Why Did Hubtown Sell, Buy And Sell The Same Company?

Hubtown bought a company and sold it in 10 days at half of what it paid.

Aman Kapadia @AmanKapadia4

18 Jan 2019, 10:56 PM IST

A Hubtown project in Andheri, Mumbai (Source: Hubtown website)

It’s not unusual for real estate companies to transact in land and property, but when a developer acquires an asset and sells it within 10 days, that raises eyebrows.Mumbai-based public listed developer Hubtown Ltd. (erstwhile Ackruti City Ltd.) acquired a 51 percent stake in a firm, E Commerce Magnum Solution Pvt. Ltd., for Rs 48.19 crore in cash on Sept. 17, 2018. According to filings with the Registrar of Companies, E Commerce Mag...

Why Did Hubtown Sell, Buy And Sell The Same Company?

Hubtown bought a company and sold it in 10 days at half of what it paid.

Choose a plan