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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Sky Solar Holdings, Ltd. of Class Action Lawsuit and Upcoming Deadline – SKYS

NEW YORK, NY / ACCESSWIRE / June 20, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Sky Solar Holdings, Ltd. (“Sky Solar” or the “Company”) (NASDAQ: SKYS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-04572, is on behalf of a class consisting of investors who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar: (1) pursuant and/or traceable to Sky Solar’s false and misleading Registration Statement and Prospectus issued in connection with the Company’s initial public offering completed on or about November 18, 2014 (the “IPO” or the “Offering”); and/or (2) on the open market between November 14, 2014 and June 12, 2017, both dates inclusive, seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Sky Solar securities, you have until August 15, 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 rswilloughby@pomlaw.com 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 number of shares purchased.

[Click here to join this class action]

Sky Solar Holdings, Ltd., an independent power producer, develops, owns, and operates solar parks worldwide. The Company develops projects and generates and sells electricity in the downstream solar market. The Company also sells solar energy systems, including pipeline and related engineering, construction, and procurement services, and is involved in building and transferring solar parks. In addition, Sky Solar provides operating and maintenance services for solar parks and sells solar modules.

On or about November 18, 2014, Sky Solar completed its IPO, issuing 6,353,750 ADSs and raising net proceeds of approximately $46.1 million.

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) Sky Solar’s Code of Business Conduct and Ethics, and the code’s enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors; (ii) consequently, Sky Solar’s founder Weili Su (“Su”) was involved in undisclosed misconduct during his tenure at the Company; and (iii) as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant times.

On June 6, 2017, shortly before the markets closed, Sky Solar announced that Su would “no longer serve as the Company’s Chief Executive Officer, or as director, officer, manager, legal representative or in any other management position of the Company’s subsidiaries or any other consolidated entities.”

On this news, the Company’s ADS price fell $0.02, or 1.06%, to close at $1.87 on June 7, 2017, the following trading day.

On June 13, 2017, Sky Solar revealed that the Company’s Management Committee plans to recommend that the board of directors form a committee to investigate Su’s conduct during his tenure as Sky Solar’s CEO.

Following this news, Sky’s ADSs temporarily ceased trading. When trading resumed, on June 15, 2017, Sky’s ADS price fell $0.19, or 10.35%, to close at $1.66 on June 15, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

ReleaseID: 466332

NEW YORK, NY / ACCESSWIRE / June 20, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Sky Solar Holdings, Ltd. (“Sky Solar” or the “Company”) (NASDAQ: SKYS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-04572, is on behalf of a class consisting of investors who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar: (1) pursuant and/or traceable to Sky Solar’s false and misleading Registration Statement and Prospectus issued in connection with the Company’s initial public offering completed on or about November 18, 2014 (the “IPO” or the “Offering”); and/or (2) on the open market between November 14, 2014 and June 12, 2017, both dates inclusive, seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Sky Solar securities, you have until August 15, 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 rswilloughby@pomlaw.com 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 number of shares purchased.

[Click here to join this class action]

Sky Solar Holdings, Ltd., an independent power producer, develops, owns, and operates solar parks worldwide. The Company develops projects and generates and sells electricity in the downstream solar market. The Company also sells solar energy systems, including pipeline and related engineering, construction, and procurement services, and is involved in building and transferring solar parks. In addition, Sky Solar provides operating and maintenance services for solar parks and sells solar modules.

On or about November 18, 2014, Sky Solar completed its IPO, issuing 6,353,750 ADSs and raising net proceeds of approximately $46.1 million.

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) Sky Solar’s Code of Business Conduct and Ethics, and the code’s enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors; (ii) consequently, Sky Solar’s founder Weili Su (“Su”) was involved in undisclosed misconduct during his tenure at the Company; and (iii) as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant times.

On June 6, 2017, shortly before the markets closed, Sky Solar announced that Su would “no longer serve as the Company’s Chief Executive Officer, or as director, officer, manager, legal representative or in any other management position of the Company’s subsidiaries or any other consolidated entities.”

On this news, the Company’s ADS price fell $0.02, or 1.06%, to close at $1.87 on June 7, 2017, the following trading day.

On June 13, 2017, Sky Solar revealed that the Company’s Management Committee plans to recommend that the board of directors form a committee to investigate Su’s conduct during his tenure as Sky Solar’s CEO.

