Page 508 - Business Finance
Competition Comm dismisses complaint against Sana Realtors
Competition Commission Tuesday dismissed allegations of unfair business practices made against realty firm Sana Realtors. The complaint was filed by a group of individuals, who had booked units in the company's project 'Precision Soho Towers' located at Gurugram, Haryana. It was alleged that the firm abused its dominant position by imposing unfair and discriminatory conditions in the flat buyers agreement. They were also aggrieved by the delay in handing over the units. For the case, the Competition Commission of India (CCI) considered 'the market for commercial units for office space in Gurugram' as the relevant one. In its order, the watchdog noted that presence of other players in the relevant market indicates that competing products are available to consumers. Hence the firm does not appear to be dominant in the relevant market, it added. In the absence of dominance, the company's conduct cannot be examined under the provisions of Section 4 of the Competition Commission ...
Essar Steel CoC cannot discriminate between operational creditors, observes NCLAT
The National Company Law Appellate Tribunal (NCLAT) on Tuesday observed that the Committee of Creditors of Essar Steel cannot discriminate between operational creditors of the debt-ridden firm. The CoC of Essar Steel has divided operational creditors of the company into two types -- one with claims under Rs 1 crore and another above Rs 1 crore. During the proceedings, the NCLAT bench headed by Chairman Justice S J Mukhopadhaya said that the operational creditors cannot not be treated differentially. "We have said that you cannot discriminate among the same set of creditors. You can not discriminate among operational creditors on the basis of their dues," the NCLAT said. According to the resolution plan of ArcelorMittal approved by CoC on October 24, 2018, operational creditors having claims below Rs 1 crore will get their dues and those with claims of over Rs 1 crore will receive almost zero. Financial creditors would get an upfront Rs 41,987 crore payment against their admitted ...
Shared mobility, choosing right vehicle segment can ensure success of EVs in India: Ola
Commercial and public transport systems have "more compelling economics" of using electric vehicles (EVs) over private cars, given the low operating costs of these environment-friendly vehicles, a report by Ola Mobility Institute (OMI) Tuesday said. The report - based on insights from Ola's EV project in Nagpur - also stated that it would make sense to focus on electrifying vehicles with the highest demand and utility in the Indian context i.e. two-wheelers and three-wheelers. "High upfront costs, lack of charging infrastructure and uncertain performance of a battery-powered vehicle may hold back rapid adoption of e-mobility for private users...(also) appropriate prioritisation of vehicle segments for electrification may prove to be critical to the adoption of e-mobility," the report pointed out. It added that apart from incentivising purchase of EVs, "usage-based incentives" for electric vehicles will "accelerate innovation, encourage early adopters, enable new business models, and ..
Corp Affairs Min plans to start gathering 'primary data' from investors
The Ministry of Corporate Affairs plans to start gathering "primary data" from persons who have put in their money in chit funds and deposit-taking schemes, an official said Tuesday, amid continuing efforts to clamp down on illicit fund raising activities. The Investor Education and Protection Fund (IEPF) Authority, under the ministry, would seek information from investors, including proof of investment and identity details. A mobile application as well as an online platform for investors who have put in their money in deposit-taking schemes and chit funds would be introduced early next month. This is aimed at collecting "primary data" from the investors, the official said. Investors who have pending dues even after maturity period of their investments have been completed, before January 2019, would be allowed to provide details through the platform, the official added. Further, the official said that such a system would help in having an understanding about entities taking deposits ..
TGBL Q4 profit halves to Rs 36 crore; to acquire Dhunseri's branded tea biz
Tata Global Beverages (TGBL) Tuesday reported a 49.70 per cent fall in consolidated net profit at Rs 35.99 crore for the March quarter, impacted by higher tax outgo. The company had posted a profit of Rs 71.56 crore for January-March 2018, TGBL said in a BSE filing. Meanwhile, TGBL said it will acquire the branded tea business of Dhunseri Tea & Industries for an aggregate consideration of Rs 101 crore. TGBL's total income during the quarter under review was up 5.63 per cent at Rs 1,810.69 crore as against Rs 1,714.12 crore in the same period a year ago. "Group net profit for the quarter and full year is lower mainly due to higher exceptional items, higher share of losses from joint ventures and associates and higher one-time tax credits in the previous year," said TGBL. TGBL, which reported a profit before exceptional items and tax (PBIT) of Rs 161.04 crore during the quarter, said its tax outgo numbers are not comparable. "Tax expense for the quarter is not comparable to that of .
India faces challenge to replace Iran oil: Report
India depends on Iran for nearly 10 per cent of its oil requirements, with the US sanction drying this source by May 2, the country's macroeconomic situation may go for a tailspin if an alternative is not found immediately.
