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Amtek Auto Ltd's board of directors will on August 25 consider the buy back of shares.
Mahindra Satyam Ltd has received from the Additional Commissioner of Income Tax, draft of proposed assessment orders together with draft notices of demand under the Income Tax Act for Rs 1,037.69 crore and Rs 1,075.73 crore for assessment years (AY) 2002-03 and 2007- 08 respectively.
The draft of the proposed assessment orders proposes inter alia , disallowance of tax exemptions/ deductions claimed by the company. However, it does not exclude fictitious income wrongly offered to tax by the earlier management.
The company has in several writ petitions filed before the High Court of Andhra Pradesh inter alia challenged the re-opening of the assessment for AY 2002-03 and sought directions that fresh assessments should be carried out after removing the fictitious sales and fictitious interest. These petitions are pending before the High Court.
Zuari Industries Ltd has said that a major fire broke out due to leak in pipeline carrying feedstock on August 19 near Mangor Hill at Vasco due to excavation work being carried out by the contractor of National Highway Authority of India which damaged the underground naphtha pipeline, owned by joint venture company Zuari Indian Oiltanking Ltd (ZIOL), that carries petroleum products apart from naphtha.
Due to the accident, there may be impact on feedstock supplies to the company and consequently, production of urea at the company's facility.
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