Following this news, Sky’s ADSs temporarily ceased trading. When trading resumed, on June 15, 2017, Sky’s ADS price fell $0.19, or 10.35%, to close at $1.66 on June 15, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

ReleaseID: 466332

Source URL: http://marketersmedia.com/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-sky-solar-holdings-ltd-of-class-action-lawsuit-and-upcoming-deadline-skys/209796

Source: AccessWire

Release ID: 209796

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RERA impact: Small developers look to partner with larger firms to revive stalled projects

A prolonged slowdown and the implementation of the new real estate law are forcing several mid to small size residential developers to seek partnerships with larger developers to help revive their projects stalled by funds shortage and regulatory hurdles. 

Many local builders in Maharashtra, where the new Real Estate (Regulations and Development) Act (RERA) has been notified and a regulatory body has been formed, have approached large developers with deep pockets to take over their stalled projects. Some others are seeking partnerships for new projects which have not taken off. 

In April, Bengaluru-based Ozone Group revived Vijay Raheja Group’s “The Gateway” luxury project at Andheri. The project with a development potential of 120,000 sq. ft, was stuck half way through due to financial reasons. Ozone invested in the project and is currently marketing it, said a person close to the development. 

Aditya Birla Real Estate Fund, an investor in the project, confirmed that ‘The Gateway’ is currently being co-branded by Vijay Raheja and Ozone Group. A spokesperson for Ozone Group declined to comment.

Ozone Group, which is planning to ramp up its business in Mumbai, is evaluating seven to eight such projects by local builders. “After RERA comes in, there will be a lot of opportunity at the project level. Either the builder does not have the wherewithal to sell and construct, or sometimes, the projects are stuck for want of funds,” said the person mentioned above on condition of anonymity.

Navi Mumbai-based Terraform Realty Ltd is actively looking to partner with large developers to monetize some of its land assets or jointly construct five of its ongoing projects which are at various stages of development. 

“We are looking to join hands with larger groups with better execution capability. While we have the wherewithal for holding land and taking care of the land asset per se, the development will be done by someone else,” said Santosh Santholia, vice-president, Terraform Realty. The company has signed memoranda of understanding with other bigger developers to start two of its projects, he said, but did not disclose names of the builders.

Large builders like Godrej Properties Ltd, Oberoi Realty Ltd and Hiranandani Communities said many local builders are looking to sell their entire project or seeking partnerships for new ones. 

“There has certainly been higher levels of engagement with local players as compared to last year and we expect to see this phenomenon further accelerate in the near future aided by consolidation and exits happening in the market,” said Mohit Malhotra, managing director and chief executive officer (CEO) , Godrej Properties Ltd. 

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Earlier this year, the company entered into a development management agreement with Shivam Realty to develop a housing project at Kandivali East in Mumbai.

“We are engaging with developers across the spectrum to either partner or purchase their land parcels,” he said.

Hiranandani Communities is also looking at the joint development model for the first time given that there are rising opportunities for distressed sale in the market.

First Published: Wed, Jun 21 2017. 01 18 AM IST

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Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Synchronoss Technologies, Inc. of Class Action Lawsuit and Upcoming Deadline – SNCR

NEW YORK, NY / ACCESSWIRE / June 20, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 17-cv-04147, is on behalf of a class consisting of investors who purchased or otherwise acquired Synchronoss securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Synchronoss securities between December 6, 2016 and April 26, 2017, both dates inclusive, you have until June 30, 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 number of shares purchased.

[Click here to join this class action]

Synchronoss provides mobile solutions for Service Providers and Enterprise through scalable software solutions and platforms. The Company purports to simplify the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility.

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) Intralinks was underperforming; (ii) as such, the Company’s guidance was overstated; and (iii) as a result of the foregoing, Synchronoss’s public statements were materially false and misleading at all relevant times.

On April 27, 2017, the Company issued a press release entitled “Synchronoss Announces Management Changes; Company Issues Preliminary First Quarter 2017 Results.” Therein, the Company disclosed that it expected “total revenue for the first quarter of 2017 to be $13 million to $14 million less than the company’s previously announced guidance” and that it expected operating margins of 8% to 10% which was also less than previously announced guidance. The Company stated that it was “disappointed with [its] Q1 performance in this first quarter following our acquisition of Intralinks.” The Company further disclosed that its Chief Executive Officer (“CEO”), Ronald Hovsepian, and its Chief Financial Officer (“CFO”), John Frederick were leaving the Company.