Vodafone Idea expects Rs 25k cr rights issues to be fully subscribed
Vodafone Idea on Tuesday said that it expects the Rs 25,000 crore rights issue, which closes on Wednesday, to be fully subscribed.
Sheila Dikshit declares assets worth over Rs 4.92 crore
Former chief minister and Congress candidate Sheila Dikshit, who filed her nomination from the North-East Delhi Lok Sabha constituency on Tuesday, declared personal assets worth over Rs 4.92 crore. According to an affidavit filed by Dikshit, the 81-year-old Congress veteran has an apartment in Nizamuddin area which has a market value of around Rs 1.88 crore. In the affidavit, the Congress leader has shown an income of Rs 14.99 lakh in the Income Tax Returns for the 2017-18 financial year, while the same was Rs 15.86 lakh for the 2016-17. She has gemstones worth Rs 1.56 lakh, while gold worth Rs 1.25 lakh. Besides, she also has silver, articles and utensils worth Rs 6.71 lakh, the affidavit stated. There is no case registered against Dikshit. The three-time chief minister has only one car registered on her name. According to the affidavit, she has movable and immovable assets worth Rs 4.92 crore. The North-East Delh Lok Sabha constituency, dominated by Purvanchalis, Muslims, among ...
Polling concludes in 22 states and 2 UTs, 63.24% interim turnout recorded in 3rd phase
With the third phase of polling coming to an end, an interim voter turnout of 63.24 per cent has been recorded overall in 22 states and two Union Territories, the Election Commission said on Tuesday.Among the states and UTs that went to polls today, Assam witnessed voter turnout of 78.29 per cent, while 59.97 per cent electorates came out to vote in Bihar. In Goa, poll percentage was recorded at 71.09 per cent whereas in Gujarat it was 60.21 per cent, as of 5 pm.In terms of voter turnout in the third phase, Jammu and Kashmir had 12.86 per cent, Karnataka 64.14 per cent, Kerala 70.21 per cent, Maharashtra 56.57 per cent, Odisha 58.18 per cent, Tripura 78.52 per cent, Uttar Pradesh 57.74 per cent, West Bengal 79.36 per cent, Chhattisgarh 65.91 per cent, Dadra and Nagar Haveli 71.43 per cent and Daman and Diu 65.34 per cent.Sharing details of polling today, senior Deputy Election Commissioner Umesh Sinha said, "The polling was largely peaceful except for minor incidents at some places. .
ED summons Chanda Kochhar, husband, brother-in-law
The Enforcement Directorate (ED) has issued summons to former ICICI Bank CEO Chanda Kochchar, her husband Deepak Kochchar and brother-in-law Rajiv Kochchar for questionning in a money-laundering case.
Kolkata-based co transfers unpaid deposits worth Rs 1,514 cr to IEPF
Kolkata-based Peerless General Finance and Investment Company has transferred unpaid deposits worth Rs 1,514 crore to the IEPF, an amount that was pending with the company for more than 15 years, according to the government. The Investor Education and Protection Fund (IEPF), set up under the Companies Act, 2013, primarily focuses on protecting the interest of investors. "In a major success, the IEPF Authority has been able to enforce Peerless General Finance and Investment Company Ltd to transfer deposits worth about Rs 1,514 crore to IEPF. "This depositors' money was pending with the company for the last 15 years," the corporate affairs ministry said in a release Tuesday. The IEPF Authority comes under the ministry, which is implementing the Companies Act. Government officials said the matter came to the notice of the ministry through a communication from the Reserve Bank of India (RBI) as the Kolkata-based firm was a Non-Banking Finance Company (NBFC). The amount of Rs 1,514 crore ..
US decision to end Iran oil waiver to hit Indian exports: TPCI
India's exports will suffer due to the anticipated rise of 3 to 5 per cent in crude oil prices following the US decision to end waiver that allowed the country to buy Iranian oil without facing sanctions, the Trade Promotion Council of India said Tuesday. "Exports sector is bound to be hit as oil is intermediate product in all kinds of production and services," the Trade Promotion Council of India (TPCI) Chairman Mohit Singla said. He observed that there will be an immediate rise of 3 to 5 per cent in crude oil prices owing to the slated sanctions. "It is estimated that 10 per cent increase in oil price will increase the trade deficit by USD 7 billion, that is trade deficit will widen by 560 bps and lower GDP by 0.2 per cent. This will in turn weigh on the rupee too, which is expected to depreciate further, making the import much costlier," Singla remarked. India Monday said it was adequately prepared to deal with the impact of the US decision to end waiver that allowed it to buy ...
