Page 60 - Companies

Sebi imposes Rs 30 lakh penalty on Vedanta Ltd for incorrect disclosures

Markets regulator Sebi on Friday imposed a fine of Rs 30 lakh on Vedanta Ltd for failing to provide correct disclosures, including on its website, in relation to certain announcements made by the company last year. In a 24-page order, Sebi said the act of Vedanta Ltd (noticee) to carry news not pertaining to its operations on the website leads to providing misleading information to the investors of the public limited company. "All these events may lead one to cast aspersions on the intent of the company to host the press release on its website," the regulator said as it imposed a fine of Rs 30 lakh on the company for certain violations of norms. The fine has been slapped for the failure to provide correct disclosures, including misrepresentation on the company's website. In March this year, the Securities and Exchange Board of India (Sebi) issued a show cause notice to Vedanta Ltd. The matter pertained to announcements related to the semiconductor business, including the company's

BigBasket loss widens to Rs 1,535 cr in 2022-23, revenue up by 5%

Online grocery delivery firm Innovative Retail Concepts, which operates as BigBasket, has posted widening of loss to Rs 1,535 crore for 2022-23, according to details shared by Tofler. Tofler said the loss of BigBasket increased by 89 per cent, implying the company had posted a loss of around Rs 812 crore in 2021-22. The company's revenue increased by 5 per cent to Rs 7,462 crore. "The company further reported a net loss of INR 1,535 cr during the same fiscal. This is 89 per cent increase from the last financial year. The company's total expenses for the fiscal were reported as Rs 8,998 crore," the report said. BigBasket declined to comment on the report.

Jio leads 5G roll out, Bharti likely to lose market share: Report

Bharti Airtel's 5G network rollout has been more "measured" and lags behind its biggest rival Reliance Jio, according to an analyst report. Analysts at investment services provider JP Morgan in the report said the measured coverage could prompt a higher capital expenditure over the next 12-18 months by Bharti Airtel, which could face potential market share losses if the coverage gap is not closed. "Bharti Airtel lags Reliance Jio in most metrics across circles, suggesting a modest relative pace of roll-outs across 21 circles, implying higher capex risk and potential market share losses if not closed," the report said. The study, based on the analysis of a recent OpenSignal report, mentioned that 5G BTS rollouts in India have gathered pace in 2023, with 2,53,000 deployments till June 19. Equity research firm Jefferies in its analysis of subscriber data released by the telecom regulator Trai for April said that expanding subscriber base was led by Jio's 4.7 million active subscriber

Ericsson, Nokia not ready to supply 5G equipment to Vi on credit: Report

Recently, Ericsson provided the telco with 2G radios, but only after it made the entire payment

Sebi to revamp, strengthen investor grievance handling mechanism

Markets watchdog Sebi on Wednesday decided to revamp its complaint redressal system as part of efforts to strengthen the investor grievance handling mechanism. At its meeting here, the Sebi board cleared various measures to boost the investor grievance handling mechanism and linking SCORES (Sebi Complaint Redress System) with the Online Dispute Resolution Mechanism. It would also look at reducing timelines, introducing auto-routing of the complaint to concerned regulated entities, and auto-escalation of complaints in case of non-adherence to the prescribed timelines by the regulated entity. Among others, Sebi, in a release after the board meeting, said it would also provide two levels of review. The first review would be by the designated body if the investor is dissatisfied with the resolution provided by the regulated entity concerned. The second review would be done by Sebi if the investor is still dissatisfied after the first review. Linking SCORES with Online Dispute Resoluti

Zee withdraws EOI for Reliance Broadcast; no resolution plan submission

News broadcaster Zee Media on Wednesday said it has withdrawn its Expression of Interest (EOI) and would not bid for the debt-ridden Reliance Broadcast Network Ltd (RBNL). Though Zee Media Corporation Ltd (ZMCL), earlier known as Zee News, has not specified any reason in a notice to bourses but said it will not participate in the resolution plan of RBNL. "We would like to inform you that the Company has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Company shall not be participating in the resolution plan of RBNL," the company said. Earlier on May 5, the board of ZMCL had granted the approval to the company to submit EOI with the Corporate Insolvency Resolution Professional (CIRP') of RBNL. Earlier this year in February, the Mumbai bench of the National Company Law Tribunal (NCLT) had directed to initiate CIRP against RBNL, which operates the Big FM radio network. The NCLT order came over a petition filed by IDBI Trusteeship Services Ltd. ZMCL is one

