MAM
Srinivasan Swamy re-elected president of IAA in India
MUMBAI: At the Annual General Body Meeting of the India Chapter of International Advertising Association (IAA) held in Mumbai, RK Swamy Hansa Group chairman Srinivasan Swamy was unanimously elected its president for the third consecutive term.
He already serves on the IAA Global Board as IAA Asia Pacific development vice president.
Neeraj Roy of Hungama, Monica Tata of HBO and Jaideep Gandhi of Jaya Advertising were also re-elected vice president, honorary secretary and treasurer, respectively, for 2014-15.
The other members elected into the managing committee were: Abhishek Karnani of The Free Press Journal, Vishakha Singh of Aurora Comms, Manish Advani of Mahindra SSG, Janak Sarda of Deshdoot, CVL Srinivas of Group M, Avinash Pandey of ABP News, MV Shreyams Kumar of Mathrubhumi, Partho Dasgupta of BARC, Bhaskar Das of Zee Media and Rajesh Kejriwal of Kyoorius.
In addition, the following would serve in the committee as invited members for the year 2014-15: Pradeep Guha, Pheroza Bilimoria, Sam Balsara, Kaushik Roy, Raj Nayak, Ramesh Narayan, M G Parameswaran, Neville Taraporewalla, Gayatri Yadav, Anita Nayyar, Pradeep Dwivedi, Anand Sankeshwar, Sunil Lulla and Punitha Arumugam. “A few more have been invited and their names will be announced after they accept our invitation”, said Swamy.
In his outgoing president’s address, Swamy said that the year that went by was an active one, where 32 events were organised by IAA India. Some of these included two IAA Debates, four IAA Conversations, five IAA Mentorship Webinars, six Knowledge Seminars, three IAA Young Turks Forum events and other marquee events like the IAA Olive Crown Awards and the IAA Leadership Awards. There were a few other special ones like the IAA Retrospect & Prospects events in Gurgaon and Mumbai and the IAA Mentorship Programme. The year was off to a terrific start on 30 September 2013 with the IAA Platinum Jubilee Global Marketing Summit where the BJP Prime Ministerial candidate and Gujarat CM Narendra Modi delivering his valedictory address on his vision of Brand India.
IAA India will be celebrating its Silver Jubilee year in 2014-15. “We have identified at least 20 different platforms to peg our events for the coming year. We have a very good committee and I wouldn’t be surprised if we have more than 52 events during the year”, said Swamy.
IAA Asia Pacific area director Praddep Guha, “IAA India is already seen as the most active industry body in India as well as in the IAA world. With the plans that are made for 2014-15, I have no doubt that this will be the best year ever and would set a new benchmark”.
Not wanting to elaborate as yet, Swamy said, “IAA will continue with some its past branded events and add a few special ones for the year that would make the IAA India Silver Jubilee a memorable one”.
Brands
Maharashtra panel orders Lodha to refund Rs 5 crore to homebuyers
Consumer court flags unfair practices in long-running property dispute case
MUMBAI: In a sharp rebuke to one of India’s biggest real estate players, the Maharashtra State Consumer Disputes Redressal Commission has directed Macrotech Developers to refund nearly Rs 5 crore to a senior citizen couple, Uttam and Anindita Chatterjee. The ruling, delivered on March 13, 2026, calls out the developer for “deficiency in service” and “unfair trade practices”, bringing closure to a dispute that has stretched over a decade.
The case traces back to 2015, when the couple booked a 3-BHK flat at World Towers in Lower Parel for Rs 12.22 crore, with possession promised within a year. What followed was a series of changes that complicated matters. After deciding to exit the project, they were persuaded to shift to a 4-BHK in another development priced at Rs 8 crore, with delivery scheduled for 2018. However, within months, the price was allegedly increased to Rs 10 crore. After demonetisation reshaped the market, similar flats were reportedly being offered at lower prices, but the couple were not given the benefit.
Despite paying over Rs 2.83 crore, the couple neither received possession nor clarity. Instead, in 2018, the developer unilaterally cancelled the booking, retained part of the amount as earnest money, and argued that the buyers were investors rather than consumers. The commission rejected this claim, observing that casual references to “investment” do not take away consumer rights when the purchase intent is residential.
The bench also held that the developer could not penalise buyers for payment delays while failing to meet its own delivery commitments. It noted the lack of formal documentation for revised terms and termed the prolonged retention of funds without delivering a home as exploitative.
As part of its order, the commission directed the developer to refund Rs 2.83 crore paid by the couple, along with interest at 10 per cent per annum, amounting to around Rs 2.12 crore. In addition, Rs 1 lakh has been awarded for mental agony and Rs 50,000 towards litigation costs, taking the total payout to over Rs 5 crore. The developer has been asked to comply within two months.
For now, the ruling serves as a reminder that in real estate, shifting terms and delayed promises can carry a significant cost.
