Page 3890 - Business Finance
Canteen services provided by outside vendors to attract 18% GST
Canteen services provided by outside vendors in offices and factories will attract 18 per cent GST, said the Authority for Advance Rulings (AAR). The Gujarat Bench of the AAR passed its order in an application filed by Rashmi Hospitality Services sought an advance ruling on whether the rate of tax on supplies made to non-airconditioned canteen of offices would be taxed at GST of 12 per cent or 18 per cent. The AAR said that the catering service provided by Rashmi Hospitality to the recipient who has an in-house canteen at their offices or factories where the meals, snacks, tea are consumed by employees or workers, do not alter the nature of the service provided by the hospitality company. "The supply of services by M/s Rashmi Hospitality Services Pvt Ltd is covered under (GST Act)... attracting Goods and Service Tax at 18 per cent (CGST of 9 per cent + SGST of 9 per cent)," the AAR said. EY Partner Abhishek Jain said, "The said Ruling would open up a pandora box for industries as ...
Colgate-Palmolive Q4 net profit up 32%
Colgate-Palmolive India (CPIL) on Monday reported rise of 32.4 per cent in its net profit for the quarter ended March on a year-on-year basis.
DLF's Q4 net profit up 66% at Rs 247.73 cr
Realty major DLF's consolidated net profit rose by 66 per cent to Rs 247.73 crore in the fourth quarter of last fiscal. Its net profit stood at Rs 149.14 crore in the year-ago period, the company said in a regulatory filing. Total income, however, fell to Rs 1,845.92 crore during January-March quarter of last fiscal from Rs 2,511.37 crore in the corresponding period of the previous year. During the full 2017-18 fiscal, the company's net profit jumped sharply to Rs 4,463.86 crore from Rs 714.79 crore in the previous year. Total income, however, fell to Rs 7,663.71 crore last fiscal from Rs 8,940.51 crore in the 2016-17 financial year.
UAE oil for Mangalore strategic stockpile arrives
India today received the first shipload of crude oil from UAE for storage at the Mangalore underground strategic storage which will act an insurance in times of emergencies. Ship MT Inspiration carrying 2 million barrels of crude oil belonging to Abu Dhabi National Oil Company (ADNOC) docked at the Mangalore port after sailing for a week, an official statement said here. Indian Strategic Petroleum Reserve Ltd - a special purpose vehicle that build India's maiden strategic storages - had in February signed a contract with ADNOC to lease out part of the Mangalore storage. Under the pact, ADNOC will store about 5.86 million barrels of crude oil at Mangalore storage at its own cost. "The filling up began with the 2 million barrels reaching Mangalore today," the statement said. ADNOC will bring additional crude oil and fill up the Mangalore cavern later this year. The investment by way of crude oil in Indian strategic petroleum reserve facility is the first time that a private entity is ...
China to buy massive amount of US farm products: says Trump
President Donald Trump today said that the "barriers and tariffs" with China will "come down for first time" and that it had agreed to buy massive amounts of American farm products. Trump's remarks come after China said it would "significantly increase" purchases from the US and Treasury Secretary Steven Mnuchin declared a "hold" on the trade war while negotiations over various trade matters continue. "China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products - would be one of the best things to happen to our farmers in many years! Trump tweeted. "On China, Barriers and Tariffs to come down for first time," he added. It comes after the high-level delegations from US and China held trade negotiations on a wide range of issues including tariff barriers and intellectual property violations. Trump wants to bring down the trade deficit with China.
CBI charge-sheets Rotomac promoters
The CBI has filed its charge sheet against Rotomac Global Pvt. Ltd. and its promoters in connection with the Rs 456.63-crore alleged loan default towards Bank of Baroda, which is part of a total default of Rs 3,690 crore towards a consortium of seven banks, officials said. After a three-month probe, the charge sheet was filed in a special court in Lucknow. It deals with Rs 456.63 crore loan of Bank of Baroda as the probe into the remaining amount was still continuing, they said, adding that more charge sheets could be filed in the case. Besides Kanpur-based Rotomac Global Pvt. Ltd, the CBI has also charged its CMD Vikram Kothari, his son and director Rahul Kothari, then AGM of Bank of Baroda S K Upadhyay, then Senior Manager of the bank Om Prakash Kapoor, and then bank manager Shashi Bishwas, they said. The agency has charged Vikram Kothari and his son, who are in judicial custody, and others with alleged criminal conspiracy, cheating among others and under provisions of the ...
