Indiabulls
Encyclopedia
Indiabulls is an India
n company with its presence in the Real Estate
, Infrastructure, Financial Services, Securities, Retail, Multiplex and Power sectors.
The company was founded in May 2000 as an online stock broker
age and has since then diversified into its current portfolio. In mid 2000, Indiabulls Financial Services received venture capital funding from Mr. Lakshmi Mittal
& Mr. Harish Fabiani
.
Many of the companies are public entities and are listed on Indian stock markets.
Indiabulls was conferred the status of a “Business Superbrand” by The Brand Council, Superbrands India in 2008.
and the BSE
. It is currently developing thermal power projects in Amravati and Nasik in Maharashtra and has recently signed an MOU for a power project in Mansa district of Punjab.
Indiabulls put forward its defence on two counts; all clients would receive contract notes in electronic form in their email so they would have all the records and no transaction could be done without providing the dynmaic security code by the clients therefore any manipulation is difficult.
An important fallout of such cases is the assertion of court jurisdiction over matters pertaining to the Economic Offenses Wing (EOW) and the Securities Exchange Board of India (SEBI). The High Court of Delhi chastised the EOW for failing to register a First Information Report in the matter. Thus while the SEBI and EOW might penalize the various broking outfits on certain violations, victims may still register FIR's with the police and obtain justice in this matter.
MUMBAI: Indiabulls Real Estate and LN Mittal’s ArcelorMittal will form a joint venture for mining coal and iron ore. The move is aimed at owning captive mines for the two companies’ businesses. Indiabulls has power plants, while ArcelorMittal is the world’s largest steelmaker .
“The joint venture will look at all mining opportunities that will be offered in India, while for captive purposes , coal and iron ore are the two minerals we will be interested in,” Indiabulls executive director Gagan Banga told ET. He declined to elaborate on likely investments, saying that mining operations will be carried out through special purpose vehicles.
The move to form a joint mining venture is the latest by ArcelorMittal to establish a presence in the Indian steel market , considered the world’s second-largest after China. ArcelorMittal, which alone accounts for 8% of global steel production , had announced plans to set up steel projects in Jharkhand in 2005 and Orissa in 2006. However, not much progress has been made owing to delay in ironore linkages or in acquiring land
Chandigarh: The Punjab State Power Corporation signed a memorandum of understanding with Indiabulls Power for the development of 1350-mW coal fired thermal power project in the state.
KD Chaudhri, chairman cum managing director, PSPCL informed that the MoU with Indiabulls Power is for development of 1350-mW coal-fired Thermal Power Project near villages Bhupal and Harisinghwala at about 9 km from Mansa in two phases. He said the company will develop two units of 270 mW each (total 540 mW) in the first phase and 3 units of 270 mW each (total 810 mW) in the second phase.
For the purpose of development of project, a special purpose vehicle, Peona Power Development—a 100% subsidiary of India Bulls Group—has been created by the company. Chaudhri said the proposal has been made under new Power Generation Policy notified by the Punjab government on 21.06.2010 in order to facilitate accelerated addition to power generation capacity in the state so as to meet the increasing electricity demand and to achieve higher growth rates
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n company with its presence in the Real Estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
, Infrastructure, Financial Services, Securities, Retail, Multiplex and Power sectors.
The company was founded in May 2000 as an online stock broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
age and has since then diversified into its current portfolio. In mid 2000, Indiabulls Financial Services received venture capital funding from Mr. Lakshmi Mittal
Lakshmi Mittal
Lakshmi Narayan Mittal is an Indian steel magnate. He is the chairman and chief executive officer of ArcelorMittal, the world’s largest steelmaking company....
& Mr. Harish Fabiani
Harish Fabiani
Harish Fabiani is a Madrid based Non-Resident Indian Non-Resident Indian businessman. He received his diploma in Electronics and Telecommunications Engineering in 1981 from Delhi University. In 1988, he completed an Executive Education program in Finance/General Corporate Management at Madrid IESE...
.
Indiabulls Group
Indiabulls Group is one of India's large Business houses. The Group has several businesses which cover a wide spectrum of Real Estate, Financial Services, Securities, Power and Chartered Aviation.Many of the companies are public entities and are listed on Indian stock markets.
Indiabulls was conferred the status of a “Business Superbrand” by The Brand Council, Superbrands India in 2008.
Indiabulls Real Estate Limited
Indiabulls Real Estate Limited is a real estate company which does development of "high-end office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, state of the art special economic zones and infrastructure development".Indiabulls Power Limited
Indiabulls Power Limited is a developer of power projects in India. It was established in 2007 as a subsidiary of Indiabulls Real Estate Limited. Subsequently it went public (IPO) in 2009 and is now listed on the NSENSE
NSE may refer to:education* Norwegian School of Economicsstock exchanges* Nagoya Stock Exchange in Japan, * Nairobi Stock Exchange in Kenya, * Nigerian Stock Exchange in Lagos, Nigeria * National Stock Exchange of India,...
and the BSE
BSE
- Medicine :* Bovine spongiform encephalopathy, a neurological disease commonly known as "mad cow disease"* Breast self-examination* Bone surface element- State Secondary Education Boards of India :*Board of Secondary Education, Assam...
