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Showing posts from August, 2023

Verlinvest Asia pared 12.56% stake in Sula Vineyards for Rs 513 cr

Investment company Verlinvest Asia Pte Ltd on Thursday divested a 12.56 per cent stake in wine producer Sula Vineyards for Rs 513 crore through an open market transaction. Following the stake sale, shares of Sula Vineyards declined 3.62 per cent to close at Rs 490.30 apiece on the NSE. According to the bulk deal data available with the NSE, Verlinvest Asia Pte offloaded a total of 1.06 crore shares, amounting to a 12.56 per cent stake in Sula Vineyards. The shares were sold at Rs 484.13 per piece, taking the transaction size to Rs 513.17 crore. After the transaction, Verlinvest Asia Pte Ltd's shareholding fell to 6.08 per cent from 18.64 per cent stake, shareholding data showed with the exchange. Meanwhile, HDFC Mutual Fund, Ghisallo Master Fund LP, Morgan Stanley Asia Singapore Pte, Societe Generale acquired a total of 59.58 lakh shares of Sula Vineyards at Rs 484 per piece. This took the deal value to Rs 288.39 crore. from Companies https://ift.tt/MNTYGau via IFTTT
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JKC deposits another Rs 100 cr in Jet Airways under its revival plan

Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, on Thursday said it deposited Rs 100 crore in Jet Airways, taking the total investment in the airline to Rs 250 crore. "JKC confirms to have deposited Rs 100 crores in Jet Airways in less than 48 hours of the NCLAT allowing implementation of the revival plans," it said in a statement. Jet Airways has not flown since April 17, 2019. "With this infusion, JKC has now invested Rs 250 crore in Jet Airways and now is only required to fund the remaining Rs 100 crores in Jet Airways by September 30, 2023, to take control of the airline, the consortium said in the statement. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented. from Companies https://ift.tt/C0JtHUW via IFTTT
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NRL, IIT-Guwahati sign pact to develop green carbon from bamboo dust

The Numaligarh Refinery Ltd (NRL) and IIT-Guwahati have signed a Memorandum of Agreement (MoA) to develop technology for production of marketable green carbon from bamboo dust. As part of the project, a plant of capacity 5 MT/batch will be set up to produce green activated carbon by pyrolysing bamboo dust, an official release said on Thursday. NRL Senior Chief General Manager (Corporate Affairs) Nikunja Borthakur and IIT-G Dean Prof G Krishnamoorthy signed the agreement on Wednesday. The R&D project is also aimed towards development of technology for production of very high grade chemically activated carbon having application in pharmaceutical, electronics and mining industries. It will be carried out as an industry-academia collaboration, and enhance the capacity of both NRL and IIT-G through provision of relevant data and information sharing, the release added. from Companies https://ift.tt/DczKxnA via IFTTT
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Tata Power Renewable Energy inks pact with SSMI to set up 28-MW solar plant

Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Private Limited (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra. In a statement on Thursday, TPREL, an arm of Tata Power, said it has signed the Power Delivery Agreement (PDA) with SSMI through its Special Purpose Vehicle (SPV) TP Alpha Limited. "TPREL joins hands with SSMI for setting up of 28.125 MW AC (39.375 MWp) captive solar plant in Aachegaon under district Solapur, Maharashtra," the statement said. The plant is expected to produce 61.875 million inits (MUs) of electricity annually, which would meet the energy requirement of steel manufacturing unit of SSMI. It will also help to reduce SSMI's carbon footprint by 42,534 tonnes annually. The project will be commissioned by March 2024, as per the arrangement. This project aligns with SSMI's long term strategy towards climate change by reducing dependency on fossil fuel-based energy, lower the ...
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Adani Group rubbishes allegations of 'opaque' funding by family's partners

The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained gun at billionaire Gautam Adani's group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to USD 150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani Group has denied all Hindenburg allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offsho...
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Tata Steel CEO TV Narendran new chairperson of IIT-Kharagpur's board

Tata Steel Ltd's CEO and MD TV Narendran was appointed the new chairperson of the board of governors of IIT-Kharagpur, a statement said. IIT-Kharagpur director VK Tewari said that as a man beholding technical and industrial supremacy, Narendran understands the needs of the society and the practical implications of industry-academia amalgamation with a technical institution. "We welcome TV Narendran as the new chairperson of the Board of Governors of IIT Kharagpur," he said. "We look forward to his able guidance, constructive ideations and supportive encouragement in reshaping this institute for its future aspirations," he added. Narendran has over 34 years of experience in the mining and metals industry, the statement said, adding that he is a mechanical engineer from NIT-Trichy and an MBA from IIM-Calcutta. from Companies https://ift.tt/smylHkU via IFTTT
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Larsen and Toubro fixes September 12 as record date for share buyback

Larsen and Toubro (L&T) has fixed September 12, 2023 as the record date for determining the entitlement and eligibility of equity shareholders for participation in the company's share buyback plan. On July 25, the board of directors of the company approved a proposal to buy back shares worth up to Rs 10,000 crore, excluding tax on buyback. On August 25, shareholders of the company approved the buyback of up to 3,33,33,333 fully paid-up equity shares of face value of Rs 2 each for an aggregate consideration not exceeding Rs 10,000 crore at a price of Rs 3,000 per equity share on a proportionate basis by way of a tender offer route using stock exchange mechanism. In a public notice on Monday, the company said the equity shares proposed to be bought back shall be divided into two categories -- reserved category for small shareholders and the general category for other eligible shareholders. On the objectives behind the move, the company said it had formulated its "Lakshya 26 ...
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Interest in generative AI ventures high: Fireflies AI CEO Krish Ramineni

AI meeting assistant Fireflies.ai founder Co-founder and CEO Krish Ramineni said the company is building on top of its transcription offering with generative technology and may consider raising funds early next year to support expansion plans. Ramineni, during his India visit spoke to PTI about the rapid growth in AI and startups in India and the Silicon Valley. He said at present there is a lot of interest and appetite for generative AI startups. Fireflies.ai helps your to transcribe, summarize, search, and analyze voice conversations. On its fundraising plans, Ramineni said, "We have potential plans to look into it at the start of next year. There's definitely a lot of interest and appetite for generative AI startups right now, but we're operating well and we're pretty capital efficient, so we have plenty of runway," he added. Launched just before the pandemic in January 2020, the San Francisco-based company has raised USD 19 million until now. Fireflies.ai oper...
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DLF to launch 2 luxury housing projects in Gurugram: MD Ashok Tyagi

