Ahmedabad Mirror | 1 week ago | 06-08-2022 | 06:00 am
At the eclectically quirky Darwin Bucky Gallery in Ellisbridge on Friday, two businessmen charted their stories of success in the business world at the first edition of TiE Talks Ahmedabad. Kaushal Soparkar, Managing Director, Meghmani Finechem Ltd, and Alpesh Parikh, Managing Director, Gulmohar Greens Golf and Country Club Ltd, shared their stories, vision and how they maintained work-life balance. Dr Savan Godiawala, Partner Deloitte and visiting faculty, IIMA was moderating the talk.Soparkar recalled how his father started journey in 1977 and was later diversified. A chemical engineer with a Masters in Engineering Management from USA revealed to the audience, “As a second generation businessman, I started working on expansion in Dahej from 2007. I opted to work in India as there was better opportunity and a lot to learn. There was no pressure to join the business.” He added that his seniors/ parents were never tensed and provided a positive environment to do the best for the company. Soparkar aims to touch Rs 5,000 crore by 2027.Then, Parikh regaled all with tales from his family’s journey. He revealed how his father, who came from a humble background, ventured into real estate: “I had to gain the trust of my father and show my potential. My father ventured into real estate in the ’80s. After I completed my civil engineering, I felt the need to develop a club in the city. My father asked me to put all my balance in the project of a club with golf I aspired for.“I strived really hard and travelled across India to understand how to make it a cost-effective venture. To build that trust in Amdavadis was a challenge. But today, it is a landmark.”Godiawala narrates stories that summed up the passion and the no-fear-of-failure attitude that make the businessmen successful.Parikh wants to venture into setting up of a university and old age home.Organisers of TiE Talks Ahmedabad’s first edition are proposing to hold 10 such editions in a year.
Chairman and Managing Director of Shree Balaji Group Ashish Shah passed away on Wednesday morning at Zydus Hospital.According to sources, 40-year-old Shah was admitted to Zydus Hospital in Ahmedabad on August 7 for dengue treatment. His health deteriorated and he suffered from multiple organ failure which led to his demise.Shah, who had a background in the stock market, jumped into the real estate business in 2005 and created a brand of his own under the banner of Shree Balaji Group.The young and dynamic realtor crafted iconic spaces in the form of villas and premium apartment schemes in different parts of Ahmedabad along with other cities of Gujarat, and in Mumbai too.Over the decade, the group focused more on premium luxury residences and living spaces for the elite and affluent class.Balaji Group, under Shah’s leadership, created around 80 lakh square feet of premium spaces in the last decade. The group has several projects lined up across Gujarat and India.In a short span of time Shah raised his business graph ahead of many seasoned realtors in the city. He also courted controversies that became talk of the town over thelast decade.
The Income Tax Department has unearthed “unaccounted” income of more than Rs 1,000 crore after it raided a Gujarat-based business conglomerate last month, the CBDT said Tuesday.“Unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc. valued at Rs 20 crore have been seized so far,” it said in a statement.The searches were launched on July 20 and the agency covered 58 premises in Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.The “prominent” business conglomerate is engaged in diversified fields of textiles, chemicals, packaging, real estate and education, the CBDT said without identifying the group.The Central Board of Direct Taxes (CBDT) is the administrative authority for the tax department.Documents and digital data seized during the raids show that the group has been engaged in “large-scale” tax evasion by adopting various methods, including by way of “unaccounted’ cash sales outside the books of account, booking of bogus purchases and cash receipts from real estate transactions, it said.“The group has also been found involved in layering of unaccounted sums through share premium from Kolkata-based shell companies.” “Certain instances of unaccounted income generated through cash based ‘sarafi’ (unsecured) advances made have also been found,” the statement said.The business group was “involved in profiteering through manipulation of share prices of its listed companies through operators.” Seized data indicates the group has been siphoning off funds through fictitious entities for personal use of promoters, it said, adding it was found “manipulation” of the books of account of the public limited companies of the congolmerate was being done, the CBDT said.
