MAM
Payback appoints Rijish Raghavan as COO
Mumbai: Payback, India’s largest multi-brand loyalty program, today has announced the appointment of Rijish Raghavan as the new chief operating officer to oversee its India operations. Raghavan will also continue to lead business development and partner management portfolios while taking on additional responsibilities that would encompass business intelligence and compliance.
He has over two decades of experience in leadership roles across industries. He believes in taking the organisation to the next level with expansion across new service categories and customer segments.
Speaking on his new role Raghavan said, “I have been fortunate to be part of Payback’s journey in India and am excited to take on this new role that will help drive the next phase of growth for the business and will help the brand achieve many milestones. I am committed to bring in new ideas that will lead to the fulfilment of business objectives of our shareholders and partners along with creating more rewarding experiences for our members.”
Prior to Payback, Raghavan was associated with companies like American Express and Cox & Kings. He has been instrumental in leading business development and driving growth for Payback in the country for last four years. He holds a post graduate diploma in business management from Xavier’s Institute of Management and has a deep understanding of marketing, analytics and technology functions.
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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.
