Page 709 - Business Finance
Grasim gets Rs 5,872 cr tax demand on its mega merger
Aditya Birla Group firm Grasim Industries Saturday said it has received Rs 5,872.13 crore tax demand from the Income Tax department with respect to its merger with Aditya Birla Nuvo and Aditya Birla Financial Services. "The company has, on March 15, 2019, received an order dated March 14, 2019, issued by the Deputy Commissioner of Income Tax (DCIT) raising a demand of Rs 5,872.13 crore on account of dividend distribution tax (including interest)," Grasim Industries said in regulatory filing. DCIT held that as the demerger of the demerged undertaking is not in compliance with Section 2(19 AA) of the Act, the value of shares allotted by Aditya Birla Capital Ltd (ABCL) to the shareholders Grasim Industries, in consideration of the transfer and vesting of the Demerged Undertaking into ABCL, amounted to dividend, within the meaning of the Act, the filing added. The company said, it is of view that, the aforesaid order is not tenable in law. "The necessary action(s) against the order is ...
New sanctions issued against Russia by USA, Canada, EU
New financial sanctions have been imposed on Russia by the United States, Canada and the European Union in relation to Russia's annexation of the Crimean Peninsula.Six Russian individuals and eight companies, which coordinated and provided material support for Russia's actions, have been blocked by the United States and its "transatlantic partners", The Hill quoted the US Treasury Department as saying."The United States and our transatlantic partners will not allow Russia's continued aggression against Ukraine to go unchecked," Treasury Secretary Steven Mnuchin said in a statement.He further said that the "joint initiative" with Canada and the EU "reinforces our shared commitment to impose targeted and meaningful sanctions in response to the Kremlin's attempts to disregard international norms and undermine Ukraine's sovereignty and territorial integrity."The sanctioned entities are now banned from the US financial system as well as from accessing US-based assets.Germany has previously
Can Musk still drive Tesla in India?
Tesla CEO Elon Musk has once again vouched to make India his next big market but the question lingers: Will the electric car ever run on desi roads?
Getting gender right can help Indian marketers enhance growth prospects
Marketers are reinforcing rather than helping to eradicate harmful gender-based stereotypes, in line with the latest AdReaction report released by Kantar, which reveals the disconnect between consumer and business opinions of gender portrayals in advertising.While the clear majority of marketers globally (more than 75 per cent) think they are avoiding gender stereotypes, 76 per cent of female consumers and 71 per cent of male consumers believe that the way they're portrayed in advertising is completely out of touch.The latest AdReaction report from Kantar includes analysis on advertising creativity and media effectiveness both globally and in India. The latest edition is based on a comprehensive analysis of how women and men are portrayed in ads, and how they respond differently to marketing. The report aims to guide marketers on their gender progress journey and help brands grow - by getting gender right.Commenting on the findings of this study, Vishikh Talwar- Managing Director- ...
JTEKT India fixes record date for scheme of amalgamation
Record date is 14 March 2019
RICS WBEF 2019 unites industry leaders on the future of Real Estate
RICS, the world-leading professional body promoting and enforcing the highest international standards in the built environment sector, is organizing its World Built Environment Forum 2019 Summit at Conrad New York, 13-14 May.The theme for the summit is 'The future of investment in real assets' with a focus on harnessing new technology to mobilize the private capital investment needed to meet the growing global demand for new infrastructure, new real estate and the renewal of existing assets.Now in its fourth year, the Summit is the flagship event of the RICS World Built Environment Forum. More than 500 delegates drawn from the highest levels of industry, government and policymaking will debate how to make informed and responsible investments, within an ever-changing technological and geopolitical landscape. The event is sponsored by big names in real estate, including Cushman & Wakefield, Newmark Knight Frank and Shanghai Oriental Investment Supervision Co (SOIS).World Built ...
