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NEWS

Posted On:
03-09-2024

NMDC reports 9.9% drop in iron ore production at 3.07 mn tonnes in August

Country's largest iron ore miner NMDC on Monday reported a 9.9 per cent drop in production of iron ore at 3.07 million tonnes (MT) in August. The company had produced 3.41 MT of iron ore in the corresponding month of the previous fiscal, NMDC said in a regulatory filing. The company's sales also declined to 3.14 million tonnes in August this year, from 3.54 MT in the corresponding month of previous fiscal. The company's cumulative iron ore output fell to 14.43 MT in April-August 2024, from 16.56 MT in the year-ago period. Sales dropped to 16.27 MT in April-August period, from 17.43 MT in the corresponding period of previous fiscal.
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Posted On:
03-09-2024

Sterlite Tech to pay Rs 4 cr to Data Management Centre for settling dispute

Broadband technology firm Sterlite Technologies has agreed to pay $467,400 (about Rs 4 crore) to the Data Management Centre for dispute settlement, a regulatory filing said on Monday. Data Management Centre had claimed damages worth $2.7 million (about Rs 23 crore) before Singapore International Arbitration Centre against Sterlite Technologies (STL) for delay and failure by the broadband technology to meet obligations under their agreement. "Without admission of liability, a Settlement Agreement was executed between the Parties wherein Sterlite agrees to pay DMC a net sum of $467,400 towards full and final settlement of all claims between the parties," the filing said. STL is engaged in the business of manufacturing and selling optical fibre cables. Shares of the company closed at 131.15 apiece, down by 0.3 per cent at BSE on Monday.
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Posted On:
03-09-2024

Vodafone Idea slapped with Rs 73 cr GST demand orders, penalty, interest

Debt-ridden telecom firm Vodafone Idea has been slapped with demand orders from various GST offices to pay over Rs 73 crore comprising tax dues with penalty and interest, a regulatory filing said on Monday. The company has received nine orders from various GST offices mostly for alleged short payment of taxes and allegedly availing excess input tax credit (ITC). The GST office in Kolkata has levied highest penalty of Rs 33.44 crore on the company along with demand of tax and interest on September 1 for "Alleged Tax short paid on outward supply, excess ITC availed", according to the filing. Noida GST office has ordered Vodafone Idea (VIL) to pay "penalty of Rs 268,994,489 along with demand and interest as applicable" on September 1 for alleged "excess availment of ITC and short tax paid for FY 2019-20" by the company. Patna GST office has levied a penalty of Rs 10.94 crore along with demand and interest on VIL. The company has received a penal order of Rs 4,211 from Chandigarh GST office, Rs 1.57 crore order from Andhra Pradesh circle, Rs 9.51 lakh from Odisha, Rs 50,000 and Rs 36,000 from Himachal Pradesh office, according to the filing.
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Posted On:
04-09-2024

Maruti Suzuki contributes Rs 3 cr to PM CARES fund for flood relief

Maruti Suzuki India on Tuesday said it has donated Rs 3 crore to the PM CARES fund for flood relief across various states. The company's contribution aims to support the government's relief and rebuilding efforts across the country, the auto major said in a statement. "We stand in solidarity with the individuals and families affected by the recent natural calamities. In times of crisis, it is a collective responsibility to stand together and rebuild," Maruti Suzuki India MD and CEO Hisashi Takeuchi said. The contribution is a humble gesture to support the government relief and rehabilitation efforts for affected communities, he added.
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Posted On:
04-09-2024

Byju's lenders kicked off creditor panel by court official Srivastava

US lenders were kicked off an influential creditors committee by a court official in India, dealing the group a setback in their efforts to collect more than $1.2 billion from the troubled education tech company, Think & Learn Pvt, which is known as Byju’s. The decision by the official, who is overseeing an insolvency case against Byju’s, means that the lenders didn’t have a chance to vote on who should run the company while a plan to repay creditors is put together. The lenders accused the official — Byju’s Interim Resolution Professional Pankaj Srivastava — of “secretly plotting to reject” their claims and of manipulating the creditors vote by excluding them. Before the lenders’ representative, Glas Trust, even learned that they had been removed, Srivastava held a meeting of the creditors committee and was selected as “permanent resolution professional,” lenders alleged in an emailed statement. Srivastava did not respond to an email sent after business hours in India. “Pankaj Srivastava’s actions are unprecedented and entirely illegitimate as no interim resolution professional in the history of the Insolvency and Bankruptcy Code of India has ever attempted to unlawfully strip financial creditors of claims of this magnitude,” the lenders said.
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