The division bench of Justices F I Rebello and D G Karnik on Monday reserved orders as to whether the Birla group's petition is admissible or not. The order will be passed on Tuesday. In the present case, the issue is whether the Birla group is liable to pay capital gains tax on the share-purchase transaction worth $150 million with AT&T Mauritius (subsidiary of AT&T).
'Aleris will bring in $3 billion of revenue. Novelis has $12 billion of revenues. If we add Hindalco's $6-billion revenue, then on a consolidated basis, we will become the world's largest aluminium company outside China.'
It was almost as if we were back to 'acchey din', when Parliament was a forum where two sides fought ferociously as equals. For that we need to thank Rahul Gandhi, notes Jyoti Punwani.
'Unlike Big Bazaar, where the promoter calls the shot, in ABRL, professionals take decisions. So, every new CEO leads to a change in strategy, which confuses vendors and the team.'
Leader of Opposition Rahul Gandhi launched a no-holds-barred attack on the Bharatiya Janata Party in the Lok Sabha on Monday, saying the leaders of the ruling party are not Hindus as they engage in "violence and hate" round the clock, drawing massive protests from the treasury benches, with Prime Minister Narendra Modi accusing the Congress leader of calling the entire Hindu community violent.
Mumbai is witnessing some big-ticket investments in bungalows by the city's billionaires.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
Opposition leaders on Saturday stepped up pressure on Lok Sabha Speaker Om Birla for stringent action against Bharatiya Janata Party's Ramesh Bidhuri over his derogatory remarks against Bahujan Samaj Party MP Danish Ali in the House.
A see-saw battle of arguments between the Lodha camp and the Birla group, who are fighting for control of Priyamvada Birla's Rs 2,400 crore (Rs 24 billion) assets, on Thursday unfolded before the Supreme Court.
Trinamool Congress MP Mahua Moitra on Wednesday wrote to Lok Sabha Speaker Om Birla flagging alerts received by several opposition leaders about 'state-sponsored' attacks on their iPhones, and urged him to provide them protection to continue doing their duties.
The Birlas on Thursday informed the Calcutta High Court that Priyamvada Birla was suffering from several debilitating diseases and not in firm health as claimed by Rajendra S Lodha who asserted she had made the 1999 'will' in his favour in her full s
In a crucial victory for Birlas in their legal battle against Rajendra S Lodha for control of the M P Birla group, Calcutta High Court on Friday dismissed a petition seeking quashing of criminal proceedings against him and three others.
Aditya Birla Group on Wednesday raised its stake in Idea Cellular to 50.15 per cent after it bought Cingular Wireless's stake for $150 million (about Rs 650 crore).
BofA-ML mandated to find buyer for 27.5% stake in media group's holding firm
Janata Dal-United MP Giridhari Yadav on Friday said he does not upload questions on the Lok Sabha's website himself as he does not know how to operate a computer, as the Lower House decided to expel Trinamool Congress (TMC) member Mahua Moitra over the allegation that she shared her log-in credentials with outsiders and took a bribe for asking questions.
It took the Aditya Birla group four years to make up its mind on entering the the burgeoning e-commerce market in the country.
The 17th Lok Sabha, which was dissolved on June 5, did not have a deputy speaker for its full term, and it was the second consecutive term of the lower house without an LoP.
Diversified conglomerate Aditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore (Rs 1.988 billion), a move that will strengthen the financial services segment of the group.
It hopes to enter the business in 9-15 months. "We have plans to enter diesel generator, petrol, LPG and kerosene segment, but it will be too early to comment on any specific deal," said Kalyan Bhattacharya, president and CEO, Birla Power Solutions. "The size of the acquisition will depend on the horse power of the engines manufactured by the company. BPSL is looking at a company manufacturing diesel engines of capacities ranging between 25 horse power and 200 horse power."
Many ethical, competent corporate leaders aspire to join public life today. However, the transition to politics is far from easy, observes Indrajit Gupta.
The COVID-19 virus got mutated 223 times in the world and its harmful effects have come down substantially over time, Union Health Minister Mansukh Mandaviya said in Lok Sabha on Friday.
Using brand names of parent companies will help these firms connect with new customers.
According to two independent sources in the know, the group is exploring the possibility of tapping private equity investors for a significant minority stake in the company or may even exit the business, provided it gets a significant exit premium.
It will also close 30 unviable stores. The company's move comes after its net loss widened to Rs 141.2 crore in the March-ended quarter, owing to mounting losses in apparels. The loss was Rs 82.2 crore in the apparel business, against a loss of Rs 4.44 crore in the corresponding quarter of the previous financial year.
Rajendra S Lodha, the chartered accountant who has staked claim on the Rs 5000 crore (Rs 50 billion) assets of the M P Birla group
The mutual fund (MF) gross inflows through the systematic investment plan (SIP) route topped the Rs 20,000 crore mark for the first time in a calendar month as investors opened a record 6.4 million SIP accounts despite a spike in market volatility. The number of accounts opened last month was almost 50 per cent higher than the registrations seen in March. "India's MF industry has reached yet another milestone with the SIP book crossing above Rs 20,000 crore in April 2024.
While the Tatas are looking for PE deals of about $50 million or less, the A V Birla Group is eyeing deals worth not more than $25 million. Tata Capital is banking on its ability to source deals by exploiting the existing Tata ecosystem of suppliers and customers. The Birla group, which has committed 40 per cent of the $250-million corpus it planned to raise for its PE fund, is looking to leverage its strength to source and evaluate deals.
'Currently, our individual first premium would be in the Rs 3,000-Rs 3,200 crore range. We want to take that to about Rs 6,000 crore in three years.'
"A person cannot be punished twice for the same offence," a committee member said, adding that even BJP members took a "soft view" of the issue and were in favour of revocation of Chowdhury's suspension.
Former Prime Minister Manmohan Singh, Birla and former Coal Secretary P C Parakh were summoned.
The case relating to the disputed will of Priyamvada Birla was on Tuesday assigned to the court of Justice Kalyanjyoti Sengupta and its date of hearing would be announced soon.
