Idea Cellular in focus as IT department slaps Rs 3900 crore tax notice

The Income Tax Department has reportedly slapped a Rs 3900-crore notice on Idea Cellular and its subsidiary, Aditya Birla Telecom, over transfer of assets and licences between the two companies in 2009. Idea Cellular said on Friday, 5 April 2013, that it believed the demands were unjustified and based on erroneous interpretation of current tax laws. Idea is evaluating options including challenging the tax demand, the company added.

DLF has signed agreements to sell its wind power assets in Tamil Nadu and Rajasthan for around Rs 241 crore.

Coal India workers have reportedly threatened to go on an indefinite strike if the government goes ahead with its plan to sell more equity in the company to raise an estimated Rs 20000 crore.

Power Grid Corporation of India after trading hours on Friday, 5 April 2013, said that the board of directors at meeting held on 28 March 2013 has approved 7 new projects with a total cost of Rs 3450.81 crore.

Bank of Baroda has decided to revise rates of interest on some term deposits of less than Rs 1 crore with effect from 6 April 2013. Interest rates on term deposits of some shorter maturity period of up to 1 year have been raised while those on deposits of above 1 year have been cut.

Jindal Steel & Power has on 5 April 2013, allotted 3,000 - 9.63% Unsecured Rated Redeemable Non-Convertible Debentures (NCD's) aggregating to Rs 300 crore to HDFC Bank.

Ashok Leyland said the Board of Directors of the company through a circular resolution dated 5 April 2013, has considered a Scheme of Amalgamation of Ashley Holdings and Ashley Investments and Ashok Leyland Project Services with Ashley Services and their respective shareholders ('the Scheme') and has given consent affidavit for the same as a shareholder/preference shareholder of these companies.

The Scheme is subject to requisite consent, approval of the High Court of Judicature at Madras, Chennai and the permission or approval of the Central Government or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.

Aditya Birla Nuvo before market hours today, 8 April 2013 said that the Committee of Directors of the company held a meeting on 6 April 2013 to review the carbon black business scenario both in the Indian and the global context. Given that multi-national tyre manufacturers prefer to engage with carbon black players that have global delivery capabilities, scale and global positioning in the Carbon Black sector has become increasingly important. Aditya Birla Nuvo's carbon black business, by itself, accounts for merely 2% of the global industry capacity. Moreover, in view of the company's capital commitment towards funding the growth of its other businesses, it is extremely challenging for the company to become a global Carbon Black player. Hence the Committee of Directors of the company at its meeting held on 6 April 2013 has, subject to the approval of Shareholders and other requisite approvals, decided to divest the Company's Carbon Black Business, on a going concern basis, by way of slump sale to SKI Carbon Black (India), an Aditya Birla Group Company, for a lumpsum consideration of Rs 1451 crore as enterprise value. The cash inflow from the divestment of the Carbon Black business will reduce debt and strengthen the company's balance sheet. This will support growth plans and ensure greater focus on the other businesses of the company.

Jindal Steel & Power, Jindal SAW, JSW Steel, Jindal Stainless after market hours on Friday, 5 April 2013 said that Jargo Investments has created a share pledge of shares held by holding company in favour of Credit Suisse AG, Singapore Branch.

Mahindra Holidays & Resorts India said that the IPP Issue Committee of the Board of Directors of the company has by a resolution dated on 6 April 2013 fixed the price band at Rs 255 to Rs 265 per share for the proposed issue of up to 41.41 lakh equity shares of the company to qualified institutional buyers. The issue opens and closes on 9 April 2013.

Essar Ports said before market hours today, 8 April 2013 that Securities and Exchange Board of India (SEBI) has permitted the conversion of Global Depository Securities (GDSs) issued by the company into equity shares for the purpose of meeting the minimum public shareholding requirement.

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