On this news, the Company’s stock price fell $11.33 per share, or 46%, to close at $13.29 per share on April 27, 2017, on unusually heavy trading volume.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP


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Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Intra-Cellular Therapies, Inc. of Class Action Lawsuit and Upcoming Deadline – ITCI

NEW YORK, NY / ACCESSWIRE / June 20, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Intra-Cellular Therapies, Inc. (“Intra-Cellular” or the “Company”) (NASDAQ: ITCI) and certain of its officers. The class action, filed in United States District Court, Eastern District of New York, and docketed under 17-cv-03197, is on behalf of a class consisting of investors who purchased or otherwise acquired Intra-Cellular securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Intra-Cellular securities between August 12, 2014 and April 28, 2017, both dates inclusive, you have until July 11, 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 number of shares purchased.

[Click here to join this class action]

Intra-Cellular Therapies, Inc. is a biopharmaceutical company that is focused on the discovery and clinical development of innovative, small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system, or CNS. The Company’s lead drug candidate, ITI-007 also known as lumateperone, is supposed to treat schizophrenia, behavioral disturbances in dementia, bipolar disorder and other neuropsychiatric and neurological disorders.

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) the findings related to toxicity observed in animals treated with lumateperone (ITI-007); (ii) these findings posed an additional safety concern regarding lumateperone; (iii) as a result of the foregoing, Intra-Cellular’s public statements were materially false and misleading at all relevant times.

On May 1, 2017, before the market opened, the Company issued a press release entitled, ?Intra-Cellular Therapies Provides Corporate Update on Schizophrenia Program? which revealed findings of toxicity in animals treated with lumateperone.

On this news, Intra-Cellular’s share price fell $3.33, or over 24%, to close at $10.49 on May 1, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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

SOURCE: Pomerantz LLP


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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Sky Solar Holdings, Ltd. of Class Action Lawsuit and Upcoming Deadline – SKYS

Jun 20, 2017 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / June 20, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Sky Solar Holdings, Ltd. (“Sky Solar” or the “Company”)

SKYS, -12.39%

and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-04572, is on behalf of a class consisting of investors who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar: (1) pursuant and/or traceable to Sky Solar’s false and misleading Registration Statement and Prospectus issued in connection with the Company’s initial public offering completed on or about November 18, 2014 (the “IPO” or the “Offering”); and/or (2) on the open market between November 14, 2014 and June 12, 2017, both dates inclusive, seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Sky Solar securities, you have until August 15, 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 rswilloughby@pomlaw.com 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 number of shares purchased.

[Click here to join this class action]

Sky Solar Holdings, Ltd., an independent power producer, develops, owns, and operates solar parks worldwide. The Company develops projects and generates and sells electricity in the downstream solar market. The Company also sells solar energy systems, including pipeline and related engineering, construction, and procurement services, and is involved in building and transferring solar parks. In addition, Sky Solar provides operating and maintenance services for solar parks and sells solar modules.

On or about November 18, 2014, Sky Solar completed its IPO, issuing 6,353,750 ADSs and raising net proceeds of approximately $46.1 million.

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) Sky Solar’s Code of Business Conduct and Ethics, and the code’s enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors; (ii) consequently, Sky Solar’s founder Weili Su (“Su”) was involved in undisclosed misconduct during his tenure at the Company; and (iii) as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant times.

On June 6, 2017, shortly before the markets closed, Sky Solar announced that Su would “no longer serve as the Company’s Chief Executive Officer, or as director, officer, manager, legal representative or in any other management position of the Company’s subsidiaries or any other consolidated entities.”

On this news, the Company’s ADS price fell $0.02, or 1.06%, to close at $1.87 on June 7, 2017, the following trading day.

On June 13, 2017, Sky Solar revealed that the Company’s Management Committee plans to recommend that the board of directors form a committee to investigate Su’s conduct during his tenure as Sky Solar’s CEO.

Following this news, Sky’s ADSs temporarily ceased trading. When trading resumed, on June 15, 2017, Sky’s ADS price fell $0.19, or 10.35%, to close at $1.66 on June 15, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Synchronoss Technologies, Inc. of Class Action Lawsuit and Upcoming Deadline – SNCR

NEW YORK, NY / ACCESSWIRE / June 20, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 17-cv-04147, is on behalf of a class consisting of investors who purchased or otherwise acquired Synchronoss securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Synchronoss securities between December 6, 2016 and April 26, 2017, both dates inclusive, you have until June 30, 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 rswilloughby@pomlaw.com 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 number of shares purchased.

