Zomato on Thursday said the GST department in Thane has imposed a tax demand of Rs 803.4 crore, including interest and penalty. The demand order has been received in respect of non-payment of GST on delivery charges with interest and penalty thereon, Zomato said in a regulatory filing. The company said it will file an appeal before the appropriate authority as it believes it has a strong case.
The Ministry of Defence (MoD) signed a contract with Hindustan Aeronautics Ltd (HAL) for the procurement of 12 Su-30MKI aircraft. The deal, valued at around Rs 13,500 crore, includes associated equipment and is inclusive of taxes and duties. The aircraft will feature a homegrown content of 62.6%, achieved through the indigenisation of numerous components manufactured by the Indian defence industry.
Deutsche Investitions- und Entwicklungsgesellschaft will provide JK Tyre & Industries Ltd (JKTIL), a member of the JK Organisation, with a long-term loan of EUR 30 million. The funds will be invested in the sustainable expansion of production capacities at the company’s site in the Indian state of Madhya Pradesh.
YES Bank has announced that the Reserve Bank of India has approved the appointment of Mr. Manish Jain as an Executive Director (ED) of the Bank for a period of three years, effective December 11, 2024, further strengthening the Bank’s leadership team. Jain joined the Bank in 2023 as the Country Head of the Wholesale Banking Group. During his tenure, he has played a pivotal role in enhancing the Wholesale Banking business, driving growth, and strengthening client relationships across key sectors. His strategic initiatives have contributed significantly to improving profitability, advancing operational efficiency, and positioning YES BANK as a preferred banking partner in the corporate segment.
JK Tyre & Industries on Thursday said it will receive a long term loan of 30 million euros from Germany’s DEG. The company will invest the funds in a sustainable expansion of production capacities at its Madhya Pradesh-based passenger car radial tyre facility, the tyre maker said in a statement. JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said the project envisages total investment of 114 million euros. The said investment will further strengthen company’s market presence in the PCR (passenger car radial) segment, he added.
Financial services company Capital Group on Thursday exited Neuland Laboratories by selling 3.77 per cent stake in the company for Rs 756 crore through an open market transaction. Neuland is a leading global API Contract Development and Manufacturing Organisation. US-based Capital Group through its arm SmallCap World Fund Inc offloaded shares through a bulk deal on the National Stock Exchange (NSE). As per the data, SmallCap World Fund Inc sold 4.84 lakh shares or 3.77 per cent stake in Hyderabad-based Neuland Laboratories. The shares were disposed of at an average price of Rs 15,618.16 apiece, taking the transaction value to Rs 756.60 crore.
Insolvency appellate tribunal NCLAT has appointed state-owned NBCC as a project management consultant to complete debt-ridden realty firm Supertech Ltd’s 16 real estate projects at a cost of nearly Rs 9,500 crore, a move that will provide relief to thousands of homebuyers.
Reliance Industries Ltd has signed a deal to import crude oil worth $12-13 billion a year from Russia’s Rosneft for 10 years, sources said. Russian state oil firm Rosneft will supply up to 500,000 barrels per day (25 million tonne a year) of crude oil to Reliance, they said. The 10-year deal at current prices is worth $12-13 billion.
Shareholders of Dish TV have rejected the proposal to appoint two independent directors to the board of direct-to-home service providers. Two special resolutions for the appointment of two independent directors – Amit Singhal and Parag Agarawal – could not receive the required support from the shareholders in the postal ballot, the company said while sharing the scrutiniser’s report to bourses.
Ashok Leyland has received an order worth Rs 345.58 crore from the Tamil Nadu State Transport Corporation (TNSTC) to supply 1,475 BSVI diesel passenger bus chassis.
The Securities Appellate Tribunal (SAT) has quashed the SEBI’s order against former PTC Chairman and Managing Director Rajib Kumar Mishra from serving as a director in any listed entity. The ruling comes after Mishra challenged the SEBI order in SAT on the grounds that he was “not in charge”. “On a careful perusal of the allegations levelled against the appellant (Mishra) and the contentions urged on both sides, for reasons recorded here in above, we are of the view that all the allegations against the appellant in issues nos 1 to 4 are baseless. Therefore, the directions contained in paragraph no: 253 of the impugned order qua the appellant are unsustainable and liable to be quashed. The appellant has suffered the order for about six months for no fault,” the SAT ruling said. SEBI on June 12 order had restrained Mishra, who was CMD of PTI India and non-executive director of PTC India Financial Services, from holding any director’s post for six months. The regulator also imposed a penalty of Rs. 10 lakh on him. Following the SEBI order, Mishra ceased to be CMD of India’s largest power trading company and the non-executive director of its subsidiary, PFC
.
GR Infraprojects got a letter of intent from PFC Consulting for the “transmission scheme” aimed at integrating the Bijapur REZ (renewable energy zone). The quoted transmission cost for the project is Rs 107.7 crore per annum under a build-own-operate-transfer (BOOT) model. The construction period for the project is estimated at 24 months.\
Edelweiss Financial Services on Thursday trimmed its holding by divesting a 7.14 per cent stake through an open market transaction in Nuvama Wealth Management for Rs 1,759 crore. Nuvama Group (formerly Edelweiss Wealth Management) is a listed entity. Edelweiss Financial Services through its two affiliates — Ecap Equities Ltd and Edel Finance Company Ltd — offloaded a total of 25.50 lakh shares or 7.14 per cent stake, collectively, in Mumbai-based Nuvama Wealth Management, as per the bulk deal data on the NSE. The shares were sold in the price range of Rs 6,854.15-6,941.30 apiece, taking the combined value to Rs 1,759.44 crore.
The board of CRISIL has approved purchasing of 4.08% ownership in Online PSB Loans, a leader in the digital credit infrastructure for MSME, for Rs 33.25 crore. The investment is subject to finalising the shareholders’ agreements and completing the offer proces.