Realty major DLF Ltd will launch two luxury housing projects worth Rs 15,000 crore in Gurugram during the second half of this financial year to expand its business amid strong demand for premium homes, its Managing Director Ashok Kumar Tyagi said. Buoyed by sales of Rs 8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram, Tyagi said the company has set a target to achieve sales bookings of Rs 13,000 crore in this fiscal year and hopes to exceed the number. During the 2022-23 financial year, DLF posted sales bookings of Rs 15,058 crore, a more than two-fold increase from Rs 7,273 crore in the previous year. In an interview with PTI, Tyagi talked about the overall housing market and noted that the demand for ultra-luxury, luxury and mid-income residential properties is very strong. However, he mentioned that there is some stress in the affordable housing segment because of the rise in interest rates on home loans and an increase in ...
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Significant no of women feel they have equal growth opportunities: Report

With the increasing participation of women in the workforce, a significant percentage of women professionals believe that they have equal career growth opportunities like their male counterparts, says a report. According to a report by jobs and professional networking platform apna.co, around 80 per cent women professionals interviewed said they have career growth opportunities at par with their male colleagues. This highlights a significant shift in perception, demonstrating a collective confidence in the existence of equitable career prospects for women, the report noted. The report is based on a comprehensive online survey conducted with over 10,000 women currently employed across various industries in July. The report further revealed that 65 per cent of women surveyed said they have witnessed gender pay equity in their current workplaces, a positive step in the organized sector's commitment to bridging the gender pay gap. It suggested that women are increasingly comfortable . ...
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Vedanta wins arbitration against govt in $1.1 bn cost disallowance case

Mining magnate Anil Agarwal's Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of Rs 9,545 crore (USD 1.16 billion) in certain costs incurred, the company said. The government has sought additional profit petroleum (or its share from the oil and gas fields) after it reallocated certain costs between the fields in the block and disallowed a portion of the cost incurred on laying a pipeline to evacuate oil produced from the Rajasthan block. As per the contract, companies are allowed to recover all costs incurred before splitting profit in a predetermined ratio with the government. If a certain portion of cost is disallowed, it would result in higher profits and a resultant higher share to the government. Vedanta had challenged such a demand before an arbitration tribunal. "The company has received an arbitration award dated August 23, 2023... upholding the contention of the company that addi...
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Taro stake buyout to help operate dermatology biz profitably: Sun Pharma

Sun Pharma is looking to fully acquire its Israel-based unit Taro Pharmaceutical Industries in order to integrate the dermatology business with itself and keep it profitable amid increasing competition in the segment, according to Managing Director Dilip Shanghvi. The Mumbai-based drug major has proposed to fully acquire Taro through a reverse triangular merger. The company has issued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares for a purchase price of USD 38 per ordinary share in cash. Sun Pharma currently owns around 78 per cent stake in Taro. "My own assessment is that the dermatology business, which is the primary focus for Taro, is a business under constant, increasing competition pressure," Shanghvi said in an analyst call. He further said: "And as a stand-alone company, it will be very difficult for Taro as an independent company to continue to operate that business pro...
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Defence PSU Bharat Electronics Limited bags orders worth Rs 3,289 crore

Navratna defence PSU Bharat Electronics Limited (BEL) has received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date). The orders are for supply of Low Level Light Weight Radars, SONARS, IFF Systems, SATCOM Systems, EO/IR Payloads, TRM/DTRMs, Jammers, Encryptors, Data Link Systems, Fire Control Systems, Radars for Directed Energy Systems, Semi Rugged Telephone Exchanges, Software Defined Radios and various others types of radios, Electronic Voting Machines, AMC and Spares, the company said. These also include the LoI / order worth Rs 1,075 crore received on Friday from Hindustan Shipyards Limited for supply of CMS, Communication Systems, EW Systems and other sensors for Fleet Support Ships, the Bengaluru-headquartered BEL said in a statement. "These orders are in addition to the Rs 8,091 crore orders, which are already received. With this, BEL has in all received orders of Rs 11,380 crore till now in the financial year 2023-24", it...
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AIX Connect, Air India Express announce harmonised grades ahead of merger

Air India Express and AIX Connect on Friday announced new harmonised grades, compensation and benefits for the two companies ahead of their merger. The new structure streamlines grades and career pathways, enabling greater transparency and career progression opportunities for all employees, and is aligned with the recently rolled out structure and grades at Air India, a statement said. The new compensation for the two carriers marks a significant step forward, ensuring that the remuneration and benefits offered by the airlines are market-competitive, it said. The two airlines, the statement said, are focused on attracting and retaining the best talent across functions. Tata group has announced the merger of low-cost airline AIX Connect with Air India Express. from Companies https://ift.tt/gTDPn6p via IFTTT
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Air India pilots' grouping flags fatigue concerns over new rostering system

An Air India pilots' grouping has raised fatigue concerns in the wake of flight crew rosters generated using a new rostering tool, saying that extended waiting periods between duty time will jeopardise crew alertness and performance. "Extended waiting periods, occurring before active flight duties, run counter to enhancing crew readiness and, in fact, contribute to the accumulation of fatigue over time," the Indian Pilots Guild (IPG) has said. In a letter to Air India Head of Safety Henry Donohoe last week, IPG said it has been recently observed that the relentless pursuit of operational efficiency and economic gains has led to an unintended overshadowing of the primary intent behind Flight Duty Time Limitations (FDTL) regulations. The Flight Duty Time Limitation (FDTL) are laid down by the Directorate General of Civil Aviation to ensure adequate res timings for pilots and cabin crew staff. The issue of fatigue among pilots is in focus following the death of an IndiGo pil...
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Shell Energy India to set up renewable energy facility in Gujarat

