ITEM 8.01-OTHER EVENTS.
Registrant identified
Registrant intends to acquire the target through a specific purpose registered
To brief on the company, currently Lavasa is undergoing Corporate Insolvency
Resolution Process (CIRP) under Section 9 of the Insolvency & Bankruptcy Code
2016 of
Under CIRP process, LCL owes around
Registrant submitted Expression of Interest (EOI) to the
The Registrant shall be appointing JLL India & Cushman & Wakefield Chennai for conducting Asset Due Diligence and valuation analysis for Registrant to participate in the bid. Registrant may also jointly venture with a major Indian Realty Developer once NCLT accepts Registrant's EOI
To explain the transaction flow, Registrant shall coordinate with intermediaries
in structuring the investment flow, initiate Indian InvIT/REIT Registration
formalities with the
Registrant is organizing IREEM ("India Real Estate Equity Management") as
specific purpose Private REIT/Investment Structure across the globe in USA,
Deal Value including Registration Charges, Stamp Duty, Service Fee Payments and
Compensation payable to the Project Manager is estimated to be around
Replacement Value of the Assets (InvIT IPO Valuation)
Registrant shall be the core sponsor participant to the InvIT along with an
identified Local Developer of high repute. Transaction is expected to fetch
Expected Closure. (a)
NCLT next hearing date:
(b)
If NCLT accepts Registrant to participate in the bid,
(1) Initial 10% within such time that NCLT stipulates but subject to successful due diligence, and (2) final payout within such time from the first pay out date as NCLT directs.
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THERE IS NO GUARANTEE THAT THE TRANSACTION WILL CONSUMMATE AT ALL IF THE DUE DILIGENCE FAILS FOR ANY REASON. THERE IS NO GUARANTEE THAT THE REGISTRANT WILL BE ABLE TO SUCCESSFULLY ARRANGE MONIES AND CARRY THE TRANSACTIONS THROUGH CLOSURE. THERE IS NO GUARANTEE THAT REGISTRANT WILL BE EARNING THE ANTICIPATED INCOME EVEN IF TRANSACTION CLOSES SUCCESSFULLY.
THERE IS NO GUARANTEE THAT NCLT WILL ACCEPT REGISTRANT'S EXPRESSION OF INTEREST (EOI) AND PERMITS REGISTRANT TO BID FOR LAVASA.
THERE IS NO GUARANTEE THAT SERVICE PROVIDERS WILL BE ABLE TO EFFICIENTLY STRUCTURE THE TRANSACTION.
NEED MAY ARISE FOR PRIVATE REIT IN THE
FAILURE TO PARTICIPATE IN THE BID, CONCLUSION OF THE TRANSACTION OR SHORTFALL IN ANTICIPATED INCOME AND INEFFICIENT STRUCTURE ADVISED SHALL MEAN LOSS OF TIME, MONEY, RESOURCES AND OPPORTUNITY INVESTMENT LOSS, VALUE AND INCOME THAT THE REGISTRANT OTHERWISE WOULD GAIN IF IT PURSUES SOME OTHER TRANSACTIONS. IT WOULD ALSO MEAN COMPLETE LOSS OF CAPITAL, INCOME AND OTHER OPPORTUNITY EARNINGS FOR THE INVESTORS.
ANY BUSINESS WILL BE SUBJECT TO RISKS AND THOUGH THE REGISTRANT MAY INTEND TO FORESEE ALL SUCH RISKS FOR MITIGATION, THERE IS A POSSIBILITY THAT CERTAIN RISKS MAY ESCAPE FORESIGHT IN THE CONDUCT OF THE TRANSACTION NOTIFIED THROUGH THIS FILING.
There may be material, seen/foreseen/unseen, listed/unlisted business, management, operations, geographic, economic, financial, legal, technical and other risks associated with the assets and the conduct of business itself even if the Registrant follows enough care in mitigating such risks for conclusion of transaction. Registrant and its affiliates, customers, investors, vendors and any other persons associated with the Registrant including common shareholders and public in interest may have server impact due to the effects that these risks may influence upon the Registrant in its conduct and operations.
FORWARD LOOKING STATEMENTS
This Report on Form 8-K includes both historical and forward-looking statements, which includes information relating to future events, future financial performance, strategies, expectations, competitive environment and regulations. Words such as "may," "shall", "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "intending", "contemplating", "plans," "believes," "estimates," "hopefully" and similar expressions, as well as statements in future tense, present and past continuing, identify forward-looking statements. Such statements are intended to operate as "forward-looking statements" of the kind permitted by the Private Securities Litigation Reform Act of 1995, incorporated in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). That legislation protects such predictive statements by creating a "safe harbor" from liability in the event that a particular prediction does not turn out as anticipated. Forward-looking statements should not be read as a guarantee of future performance or results and will probably not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information we have when those statements are made, or on our management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
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The inclusion of the forward-looking statements should not be regarded as a representation by us, or any other person, that such forward-looking statements will be achieved. You should be aware that any forward-looking statement made by us in this Report on Form 8-K, or elsewhere, speaks only as of the date on which we make it. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on the forward-looking statements contained in this Report on Form 8-K.
ITEM 9.01-FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits. Exhibit Number Description 10.1Times of India News Release onInterups Inc's Expression of Interest in Lavasa
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