MIDC orders Indiabulls Real estate to Exit Nashik SEZ

Wholly owned subsidiary of Indiabulls Real Estate Limited, Indiabulls Industrial Infrastructure Limited obtained a vacation order from the Maharashtra Industrial Development Corporation for vacation - MIDC. In the case of the plot in the Nashik Special Economic Zone, IIIL was granted a vacation order.

In Sinnar, Nashik district, Maharashtra, MIDC has asked the company to leave 512,068 hectares of land within one month.

The Indiabulls Company claims that the order is in breach of law and has begun to examine options for defending itself.

At the hearing, IIIL expected to be granted an unfavourable ruling and was engaged in planning for future infrastructure development of its land. In a BSE filing on regulations, the company said, “The Company believes this order to be unlawful and is evaluating legal options to defend itself or seek redressal against the said unlawful order, including filing an appeal before appropriate authorities or court(s), and shall take all desirable actions in the matter”.

Indiabulls Industrial Infrastructure Limited is a non government company, mainly in the construction sector of the last 18 years and currently has an active business. There are six promoters in the company, namely: Amit Gopal Shah, Gurban Singh, Prem Singh Gahlawat, Anand Kumar, Amar Singh, Shweta Prakash Pawar.