Shell Energy India on Wednesday said it will invest Rs 3,500 crore in Gujarat to set up a renewable energy facility, charging stations for electric vehicles, and an LNG regasification terminal, which would create nearly 4,300 jobs. A memorandum of understanding (MoU) in this regard was signed between the Gujarat government and Shell Energy India in Gandhinagar on Wednesday in the presence of Chief Minister Bhupendra Patel, a government release said. The agreement has been signed as part of the upcoming 10th edition of the Vibrant Gujarat Global Summit to be held in January next year, said the release. Under this MoU, Shell Energy India will invest Rs 2,200 crore to set up a renewable energy production facility on 1,200 acres in Banaskantha district of north Gujarat. The facility will provide direct and indirect employment to more than 1,000 people, and it is expected to commence commercial production by 2026. In addition, the energy major will invest Rs 800 crore to set up fuel .. fr...
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India Post Payments Bank reports operational profit of Rs 20 cr in FY23

India Post Payments Bank on Tuesday reported its first-ever operational profit of Rs 20.16 crore for 2022-23. The bank saw a 66.12 per cent growth in overall revenue. IPPB saw a 17.36 per cent increase in operating costs during the fiscal, a statement said. "IPPB... generated an operational profit of Rs 20.16 crore during 2022-23, culminating in a year of tremendous progress for the bank," the statement said. The bank's Managing Director and Chief Executive Officer J Venkatramu said initiatives like Jan Dhan Yojana, Aadhaar, and India Stack, along with regulatory push in the domain of financial inclusion contributed heavily to its success. "The bank's prudent financial management, backed by regulatory support, has paved the way for exponential growth in customer base and product offerings," he said. Going forward, IPPB aims to transform itself into a universal service platform, bridging last-mile accessibility gaps using Digital Public Infrastructure, the st...
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Jupiter Hospitals raises Rs 123 cr in pre -IPO round; gets Sebi's nod

Multi-specialty hospital chain Jupiter Life Line Hospitals has mobilised Rs 123 crore from institutional investors in the pre-IPO (initial public offering) round. In addition, the company has received capital markets regulator Sebi's go-ahead to raise funds through its IPO. It received Sebi's observation letter on August 11, an update with the regulator showed on Tuesday. The company issued 16.7 lakh shares at a price of Rs 735 apiece, according to a public announcement. Investors participated in the pre-IPO round include SBI Magnum Children's Benefit Fund, SBI Optimal Equity Fund, SBI Healthcare Opportunities Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Europe Holdings LLC and Neuberger Berman Strategic India Equity Master Fund Holdings Ltd. In addition, High Conviction Fund - Series 1, Ashoka India Equity Investment Trust PLC, Think India Opportunities Master Fund LP and DC Ikka Ltd too participated. In May, Jupiter filed its preliminary papers wi...
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LIC acquires 6.66% stake in Jio Financial Services through demerger process

Life Insurance Corporation (LIC) on Tuesday said it has acquired 6.66 per cent stake in Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group. "... Corporation has acquired 6.660 per cent shareholding in 'Jio Financial Services Ltd' through demerger action by 'Reliance Industries Ltd'," LIC said in a regulatory filing. Jio Financial Services listed on the stock exchanges on August 21. The market capitalisation of the financial services company stood at close to Rs 1.60 lakh crore. The LIC further said that the cost of acquisition of Jio Financial Services is 4.68 per cent of the pre-demerged cost of Reliance Industries. Shares of Jio Financial Services were trading at Rs 239.20 apiece, down 4.99 per cent, hitting the lower circuit limit for the second straight session on the BSE. On August 21, The scrip listed at Rs 265 on the BSE, up 1.20 per cent against the Rs 261.85 -- the price fixed at a special ...
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Honda to hike City, Amaze prices from Sept to offset impact of input costs

Honda Cars India on Tuesday said it plans to increase vehicle prices from next month in order to partially offset the impact of rising input costs. The automaker currently sells two models -- City and Amaze in the domestic market. "We have been trying to absorb accumulated cost pressures as much as possible. We will carry out a price revision on City and Amaze from September to partially offset the impact of increasing input costs," Honda Cars India Vice President (Sales and Marketing) Kunal Behl told PTI. The company is currently deciding on the quantum of the price increase, he added. Currently, price of compact sedan Amaze starts from Rs 7.05 lakh, mid-sized sedan City from Rs 11.57 lakh and City e:HEV (hybrid) from Rs 18.89 lakh (ex-showroom). from Companies https://ift.tt/TJ7Cq3v via IFTTT
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Real estate platform Nobroker aims Rs 1,000 cr revenue in FY24: Co-founder

Nobroker, the real estate platform that directly connects property owners with tenants and buyers, expects to touch Rs 1,000 crore revenue-mark this year as it has been doubling its billing since 2020, one of the co-founders said. Founded by Amit Kumar Agarwal, Akhil Gupta and Saurabh Garg in Bengaluru in 2014, Nobroker was the first proptech unicorn (over USD 1 billion valuation) and is now majority owned by external investors such as Tiger Global, General Atlantic and Elevation Capital which collectively have pumped in over USD 350 million over the years. Late last year, Google too chipped in with USD 3 million for the company. According to the co-founder and chief technology officer Akhil Gupta, now, the promoters collectively own around 20 per cent of the company, which is present only in Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune. "We have been doubling our topline since 2020 when we grossed USD 27 million. We do not disclose revenue numbers before filing to t...
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CEVA Logistics to take controlling stake in Stellar Value Chain Solutions

Warburg Pincus-backed logistics firm Stellar Value Chain Solutions has signed a pact with France-based CEVA Logistics for selling controlling stake in the company. As part of the agreement, CEVA Logistics will acquire the entire stake of private equity firm Warburg Pincus. The move will help CEVA Logistics diversify its presence in India, boosting its local workforce, assets, customer roster and capabilities, Stellar value chain said in a statement. The acquisition is expected to be completed in the coming weeks, the company said without disclosing the deal size. Incorporated in 2016 by logistics veteran Anshuman Singh, Stellar Value Chain Solutions is into contract logistics with omni-channel fulfillment services in segments such as e-commerce, automotive, consumer, retail, healthcare and pharmaceuticals, among others. Post-acquisition, Stellar Value Chain Solutions will become a part of the third largest company in the world in contract logistics, the company said. Following th fro...
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Zomato-Battery Smart partner to facilitate battery swapping for e-bikes

