The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT.
Gandhi, 75, was earlier asked to depose on June 8 but she sought a fresh date from the federal probe agency after she contracted the coronavirus infection.
Tata Projects (Hyderabad), Tractebel Engineers and Constructors Pvt Ltd (New Delhi), Germanischer Lloyd Industrial Services (Mumbai) and Bureau Veritas (India), Pvt Ltd (Mumbai) are among the 13 agencies which will perform technical audit of city gas projects.
The project will see remote management of all the utilities from a single city command.
As part of the agreement, McDonald's has acquired 50 per cent voting equity shares in Connaught Plaza Restaurants, held by Bakshi and his affiliated entity since inception.
Social media unicorn ShareChat has laid off 200 employees, around 15 per cent of its workforce, in another round of layoffs this year to reduce costs and achieve profitability within the next six quarters. In January, Mohalla Tech Pvt Ltd, the parent company of platforms ShareChat and Moj, fired 500 employees, 20 per cent of its workforce. The same month, company co-founders Bhanu Pratap Singh and Farid Ahsan also stepped down from executive roles.
"How can a court order this? To say that the judgment, a public document, be pulled down will have very serious ramifications," said a bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra after taking note of the submissions of Ikanoon Software Development Pvt Ltd, a Bengaluru-based legal website.
Long-distance runner Lalita Babar was named Sports Person of the Year at the India Sports Awards 2015 in New Delhi on Monday.
The Supreme Court on Wednesday directed AIIMS director to constitute a medical board to examine whether Dravida Munnetra Kazhagam chief M Karunanidhi's wife Dayalu Ammal is medically fit to depose as a witness before a Special CBI court in a 2G scam case.
Amidst strained ties with China, the pre-budget Economic Survey on Monday made a strong case for seeking foreign direct investments (FDI) from Beijing to boost local manufacturing and tap the export market. As the US and Europe are shifting their immediate sourcing away from China, it is more effective to have Chinese companies invest in India and then export the products to these markets rather than importing from the neighbouring country, the Survey said.
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar were released from jail on Tuesday morning, a day after the Bombay high court granted them interim bail in a loan fraud case, a police official said. Chanda Kochhar walked out of the Byculla women's prison in Mumbai, while her husband was released from the Arthur Road jail, the official said. The CBI arrested Kochhars on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
He has been sent to the ED custody till April 18 by the court, they said.
With a gradual rise in temperature and the start of heatwave, FMCG and dairy firms selling cola-based fizz drinks, juices, mineral water, ice creams and milk-based beverages expect a spike in sales and have ramped up their production and stocks to meet the anticipated consumer demand. The makers are launching new products keeping in mind the evolving consumer preferences and also investing substantially on promotions and expansion of the channels this season, company executives of beverage and ice cream makers said. Beverages major PepsiCo said summer months are naturally the most favourable season for its category and it is "optimistic" that its portfolio of brands will continue to delight consumers during the period.
In a drastic step, the the Board of Control for Cricket in India on Sunday unanimously decided to 'terminate' the franchise agreements of Rajasthan Royals and Kings XI Punjab, while sparing the newly-inducted Kochi team.
SpiceJet Ltd on Monday said it has hived off its cargo and logistics business SpiceXpress into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said.
Pearl Organics Ltd approved allotment of 37,00,000 equity shares of Rs 10 each to Wander Pvt Ltd on preferential allotment basis. The allotment is made for acquisition of the Setcal brand from Wander Pvt Ltd for Rs 37 million.
Without disclosing other shareholders, Republic Media Network said the statement was being issued to "clarify the details of its promoter shareholding" in view of "misleading" media reports making "false and mala fide claims about the exact ownership of the consolidated network." It said Goswami through his personal investment and family owned around 84 per cent shareholding in ARG Outlier Media Pvt Ltd at the time of launch of the English news channel Republic TV in 2017.
Indiawin Sports Pvt Ltd, the owner of Mumbai Indians IPL team that is currently leading the points table in the ongoing Twenty20 cricket tournament, has posted a net loss of Rs 15.42 crore for the fiscal year 2010-11.
Among the Sensex firms, ITC, Kotak Mahindra Bank, ICICI Bank, Nestle, Axis Bank, IndusInd Bank, UltraTech Cement, Bajaj Finance, Maruti and HDFC Bank were the major laggards.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
The case pertains to the ED probe into the alleged financial irregularities in the party-promoted Young Indian that owns the National Herald newspaper.
Sebi on Wednesday barred Kishore Biyani and certain other promoters of Future Retail Ltd from the securities market for one year for indulging in insider trading in the shares of the company. Apart from Kishore Biyani, who was the CMD and promoter of Future Retail Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust. In addition, the regulator has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. Besides, they have been asked to disgorge Rs 17.78 crore for the wrongful gains made by them.
