Page 15 - Chennai

LIC receives GST demand notice of Rs 663 crore from Chennai tax officials

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing. The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18. The deman

SAIL enters deal with Chennai-based Ram Charan for managing emissions

Agreement is for multiple solutions like converting emissions to value-added products and fuel

LIVE: Forex jumps $4.47 bn to $620.44 bn during week ending Dec 22

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Mortal remains of DMDK chief Vijayakanth brought to Chennai's Island Ground

The mortal remains will be kept at Island Ground from 6 am to 1 pm for the public to pay their last respects

'Industry-academia connect make TN enviable for advanced manufacturing'

Tamil Nadu is likely to cross $8 billion in electronics exports in 2023-24

Actor and DMDK Founder Vijayakanth passes away in Chennai's MIOT Hospital

The hospital said in a statement that the 71-year-old actor was on ventilator support following his admission for pneumonia

Diversity, transition key drivers of TN industrial growth: Industries secy

About 40 per cent of all EVs manufactured in India come from Tamil Nadu

TN DGP office receives 'bomb threat' for multiple locations in Chennai

The office of the Director General of Police, Tamil Nadu on Wednesday received an e-mail claiming that 'bombs' have been 'planted in 30 spots' in Chennai, an official said. As soon as the mail was received, which claimed that public places like the Besant Nagar and Elliots beaches formed part of the places under target, it was brought to the notice of authorities and later forwarded to Chennai city police for appropriate action. Chennai police have started a probe into the matter and appropriate action is being taken, the official added.

At least 52 hospitalised after ammonia gas leak at Chennai fertiliser unit

Ammonia gas leaked from a fertiliser manufacturing unit at Ennore in north Chennai and several people have been hospitalised, official sources said here on Wednesday. The incident occurred by 11.45 pm on Tuesday, following which over 25 people in the neighbourhood of the manufacturing facility experienced unease and they were taken to nearby hospitals, sources added.

Gross leasing of office space up 12% this year across 6 cities: Savills

Gross office space leasing rose 12 per cent to a record 62.3 million square feet this year, while fresh supply remained flat across six major cities, according to Savills India. The absorption of office space stood at 55.4 million square feet in the previous year. New supply of office space stood at 53.3 million square feet, as against 53.4 million square feet in the previous year. "Office gross absorption across India's six major cities is recorded at a new all-time high of 62.3 million square feet in 2023, registering a 12 per cent growth over last year," Savills said in a statement. Bengaluru saw a decline of 10 per cent to 15.6 million square feet this year, from 17.3 million square feet in the previous year. "Mumbai saw record leasing activity at 10.1 million square feet owing to large transactions by tech and consulting occupiers. Gross absorption increased by 51 per cent compared to 2022," Savills said. Delhi-NCR saw similar absorption levels as last year at 11.3 million s

Insurance claims drop 30-35% during Chennai floods compared to 2015

This is noteworthy considering the number of policies issued across India by general insurers rose by 74 per cent in 2021-22 compared to 2014-15

Office demand jumps 92% in Oct-Dec in top 6 cities in 2023: Colliers

Office space demand surged 92 per cent during October-December period across six major cities on better demand of workspace from corporates and coworking operators, according to Colliers India. Real estate consultant Colliers India report shows that gross leasing of office space stood at 20.2 million square feet in the fourth quarter of this calendar year from 10.5 million square feet in the year-ago period. Helped by strong demand during the December quarter, the total leasing of office space rose 16 per cent to 58.2 million square feet during the 2023 calendar year from 50.3 million square feet last year. Colliers tracks office demand and supply of 6 cities -- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune. Gross leasing or absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed. According to the data, the office space leasing in Bengaluru rose 58 per cent to 5.5 million square feet during October-December .

