Dark clouds are looming over the proposed disinvestment of national carrier Air India, with major domestic airlines pulling out of the race and right wing leaders red flagging the government plan.
The Supreme Court today allowed the Sahara Group to choose any parcel of its properties in the Aamby Valley city project in Maharashtra and sell them by May 15 and deposit the proceeds with SEBI-Sahara refund account.
A special bench headed by Chief Justice Dipak Misra considered the submission of senior advocate Vikas Singh, representing Subrata Roy and the Sahara group, that they be allowed to sell the properties on their own as auctioning would not fetch the desired price.
The central bureau of investigation (CBI) on Wednesday questioned Sunil Bhuta, chief financial officer (CFO) of NuPower Renewables, a company founded by the husband of ICICI Bank CEO and managing director Chanda Kochhar, in connection with an Rs 3,250 crore loan from the bank to the Videocon Group in 2012, officials said here.
The government has approached the National Company Law Appellate Tribunal (NCLAT) seeking modification of an NCLT order so that it can attach the properties of those involved in the $2 billion PNB fraud. In a petition, the corporate affairs ministry has also sought to invoke powers including the removal of the management and recovery of undue gains. The plea seeks modification of the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) by adding sections such as 241, 242, 246 read with 339 of the Companies Act.
Tata Sponge Iron reported a more than two-fold rise in its standalone net profit to Rs 46.70 crore for the fourth quarter ended March 31, 2018.
The company had posted a profit of Rs 21.20 crore in the corresponding quarter of previous financial year, Tata Sponge Iron said in a BSE filing.
Total income was up 31.59 per cent to Rs 243.50 crore during the quarter under review as against Rs 185.04 crore in the year-ago period.
Samsung leads the list second year in a row to become India’s Most Trusted Brand. Sony and LG follow to retain pole positions as India’s second and third Most Trusted Brands in an encore of 2017. The fourth Most Trusted Brand is India’s leading multinational conglomerate, Tata, and is followed by the Cupertino based technology company, Apple, slipping a rank from last year.
This was released in TRA’s Brand Trust Report 2018 a syndicated research conducted amongst 2,488 consumer-influencers across 16 cities in India.
Debt-ridden Amtek Auto on Wednesday said it has signed a share purchase agreement with Nippon Steel and Sumitomo Metal Corporation to sell its stake in its joint venture (JV) company SMI Amtek Crankshaft.
"Pursuant to the approval granted by the committee of creditors of Amtek Auto (AAL).... For sale of all equity shares and preference shares held by AAL in SMI Amtek Crankshaft Pvt Ltd (SMI) to Nippon Steel and Sumitomo Metal Corporation (NSSMC), AAL has signed and executed share purchase agreement with NSSMC," Amtek Auto said in a regulatory filing.
Mid-sized software services firm Mindtree on Wednesday reported more than 87 per cent growth in net profit at Rs 182.2 crore for the quarter ended on March 31, 2018.
It had posted a net profit of Rs 97.2 crore in the year-ago period, the firm said in a statement.
Its revenue rose by 11.1 per cent to Rs 1,464 crore in the January-March 2018 period from Rs 1,318.1 crore a year ago.
In dollar terms, net profit surged over 95 per cent to $28.2 million, while revenue grew 15.6 per cent to $226.2 million in the quarter under review.
India’s only gold medallist in athletics at the 21st Commonwealth Games, young javelin thrower Neeraj Chopra has set his eyes at achieving a distance of 90m consistently to enhance his chances of winning a medal at the Olympics.
The 20-year-old from Haryana, who clinched the gold at 2016 World Junior Championships, produced a season best of 86.47 metres to claim the yellow metal at Gold Coast and became only the fourth Indian individual in the history of the Games to win a track and field gold.
The Reserve Bank of India (RBI) on Wednesday stoutly defended its revised framework on bad loans under which even a one-day default could lead to the account being classified as non-performing asset (NPA).