Business funding made easy with Bajaj Finserv working capital loan
Whether you own a small food processing business or a large leather factory, working capital is equally important to keep your business up and running.You need it to meet day-to-day business expenses related to inventory, salaries, utility bills, and equipment, and also for business expansion, paying creditors and suppliers, training employees and meeting emergency needs. Working capital has a direct bearing on your business' operations and hence managing your capital prudently will help you foster growth.But at times, when you require urgent funds to meet your working capital needs, availing a loan may be the best option available.To meet your day-to-day business expenses, you can consider Bajaj Finserv to get a high-value Working Capital Loan of up to Rs 30 lakh at affordable interest rates and with lucrative features to manage your cash flow better. Here's how this Bajaj Finserv loan can help.Easy application and quick loan approval within 24 hours. You can apply for this business .
'JITO UDAAN 2019' Trade Fair to be held from 15th to 17th March 2019 at NESCO
JITO's biggest trade fair & conclave. Dedicated StartUp pavillion and committed funding by JIIF-JITO of US$ 1 Million to deserving StartUps. JITO apex donated Rs 3.06 Crore towards the cause of Pulwama martyr (Veer Jawans).To celebrate 12th foundation day of Jain International Trade Organisation (JITO), entire JITO Mumbai Zone, comprising of 11 JITO Chapters and its members came together to organize 'JITO UDAAN 2019'. It has been a 3-day Trade Fair and Business Conclave from March 15 to 17, 2019 spread over more than 2 lakh square feet area at NESCO, Mumbai. The Fair was inaugurated by Amruta Devendra Fadnavis.More than 50,000 visitors from all over India & overseas are expected to participate in 'JITO UDAAN 2019'. "It was an excellent platform for all Industrialists, Businessmen, Professionals, Manufacturers, Real Estate Developers, Retailers, Traders, Dealers & Start-up Ventures from India and abroad to exhibit their products & services. There was a dedicated
Biotechnology can be Indian economy's next success story (Column: Active Voice)
Over the last two-to-three decades, the major success story of the Indian economy has been the stellar growth of its IT industry. But as the dividends from the sector reach the eventual inflection point, India needs to build similar competencies in other industries to ensure sustained growth and prosperity.
InvITs & REITS: Moves in the right direction (Column: Behind Infra Lines)
The recent news regarding the Embassy Real Estate Investment Trust (REIT) listing and the possible listing by Reliance of its fibre assets through an Infrastructure Investment Trust (InvIT) bring our attention to an important topic. Additionally, issues around participants in capital markets adopting sophisticated strategies to utilise capital for optimal projects and partnering with capital providers are worth analysing.
Larsen & Toubro Infotech completes acquisition of Ruletronics
With this acquisition Ruletronics India is now wholly owned subsidiary of the Company, and Ruletronics UK and Ruletronics US are now wholly owned step-down subsidiaries of the Company.
HDFC gets RBI's in-principle approval for acquisition of 9.9% stake in Bandhan Bank
The scheme envisages the amalgamation of GRUH Finance (a subsidairy of the Corporation) into and with Bandhan and dissolution of GRUH without winding up.
Bombay Dyeing & Manufacturing Company update on residential project in Mumbai
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Rs 1.44 cr undisclosed cash seized in Income Tax raids in Kashmir
The Income Tax Department on Friday said it seized Rs 1.44 crore in undisclosed cash and Rs 2.48 crore worth unaccounted jewellery in searches conducted in five locations in Kashmir in connection with terror funding activities."Undisclosed cash of Rs 1.44 crore and unaccounted jewellery of Rs 2.48 crore were seized. The documentary evidence collected and examined so far shows undeclared property transactions of more than Rs 41 crore, primarily in the Kashmir valley and concealed financial transactions of nearly Rs 17 crore," the department said in a statement.The search actions were part of the department's continued drive against use of black money by disruptive elements in the J-K state , the Central Board of Direct Taxes (CBDT) said in a press release adding that the operations also send a message of deterrence and obviation to those intending to vitiate the democratic process of free and fair elections."Several hard disks were also seized and their analysis is likely to lead to ...
