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NEWS

Posted On:
29-06-2024

Godrej Properties on solid growth foundation amid strong pre-sales

Godrej Properties (GPL) reported strong pre-sales of Rs 22,500 crore in FY24, up 84 per cent year-on-year (Y-o-Y). The performance was led by new launches, which increased 65 per cent to Rs 23,000 crore in FY24, and contributed 70 per cent to total pre-sales. The sales volume increased 31 per cent Y-o-Y to 20 million square feet (msf), while realisation rose 40 per cent Y-o-Y, driven by contribution from high-realisation markets of National Capital Region (NCR) Delhi and Metropolitan Mumbai Region (MMR) and positioning in the premium segment.
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Posted On:
01-07-2024

A-I Express union alleges unfair labour practices; seeks govt intervention

Air India Express' cabin crew union has alleged unfair labour practices by the airline, including in issuance of charge sheets to its members, and sought the intervention of the labour commissioner to resolve the issues. The Air India Express Employees Union (AIXEU), which is affiliated with the Bharatiya Mazdoor Sangh, has written a letter to the Chief Labour Commissioner (Central) in this regard.The communication also comes at a time when conciliation proceedings are going on before the CLC (C) on the disputes between the cabin crew members and the airline management.The union has alleged that the management is adopting various measures that are not conducive to creating good industrial relations. "... their actions are spoiling the industrial relations already affected by their unfair labour practices and violations of labour legislation," it claimed in the letter dated June 28. There was no comment from Air India Express. Among other issues, the union has claimed that charge sheets have been issued to the cabin crew who had availed sick leave from May 6 to 8 and that enquiry is being initiated against selected union members.
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Posted On:
01-07-2024

Spectrum auction: Govt to issue demand note to telcos this week for payment

The telecom department is expected to issue a demand note to telcos this week for payment of spectrum they bought in the just-concluded auction, according to a source. The auction -- lasted for two days spanning seven rounds this time around - witnessed the sale of 141.4 MHz of radio waves for Rs 11,340.78 crore.In all, 10,500 MHz of radiowaves used for mobile services worth over Rs 96,238 crore were placed on the block during the auction started on June 25. Sunil Mittal's Airtel emerged as the biggest bidder for radio waves, cornering about 60 per cent of the Rs 11,341 crore worth of spectrum sold in this auction.Airtel bid and won airwaves worth Rs 6,856.76 crore, and rival Mukesh Ambani's Reliance Jio - the market leader - got Rs 973.62 crore worth of spectrum - the least in the three-way contest. Vodafone Idea's (VIL) bid for spectrum was valued at about Rs 3510.4 crore. As per sources, the demand note would outline both options - upfront payment or payment via instalments and is expected to be sent out early this week to various telecom companies. As per the terms of the bid document, the payments have to be made within ten days of the issue of the demand note.
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Posted On:
01-07-2024

IBBI introduces digital forms for monitoring liquidation processes

To ease the compliance burden for insolvency professionals, and enhance the effectiveness of the liquidation process, the IBBI has launched a set of electronic forms under the Insolvency and Bankruptcy Code. These forms are crucial for the liquidation process under the Insolvency and Bankruptcy Code (IBC), as they facilitate systematic and transparent record-keeping and seamless reporting, the insolvency regulator said.The new circular, issued by the Insolvency and Bankruptcy Board of India (IBBI) on June 28, introduces forms LIQ 1 to LIQ 4, covering different stages of the liquidation process. Presently, the IPs submit the details regarding the liquidation process, to the board through emails, which is time-consuming and inefficient, the IBBI said in the circular.LIQ 1 includes details from the commencement of liquidation to the public announcement. Further, LIQ 2 captures information from the public announcement to the progress report, including valuation, sale, and receipts. LIQ 3 focuses on the period from the last progress report to the application for dissolution, while LIQ 4 deals with the distribution of proceeds and other final details post-dissolution order.
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Posted On:
02-07-2024

Apple exceeds India's PLI scheme targets, lags in value addition

Technology major Apple, the poster boy of India’s production-linked incentive (PLI) scheme, has exceeded its targets on five of the six parameters that the government monitors. A company must achieve the minimum target on four parameters — incremental production value, exports, investment, and the freight on board (FoB) value — every year to be eligible for PLI, which ranges from 4 per cent to 6 per cent under the scheme for mobile devices. The good news is that the iPhone maker’s three India vendors — Foxconn, Pegatron and Tata Electronics — have collectively surpassed these targets. The production value
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