Kanakia Group Seeks NCLT Approval for Demerger of Real Estate Arm

Kanakia Group Seeks NCLT Approval for Demerger of Real Estate Arm

Kanakia Group Seeks NCLT Approval for Demerger of Real Estate Arm

Mumbai-based Kanakia Group is seeking approval from the Mumbai bench of the National Company Law Tribunal (NCLT) to demerge its real estate division from its other business activities. This restructuring plan involves the separation of Kanakia Spaces Realty Pvt Ltd and Transparent Developers Pvt Ltd, to streamline operations and attract investment.

The move is designed to offer more flexibility in capital raising for both the real estate arm and the group's other ventures. Legal counsel representing the group argued that this demerger would enhance operational efficiency, allowing each business to access funding more effectively and appeal to a wider pool of potential investors.

During the recent NCLT hearing, the division bench instructed the companies to submit additional documents, including details on contingent liabilities, ongoing legal proceedings, and comprehensive data on letters of credit. The group has reportedly received consent from the majority of unsecured creditors for the proposed scheme.

The Kanakia Group believes that by separating its real estate activities from its other businesses, it will be able to better focus on its strategic goals, attract investments, and potentially unlock higher valuations for both sectors.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/