India Inc on Tuesday sought tax cuts in the forthcoming Budget, even as it asked the government to move towards an effective goods and services tax rate of 15 per cent in the next few years.
The investments were a mix of issuance of guarantees ($2.53 billion), loan ($257.60 million) and of equity ($232.59 million).
In his statement to the Enforcement Directorate, Dhoot conceded that Rs 64 crore had been transferred to Deepak Kochhar's NuPower Renewables through a web of entities to allegedly acquire wind farm properties.
The group is among the 40 largest defaulters identified by the Reserve Bank's first list for insolvency in late 2016.
Consumer durables major Videocon Industries has acquired Planet M, the music and entertainment retail arm of media house Bennett, Coleman & Co, for Rs 200 crore. The acquisition has been done by NEXT, Videocon's retail chain for consumer electronics and home appliances. Videocon Chairman V N Dhoot said Planet M, which has a huge brand equity, fits in well with the group's retail ambitions. Dhoot said the group plans an over six-fold increase in Planet M's turnover.
Videocon Industries Ltd has received approval from the Bombay high court for amalgamating EKL Appliances Ltd with itself.
Italian govt chips in to help Indian company.
Videocon will set up an LCD manufacturing unit at Shenzen, China, at an investment of 1.5 billion dollars, to tap the Chinese market as well as exporting to other countries.
Bonino told Business Standard that the Italian delegation, which included almost 400 top Italian CEOs, was extremely bullish on enhancing business ties with India.
The Videocon Industries-led consortium has submitted a revised bid to the creditors of Daewoo Electronics for buying their stake in the South Korean electronics major.
The creditors of Daewoo Electronics have rejected the proposal of the Videocon Industries-led consortium to acquire the company for a lower price, with a part of the proceeds being invested in the company in the form of convertible bonds.
Videocon Group on Thursday signed an agreement with AB Electrolux to acquire the Swedish company's entire 91.85 per cent stake in Electrolux Kelvinator Ltd. As per the deal, AB Electrolux will get about 5 per cent stake in Videocon Industries Ltd.
Videocon Industries Ltd has decided to raise Rs 5,000 crore (Rs 50 billion) through the issue of equity shares or other securities.
Kochhar's counsel argued that according to Section 35B (b) of the Banking Regulation Act, prior approval of the RBI is required to terminate the contract of a bank's chairman or managing director. But in this case, the RBI approval came after the termination letter was served.
As many as 206 stocks defied bearish overall trend to trade in the positive zone on Monday even as the broader market witnessed a bloodbath with the Sensex plunging to an intra-day fall of over 1,200 points till noon.
Videocon Industries Ltd will spend Rs 2,000 crore (Rs 20 billion) for oil exploration and production activities, including Rs 800 crore ($183 million) abroad as part of its business plans.
Videocon Industries is eyeing oil fields in Sudan and Yemen and is considering investing in the development and exploration of oil in India and in the Middle East.
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
While e-commerce operations for these firms are small at the moment, it is slated to grow in the next 3 to 4 years.
The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
One of the reasons why conviction rates in India are poor is that "adventurism and megalomania overtakes our investigators and professionalism takes a back seat," Jaitley said on Twitter.
Pharma shares extended losses after the government's ban on combination drugs.
Indian consumer durable market faces competition from Korean dealers.
Videocon Industries on Tuesday said a well drilled to confirm an oil discovery in its Brazilian offshore block has struck 200 feet of high-quality hydrocarbon zone.
A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar's misdeed.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
Tracking the strong momentum in the broader market, as many as 99 stocks touched their one-year high level on the BSE on Monday.
NuPower will return loan with interest to consumer durables major by 2021
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