Got RBI nod for Gruh Finance merger: Bandhan Bank
Bandhan Bank on Friday said it has received "no objection" from the Reserve Bank of India (RBI) for the proposed merger of Gruh Finance with it.
FinMin to review IBC cases, NPA recovery next week
With little possibility of the two big ticket IBC cases -- Essar Steel and Bhushan Power and Steel -- happening this fiscal, Department of Financial Services will meet the PSU banks on March 18 to review status of their NPA.
Sebi slaps Rs 10 cr fine on Sybly Industries for GDR manipulation
Markets regulator Sebi Friday slapped a fine of over Rs 10 crore on Sybly Industries Ltd in a matter related to manipulation in issuance of global depository receipts (GDR). The penalty follows a probe by the regulator regarding the firm's allotment of 1.51 million GDR amounting to USD 6.99 million on the Luxembourg Stock Exchange in June 2008. During the probe, Sebi observed that the entire 1.51 million GDR were subscribed by only one entity, Vintage FZE (now known as Alta Vista International FZE). The subscription amount for GDR was paid by Vintage after obtaining loan from European American Investment Bank (EURAM). However, the loan paid by Vintage was secured by pledge agreement between Sybly and EURAM Bank, the regulator said. Sebi further said that the GDR issue would not have been subscribed if the Sybly had not given such security towards the loan taken by Vintage. "Such fraudulent arrangement was not disclosed to the stock exchange in a true and complete manner but was ...
MSTC initial public offer extended till March 20
The initial share sale of state-owned MSTC has been extended till March 20 and the price band has been lowered, according to a regulatory filing. The price band of the offer, which was to close Friday, has now been revised to Rs 120-128 from Rs 121-128 per share. The initial public offer was subscribed 1.12 times on the third day of bidding Friday. According to the regulatory filing, the deadline for the offer has been extended till March 20. The Rs 226-crore IPO received bids for 1,98,69,390 shares against the total issue size of 1,76,70,400 shares, the data available with the NSE till 1900 hours showed. Till Thursday, the offer -- which opened on Wednesday -- was subscribed 12 per cent. Equirus Capital Private Ltd is managing the initial public offer. MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. There are three main business verticals in the company -- e-commerce, trading and recycling. MSTC scrip will be listed on the BSE
Ford to slash over 5,000 German jobs in European overhaul
Ford on Friday said it planned to cut "more than 5,000" jobs in Germany as part of a major restructuring to boost profitability at the US car giant's European operations. The group aims to carry out the jobs cull through voluntary redundancies and early retirement, a spokeswoman told AFP. "This announcement is part of the Ford restructuring announced in January in Europe with the goal of returning to profitable business in Europe as soon as possible," she said. "The aim is to cut more than 5,000 jobs in the most socially responsible way possible," the spokeswoman added, without detailing how the cuts would be divided among Ford's operations in Cologne, Aachen and Saarlouis. The announcement, which was shared with Ford Germany employees earlier on Friday, comes after the carmaker warned in January that "thousands" of jobs would be cut as part of a revamp of its loss-making European division. Ford employs some 53,000 people across Europe, around 24,000 of them in Germany. The overhaul ..
NHPC board approves USD 100 mn fund raising from Japanese bank
State-owned NHPC on Friday said its board has approved raising around USD 100 million from MUFG Bank, Japan's largest bank, to partly finance its ongoing projects. The company's board, which met Friday, has approved raising of fund through external commercial borrowing (ECB) in JPY equivalent to USD 100 million from MUFG Bank to part finance the capital expenditure on on-going projects, other permissible activities, NHPC said in a regulatory filing. The board also approved issuance of "fully serviced bonds" of up to Rs 2,017.20 crore as per mandate given by the government for 2018-19 through unsecured, redeemable, taxable, non-cumulative, non-convertible, taxable bonds in one or more series or tranches on private placement basis from domestic market, it added.