Indiabulls Integrated Service Q4 profit up 54% at Rs 72.78 cr
Indiabulls Integrated Services Ltd Tuesday reported a 54 per cent rise in its net profit at Rs 72.78 crore for the quarter ended March 2019. Its net profit stood at Rs 47.30 crore in the year-ago period, the company said in a regulatory filing. Total income rose to 166.09 crore in the fourth quarter of 2018-19 fiscal as against 125.24 crore in the corresponding period of the previous year. Net profit rose to Rs 78.11 crore in the last fiscal from 7.86 crore in the previous year. Total income rose to Rs 349.61 crore in the 2018-19 fiscal from Rs 265.11 crore in the previous year. Indiabulls Integrated Services Ltd (formerly SORIL Holdings and Ventures Ltd) is primarily engaged in the businesses of real estate, providing management and maintenance services, construction advisory and other related services, charter business of aircraft, trade in all kinds of sculptures, paintings and art graphics etc.
Softbank investing in Jio as Mukesh Ambani deleverages business
Japan's Softbank is reportedly looking to make a USD 2-3 billion investment in India's fastest-growing telecom firm Reliance Jio as billionaire Mukesh Ambani looks to deleverage business by selling stakes. This comes on the back of reports of Saudi giant Aramco in discussions to buy a 25 per cent stake in Reliance Industries' refining and petrochemical business for USD 10-15 billion. "Softbank has long been seen as a potential investor in Jio," JPMorgan said in a research report. "For the past 2 years, our conversations with investors have highlighted expectations of Softbank investing in Jio and hence the news flow is not surprising." It, however, remains to be seen how much money does Softbank actually put in, what the implied equity valuation is and if the e-commerce venture is included in the Jio entity. It was reported that SoftBank's Vision fund is currently undertaking due diligence to buy a stake in Jio Infocomm, which in September 2016 launched pure play fourth-generation or .
IEPF body recovers Rs 1,514 cr of depositors' funds
The Investor Education and Protection Fund (IEPF) Authority has "successfully forced" the Peerless General Finance and Investment Company to transfer deposits worth about Rs 1,514 crore to IEPF, a statutory body under the ministry of Corporate Affairs.
SpiceJet to launch 28 new flights connecting Mumbai, Delhi
Budget carrier SpiceJet will launch 28 new flights connecting Mumbai and Delhi with other cities on its domestic network from April 26.
Petrol may not go beyond Rs 75/litre in Delhi till poll-end
Call it election time rationing or return of the administered price mechanism regime, but the retail price of petrol may not cross the Rs 75 a litre-mark in Delhi, at least till the end of polling on May 19.
Trai directs Bharti Telemedia to comply with provisions of new regulatory framework
Sector regulator Trai Tuesday directed Bharti Telemedia to comply with the provision of the new regulatory framework for broadcasting and cable TV services, as it took serious note of consumer complaints pertaining to the DTH operators' specific offering and grievance redressal helpline. "The said DTH operator is forcefully offering a bouquet of free-to-air channels with no choice to subscribers, without their consent and with no additional NCF (Network Capacity Fee). This is in addition to the channels opted by the subscribers," Trai said in its direction available on its website. Most of the times, the consumers are unable to contact the toll-free number of Bharti Telemedia to express their grievance, Trai added. "Now, therefore, the authority, in exercise of its power...directs Bharti Telemedia Ltd to resolve the issues mentioned...and to report compliance as per the new regulatory framework within five days from the date of issue of this direction," it added. The action was based .
Twitter revenue jumps 18% to $787 mn, users down
Twitter on Tuesday said its revenue jumped 18 per cent to $787 million in the first quarter of this year compared to last year, while its monthly active users went down to 330 million, a year-on-year drop of six million.
Tata Global to acquire Dhunseri's branded tea biz
Tata Global Beverages Ltd (TGBL) on Tuesday said it has entered into a non-binding agreement to acquire the branded tea business of city-based Dhunseri Tea and Industries Ltd, for an aggregate consideration of up to Rs 101 crore. The proposed acquisition will be subject to due-diligence, signing of definitive binding agreements and applicable approvals, TGBL said in an exchange filing. Dhunseri's branded tea business include 'Lalghoda' and 'Kalaghoda' brands in Rajasthan, where local players dominate the market. The move is in line with TGBL's ambition to grow its branded tea business in India, the company release said. For the fiscal ended March 31, the India tea business of TGBL clocked a 9 per cent volume growth and 7 per cent value growth across its brands. Net sales of Dhunseri's branded tea business stand at Rs 70 crore. "I will focus on bulk tea business. Packet tea needs a lot of effort in building marketing network. TGBL are leaders in packet tea and they will ..