Haryana RERA issues notice to freeze all accounts of Mahira Infratech
The Haryana Real Estate Regulatory Authority (HRERA), Gurugram, has issued a notice directing the freezing of all accounts associated with a real estate firm.
The company M/s Mahira Infratech ltd, previously known as M/s Sai Aaina Farms Pvt. Ltd, was developing a real estate project titled 'Affordable group housing colony' over an area measuring nearly 10 acre in Gurugram's Sector-68.
The real estate body directed the Lead District Manager of the company to furnish the details of bank accounts along with statements of all accounts associated with its promoters, it has come to the notice of the authority that these accounts are operational other than those declared at the time of registration.
Earlier in May, the Haryana Town and Country Planning Department passed an order for cancellation of the license of a project and informed the HRERA for cancellation of license and requested it to freeze the account of the company with immediate effect.
According to The Real Estate (Regulation and Development) Act, 2016, the HRERA has the right to revoke the registration of a project under section 7 and this is the extreme punitive step taken by it.
The real estate body has registered various affordable group housing projects associated with the Mahira Group such as Mahira Homes-103 developed by Mahira Buildtech Pvt. Ltd, Mahira Homes in sector 63-A, Mahira Homes 95, Mahira Homes 104 developed by Czar Buildwell Pvt. Ltd.
The HRERA has asked the bank to furnish in writing the details along with attested copies of bank statements of all accounts associated with these promoters opened with any branch of all the banks anywhere in Gurugram or NCR at the earliest.
K.K Khandelwal, Chairman, HRERA, said, "We asked the bank to freeze the account of the company so that hard earned money of innocent buyers can't be siphoned off for other purposes by the company. This decision by the real estate authority will send a strong message to erroneous builders that wrong action on their part will not be ignored and will be penalised strictly."
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
1 month ago
Join whatsapp group of owner

Enforcement Directorate Digs up Assets of Karvy Stock Broking that SEBI Failed To Discover since 2019
Sucheta Dalal, 21 May 2022
On 8 March 2022, the enforcement directorate (ED) at Hyderabad issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against C Parthasarathy, founder of the Karvy group of entities, his sons...
98 BSE Brokers and 82 NSE Brokers Surrender Membership in Past 2 Years as Smaller Brokers Struggle with Increased Compliance Rules
Yogesh Sapkale, 21 May 2022
The past two years after global lock-downs were triggered by the COVID-19 pandemic, India's investor population has almost doubled due to the rush of new investors. Strangely, however, the brokerage business is seeing a huge churn...
Rampaging Majority Promoter and Raging Minority Shareholders!
Ranganathan V, 21 May 2022
On 6 May 2022, Elcid Investments Ltd, listed on the Bombay Stock Exchange (BSE), a name unknown to many until then, with an issued share capital of 2,00,000 equity shares of Rs10 each, with the promoters holding 1,49,950 shares,...
SEBI Slaps Penalty of Rs1 Crore on IIFL Securities for Failing To Segregate Its Own Funds from Client Funds in 2014
Moneylife Digital Team 21 May 2022
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs1 crore on IIFL Securities (IIFL) Ltd for violating regulations  in 2014. SEBI had conducted multiple audits of IIFL's books of accounts and...
Free Helpline
Legal Credit