. It is currently developing thermal power projects in Amravati and Nasik in Maharashtra and has recently signed an MOU for a power project in Mansa district of Punjab.
Indiabulls Securities Limited
Indiabulls Securities Limited is an Indian capital markets company. It's in-house trading platform is called "Power Indiabulls". Indiabulls Securities Limited was assigned the highest rating BQ – 1 by CRISIL.IPO Case
In 2005, the SEBI discovered some irregularities in the IPO of YES Bank. It was discovered that a few investors controlled a huge number of demat accounts using which they bought shares of companies during their IPO's and then transferred those shares to their financiers at low rates and made huge profits between the IPO price and the listing price. Roopalben Nareshbhai Panchal, a customer of Indiabulls Securities and some other stock broking firms, was found to be controlling 15,000 demat accounts and was later convicted on the case. In the initial order some broking firms, including Indiabulls Securities, were restricted from proprietary account participation in the markets. However, the order was reversed and put in abeyance by SEBI the very next day of the original order. SEBI subsequently conducted an inquiry into the matter and absolved Indiabulls Securities of any charges.Insinuations by clients
There have been unconfirmed insinuations of misuse of investor accounts leveled against Indiabulls. The complainants allege that Indiabulls used the money held by investors — its clients, resorted to illegal transactions from their accounts and later refused to admit that it had done so. Indiabulls in its defence quoted that all transactions require the clients to provide a dynamic security code with the client. Since no tranasaction can be placed without this code, it is difficult for anybody to do unathorized trades. Further, there have been allegations that the company counter-charges such defrauded clients. Numerous cases relating to such allegations have been filed in Indian courts. During the course of investigation the compainants alleged that the company may have tried to bribe courier services into issuing bogus receipts of contract notes sent to a Delhi businessman.Indiabulls put forward its defence on two counts; all clients would receive contract notes in electronic form in their email so they would have all the records and no transaction could be done without providing the dynmaic security code by the clients therefore any manipulation is difficult.
An important fallout of such cases is the assertion of court jurisdiction over matters pertaining to the Economic Offenses Wing (EOW) and the Securities Exchange Board of India (SEBI). The High Court of Delhi chastised the EOW for failing to register a First Information Report in the matter. Thus while the SEBI and EOW might penalize the various broking outfits on certain violations, victims may still register FIR's with the police and obtain justice in this matter.
ArcelorMittal, Indiabulls to form JV for coal, iron ore mining
.MUMBAI: Indiabulls Real Estate and LN Mittal’s ArcelorMittal will form a joint venture for mining coal and iron ore. The move is aimed at owning captive mines for the two companies’ businesses. Indiabulls has power plants, while ArcelorMittal is the world’s largest steelmaker .
“The joint venture will look at all mining opportunities that will be offered in India, while for captive purposes , coal and iron ore are the two minerals we will be interested in,” Indiabulls executive director Gagan Banga told ET. He declined to elaborate on likely investments, saying that mining operations will be carried out through special purpose vehicles.
The move to form a joint mining venture is the latest by ArcelorMittal to establish a presence in the Indian steel market , considered the world’s second-largest after China. ArcelorMittal, which alone accounts for 8% of global steel production , had announced plans to set up steel projects in Jharkhand in 2005 and Orissa in 2006. However, not much progress has been made owing to delay in ironore linkages or in acquiring land
Other allegations
Two officials of Indiabulls Securities Limited were booked by the police on allegations of fraud in May 2004. The victim alleged that despite giving the company business worth INR 200 million, the company had not issued any certificate or document to him showing that he was an associate. The two company officials had instead duped him of nearly INR 2.3 million.Punjab appoints Indiabulls power to set up 1,350-mw plant
.Chandigarh: The Punjab State Power Corporation signed a memorandum of understanding with Indiabulls Power for the development of 1350-mW coal fired thermal power project in the state.
KD Chaudhri, chairman cum managing director, PSPCL informed that the MoU with Indiabulls Power is for development of 1350-mW coal-fired Thermal Power Project near villages Bhupal and Harisinghwala at about 9 km from Mansa in two phases. He said the company will develop two units of 270 mW each (total 540 mW) in the first phase and 3 units of 270 mW each (total 810 mW) in the second phase.
For the purpose of development of project, a special purpose vehicle, Peona Power Development—a 100% subsidiary of India Bulls Group—has been created by the company. Chaudhri said the proposal has been made under new Power Generation Policy notified by the Punjab government on 21.06.2010 in order to facilitate accelerated addition to power generation capacity in the state so as to meet the increasing electricity demand and to achieve higher growth rates