Online food ordering and delivery platform Zomato on Monday said it has partnered with Battery Smart to provide battery-swapping access to its delivery partners on the latter's network. Under the partnership, Zomato's delivery partners can get access to Battery Smart's existing network of over 800 swap stations across more than 30 cities, the company said in a statement. Battery Smart provides battery swapping networks for electric two and three-wheelers. "This association with Battery Smart adds further momentum to our commitment as our delivery partners can now leverage a vast and accessible network of battery swapping stations," Zomato COO, Food Ordering & Delivery Business, Rinshul Chandra said. Zomato has committed to 100 per cent EV adoption by 2030 and joined Climate Group's EV100 campaign, he added. Battery Smart co-founder Pulkit Khurana said the association with Zomato empowers new and existing delivery partners to join the EV revolution. India...
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Expleo to double workforce in India, hire 5,000 people in 2.5 years: MD

French IT company Expleo's Indian arm plans to more than double its workforce in the country by hiring around 5,000 people over a period of two-and-a-half years, a senior official of the company said. Expleo Solutions CEO and MD Balaji Viswanathan, who heads India business, told PTI that the company sees growth primarily on account of expansion of business in the US. "The company aims to hire an additional more than 5,000 people over the next two-and-a-half years, including a focus on hiring fresh graduates. While other larger players are slowing down on hiring fresh graduates, the company believes it will provide future growth acceleration. The expectation is to double the current workforce of around 4,700 people, reaching a little over 9,700 employees," he said. Expleo works with multiple industries on a global scale, with a primary focus on aerospace, automotive, and transportation. Aerospace accounts for about 40 per cent of Expleo global business, automotive 35 per c...
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Kinara Capital to provide Rs 1,100 cr to MSMEs in Tamil Nadu this fiscal

Financial technology company Kinara Capital has committed Rs 1,100 crore to support the micro, small and medium enterprises (MSMEs) in Tamil Nadu and neighbouring Puducherry during the current financial year, a top official said. According to Chief Operating Officer Thirunavukkarasu R, the company disbursed more than Rs 656 crore in Tamil Nadu and Puducherry in FY2023. "With a renewed commitment of Rs 1,100 crore to MSMEs this financial year, we are realising the aspirations of thousands of micro, small and medium enterprises across the state," he said in a press release on Sunday. Kinara Capital offers business loans to the MSME sectors ranging between Rs 1 lakh to Rs 30 lakh. The company offers various business loan products including long-term and short-term working capital, and asset purchases among others. The company unveiled its 'myKinara' mobile application in Tamil language that offers easy access to credit for the MSMEs operating in the state. The company pl...
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Corporate governance issue wake-up call for startups: Shantanu Deshpande

Corporate governance should be seen as a collective and unit responsibility of all stakeholders involved in a startup, Shantanu Deshpande, founder of Bombay Shaving Company has said. He added that any lapses or deviations are a wake-up call for the ecosystem and are "deeply saddening". On funding winter, Deshpande told PTI that good companies will continue to attract capital, although they may not get a "bullish valuation" at this stage as scrutiny increases and investors turn more careful with their bets. Deshpande, who is also CEO of homegrown personal care brand Bombay Shaving Company, belongs to a growing tribe of outspoken founders scaling up new-age companies in India. Asked about the cases of corporate governance lapses in the Indian startup landscape, he said 'bad form' in companies is also a unit, collective issue and not about doing postmortems on singular data points. Corporate governance issues are "critical to fix", and the onus cannot...
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With margins back to pre-Covid level, Hero Moto targets enhanced mkt share

With its margins back to pre-Covid levels, Hero MotoCorp is now looking at sustainable growth, enhancing market share across segments on the back of new product launches over the next few quarters, according to a top company executive. The country's largest two-wheeler maker is also looking at enhancing production capacity to roll out Harley-Davidson X440 which has already received over 25,000 bookings. The company is also on track to introduce its electric vehicle range in 100 cities by this year-end with a focus on attaining clear leadership in the vertical. "The ICE (internal combustion engine) business margins are now 14.5 per cent. Effectively, it means that we are back to pre-Covid levels which were around 14 per cent," Hero MotoCorp CEO Niranjan Gupta said in an analyst call. Therefore, moving forward, having covered the margins back to pre-Covid levels, the company's singular focus is going to be growth and market share on the back of lots of launches that hav...
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ONGC Videsh secures 3-yr extension for Vietnam oil block in South China Sea

India's flagship overseas firm ONGC Videsh Ltd (OVL) has secured another three-year extension to explore oil and gas in a Vietnamese block in the contested waters of the South China Sea, the firm's parent ONGC said. This is the eighth extension for OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). The seventh extension to explore oil and gas was till June 15, 2023 and PTI on August 13 reported that the company was in talks with Vietnamese authorities for another three-year extension. OVL "secures extension of 3 more years to explore in South China Sea's Block 128! India's strategic commitment stays strong as ONGC Videsh continues its exploration journey with its 8th extension till 15 June 2026," ONGC said in a post on social messaging platform X, formerly known as Twitter. The firm had in a proposal to regulator PVN sought a three-year extension of the exploration phase-1. "We are embracing challenges, safeguarding interests ...
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Unacademy's sacked teacher says firm acted under social media pressure

Unacademy sacked teacher Karan Sangwan on Saturday alleged that the firm terminated his service under pressure from trollers on social media who misinterpreted his generic remark to vote for educated candidates. In a video on his YouTube channel, Sangwan said he made the generic remark on his YouTube channel and not during his lecture at Unacademy. "Why did termination happen? There is a pressure which gets built and you burst under its load. You (Unacademy) could not deal with the pressure. Therefore, under pressure you had to take an action which you may have not desired to or you desired to...I don't know. I can't say anything about what your intentions were?" Sangwan said. Sangwan said that Unacademy acted against him without hearing him out. "You directly sent me a termination notice," Sangwan said, adding that to hide the pressure, Unacademy used the term "code of conduct" without defining a political statement. He said that Unacademy cited v...
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Jet Airways insolvency: NCLAT asks consortium to file application on terms

The National Company Law Appellate Tribunal on Friday asked the Jalan-Kalrock consortium, the winning bidder for bankrupt Jet Airways, to file an application within 24 hours, explaining the modalities for payment of Rs 350 crore to the lenders. The appellate tribunal has also directed the Committee of Creditors of Jet Airways to file a response over the consortium's application stating the condition for an extension for the payment. "Learned Counsel for the Respondent (consortium) seeks liberty and is allowed to file an application within 24 hours. Response to the application be filed by the appellant (lenders) by the date fixed," said NCLAT. A two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Barun Mitra has directed to list this appeal on August 21 for the next hearing. It also allowed the consortium "to file hard copy of the Application regarding payment of gratuity etc" to the employees of Jet Airways. During the proceedings, the Commit...
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Corporate India's deal activity jumps 58% to $3.1 bn in Jul: Report

