Vedanta: As the recent amendments in the Indian Income Tax Act nullifies the retrospective tax imposed by the Finance Act, 2012, Vedanta Ltd has withdrawn the income tax appeal pending before the Delhi bench of the Income Tax Appellate Tribunal and also a writ petition filed before the Delhi High Court titled as Cairn India Ltd. Vedanta Resources Ltd, the parent company of Vedanta, has also filed an application seeking withdrawal of the claim and termination of the arbitral proceedings pending before the Permanent Court for Arbitration in the International Court of Justice.
Shah Alloys : The Income Tax Department carried out search operations at various locations of Shah Alloys between December 8 and December 11. The company does not foresee any material impact on its current or future business operations.
PB Fintech: The board of PB Fintech has approved the incorporation of a wholly-owned subsidiary to carry on the business of an account aggregator. The AA has to be licensed by the Reserve Bank of India. The incorporation will leverage the facility without external dependency on other account aggregators for information gathering, cost saving / revenue housing and to offer seamless solutions. The board also approved investment in MyLoanCare Ventures Private Ltd, a company incorporated under the provisions of the Companies Act, 2013.
Meghmani Finechem Ltd, a leading manufacturer of chlor-alkali products and value-added derivatives, has announced the appointment of two senior leaders - Vijay Vasudeva and Yashodhan Chitnis - to their team, who will be part of key business verticals and streamline sustainable growth in the organisation. The new additions to the management will reflect on MFL’s growth strategy and trajectory to develop a robust continuity.
The board of Alphalogic Techsys is to consider a proposal for fund raising by issuance of equity shares or any other security considered appropriate under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013 and other applicable laws, including determination of issue price, subject to regulatory/ statutory approvals, including approval of the shareholders.
Greenlam Industries has announced plans for the of the company. The company aims to invest Rs 950 crore over a period of 2-3 years towards setting up a third laminate plant, and a foray into the plywood and particle board business.
Sterlite Brazil Participates S.A , a Brazilian subsidiary of Sterlite Power Transmission Ltd, that amongst other things, develops power transmission projects, is preparing to expand projects held by Solaris Transmissao De Energia S.A in Minas Gerais, and Borborema Transmissao De Energia S.A, in Paraba. The estimated capex for the Solaris and Borborema scope extension is Rs 250 crore approximately.
Healthcare Triangle, Inc., US , material subsidiary of SecureKloud Technologies (formerly 8K Miles), a managed services and data analytics platform company, announced today that it has acquired DevCool, Inc, ranked by Inc. 5000 as among the fastest growing private companies in the US in 2021. DevCool provides EHR Implementation and Managed Services to six of the top 10 hospitals in the US, and specialises in providing services to cancer research hospitals and university medical centres.
Nazara Technologies: Nodwin Gaming, the material subsidiary of Nazara Technologies, and South Asia's leading e-sports company, has acquired a strategic 10 per cent stake in the digital content IP media network Rusk Media. Since its funding in March, Nodwin Gaming has been on an expansion and consolidation spree, to augment its dominance in the Indian e-sports ecosystem. Recently, Nodwin Gaming acquired the gaming and adjacent IP businesses of OML Entertainment, including the IP of the BACARDI NH7 Weekender music festival.
Ircon International has emerged as the lowest bidder for the construction of a Rs 11.07-crore project in Ludhiana floated by the National Highways Authority of India, and it is to be completed in two years.