[Click here to join this class action]

Synchronoss provides mobile solutions for Service Providers and Enterprise through scalable software solutions and platforms. The Company purports to simplify the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility.

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) Intralinks was underperforming; (ii) as such, the Company’s guidance was overstated; and (iii) as a result of the foregoing, Synchronoss’s public statements were materially false and misleading at all relevant times.

On April 27, 2017, the Company issued a press release entitled “Synchronoss Announces Management Changes; Company Issues Preliminary First Quarter 2017 Results.” Therein, the Company disclosed that it expected “total revenue for the first quarter of 2017 to be $13 million to $14 million less than the company’s previously announced guidance” and that it expected operating margins of 8% to 10% which was also less than previously announced guidance. The Company stated that it was “disappointed with [its] Q1 performance in this first quarter following our acquisition of Intralinks.” The Company further disclosed that its Chief Executive Officer (“CEO”), Ronald Hovsepian, and its Chief Financial Officer (“CFO”), John Frederick were leaving the Company.

On this news, the Company’s stock price fell $11.33 per share, or 46%, to close at $13.29 per share on April 27, 2017, on unusually heavy trading volume.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.

SOURCE: Pomerantz LLP

ReleaseID: 466316

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Firms face ban for not passing on GST gainsThe government has threatened to cancel the registration of entities that do not pass on gains from GST to consumers. The new tax regime will get a mega launch on the night of June 30, with a special event…

NEW DELHI: The government has threatened to cancel the registration of entities that do not pass on gains from GST to consumers.

The cancellation of registration is in addition to the power to levy penalty that was prescribed under the law.

The government has repeatedly threatened to invoke anti-profiteering provisions to ensure that gains of GST by way of lower taxes and input tax credit for taxes paid at all stages are passed on to consumers. At the same time, it also wants to ensure that in cases where the levy is going up, companies do not take unfair advantage.

The GST Council has approved a three-stage process with the complaints being first verified by a standing committee of officers. If the panel finds merit, it will be sent to director general of safeguards, which will investigate the case. Based on the report, Anti-Profiteering Authority will decide on the case. From the time the complaint is lodged, the entire process has to be completed in eight months, the rules finalised by the Council said.

Tax practitioners said that cancellation of registration is too harsh, given that the rules are too open-ended. A consultant said in their current form, the provisions can be misused by rivals, who can lodge a complaint against a company, which will have to answer queries.

“The current mechanism is too broad-based and difficult to implement. Can you act against an eatery in Mahabalipuram that does not pass on the gains of input tax credit. The focus should be on sectors such as automobiles, cement, steel and real estate where malpractices are more common and some have a history of pocketing the gains,” said a tax consultant with a global firm.

The government has opted to play it safe with the antiprofiteering provisions as Malaysia saw a price surge in various segments after it introduced GST. Australia had successfully used the clause to ensure that consumer interest was protected.

The tax regime will get a mega launch on the night of June 30, with a special event planned in the historic central hall of Parliament.

Finance minister Arun Jaitley said President Pranab Mukherjee would be on the dais with Prime Minister Narendra Modi.

The PM’s predecessors, Manmohan Singh and HD Deve Gowda, have also been invited for the function, which will see the implementation of GST at midnight.

Former finance ministers, state chief ministers and finance ministers, who have worked on the implementation process for years, have also been invited.

On Monday, the Centre also notified several provisions of the Integrated GST Act to move towards a July 1 launch even as the Jammu & Kashmir government is trying to push for a passage of the legislation to join other states in implementing the tax reform.

Stay updated on the go with Times of India News App. Click here to download it for your device.

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Firms face ban for not passing on GST gains

NEW DELHI: The government has threatened to cancel the registration of entities that do not pass on gains from GST to consumers.

The cancellation of registration is in addition to the power to levy penalty that was prescribed under the law.

The government has repeatedly threatened to invoke anti-profiteering provisions to ensure that gains of GST by way of lower taxes and input tax credit for taxes paid at all stages are passed on to consumers. At the same time, it also wants to ensure that in cases where the levy is going up, companies do not take unfair advantage.