Congress general secretary in-charge communications Jairam Ramesh said that in the 'Hum Adani ke Hain Kaun (HAHK)' series under which the Congress posed questions to Prime Minister Narendra Modi, the party had asked him about his "favourite business group's links with the Chinese citizen Chang Chung-Ling (aka Lingo Chang) who has been a director in several Adani Group companies along with Vinod Adani and also made an appearance in the Panama Papers".
Himatsingka Seide Ltd ABC Trading Pvt Ltd as it has real estate assets for Rs 57.50 million, which the company finds suitable for its retail launch.
The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notices over the petition filed by e-commerce major Amazon, challenging a recent order passed by the fair trade regulator CCI that suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). The appellate tribunal has directed the Competition Commission of India (CCI) and FCPL to file their reply in next 10 days and Amazon to file a rejoinder over it. It has directed to list the matter on February 2, for next hearing.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
Competition Commission of India (CCI) has issued a show cause notice to the parties with respect to the proposed merger of Tata Group airlines Vistara and Air India, according to a source. The fair trade watchdog issues notice asking why an investigation should not be initiated only after forming a prima-facie opinion that the deal could adversely impact competition in the marketplace. Vistara and Air India are the two full-service carriers that are part of the Tata Group, and Singapore Airlines holds a 49 per cent stake in Vistara.
Raghav Magunta was taken into custody under the Prevention of Money Laundering Act (PMLA) on Friday evening, they said.
Congress President Sonia Gandhi, her son Rahul, Motilal Vora, Oscar Fernandes, Suman Dubey and Sam Pitroda are accused in the case.
Debt-ridden Future Group on Friday said it will sell part of its stake in Amar Chitra Katha Pvt Ltd (ACKPL), which publishes Amar Chitra Katha comics, for Rs 13.62 crore. It has entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting to 18.58 per cent of the total paid-up share capital of ACKPL to Ramanaidu Daggubati and Spirit Media, according to a regulatory filing. Future Consumer Ltd (FCL), part of the Future Group, will be offloading the stake.
Leading logistics and transport companies are willing to operate Blueline buses on certain lustre routes in Delhi. As many as 11 players have submitted their bids for operating 200 private carriage buses in the capital at an estimated cost of Rs 57 crore
'With India's growing capabilities in the space sector, this creates promising opportunities for enhanced collaboration and market access.'
The CBI action came a day after the agency filed its second charge sheet in the case alleging that former director general (state armed police) and Trinamool Vice President Rajat Majumdar and East Bengal Club official Debabrata Sarkar were beneficiaries of the money collected through chit fund scam.
The proposed expansion of the Dabhol power project under Ratnagiri Gas & Power Pvt Ltd (RGPPL) by 2,100 Mw from the present capacity of 1,940 Mw has been stalled for want of assured gas supply from the KG-D6 gas field, operated by Reliance Industries Ltd, and adequate number of power procuring states.
The Supreme Court on Thursday dismissed a plea of the Sapoorji Pallonji (SP) group seeking a review of the 2021 verdict which had upheld the Tata group's decision to remove Cyrus Mistry as the executive chairman of the Tata Sons. A bench headed by Chief Justice N V Ramana, however, ordered the deletion of certain remarks made against Cyrus Mistry in the March 2021 verdict. Senior advocate Harish Salve, appearing for the Tata group, said the court may permit the deletion of one or a few sentences not for the reasons given in the application of the Sapoorji Pallonji (SP) group.
Paramount Global has agreed to sell its 13 per cent stake in its Indian TV business to Reliance Industries for Rs 4,286 crore, the Indian firm said on Thursday. In a stock exchange filing, Reliance said it has signed a binding agreement with two subsidiaries of Paramount Global to acquire 13.01 per cent equity stake of Viacom 18 Media Private Limited held by Paramount Global. Similarly, in a filing on the US Securities and Exchange Commission (SEC), Paramount Global said the closing of the transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals, as well as the completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney.
The Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Sebi on Reliance Industries Ltd's chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. The ruling has come after all the entities appealed before the tribunal against the order passed by the Securities and Exchange Board of India (Sebi) in January 2021. In January 2021, Sebi imposed a Rs 25 crore fine on Reliance Industries Ltd(RIL), Rs 15 crore on Ambani, who is the company's chairman and managing director, Rs 20 crore on Navi Mumbai SEZ Pvt Ltd and Rs 10 crore on Mumbai SEZ Ltd in RPL case.
Shridhar Madhav Patankar, the brother of Thackeray's wife Rashmi, "owns and controls" Shree Saibaba Grihanirmiti Private Limited, it said.
The Central Bureau of India on Saturday told a special court in New Delhi that Rs 200 crore connected with 2G spectrum allocation scam has travelled from a partnership firm of Shahid Usman Balwa to Kalaignar TV Pvt Ltd whose owners include Tamil Nadu Chief Minister M Karunanidhi's wife Dayaluamma.
Santiago Martin has funded Rs 1,368 crore to political parties between October 2020 to January 2024 through electoral bonds.
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