Indo-US ties in a regulatory bind; aligning regulations can be a challenge

Aligning regulations between the two countries in a slew of sectors could be a challenge in deepening the economic relationship

Tata AIA allows consumers to pay premiums through Whatsapp and UPI

Tata AIA has partnered with WhatsApp and PayU to make payments through Unified Payment Interfaces (UPIs) for their consumers more efficient

Adani Enterprises, Green see $900 mn of block trades, sparks speculation

The flagship of Indian billionaire Gautam Adani saw 18 million shares traded in a single block Wednesday, or about 1.6% of its outstanding stock, according to data compiled by Bloomberg

Promoter entities raise $1 bn by selling shares in Adani Green Energy, AEL

The proceeds will be used by the promoters to pre-pay debt, banking sources said

ThoughtSpot acquires business intelligence firm Mode Analytics for $200 mn

Deal to take ThoughtSpot's ARR past $150 million, double its customer base; will also expand its presence in India to Kolkata, where 31 Mode Analytics staffers will join ThoughtSpot team

TCS gets external auditor to assist investigation of jobs-for-bribe scandal

Sources say probe will take 45 days to complete; company tells exchanges scam had no financial impact

Infra.Market acquires majority stake in Strata Geosystems for Rs 910 cr

Infra.Market is a B2B marketplace for construction materials

Airtel Business announces changes to leadership team; CEO Chitkara quits

Ajay Chitkara, CEO Airtel Business, has decided to move on from Airtel

TCS enters strategic partnership with Standard Life International DAC

With this partnership, TCS will set up a customer operations centre in Germany and a future-ready life and pensions digital platform for Germany and Austria

Reasonably priced OMC stocks to gain as marketing margins may revive

Benign crude oil prices to improve margins; political considerations in the backdrop of forthcoming state and general elections are downside risks

81% of edtech platform users face refund, trust issues: LocalCircles survey

Around 81 per cent of people surveyed have faced issues around fee refund, trust, transparency and others from edtech platforms, according to online survey platform LocalCircles. The survey conducted between February 16 and June 15, 2023, found that 32 per cent of users have faced issues with BYJU'S, 10 per cent each with Unacademy and Udemy, 3 per cent each with Vedantu and Simplilearn and 2 per cent with Physics Wallah, LocalCircles said in a report. "81 per cent of online education platform users surveyed indicated that they had faced one or more issues in the last 24 months," LocalCircles said. The survey received around 32,000 responses but the number of responses varied from question to question. The query around the kind of issues that edtech users face received nearly 12,000 responses comprising issues around teaching staff changes/ effectiveness issues, refund issues, and trust issues like false promises and transparency issues. In response to the survey, a Physics Walla

Tata Power installs EV charging stations in West Bengal's Malda

Tata Power on Friday said it has installed public charging stations at a hotel in West Bengal's Malda, taking its total number of such EV mobility infrastructure across the state to over 150. It has installed two EV charging stations with capacities of 30 kw and 7.4 kw at the hotel, which is located 5 km from Malda railway station, on the KolkataSiliguri highway. All travellers or tourists coming to the hotel can make use of the Tata Power EZ Charge mobile app to find the nearest charging stations on the go. More than 1 lakh people in India have already downloaded the app, the company said. Tata Power currently has a network of 4,000 plus charging points, over 40,000 home chargers (for private usage), 250 plus electric bus charging points, and a live EV charging network in over 550 cities across India to build a sustainable EV mobility infrastructure, it added.

Goldman Sachs likely to take big writedown on GreenSky acquisition: Report

Shares of Goldman fell 1.4% in morning trading

British India Corp employees to get dues from Saturday: Textiles Minister

Disbursement of pending dues of employees at British India Corporation will begin from Saturday, the government said on Friday. Rs 80.17 crore will be disbursed for overdue salaries and retirement benefits, and 1,101 employees of British India Corporation will benefit from this disbursement. The disbursement is set to bring relief to the employees and their families enduring financial hardships since the cessation of production in 2009 at both units in Dhariwal and Lalimli Kanpur. "The disbursement of pending dues of employees at British India Corporation Ltd. (BIC), a Public Sector Undertaking under the Ministry of Textiles, is expected to begin from tomorrow i.e. June 24, 2023. "The total amount to be disbursed for overdue salaries and retirement benefits to BIC employees comes up to Rs 80.17 crore. The Union Budget 2023 had approved a disbursement towards the long-awaited resolution of these dues," the Textiles Ministry stated. The amount allocated for salary and retirement due