The directorate of revenue Intelligence has issued a show cause notice to Pawan Kumar Ruia, who had acquired public sector engineering giant Jessop & Co and ailing tyre company Dunlop India Ltd, for allegedly claiming false export benefits.
Dunlop & Jessop head for closure & new ventures abroad yet to inspire but tycoon says he's still going strong.
Tyre maker Dunlop's owner Pawan Kumar Ruia has submitted a bid to acquire South Korea's bankrupt SsangYong Motor, while Mahindra & Mahindra is also understood to have made a similar move.
Getting the first tyres out from the Sahaganj plant will still require a lot of effort, but with the state government on its side, the hopes are high.
The factory located in Ambattur Industrial Estate, which became sick in 2001, under the Manu Chabbria-led management, has been taken over by the Kolkata-based Ruia group which finalised agreements with workers.
Engineering goods major Jessop & Co Ltd, acquired by Ruia Cotex, is planning another round of financial restructuring to wipe out the entire accumulated loss of Rs 110 crore.
Dunlop India chairman Pawan Kumar Ruia said: "The Sahaganj plant will resume production either just before the Puja or right after the Puja."
Tyre major Dunlop India's main plant at Shahgunj near Kolkata would be re-opened on October 31, West Bengal Chief Minister Buddhadeb Bhattacharjee said on Monday.
Taken out from the supervision of the Board for Industrial and Financial Reconstruction (BIFR), Dunlop India Limited (DIL) expects to make a marginal profit by March 2008 and declare a dividend for shareholders next fiscal.
After nearly five years of uncertainty Dunlop India's plant at Ambattur near Chennai would re-open on Sunday with 1000 workers scheduled to join work under a new management headed by Pawan Kumar Ruia
The stand-off between the Pawan Kumar Ruia led management of ailing Dunlop India and workers' union remained unresolved on Saturday, but the new management expressed confidence that all pending issues would be sorted out soon paving the way for re-op
The 'Pran Pratishtha' of the idol of Ram Lalla -- the childhood form of Lord Ram -- will be attended by people from all walks of life, including representatives of major spiritual and religious sects of the country and of various tribal communities and prominent personalities.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
Pakistani Prime Minister Nawaz Sharif has cancelled his visit to WEF annual meeting after a deadly Taliban attack in his country.
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