Corporate India's deal activity witnessed a 58 per cent jump in value terms to USD 3.1 billion in July, largely driven by big-ticket transactions, while caution in the private equity world led to a reduction in overall volumes. According to data collated by Grant Thornton, the month of July recorded 95 deals worth USD 3.1 billion, registering a 46 per cent plunge in volume terms and 58 per cent increase in value terms. Shanthi Vijetha, a partner at the consultancy, said the impact of the global slowdown is visible in the deal street which has been subdued since the beginning of the year. While cross-border transactions propelled the surge in deal value, caution in the private equity world led to a reduction in overall volumes, Vijetha said. This surge in deal value was anchored by 29 deals valued at USD 2 billion, where six high-value transactions encompassing traditional sectors like IT, auto, retail, and manufacturing took the centre stage. The deal value was driven by Proximus ...
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Authum Investment picks up 1.9% stake in DB Realty for Rs 100 crore

Authum Investment and Infrastructure Ltd on Thursday picked up a 1.9 per cent stake in real estate developer DB Realty for Rs 100 crore through open market transactions. Following the stake purchase by Authum, DB Realty shares zoomed 11.84 per cent to close at Rs 135.10 apiece on the NSE and bounced 11.11 per cent to settle at Rs 134.45 per share on the BSE. According to the bulk deal data available with the BSE and NSE, Authum Investment and Infrastructure bought 40 lakh shares each on both the bourses in four tranches, amounting to a 1.9 per cent stake in DB Realty. The shares were acquired in the range of Rs 123-127 apiece on the NSE and BSE, taking the combined transaction value to Rs 100 crore. Meanwhile, two individuals -- Abhay Shyamsunder Chandak and Aditya S Chandak -- offloaded a total of 80 lakh shares of DB Realty on NSE and BSE at the same price. Authum Investment and Infrastructure Ltd is a BSE-listed and registered NBFC in the business of investment in shares and .. fr...
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Over 750 eminent citizens come out in support of NewsClick amid allegations

More than 750 eminent citizens, including historian Romila Thapar, economist Jean Dreze and actor Naseeruddin Shah, on Wednesday came out in support of a news website which is alleged to have received dubious funds to spread Chinese propaganda. The allegation was levelled against NewsClick following a report in the New York Times. Expressing solidarity with NewsClick, the group of more than 750 citizens said in a statement, "The hounding of NewsClick is an attack on the freedom of expression enshrined in our Constitution." "It is an attack on the conscientious role of independent journalism in a democracy to inform its readers about the government's failings and to hold the government accountable," said the statement signed by Zoya Hasan, Jayati Ghosh, Harsh Mander, N Ram, Bezwada Wilson, Aruna Roy, Colin Gonsalves, Prashant Bhushan, Anand Patwardhan and Ratna Pathak Shah among others. It said The New York Times report "does not allege any violation of the ...
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Aurobindo Pharma gets USFDA nod to make, market generic Icatibant injection

Aurobindo Pharma on Wednesday said its wholly-owned arm Eugia Pharma Specialities has received final approval from the US health regulator to manufacture and market generic Icatibant injection used in treatment of hereditary angioedema. The approval granted by the US Food & Drug Administration (USFDA) is for Icatibant injection of strength 30 mg/3 mL (10 mg/mL), single-dose pre-filled syringe, Aurobindo Pharma said in a regulatory filing. It is the bioequivalent and therapeutically equivalent of reference listed drug FIRAZYR (Icatibant injection) by Takeda Pharmaceuticals USA Inc, it added. "The product is being launched in September 2023," Aurobindo Pharma said. The approved product has an estimated market size of around USD 137 million for the 12 months ended June 2023, the company said citing IQVIA data. from Companies https://ift.tt/w5W3KjJ via IFTTT
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Claims worth Rs 45K cr against Bharti Airtel, subsidiaries under litigation

Telecom operator Bharti Airtel on Tuesday said claims worth Rs 45,286.76 crore against the company and its subsidiaries are under litigation in various courts across the country. The pending litigations include a demand of Rs 15,178 crore, the highest among all, for one-time spectrum charges that was raised by the Department of Telecommunications (DoT) in January 2013. Initially a demand notice of Rs 5,201.2 crore was raised by the DoT, which was revised to Rs 8,414 crore in 2018. "The company challenged the demand notice of Rs 5,201.2 cr dated January 8, 2013 (revised to Rs 8,414 cr in 2018), issued by Department of Telecommunications towards one-time spectrum charge (OTSC). The Bombay High Court vide order dated January 28, 2013 and October 4, 2019, granted interim protection to the company. Matter is pending adjudication," Bharti Airtel said in a regulatory filing. The second biggest claim in the list of litigation includes a claim of Rs 4,439 crore by a company's subs...
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Adani Green Energy targets 45 gigawatts of renewable energy by 2030

Billionaire Gautam Adani's renewable energy company is targeting to set up 45 gigawatts (GW) of renewable energy capacity by 2030, as it looks to cut emissions and help India meet its carbon neutrality target. Adani Green Energy Ltd has 8,316 megawatts (8.3 GW) of operational renewable energy capacity and another 12,118 MW either nearing construction or under execution, sources close to the company said. The target is to take this 20,434 MW (operational plus under execution projects) to 45,000 MW or 45 GW by 2030, they said, adding AGEL is looking to build roughly 3 GW of capacity to generate electricity from solar and wind energy every year. French energy giant TotalEnergies holds a 19.7 per cent stake in AGEL. Recently US investment firm GQG Partners picked a 6.8 per cent stake in the company and Qatar Investment Authority (QIA) another 2.8 per cent. AGEL has a clear sight of how it will fund the renewable capacity addition, they said without giving details. The capacity AGEL is ...
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Bata re-enters premium segment, eyes 20% sales from online channels

