Nusli Wadia

In what signals a truce between the Birla and Wadia families, Birla group company Century Textiles and Industry on Tuesday announced a deal to buy the prime land parcel at the centre of the dispute in central Mumbai's mill district from Nusali Wadia for Rs 1,100 crore. The two families, among the oldest denizens of corporate India, were at loggerheads over the Worli plot in what used to be the mill land and has now become prime real estate. The matter was pending in the courts. On Tuesday, Birlas-run Century Textiles and Industry made the surprise announcement that its realty arm Birla Estates is acquiring title rights for the approximately 10-acre plot for Rs 1,100 crore from Nusli Wadia. The "existing leasehold interest of CTIL is merged with the ownership rights" with the deal, the statement said, adding that this particular parcel possesses a booking value potential of Rs 14,000 crore if the real estate is exploited to the fullest. It can be noted that a year back, the nearly .

Over 94 acres of land will be sold under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002

Nusli Wadia said that P&W engines started failing right from the earliest delivery in 2017 'not just once, but several times'

The group wants to hedge its bets in the aviation sector and thus wants to partner with a financial investor while holding a majority stake

In which we munch over the week's platter of news and views

Tribunal stays order restraining company and promoters from capital markets for 2 years

The market regulator has also slapped a cumulative penalty of Rs 15.75 crore on 8 individuals and two entities, in the matter

The central probe agency, in its reply, said the accused had no right to seek further investigation at this stage of the case, and his application should be dismissed.

Century doesn't own 30 acres of land in Worli, it claims to own, says Nusli Wadia in public notice

Britannia, Bombay Burmah's annual reports say businessman did not offer himself for reappointment to the board.

Dispute mentioned in airline's DRHP under 'risk factors'

From the latest on Nusli Wadia's defamation suit against Ratan Tata to Walmart's firing of top India execs, read all the top headlines here

Wadia withdrew plea in SC after court recorded that Ratan Tata and others had no intention to defame him

Wadia filed a criminal defamation case against Ratan Tata and other directors of Tata Sons in 2016 after he was voted out of the boards of some Tata Group companies

Wadia was a favourite of former Tata group chairman J R D Tata to take over the group's reins after him

Respondents to stand trial for criminal defamation under Indian Penal Code, face simple jail term of up to 2 years, with fine.

Alleges group firms made wrong declarations in annual reports

Company said 3.62 cr votes, accounting for 24.33% of votes polled, were against his removal

At least three-fifth of the votes by minority shareholders were against Wadia's removal

The industrialist criticised the group's continued steel investments in Europe