AHMEDABAD: City cybercrime police on Wednesday arrested a 20-year-old man from Satellite for allegedly bullying and sexually harassing a 19-year-old girl from Sola, after she refused to enter a relationship with him. According to police, Deep Kansara, a resident of Silicon Valley Apartments near Shivranjani Crossroads, who works with a real estate developer, befriended the girl, a second-semester BBA student, around six months ago. Kansara later began pursuing her to have a relationship with him. As she refused, he created a fake social media profile in her name and began posting obscene messages from it to malign her. Kansara allegedly created two more fake IDs on social media using which he harassed the girl to such an extent that she had to stop attending college. The girl’s father, who runs a hotel business, approached cybercrime police on May 19. During the investigation, police found that Kansara had created the accounts to harass the girl.
AHMEDABAD: With growing interest towards establishing high-rise buildings, Ahmedabad’s skyline will once again see a change with 30-storeyed structures towering over the roads. If top sources with real estate and government sector are to be believed, at least 10 new projects of 30-storeyed buildings are in the offing in Ahmedabad. This will call for investments to the tune of Rs 3,500 crore in residential, commercial and mixed development schemes, according to CREDAI estimates. Three projects of 30-32 storey buildings have already received nods from the urban development and civic authorities in the residential segment. Each of these are located in town planning (TP) schemes in Sola-Hebatpur-Bhadaj, Bodakdev and Shilaj-Thaltej-Hebatpur, said civic body sources. ‘A number of tall buildings are getting approvals’These projects will see construction of five towers of at least 30 storeys. Explaining the trend, CREDAI - Ahmedabad president, Tejas Joshi, said, “Growing number of tall buildings are gaining approvals; with a total of 10 projects in proposal, planning and approval stages. Each such tall building project size is estimated at Rs 350 crore.” Sources in the real estate sector revealed that three such projects are in the planning stage whereas four more projects are awaiting clearances from the Ahmedabad Municipal Corporation (AMC). For instance, a villagethemed Gujarati restaurant and hotel along SG Road in Gota area is currently under demolition. The promoters are instead planning to build four towers of at least 30 floors, of which two will be 35- storeyed. Vikram Bharwad, one of the promoters of the property, said, “We have applied for permission and clearances of our upcoming scheme. This will be a mixed project comprising residential and commercial space which will also include a hotel space. Flyovers and widening of roads have created good connectivity. As a result, the demand for premium properties is increasing in this locality.” SG Road is also expected to see an increasing number of towering high-rise buildings, including a 41-storey commercial building coming up near Rajpath Club. “We plan to come up with at least 30 storey high-rise buildings along the SG Road and are working on the finer details of the project. Tall buildings are well-received in Ahmedabad for both commercial as well as residential purposes. It enables developers to keep more open space which can be developed. Therefore, more amenities can be included,” said Ajay Soni, director of acity-based real estate firm. Under the comprehensive general development control regulation (CGDCR)-2017, the state government has announced special provisions for tall and iconic buildings in big cities of the state through special additions. A Special Technical Committee (STC) was also formed in August 2021 to advise different local authorities for the permissions to such tall buildings. Under this special provision, the government has permitted to increase the FSI upto 4 for buildings to be constructed along roads which have a width greater than 36 metre.
The Investigation Wing of the Income Tax Department in Gujarat on Tuesday began a search and seizure operation at Chiripal Group, a conglomerate based in Ahmedabad. The action was initiated by the investigation wing in Surat. The operation began early morning on Tuesday and is underway at about 49 locations, including the offices and residences of directors Vishal and Ronak Chiripal. Chiripal House, the main office, is located at Shivranjani and Chiripal Corporate House is in Bopal area of Ahmedabad. Cash of Rs 10 crore was seized in the operation, sources said.Conducted with the aid of police, sources in the I-T department said there is possibility of unearthing large sums of cash as well as a cache of documents and other evidence of wrongdoing on the basis of which the searches are being conducted.Several of the factories of the Chiripal Group have gone up in flames year after year.The group is involved in textile, real estate and education, among other sectors. Sources said the department had set a watch on the activities of the companies under the Chiripal Group banner. After gathering evidence for reasonable suspicion of tax evasion, the Income Tax department tasked the Surat investigation wing to conduct the searches while keeping the Ahmedabad officials at arm’s length in the investigation.The bungalows of Jyotiprasad Chiripal, Vedprakash Chiripal, Brijmohan Chiripal, Vishal Chiripal and Ronak Chiripal were searched by income tax sleuths on Tuesday. The searches are still underway. Offices of firms Nandan Denim and Vishal Fabrics, also under Chiripal banner, were also searched.