Lodha Developers Ltd. has been directed to deposit Rs 520.80 crore as security in relation to an ongoing case in the Supreme Court against V Hotels Ltd., which the company acquired last year through an insolvency process.
In a regulatory filing on Wednesday, Lodha Developers informed that this matter is related to proceedings initiated by the Enforcement Directorate against the erstwhile promoter of V Hotels. This was in relation to a transaction of Rs 520.80 crore, allegedly routed through VHL before the start of the insolvency process.
Lodha expects that the matter will be heard expeditiously in the apex court and the deposit will be released.
In April last year, Lodha Developers announced the takeover of VHL through the Corporate…