HC stays ED attachment of Panvel hsg complex

In a reprieve for more than 900 flat owners, the Bombay high court last week stayed the attachment of a Panvel-based housing complex developed by builder Lalit Tekchandani, who is being investigated for alleged investor fraud under the Maharashtra Protection of Interests of Depositors (MPID) Act.

- HT Correspondent

MUMBAI:

The Enforcement Directorate had in April attached the properties of Tekchandani and his firm, Supreme Developers and Construction Pvt Ltd (SDCPL), as part of its investigation. Tekchandani, who allegedly siphoned funds belonging to the flat owners, was arrested in March.

Fearful of losing their life savings, the Clan City Welfare Association, a group formed by 157 flat owners of the SDCPL project, filed a petition in the high court, asking for the project to be completed through a government agency or court-monitored committee. They alleged that Tekchandani had duped at least 1,700 flat owners and pocketed over ₹400 crore.