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NEWS

Posted On:
28-08-2024

Jio Financial ups stake in Jio Payments Bank to 82.17% for Rs 68 cr

Jio Financial Services (JFS) on Tuesday increased its stake in Jio Payments Bank to 82.17 per cent for Rs 68 crore, as per an exchange filing. The company subscribed to 6.8 crore equity shares of Jio Payments Bank for its business purposes. Post the investment, the company’s holding increased to 82.17 per cent from 78.95 per cent. This transaction was executed on an arm's length basis and is classified as a related-party transaction. As per the exchange filing, “The Company has today, at around 1:30 p.m. (IST), subscribed to 6,80,00,000 equity shares of Rs 10 each of Jio Payments Bank Limited (JPBL), for cash at par, aggregating Rs 68 crore for its business purposes. Post this investment, the Company’s holding in JPBL has increased from 78.95 per cent to 82.17 per cent.” None of the company's promoters, promoter group, or group companies have any interest in the investment. The company received approval from the Reserve Bank of India (RBI) prior to the investment and does not require any other approvals, it added.
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Posted On:
28-08-2024

RoC fines V-Guard MD over appointment, retirement related rules violation

The Managing Director of V-Guard Industries, a manufacturer of electrical and home appliances, has been fined by the Registrar of Companies (RoC) over violation of rules and regulations related to retirement and appointment of directors on the board. The RoC Ernakulam has imposed a penalty of Rs 2.03 lakh on V-Guard Industries Managing Director M K Chittilappilly for violation of Section 152(6) of the Companies Act over an application filed by the company suo moto. "The Managing Director has received an Adjudication order from RoC, Kerala imposing penalty under Section 159 of the Act for default under Section 152(6) of the Act," the company said in a regulatory filing. Section 152 (6) of the Companies Act governs the appointment and retirement of directors in Indian companies. It mandates the retirement of all directors at Annual General Meetings (AGMs). One-third of rotational directors should retire each year, but the number may vary depending on the total directors' count. However, RoC in the order passed on August 19 noted that as on April 1, 2022, V-Guard board consisted of optimum number of executive and non-executive directors with more than 50 per cent non-executive independent directors, which comprised 2 executive directors, 6 non-executive independent directors.
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Posted On:
28-08-2024

Alberta investment, HDFC Life to invest Rs 667 cr in India Grid Trust

India Grid Trust on Tuesday said Alberta Investment Management Corporation and HDFC Life will invest Rs 567 crore and Rs 100 crore, respectively, in it. According to a statement, India Grid Trust (IndiGrid) announced the launch of its preferential issue process to raise Rs 695 crore following the successful conclusion of the offer-for-sale (OFS). IndiGrid on Tuesday launched its preferential issue process to raise Rs 695 crore through primary issuance of units for Rs 136.43 /unit, it added. IndiGrid has received investment commitments from Alberta Investment Management Corporation (AIMCo), one of Canada's largest and most diversified institutional investment managers, and HDFC Life for an investment of Rs 567 crore and Rs 100 crore, respectively, with a balance committed by other investors. Ambit Capital and SBI Caps are running a preferential issue process on IndiGrid's behalf. Harsh Shah, Chief Executive Officer IndiGrid, said, "We are also delighted to welcome AIMCo and HDFC Life through a preferential issue, in our roster of reputed investors". Ahmed Mubashir, Managing Director, Head of EMEA and India, Infrastructure from AIMCo, said, "AIMCo is also impressed by IndiGrid's track record of enabling accretive growth and is excited to be further supporting and enabling that journey with this equity injection".
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Posted On:
29-08-2024

Moody's maintains stable outlook for Tata Steel, expects improved earnings

Moody's Rating on Wednesday said it has maintained a stable outlook on Tata Steel, expecting the domestic steel major to improve its earnings over the next two financial years. In a report, Moody's said it expects Tata Steel's consolidated Ebitda to be around Rs 290 billion in fiscal ending March 2025 and Rs 380 billion in fiscal 2026, from Rs 241 billion in 2023-24. "The rating affirmation and stable outlook reflect our expectation that the structural improvement in Tata Steel's earnings over the next two years will mitigate the risks associated with new state taxes on mining activities in India and developments at its operations in Europe, amid challenges in the broader steel sector," Hui Ting Sim, a Moody's Ratings Assistant Vice President and Analyst, said. Its forecast assumes that Tata Steel's India operations will generate Ebitda per tonne of Rs 14,700-Rs 15,300 in FY25 and FY26 before state mining taxes, which aligns with the company's 8-year average earnings. Further, the rating agency expects the addition of five million tonnes per annum (mtpa) of production capacity at Kalinga Nagar in Odisha will gradually lift Tata Steel's steel deliveries in India to around 23 million tonnes by FY26 from 20 million tonnes in the previous fiscal.
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Posted On:
29-08-2024

IIHL concerned over GST liability for RCap resolution plan implementation

Hinduja Group-owned IndusInd International Holdings on Wednesday contended before the National Company Law Tribunal that the GST liability of Rs 850 crore is a sticky issue in the implementation of Reliance Capital's resolution plan. Senior counsel Abhishek Manu Singhvi, representing IndusInd International Holdings, told the tribunal that it has received 7 approvals, including from the RBI and Sebi. He said that as directed by the tribunal on August 12, IIHL held a joint meeting with the CoC to sort out various issues. Singhvi, however, raised concern over the GST liability of Rs 850 crore. He further said that the company is prepared to pay Rs 9,861 crore, however, there is an issue of GST liability of Rs 850 crore. "We had a joint meeting (IIHL and the CoC) to sort out issues. However, the GST liability remains a sticky issue. The GST liability of Rs 850 crores is clearly already covered in the NCLT February 27 order, which says waiver of any tax, including but not limited to income tax and GST," he added.
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