The GST Council has approved a three-stage process with the complaints being first verified by a standing committee of officers. If the panel finds merit, it will be sent to director general of safeguards, which will investigate the case. Based on the report, Anti-Profiteering Authority will decide on the case. From the time the complaint is lodged, the entire process has to be completed in eight months, the rules finalised by the Council said.

Tax practitioners said that cancellation of registration is too harsh, given that the rules are too open-ended. A consultant said in their current form, the provisions can be misused by rivals, who can lodge a complaint against a company, which will have to answer queries.

“The current mechanism is too broad-based and difficult to implement. Can you act against an eatery in Mahabalipuram that does not pass on the gains of input tax credit. The focus should be on sectors such as automobiles, cement, steel and real estate where malpractices are more common and some have a history of pocketing the gains,” said a tax consultant with a global firm.

The government has opted to play it safe with the antiprofiteering provisions as Malaysia saw a price surge in various segments after it introduced GST. Australia had successfully used the clause to ensure that consumer interest was protected.

The tax regime will get a mega launch on the night of June 30, with a special event planned in the historic central hall of Parliament.

Finance minister Arun Jaitley said President Pranab Mukherjee would be on the dais with Prime Minister Narendra Modi.

The PM’s predecessors, Manmohan Singh and HD Deve Gowda, have also been invited for the function, which will see the implementation of GST at midnight.

Former finance ministers, state chief ministers and finance ministers, who have worked on the implementation process for years, have also been invited.

On Monday, the Centre also notified several provisions of the Integrated GST Act to move towards a July 1 launch even as the Jammu & Kashmir government is trying to push for a passage of the legislation to join other states in implementing the tax reform.

Stay updated on the go with Times of India News App. Click here to download it for your device.

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RERA impact: Small developers look to partner larger firms to revive stalled projects

A prolonged slowdown and the implementation of the new real estate law are forcing several mid to small size residential developers to seek partnerships with larger developers to help revive their projects stalled by funds shortage and regulatory hurdles. 

Many local builders in Maharashtra, where the new Real Estate (Regulations and Development) Act (RERA) has been notified and a regulatory body has been formed, have approached large developers with deep pockets to take over their stalled projects. Some others are seeking partnerships for new projects which have not taken off. 

In April, Bengaluru-based Ozone Group revived Vijay Raheja Group’s “The Gateway” luxury project at Andheri. The project with a development potential of 120,000 sq. ft, was stuck half way through due to financial reasons. Ozone invested in the project and is currently marketing it, said a person close to the development. 

Aditya Birla Real Estate Fund, an investor in the project, confirmed that ‘The Gateway’ is currently being co-branded by Vijay Raheja and Ozone Group. A spokesperson for Ozone Group declined to comment.

Ozone Group, which is planning to ramp up its business in Mumbai, is evaluating seven to eight such projects by local builders. “After RERA comes in, there will be a lot of opportunity at the project level. Either the builder does not have the wherewithal to sell and construct, or sometimes, the projects are stuck for want of funds,” said the person mentioned above on condition of anonymity.

Navi Mumbai-based Terraform Realty Ltd is actively looking to partner with large developers to monetize some of its land assets or jointly construct five of its ongoing projects which are at various stages of development. 

“We are looking to join hands with larger groups with better execution capability. While we have the wherewithal for holding land and taking care of the land asset per se, the development will be done by someone else,” said Santosh Santholia, vice-president, Terraform Realty. The company has signed memoranda of understanding with other bigger developers to start two of its projects, he said, but did not disclose names of the builders.

Large builders like Godrej Properties Ltd, Oberoi Realty Ltd and Hiranandani Communities said many local builders are looking to sell their entire project or seeking partnerships for new ones. 

“There has certainly been higher levels of engagement with local players as compared to last year and we expect to see this phenomenon further accelerate in the near future aided by consolidation and exits happening in the market,” said Mohit Malhotra, managing director and chief executive officer (CEO) , Godrej Properties Ltd. 

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Earlier this year, the company entered into a development management agreement with Shivam Realty to develop a housing project at Kandivali East in Mumbai.

“We are engaging with developers across the spectrum to either partner or purchase their land parcels,” he said.

Hiranandani Communities is also looking at the joint development model for the first time given that there are rising opportunities for distressed sale in the market.

First Published: Wed, Jun 21 2017. 01 18 AM IST

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