With inflation cooling off, leading shoemaker Bata is re-entering the premium price points with fresh portfolios while it increases spending on advertising and promotions to connect with young digital savvy consumers, according to company Managing Director and CEO Gunjan Shah. The company, as part of its sales strategy, is expanding its presence in both channels - physical stores and online - and expects e-commerce to contribute 20 per cent of its total sales in the next two to three years, he said. Bata is also pushing for offline sales growth and expects a major chunk of growth to come from its expansion under the franchise model, where it plans to add another 125 stores in FY24 and increase its presence at multi-brand outlets (MBOs). Though with the opening of offices and schools, sales of casual wear products have increased, Shah said the trend of casualization would continue in the long term and Bata is pursuing it by extending its mid-premium brands Hush Puppies and Red Label f...
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SPIC reports decline in Q1 PAT at Rs 43.97 cr due to global energy prices

Southern Petrochemicals Industries Corporation Ltd (SPIC) has reported a decline in its profit after tax for the April-June 2023 quarter at Rs 43.97 crore, due to rising global energy prices, the company said on Sunday. The city-based agri-nutrient and fertiliser company, a part of AM International, Singapore had reported profit after tax of Rs 66.85 crore during the corresponding quarter of the previous year. For the year ending March 31, 2023, the company's profit after tax stood at Rs 284.44 crore, a statement released by the company said. Commenting on the company's financial performance, SPIC Chairman Ashwin Muthiah said, "The company during the quarter has navigated through a dip in turnover while successfully safeguarding the PAT, as compared to the corresponding period of the previous year, in the face of rising global energy prices." Total income during the quarter under review slipped to Rs 571.19 crore from Rs 753.07 crore recorded in the corresponding peri...
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Adani Group firm says reasons for Deloitte resignation not convincing

Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent". "The Audit Committee (of APSEZ) was of the view that the grounds advanced by Deloitte for resignation as Statutory Auditor were not convincing or sufficient to warrant such a move," said Gopal Krishna Pillai, former uni...
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Not so keen on any other new acquisitions: Tata Steel CEO Narendran

Tata Steel - which is in an expansion mode in India - is not so keen on any other new acquisitions, the company CEO T V Narendran has said. The statement from Narendran has come amid Vedanta Ltd reviewing and evaluating its steel and steel-making raw materials businesses. In June, Vedanta Ltd said it will immediately begin the review and evaluate a broad range of options including potential strategic sale of some or all of its steel businesses. "Not so keen on any other new acquisitions... We don't need it," Narendran said in a reply to a question on his company's interest in buying Vedanta Ltd's steel business. There is a lot to do at Tata Steel's existing sites, he added. The company has a plan to scale up its annual installed steel making capacity to 40 million tonnes per annum (MTPA) by 2030 in India, from around 22 MTPA at present. In June 2018, Vedanta Limited acquired Jharkhand-based steel company ESL Steel Limited through an insolvency resolution proce...
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Rural growth outpaces urban demand, trend to continue 6 months: Pidilite MD

Rural growth, which was lagging after the pandemic, has outpaced urban demand and this trend is likely to continue over the next six months led by a good monsoon, Pidilite Industries Managing Director Bharat Puri said. Moreover, as the inflationary pressure cools down after two years of volatility, Puri said now he sees 'stability' in input prices, which is providing him with a lot more elbow room to invest back into the marketplace. Puri says he is "increasingly optimistic" as he looks forward as there is clearly increased construction activity, leading to good demand. The company, which recently entered into the Paints market and has a presence in 2-3 states, would expand further to other markets based on consumer responses. It is an organic business for Pidilite, which will grow steadily, he added. When asked about the current quarter (July-September), Puri said there has been disruption at some places due to rains. "Q2 up to now has been a very unnatural quar...
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Insecticides India to invest Rs 150 cr in next 2 yrs on capacity expansion

Insecticides India Ltd (IIL) Managing Director Rajesh Aggarwal on Sunday said the company will invest Rs 150 crore in the next two years on capacity expansion in Rajasthan and Gujarat, and also launch new herbicide and insecticide products before 'Navratri'. Speaking to PTI, Aggarwal said the company will invest about Rs 100 crore for setting up of a new plant at Sotanala in Behror district of Rajasthan, in the next two years. "Last week, we acquired 15-acre plant at Sotanala in Behror district. Lot of sheds are already there and we plan to manufacture agro-chemicals. We will invest about Rs 100 crore investment here in the next two years," he said. The plant will be implemented in phases and the work might commence by year-end, he said adding this is a second plant in Rajasthan and the other one is located at Chopanki which is up and functioning. Aggarwal further said the company will invest Rs 25 crore in the next fiscal for expansion of its SEZ plant located in Dah...
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NBCC posts Rs 77.41 cr profit in Q1, total income rises to Rs 1,965 cr

State-owned NBCC Ltd has posted a consolidated net profit of Rs 77.41 crore in the first quarter of this fiscal year. The company had posted a net loss of Rs 4.84 crore in the year-ago period. Total income increased to Rs 1,965.80 crore during April-June quarter of 2023-24 financial year, from Rs 1,853.24 crore in the corresponding period of the previous year, according to a regulatory filing on Thursday. NBCC is into project management consultancy (PMC) and real estate businesses. NBCC said in a statement that 94.6 per cent of business revenue comes under PMC segment and redevelopment works. from Companies https://ift.tt/faN8SUY via IFTTT
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ONGC's Q1 net profit drops 34% on back of lower oil prices, output

The net profit of Oil and Natural Gas Corporation (ONGC) fell over 34 per cent in June quarter on decline in oil prices and lower output, the firm said. Net profit of Rs 10,015 crore in April-June (first quarter of current 2023-24 fiscal year) compared to Rs 15,206 crore earning in the same period last year, the company said in a statement. ONGC, India's top crude oil and natural gas producer, earned USD 76.49 for every barrel of crude oil it produced and sold from nomination fields against a net realisation of USD 108.55 per barrel last year. Oil prices globally had risen sharply in April-June 2022 after Russia's invasion of Ukraine led to uncertainties over supply and demand. Crude oil pumped out of below ground and seabed is refined in refineries to produce petrol, diesel and other fuels. Natural gas is used to generate electricity as well as burn kitchen stoves and run automobiles (CNG). Gross revenue fell 20 per cent to Rs 33,814 crore. ONGC said crude oil production was 3...
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Anurag Tiwari appointed as National Academic Director for Unacademy Centres

