It’s an honor to be recognized on the Best Law Firms list,” said Larry Hance, founding partner of the firm. “We know divorce is hard, but we don’t believe it has to be ugly. This recognition affirms that clients appreciate the difference in our approach.”

Best Law Firms rankings are published annually following client and lawyer evaluations, peer reviews by attorneys in key practice areas, and an editorial review of information provided by law firms. According to Best Lawyers, this year’s rankings are “based on the highest number of participating firms and highest number of client ballots on record.” In order for a firm to be eligible, at least one of the firm’s attorneys must have been selected for the current edition of The Best Lawyers in America, a list that Managing Partner Larry Hance has been included on for the past 11 years.

Hance Law Group represents clients in Family and Matrimonial law in Dallas and surrounding counties. Our attorneys are dedicated to creative problem solving and offer an arsenal of ways to protect your interests, including litigation, collaborative divorce and mediation. Ultimately, we help clients make choices that best reflect their priorities—and reach the ultimate goals for their divorce or other family law matter.


For the original version on PRWeb visit: http://www.prweb.com/releases/2017/11/prweb14893234.htm


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