News Details

13/06/2019 15:06

Ansal Properties & I - Clarification Regarding Articles In The Financial Express Newspaper On 12Th June, 2019 Captioned 'IL&F

Dear Sir/ Ma'am,

This has reference to news articles appeared in the Financial Express newspaper on the 12th June, 2019 captioned 'IL&FS PROBE Top exec bent rules to favour Ansals'; and on 13th June, 2019 captioned 'Ansal-IL&FS link: Mystery loss of post-dated cheques'.

At the very outset, we would like to state that the information mentioned in the aforesaid Articles is incorrect and baseless and there exists no relationship between Mr. Ramesh Bawa {Former MD of IL&FS Financial Service (IFIN)} and Ansal Group. Further the Company would like to submit the following in reference to the abovementioned articles:

Article captioned 'IL&FS PROBE Top exec bent rules to favour Ansals'
published in the Financial Express on 12th June, 2019

1. The statement regarding alleged fraud amounting to at least Rs. 600 crores is also false and baseless. A reply in this regard was already submitted to the Stock Exchanges on the 25th April, 2019 and the 01st May, 2019, wherein a detailed explanation was provided in relation to news article appearing in the Economic Times dated the 20th April, 2019 titled "Ansals under UP Realty Regulator lens for potential Rs 600 crores diversion".

2. The Company had approached IFIN for loans and various meetings were held between them at New Delhi and Mumbai, wherein detailed discussions took place to finalize and close the term sheet for availing the outstanding loan/s. In this context, we would also like to submit that the loan was availed for Sushant Golf City, Lucknow Project of the Company and for repayment of earlier borrowings. Further, loans taken by the Company from IFIN from time to time have been secured {more than 2.5 times of the value of loans/s} as per terms and conditions provided in the term sheet/sanction letter/s.

3. Ansal Townships Infrastructure Limited, a subsidiary of the Company, had sold a plot ad-measuring 811.36 sq. mt. in its Escencia Project, Gurugram, Haryana to M/s AAA Infosystem for a consideration of approximately Rs. 1.94 crores {then prevailing rate of subsidiary company}, and the same was received from them. It was a routine transaction done in the ordinary course of business.

4. The Company is a joint venture partner with Silverglades Group in Green Max Estate Private Limited. However, as on date all projects of the Joint Venture have been completed and no loan was given by IFIN to Green Max Estate Private Limited.

5. Ansal Group has no relation in any manner with two group companies of Silverglade Group i.e. Midway Apartments and Style Estates.

6. No favour was extended by IL&FS to Ansal Group or visa -versa, and the relationship between both groups is purely professional.

7. Due to the downturn in the real estate sector, loan extension requests were made, time to time, by the Company. Only upon fulfillment of terms and conditions by the Company, the loan/s were granted/ rescheduled.

Article captioned 'Ansal-IL&FS link: Mystery loss of post-dated cheques' published in the Financial Express dated 13th June, 2019
No post-dated cheques (PDCs) were issued by Ansal Group to secure the Non-Convertible Debentures (NCDs) of Rs. 200 crores issued and allotted by Ansal Hi-Tech Townships Limited {subsidiary of Ansal Properties and Infrastructure Limited}. NCDs have been secured by moveable/immovable properties worth more than 2 times the size of NCDs.
In this connection, we would like to submit that, the events are not considered as price sensitive information and hence are not expected to have a bearing on the movement of trading in the Company's shares. We would like to confirm that there is no material impact of the news articles on the Company.

Should you require any further clarification in this regard, please inform us.

You are requested to please take the same on record.

Thanking You.


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