Learning plarform Unacademy on Friday announced the appointment of Anurag Tiwari as the National Academic Director for Unacademy Centres. Prior to joining Unacademy, Tiwari served as the National Academic Director at Aakash Educational Services Ltd for 13 years. "An accomplished educator with over 18 years of experience in the education sector, Anurag brings a wealth of expertise and a proven track record to his new role," Unacademy said in a release. Founded by Gaurav Munjal, Hemesh Singh, and Roman Saini in 2015, Unacademy is a learning platform with a growing network of 91,000-plus registered educators and over 99 million learners. Unacademy Group comprises Unacademy, Graphy, UnacademyX, NextLevel, and Prepladder. "We are certain that his presence will further amplify our dedication to providing high-quality education to all learners and ensure we make a lasting impact on the educational landscape," Unacademy co-founder and CEO Gaurav Munjal said. from Companie...
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New India Assurance profit doubles to Rs 260 crore in June quarter

Public sector general insurer New India Assurance on Friday reported doubling of net profit to Rs 260 crore for the June quarter. The non-life insurer had recorded a net profit of Rs 118 crore in the year-ago period. Its total income rose to Rs 9,274 crore in the first quarter of the current fiscal, as against Rs 8,143 crore, New India Assurance said in a regulatory filing. The company said the gross premium during the quarter rose to Rs 11,362 crore as against Rs 10,349 crore last year. The Mumbai-headquartered insurer, which has a presence in 28 countries, earned an income from investment of Rs 1,355 crore as against Rs 962 crore in the year-ago quarter. The gross NPA of the insurer came down to 0.85 per cent from 1.19 per cent in the first quarter of the previous fiscal. The company witnessed an improvement in solvency margin to 1.85 per cent as against 1.72 per cent in the June quarter last year. from Companies https://ift.tt/CuJHDmN via IFTTT
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Biocon Q1 results: Consolidated net profit falls 11% to Rs 148.9 cr

Biocon Ltd on Thursday reported an 11 per cent decline in consolidated net profit at Rs 148.9 crore in the first quarter ended June 30, 2023. The company had posted a consolidated net profit of Rs 167.4 crore in the same quarter last fiscal, Biocon Ltd said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 3,422.6 crore as compared to Rs 2,139.5 crore in the corresponding period a year ago, it added. Total expenses were higher at Rs 3,299.2 crore in the first quarter as against Rs 1,977.5 crore in the year-ago period, the company said. On a standalone basis, Biocon said its net profit was at Rs 46.6 crore, up from Rs 14.9 crore in the same quarter previous fiscal. Standalone revenue from operations stood at Rs 513.2 crore as compared to Rs 441.7 crore in the year-ago quarter, the filing said. The company said its board approved the appointment of Nicholas Robert Haggar as an Additional Non-Executive, Independent Director sub from...
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Lenovo mulls scaling up local production, discussion on with govt on PLI

IT hardware maker Lenovo plans to strengthen local manufacturing and is in discussion with the government to seek clarity on the PLI scheme and recent import restrictions, a senior company official said on Tuesday. Lenovo India Commercial Business Executive Director Ajay Sehgal said that the company has been manufacturing in India for about the last two decades and now even exporting from India. "We need to understand more in detail about the new regulations. After understanding that part we will be able to comment better on how we can add more value in the manufacturing in India. Manufacturing in India is not new for us. If it is only a capacity enhancement, definitely, we know there is a merit to increase that part and we are moving in that direction," Sehgal said. He was responding to a question on Lenovo's view on Rs 17,000 crore production-linked incentive scheme for manufacturing IT hardware in the country. Lenovo leads the global PC market with a 24 per cent market...
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Dish TV Q1 net profit rises 15% to Rs 20.54 cr, becomes zero-debt company

Direct-to-home firm Dish TV India Ltd on Tuesday reported a 15.07 per cent increase in its consolidated net profit to Rs 20.54 crore for the April-June quarter of 2023-24 compared to Rs 17.85 crore a year ago. The company also announced the appointment of Manoj Dobhal as CEO with effect from August 23, 2023, after receipt of approval from the Ministry of Information and Broadcasting. Dish TV revenue from the operation declined 17.82 per cent to Rs 500.16 crore during the quarter under review as against Rs 608.63 crore of the corresponding quarter, Dish TV said in a regulatory filing. Dish TV's total expenses in the first quarter of FY2023-24 were down 19.37 per cent at Rs 475.46 crore. Its total income in the June quarter was at Rs 503.20 crore, down 17.94 per cent, mainly impacted by a decline in the subscription revenue. In the June quarter, Dish TV's Subscription revenues were 27.12 per cent lower at Rs 397.4 crore as against Rs 545.3 crore a year ago. Its subscription reven...
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PE inflow in real estate up 51% to Rs 24,680 cr: Cushman & Wakefield

Private equity investment in real estate rose 51 per cent year-on-year to Rs 24,680 crore in the first six months of this year, Cushman & Wakefield said on Monday. The private equity (PE) investment during April-June stood at Rs 15,850 crore (USD 1.92 billion), which was 63 per cent higher than the previous quarter and 60 per cent higher than the same period last year. "H1-2023 (January-June) witnessed a cumulative inflow of close to Rs 24,680 crore (USD 2.99 billion) which is 51 per cent higher than H1-22, mainly driven by investment in the office segment and also increased investments in alternate segments like logistics & industrial and data centres," real estate consultant Cushman & Wakefield said in a statement. Equity investment constituted for 87 per cent of the total inflows. Somy Thomas, Managing Director, Valuations and Co Head, Capital Markets at Cushman & Wakefield, said, "Indian office markets are one of the most resilient investment classes ...
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ONGC plans oil-to-chemical plants in pivot towards energy transition

India's top oil and gas producer ONGC is planning to set up two oil-to-chemical plants in India to convert crude oil directly into high-value chemical products as it prepares for energy transition that is shaking up the industry worldwide, chairman Arun Kumar Singh said. Crude oil, which companies like ONGC pump out from below seabed and from underground reservoirs, is a primary source of energy. It is processed in oil refineries to produce petrol, diesel and jet fuel. With the world looking to transition away from fossil fuel, companies around the globe are looking at new avenues to use crude oil. Petrochemicals are chemical products derived from crude oil and are used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics. "The demand for petrochemicals is expected to remain strong and will continue to be a key driver of oil and gas demand in the future," Singh said in the firm's latest annual report. ...
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Dhoot told Kochhar's husband she would 'land up sharing room with Indrani'

