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Ganesh Benzoplast has announced unauthorised borrowings in subsidiary GBL Chemical Ltd. It has been brought to our attention that an unauthorised bank account was opened and operated in the name of Ganesh Benzoplast Ltd’s wholly owned subsidiary GBL Chemical Ltd and the management has also been made aware of certain unauthorised borrowings (wherein the Company is also shown as alleged co-borrower with its WOS) in the said unauthorised bank account. “We are investigating the matter and are taking all requisite legal steps in this regard. We have already issued written communication to the concerned bank to freeze the operations in the said bank account with immediate effect,” it said.
Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has approved Axis Bank’s proposed acquisition of a stake in Max Life Insurance Company Ltd. Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins.
HCL Technologies’ step-down wholly owned subsidiary HCL Investments UK has entered into a pact with US company and joint venture partner State Street International Holdings to divest its entire 49 per cent holding. The proceeds received by HCL UK, for divestment of the JV, termination of agreement for related services and settlement of certain contractual commitments, is $172.5 million in addition to net book value on the completion date (less applicable withholding tax), HCLTech said.
Zee Entertainment Enterprises has said its Managing Director and CEO Punit Goenka has decided to take a 20 per cent cut in his remuneration, in line with the strategic and frugal approach implemented across the organisation. The management of the company, under the leadership of Goenka, is implementing all the required measures across verticals to optimise costs and enhance productivity, ZEE Entertainment Enterprises Ltd said in a regulatory filing.
Anupam Rasayan has signed Letter of Intent worth revenue of $90 million (₹743 crore) over next 7 years with one of the leading Japanese company to supply two advance intermediates using fluorination chemistry. These molecules will be manufactured in our existing as well as soon to be commercialised fluorination plants.
ICICI Securities on Tuesday said it has received a tax demand of about Rs 66.70 lakh from the Gujarat state GST department. In a regulatory filing, the brokerage firm said the demand includes demand of GST worth Rs 31.78 lakh, interest of Rs 31.72 lakh and penalty of Rs 3.20 lakh.
Vedanta Ltd has received GST demand notices to the tune of ₹1.86 crore for availing input tax credit, which has been termed “ineligible” by the tax authority. The company said it will file an appeal against the orders. “The company has received orders from Office of Assistant Commissioner, Tirunelveli, Tamil Nadu, confirming demand of GST related to Input Tax Credit availed by the company which is regarded as ineligible by such tax authority for the period from FY 2017-18 till FY 2021-22,” Vedanta said.
United Spirits Ltd on Tuesday said it has received a tax demand of ₹5.51 crore, including interest, for non-submission of certain statutory declaration forms, and delivery proofs. The Deputy Commissioner of State Tax, Nanded, has levied a demand on non-submission of certain statutory declaration forms and delivery proofs in the case of Pioneer Distilleries Ltd, merged with the company with effect from December 30, 2023, United Spirits Ltd said in a regulatory filing.
The board of JSW Energy has approved raising of ₹5,000 crore through the issuance of equity on qualified institutional placement basis. The board has authorised the Finance Committee of the board to take all the necessary decisions in this regard, the company said in a BSE filing.
UltraTech Cement has commissioned two new greenfield capacities totaling 5.4 tpa in Chhattisgarh and Tamil Nadu. These additions will take the company’s total cement capacity to 151.6 tonne. The company also invest ₹32,400 crore towards ongoing capex over the next three years.
GE T&D said that it received a letter from General Electric Company to split GEC into GE Aerospace and GE Vernova. GE Vernova will substitute GEC and become the ultimate holding company of GE T&D India.
Sunteck Realty has leased commercial building in Mumbai to earn nearly ₹2,000 crore in 29 years.
Karur Vysya Bank Ltd has conveyed the acceptance of ‘One Time Settlement’ proposal submitted by PC Jeweller Ltd. The company had opted for OTS to settle the outstanding dues. The terms of approved OTS include cash and equity component payable under settlement, release of securities and mortgaged properties etc.
Shriram Properties has received tax penalty order of ₹446.79 crore for Assessment Year 2018-2019. The penalty order pertains to a matter already pending in the Madras High Court and that the High Court has already passed an order directing the department to maintain ‘Status Quo’, it said.
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