Jaiprakash Associates says no fraud in providing Jaypee Infra's land as collateral
Crisis-hit Jaiprakash Associates Ltd (JAL) today said the company provided certain land parcels of its subsidiary Jaypee Infratech as additional collateral to its lenders and the mortgage transactions could not be termed as "fraudulent". The Allahabad bench of National Company Law Tribunal (NCLT) last week passed an order directing JAL to return nearly 760 acre land to Jaypee Infratech Ltd (JIL), while declaring the transfer of the land as "fraudulent" and "undervalued". The order came over a petition filed by bankruptcy -hit JIL's resolution professional (RP) Anuj Jain seeking direction over the transactions entered by the firm's promoters, creating mortgage on its 858 acre to secure debt for JAL. NCLT directed JAL to return only 759 acre out of total 858 acre as it found that the transaction related to 100 acre in Aligarh district was entered before the start period of corporate insolvency resolution process (CIRP). Last year, NCLT had admitted an application of IDBI Bank-led ...
Dhunseri to buy Egyptian co in joint venture
Dhunseri Petrochem Ltd today said it will buyout Egyptian Petrochemical Holding Company's 23 per cent stake in their joint venture company for an undisclosed sum. The acquisition would be done in seven tranches, the company said in a regulatory filing. The company said it had yesterday entered into "a Share Purchase Agreement with Egyptian Petrochemicals Holding Company (ECHEM) for the purchase of its 23 per cent stake of our joint venture company - Egyptian Indian Polyester Company S.A.E (EIPET) in 7 tranches." Dhunseri will buy 43,700 equity shares of EIPET from ECHEM at par value in the first and second tranche and the payment for the first and second tranche has been made. "The remaining shares would be purchased by the company, the last tranche being in the year 2023 in accordance with the terms and conditions of the Share Purchase Agreement," it added.
FinMin seeks new appointments in PNB, Allahabad Bank
In the wake of the banking scams unearthed recently, the Finance Ministry on Monday wrote to the Banks Board Bureau (BBB) asking them for new appointments to be made in the top level of Punjab National Bank (PNB) and Allahabad Bank.Top officials from the Ministry told ANI that as of now, no relaxation of Prompt Corrective Action (PCA) framework is being discussed.There are currently 11 banks are under the PCA, which, the Ministry said, need to make individual strategies to come out of it.The official also noted that in the entire procedure, relief may be provided to Micro, Small and Medium Enterprises (MSMEs) by allowing those facing PCA framework-related issues to shift their accounts to other banks.Last Thursday, Piyush Goyal, who is temporarily in charge of the Finance Ministry, had attended the meeting convened by the Department of Financial Services with all the 11 banks under the PCA and took stock of the banking system.In the same meeting, the banks had submitted individual ...
PNB fraud: ED attaches Nirav Modi's properties worth Rs 171 cr
The Enforcement Directorate (ED) on Monday said that it has attached more properties of the absconding diamantaire Nirav Modi worth Rs 171 crore as part of its probe in the multi-crore Punjab National Bank (PNB) fraud.
Century Textiles shares tank nearly 6% after cement biz deal
Shares of Century Textiles and Industries dropped nearly 6 per cent a day after UltraTech said it would acquire the cement business of the BK Birla Group company through a share-swap deal. The scrip plunged 5.85 per cent to end at Rs 1,004.05 on BSE. During the day, it tanked 12.32 per cent to Rs 935 - its 52-week low level. At NSE, shares of the company tumbled 5.55 per cent to close at Rs 1,006.95. Shares of UltraTech Cement rose 4.20 per cent to Rs 4,021.55 in intra-day trade but later gave up all the gains and ended flat at Rs 3,851.65, down 0.20 per cent on BSE. Aditya Birla Group firm UltraTech said it would acquire Century Textiles and Industries through a share-swap deal, a move which would further consolidate its position as market leader in the segment. The Board of Directors of UltraTech Cement yesterday approved a scheme of arrangement amongst Century Textiles and its respective shareholders and creditors, UltraTech said in a statement.
BSES offers economical energy efficient ACs
In a move to promote energy efficiency, Delhi power distribution company (discom) BSES on Monday announced an air conditioner (AC) replacement scheme which will allow consumers to save up to Rs 7,500 annually depending on the type of AC.
