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Posted On:
13-09-2024

Adani Group denies Hindenburg comment on frozen funds in Swiss banks

Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks," it said citing the report. Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings.
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Posted On:
13-09-2024

DGCA orders special audit of flying training organisations to ensure safety

Aviation watchdog DGCA has ordered a special audit of flying training organisations in the country amid recent accidents involving training aircraft. The audit of flying training organisations (FTOs) will be conducted in three phases from September to November 2024. "This audit aims to thoroughly assess the safety standards, operational procedures, and systemic deficiencies within flying training organisations to ensure the highest levels of safety and compliance," DGCA said in a release on Thursday. The regulator said the move follows a series of recent training aircraft incidents that have sparked concerns regarding the compliance of FTOs with respect to the established aviation regulations and safety protocols. "The audit will scrutinise each FTO's adherence to DGCA's regulatory standards, including aircraft maintenance, airworthiness, and training operations," the release said.
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Posted On:
14-09-2024

Temasek's arm cuts off 1.4% stake in Godrej Agrovet for over Rs 212 cr

V-Sciences Investments, an arm of Temasek Holdings, on Friday divested a 1.4 per cent stake in Godrej Agrovet for more than Rs 212 crore through an open market transaction. Temasek Holdings is a state-owned multinational investment firm in Singapore. As of March 31, 2024, the investment company held an SGD 389 billion of portfolio value. According to the bulk deal data available on the National Stock Exchange (NSE), V-Sciences Investments offloaded 2.71 mn shares, or 1.41 per cent stake, in Godrej Agrovet. The shares were disposed of at an average price of Rs 785.13 apiece, taking the deal value to Rs 212.77 crore. After the stake sale, V-Sciences Investments' holding in Godrej Agrovet has declined to 6.36 per cent from 7.77 per cent. Details of buyers of Godrej Agrovet's shares could not be identified. In May 2022, Temasek trimmed its stake by selling 40 lakh shares of agri firm Godrej Agrovet for Rs 197 crore. Prior to that, the Singaporean global investment company in February 2020 sold shares of the company for Rs 204 crore. Shares of Godrej Agrovet rose 1.57 per cent to close at Rs 794 apiece on the NSE.
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Posted On:
14-09-2024

Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS

Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a “discrepancy,” and the tax department will be reprocessing the returns. Around 40,000 TCS employees received these notices, with the tax demands ranging from Rs 50,000 to 1 lakh, depending on their seniority within the company. “We understand that the tax authorities will be reprocessing the returns, following which the TDS shall be in sync with Form 26AS issued by the Income-Tax Department, and Form 16 Part A issued by TCS. Associates who received the notice will receive a rectification intimation in due course and are not required to pay any demand amount. Once the tax authorities send the rectification intimations, the discrepancies should be resolved,” an internal communication by TCS to its employees reviewed by Business Standard revealed. The company added, “Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount. Once the tax authorities send the rectification intimations, the discrepancies should be resolved.”
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Posted On:
14-09-2024

India Yamaha Motor unveils R15M with Carbon Fibre pattern at Rs 2.08 lakh

Two-wheeler major India Yamaha Motor has unveiled a new variant of its popular 155cc motorcycle R15M equipped with a Carbon Fibre Pattern graphic design at Rs 2.08 lakh (ex-showroom Delhi). Equipped with 155cc liquid-cooled engine, the R15M variant aligns with Yamaha's 'Call of the Blue' brand campaign. "Yamaha motorcycles are well known for their exhilarating performance, exciting agility and eye-catching sporty design. Since its launch in 2008, the R15 has embodied class leading performance and has enabled numerous consumers in India to experience the joy of riding a SuperSport motorcycle with thoroughbred Yamaha Racing DNA", Yamaha Motor India Group of Companies, Chairman Eishin Chihana said in a company statement. The R15M with Carbon Fibre pattern is available at Rs 2.08 lakh (ex-showroom Delhi) at Yamaha Blue Square showrooms while the price of upgraded R15M in Metallic Grey is offered at Rs 198,300 (ex-showroom Delhi) at Yamaha dealerships.
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