PMO takes stock of relief, rehabilitation efforts in flood-hit Tamil Nadu

The Prime Minister's Office on Sunday held a high-level meeting to take stock of the post-flood situation in Tamil Nadu and deliberated on various measures to support the state. PMO officials have interacted with Tamil Nadu government functionaries to discuss relief and rehabilitation measures in the state, official sources said. The deployment of the National Disaster Response Force (NDRF) as well and help from armed forces, including helicopters, in case of need was also discussed, they added. A visit of an inter-ministerial central team to assess the damage was also discussed in the meeting. Intense rains and heavy inundation, unseen in the recent times, have hit parts of the southern state. Chief Minister M K Stalin had met Prime Minister Narendra Modi to discuss relief initiatives.

Special camps to settle insurance claims once flood water recedes in TN: FM

Finance Minister Nirmala Sitharaman on Friday said a special camp was organised in Chennai for expeditious settlement of claims by general insurance companies in areas impacted by cyclone Michaung and similar efforts would be made in four districts of Tamil Nadu affected by excessive rains and flood. Following Michaung cyclone, four districts--Tirunelveli, Toothukudi, Kanyakumari and Tenkasi -- received excessive rainfall leading to flood like situation in these areas. Once the water in these districts recedes, she said, special camps by insurance companies would be organised to settle claims caused due to flood. Under the aegis of General Insurance Council of India, 19 insurers organised a special camp on December 20-21 at Ambattur Industrial Estate in Chennai for expeditious settlement of claims related to the cyclone. She further said spot settlements were made after survey of the affected industrial units. As many as 31 people have lost their lives in the four districts while

Oxyzen Express raises $3 million to invest in next-gen logistics tech

The company operates within the highly competitive express logistics industry which boasts a total addressable market opportunity in excess of Rs 1.5 trillion

LIVE news updates: Lok Sabha has passed The Telecommunications Bill, 2023

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TN CM Stalin seeks Rs 2,000 cr interim relief for rain-battered districts

Tamil Nadu Chief Minister MK Stalin on Tuesday requested Prime Minister Narendra Modi to release Rs 2,000 crore from the National Disaster Relief Fund to bolster the efforts for livelihood support and repair of public infrastructure affected by the recent flooding in the state's southern districts. This interim relief will help provide livelihood assistance to the affected people and take up temporary rehabilitation works in the Tirunelveli, Thoothukudi, Kanyakumari and the Tenkasi districts, Stalin said in a memorandum submitted to Modi in Delhi. "While a comprehensive assessment of the permanent damage will take time, we request an interim assistance of Rs 2,000 crore from the NDRF (National Disaster Relief Fund) to bolster the ongoing efforts for livelihood support and repairs and restoration of the public infrastructure battered by the unprecedented floods," he said in the memorandum. Later, in a post on X, Stalin said, "Met with Hon'ble Prime Minister Thiru @NarendraModi to ...

CPCL mobilises 4 agencies from Chennai, Mumbai, Paradip to clear oil slick

The Chennai Petroleum Corporation Ltd, which is engaged in removing oil slick near the Ennore creek here, has mobilised four agencies from Mumbai, Paradip Port and Chennai for the clearing work. The subsidiary of state-run energy major IndianOil Corporation Ltd said it has been working on "war-footing" to "clean up and clear" the areas in coordination with Tamil Nadu Pollution Control Board (TNPCB), state authorities and the work is "targeted to be completed in the next two-three days." The CPCL, in a statement, clarified that there has been no pipeline leak nor any leakage from the tanks in the refinery and the "refinery is under operation." Around 110 boats with 440 manpower have been deployed for oil slick removal activities. Oil presence in the containment zone is now miniscule, the CPCL said. "The CPCL has mobilised four agencies from Chennai, Mumbai and Paradip for clearing the oil spill. Seven numbers of containment booms of around 1,430 mts have been installed in different

BS Tamil Nadu Round Table to discuss future of manufacturing, GCC on Monday

To capture the unique growth story of Tamil Nadu, Business Standard is hosting a marquee event-Tamil Nadu Round Table 2023-- in Chennai on Monday

CII youth wing to hold national summit in Chennai on December 21, 22

The 20th edition of the summit will focus on youth leadership, nation building, and thought leadership-pillars that define Yi's commitment to shaping India's future