Promoters, shareholder sell Future Lifestyle Fashions' stake worth Rs 700 cr
Five entities, including promoters, today sold 8.5 per cent stake in Kishore Biyani-led Future Lifestyle Fashions for nearly Rs 700 crore, through open market transactions. Among the five entities, four are promoters namely Surplus Finvest, Suhani Trading and Investment Consultants, Future Ideas Company and Ryka Commercial Ventures while the fifth one is Pioneer Investment Fund. According to the block deal data available with the BSE, the five entities together disposed of 1.61 crore shares, amounting to 8.46 per cent stake in Future Lifestyle Fashions. Majority of the shares were offloaded at an average price of Rs 434, while some were sold at a price of Rs 438 apiece, valuing the transaction at Rs 699.43 crore, the data showed. Among the buyers of the shares were Bennett, Coleman & Company and Spectacular Investment Pte. Pioneer Investment Fund and Bennett, Coleman & Company are shareholders in the company. Shares of Future Lifestyle Fashions ended on the BSE at Rs 420.50, ..
British court dismisses charges against Barclays over 2008 Qatar deal
LONDON (Reuters) - A British court has dismissed charges brought by the Serious Fraud Office (SFO) against Barclays over its 2008 capital raising, the bank said on Monday, suspending for now the threat of regulatory sanctions on its business operations.
MCX launches India's first copper options
MUMBAI (Reuters) - India's Multi Commodity Exchange (MCX) said it launched the country's first copper options contracts on Monday.
Infibeam acquires Vavian Intl for AED 4.32 mn
Ahmedabad-based Infibeam today said its wholly-owned subsidiary has acquired digital payment processing company Vavian International for AED 4.32 million (about Rs 8.01 crore). "...Infibeam Global EMEA FZ-LLC, has acquired 100 per cent shareholding of Vavian International Ltd, one of the fast growing digital payment processing company in Middle East region, for AED 4.32 million," Infibeam said in a statement. It added that Vavian will become direct subsidiary of Infibeam Global and a step-down subsidiary of Infibeam Incorporation Ltd upon completion of aforesaid acquisition. The acquisition, which is expected to be completed in the next 2-4 weeks, is part of company's international expansion of digital platform and payment solutions. Vavian processes approximately 2,500 transactions with transaction value of AED 2 million on daily basis. Registered in June 2017 in Dubai, its monthly gross income is about AED 6,00,000. "By this acquisition, our company will have multi-fold ...
FinMin asks BBB to shortlist Allahabad Bank CEO, MD
The finance ministry has asked Banks Board Bureau (BBB) to shortlist candidates for the post of CEO and MD at Allahabad Bank after the position fell vacant when Usha Ananthasubramanian was divested of her duties. "We have written to BBB to shortlist candidates for the vacant post of Managing Director and Chief Executive Officer at Allahabad Bank," a finance ministry official said. Once BBB shortlists the applicants, the Appointments Committee of the Cabinet (ACC) will finalise the candidate. On May 15, the board of state-owned Allahabad Bank divested Ananthasubramanian of all powers, following a directive from the finance ministry after she was named in the CBI charge sheet in the PNB fraud case. Ananthasubramanian was the MD and CEO of Punjab National Bank till May 2017.
Tata Steel sees opportunities for synergy with Bhushan Steel
Tata Steel sees opportunities for synergy with Bhushan Steel, which it acquired under the corporate insolvency resolution process, a top company official said today. Speaking on the successful acquisition of debt-laden Bhushan Steel, Tata Steel CEO and MD T V Narendran said it was the best asset on block. The remark by Tata Steel chief came after a meeting with the senior officials at the South Block here. A senior official of Tata Steel said it was a "routine meeting". "We see lot of opportunities for synergies because it is a mill and (has) configuration with which we are very familiar. We know the blast furnace. It has rolling mill with excess capacity. It is close to where we are currently operating. It takes years to build a plant, It took 10 years for Kalinganagar," Narendran told reporters. On a petition filed by Bhushan Steel promoter Neeraj Singal in NCLAT challenging the eligibility of Tata Steel as resolution applicant under Section 29 A of the Insolvency and Bankruptcy ...
Wipro Gallagher Solutions Launches NetOxygen Saas for Loan Origination
NetOxygen Saas brings the power of NetOxygen, an enterprise class loan origination system that helps lenders reduce origination costs and boost production efficiency through automation. NetOxygen connects to a front end portal and fintech offerings thus providing seamless interactions to improve borrower experience. NetOxygen Saas enables quicker deployment and scalability to match business growth with an all-inclusive, per transaction pricing, which is based on business outcomes.
DCB Bank allots 1.29 lakh equity shares
Under ESOP