Reports of tax evasion to the tune of Rs 23,000 crore will keep the Shree Cements stock in focus. The tax searches against the company continued for the second time this week. The raids took place at the company’s bases in Beawar, Jaipur, Chittorgarh and Ajmer, according to media reports.

The company, in an exchange filing on Saturday, said, “We have gathered that a lot of negative information about the company and its officials is floating in certain sections of the media in connection with the above survey. We would like to clarify that the survey is still going on. The entire management team is available and extending full cooperation to the officials. Any information circulating in the media otherwise is incorrect and has been published without seeking prior inputs from the company.”

ICICI Securities Ltd has informed the exchanges that its board of directors will meet on June 29 to consider a proposal for delisting equity shares of the company pursuant to a Scheme of Arrangement with ICICI Bank Ltd, listed holding company, under Chapter VI Part C, Regulation 37 of SEBI (Delisting of Equity Shares) Regulations, 2021.

Also read: Market report. Domestic markets to open with negative bias

CuraTeQ Biologics s.r.o.’s, a wholly-owned step-down subsidiary of Aurobindo Pharma Ltd, has requested withdrawal of the applications for Marketing Authorization of ZEFYLTI (a filgrastim biosimilar) and DYRUPEG (a pegfilgrastim biosimilar), which have been accepted by the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP). This request for withdrawal of the two dossiers was made after necessary consultations and guidance from EMA as it will not be able to obtain EU-GMP certification for its biosimilars manufacturing facility within the current Day 180 clock-stop period, and no further clock-stop extensions would be possible at this stage of the review procedure by CHMP.

Reserve Bank of India has by an order dated June 22, 2023, imposed a monetary penalty of Rs 2.50 crore on J&K Bank for non-compliance with certain directions on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’, read with ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, ‘Loans and Advances – Statutory and other Restrictions’ and ‘Timebound implementation and strengthening of SWIFT-related operational controls’.

Godrej Properties Ltd has acquired approximately 15 acres of land in Gurugram, Haryana through outright purchase, for the development of premium residential apartments.

The US Food and Drug Administration (US FDA) has issued Form 483 with eight observations to Ipca Laboratories’ Pithampur formulations manufacturing facility in Madhya Pradesh. The USFDA conducted the inspection of said facility during June 15-23.

Asian Paints has acquired an additional 11 per cent equity stake in Obgenix Software (brand name White Teak) for Rs 54 crore from promoters Pawan and Gagan Mehta. The company now holds 60 per cent stake in White Teak, up from 49 per cent earlier. As a result White Teak has become a subsidiary of Asian Paints.

Rail Vikas Nigam Ltd has emerged the lowest bidder for a project from the Maharashtra Metro Rail Corporation for design and construction of an elevated metro viaduct. The project, to cost Rs 394.9 crore, is expected to be executed in 30 months.

Cambridge Technology Enterprises has received board approval for the acquisition of US-based Appshark Software Inc for Rs 41 crore. Appshark is primarily engaged in salesforce consulting and custom software development. The acquisition is expected to be completed by March 2026. It has also acquired RP Web Apps for Rs 3 crore and the acquisition is expected to be completed by July 30, 2023.

The board of directors of AU Small Finance Bank will meet on June 29 to consider raising funds by issue of equity shares or debt instruments.

The Insurance Regulatory and Development Authority of India (IRDAI) has granted approval for transfer of shares of HDFC Life from HDFC to HDFC Bank in view of the proposed amalgamation between HDFC and HDFC Bank. IRDAI has also granted HDFC approval to acquire additional shares in HDFC Life, so the holding would be more than 50 per cent of its total share capital.

Zydus Lifesciences’ subsidiary Zydus Animal Health and Investments has entered into a share purchase agreement with Rising Sun Holdings and Mylab Discovery Solutions to acquire a 6.5 per cent stake in Mylab from Rising Sun Holdings for Rs 106 crore. The proposed investment in Mylab will help Zydus participate in the growing diagnostics space.

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