Videocon Group founder Venugopal Dhoot had during an argument over a flat told Deepak Kochhar, the husband of ICICI bank's former CEO and MD Chanda Kochhar, that she would "land up sharing room with Indrani Mukerjea," as per the chargesheet filed by the CBI in an alleged loan irregularities case. Deepak Kochhar became very angry and asked Dhoot to listen to his advice, otherwise he would "ruin him", according to the chargesheet. The claim, citing the statement of a witness, is part of the Central Bureau of Investigation's (CBI) chargesheet filed in the case against Chanda Kochhar, Deepak Kochhar and Dhoot. The Kochhars and Dhoot, arrested in December last year, are currently out on bail. Indrani Mukerjea, the prime accused in the case of murder of her daughter Sheena Bora, was lodged in the Byculla jail here for more than six years following arrest in August 2015. She was granted bail by the Supreme Court in May 2022. The chargesheet in the Kochhar case, run...
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USFDA issues warning letter to Intas Pharma for lapses at Sanand plant

The US health regulator has pulled up Intas Pharmaceuticals for manufacturing lapses, including failure of its quality control unit to ensure CGMP compliance, at its Sanand-based manufacturing plant. In a warning letter dated July 28, 2023, the US Food and Drug Administration (USFDA) pointed out various manufacturing lapses at the plant. "This warning letter summarises significant violations of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals," the USFDA said. It further said: "Because your methods, facilities, or controls for manufacturing, processing, packing, or holding do not conform to CGMP, your drug products are adulterated.." The USFDA inspected the manufacturing facility from November 22 to December 2, 2022. A warning letter is issued when the US health regulator finds that a manufacturer has significantly violated its regulations. The USFDA said the company "failed to exercise its responsibility to ensure drug produc...
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India major centre of gravity for automotive major Stellantis: Co official

India has become a major 'centre of gravity' for global automotive major Stellantis as it expands internationally, especially with digital and software hubs in the country supporting the organisation's technological future, according to a senior company official. Stellantis, which came into existence after the merger of Fiat Chrysler Automobiles and the French PSA Group in 2021, currently sells its Jeep and Citroen brands in the country. It has three manufacturing plants, two R&D centres and two ICT hubs in India. "We have got 4,000 employees in the region (India and the Asia Pacific), and the vast majority of those employees are right here in India. We're creating jobs here, two R&D centres and two IT centres. It's not only creating for India, but it's also creating for the world," Stellantis, India and Asia Pacific (IAP) Region, Head of Sales, Marketing and Regional Operations, Billy Hayes told PTI. The validation for the vehicles sold outsid...
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Credit extended to Videocon caused loss of Rs 1,000 cr to ICICI Bank

The credit facilities sanctioned by the ICICI Bank to the Videocon group turned into non-performing assets (NPAs) of more than Rs 1,000 crore, the CBI has claimed in the charge sheet filed against the bank's former CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon founder Venugopal Dhoot. The over 10,000 pages-long charge sheet was filed recently before a special court for the Central Bureau of Investigation cases here. The Kochhars and Dhoot are now out on bail. After Chanda Kochhar became MD & CEO of ICICI Bank, from May 1, 2009, six 'Rupee Term Loans' (RTLs) were sanctioned to Videocon Group. Between June 2009 to October 2011, RTLs of a total of Rs 1,875 crore were sanctioned to the group by the bank, the charge sheet said. Chanda Kochhar was chairperson of the two-member Committee of Directors which sanctioned RTL of Rs 300 crore in August 2009 to Videocon International Electronics Limited (VIEL). Further, she was a member of the committee of senior manage...
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Trai seeks views on spectrum allocation for aircraft-to-ground data comm

Telecom regulator Trai on Friday issued a supplementary consultation paper to seek stakeholders' views on provision of licence and spectrum allocation methods for data communication between aircraft and ground stations. The Telecom Regulatory Authority of India (Trai) has floated a consultation paper on "Data Communication Services between Aircraft and Ground Stations for services provided by organisations other than Airport Authority of India". However, after detailed consultation, it could not get inputs on certain aspects, such as those related to service licence for provision of data communication services between aircraft and ground stations, methodology for spectrum assignment and spectrum charging mechanism, Trai said in the paper. "Accordingly, the authority has decided to issue this supplementary consultation paper to seek inputs from stakeholders on such aspects. "In this regard, a supplementary consultation paper on 'Data Communication Services Be...
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NCLAT defers hearing on IDBI Bank's plea against Zee to August 17

The National Company Law Appellate Tribunal (NCLAT) on Wednesday deferred the hearing of IDBI bank's plea against Zee Entertainment till August 17. The private lender has challenged an NCLT order, which had on May 19 rejected its plea to initiate insolvency proceedings against the media major. On Wednesday, when the matter came for hearing, lawyers sought adjournment. On this, NCLT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra deferred the matter to August 17. The Mumbai bench of the National Company Law Tribunal (NCLT) had on May 19, 2023, set aside the bank's plea, seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). In its order, the NCLT bench had said that Zee Entertainment Enterprises Ltd (ZEEL), which was the corporate guarantor for the loan availed by Siti Networks -- the principal Borrower of IDBI Bank -- has committed a default. However, the d...
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MTNL, BSNL subscribers dropped due to lack of full-scale 4G: Centre

Government-owned telecom service providers MTNL and BSNL have seen a decline in the number of subscribers in the past three years because of "stiff competition" in the sector as well as lack of 4G services on a full scale, Parliament was informed on Wednesday. Minister of State for Communications Devusinh Chauhan in a written reply to the Lok Sabha said following a financial relief package from the Centre, BSNL and MTNL have been operationally profitable since 2020-21. "The reasons for decline in subscribers are lack of 4G services on a full scale and stiff competition in the telecom sector. In line with Atmanirbhar initiative of the government, BSNL has issued purchase orders for one lakh sites to roll out 4G services all over India in the next 18-24 months," Chauhan said. MTNL had 32.96 lakh subscribers for its wireless services in 2021, which declined 29 per cent to 23.5 lakh subscribers as of March 2023, according to the reply. BSNL also saw its subscriber count...
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