ICICI Prudential Life Insurance Company Limited has received a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), asking the Company to show cause as to why a tax of ₹492.06 crore pertaining to the period July 2017 to July 2022 should not be demanded from the Company. The matter largely relates to an industry wide issue of input tax credit, and the Company believes that it has availed eligible input GST credit in compliance with the provisions of the Central Goods and Service Tax Act, 2017 and other applicable laws. The Company shall take appropriate steps in due course to reply to the SCN and contest the matter.
Aries Agro Limited has purchased Land, Approx. 1 (One) Acre, at Village Chak Taliya Mood, Pargana-Asoha, Tehsil-Purwa, District-Unnao, U. P. for the purpose of shifting of the existing factory located at Lucknow, which is in a leased premises to owned premises and possible future expansion thereof.
City Union Bank, on Monday, said it will raise ₹500 crore through the Qualified Institutional Placement (QIP) route to fund business growth. The board of directors at a meeting approved raising of further capital through the QIP route to the tune of ₹500 crore, City Union Bank said in a regulatory filing.
Bharti Airtel has announced changes to its leadership team in Airtel Business. Ajay Chitkara, CEO Airtel Business, has decided to move on from Airtel. He will continue with the company until the third week of August 2023. Consequently, Airtel Business will operate as three business and channel segments - Global business, led by Vani Venkatesh, Domestic business, led by Ganesh Lakshminarayanan, and Nxtra Data Centers, led by Ashish Arora.
JSW Steel informed exchanges that after NCLT approval for a scheme of amalgamation, JSW Vallabh Tinplate, Vardhman Industries, and JSW Steel Coated Products have filed the papers with the Registrar of Companies. The said scheme has become effective from June 26. According to scheme of amalgamation, JSW Vallabh Tinplate and Vardhman Industries have merged with JSW Steel Coated Products, a subsidiary of JSW Steel, and ceased to exist from the effective date.
Cyient, an engineering and technology solutions company, announced that it has fully integrated the Finland based acquired entity, Citec. While Cyient has completed 20 acquisitions over its 32-year history, Citec was the largest; in terms of revenue, valuation, number of people, and geographic locations. It was also its first in the Nordics region and has provided expanded capabilities in sustainability services and plant engineering.
RailTel Corporation of India Ltd has received the work order from Tamil Nadu State Marketing Corporation Ltd. (TASMAC) for Implementation of the Project on Integrated Solution enabling end-to-end computerisation and connectivity of core and support functions of TASMAC for a period of 5 years amounting to ₹294.37 crore (including taxes).
The board of its BLS International has approved fund raising via initial public offering for its subsidiary, BLS E-Services. The size of the offer, price and other details of the proposed IPO will be determined in due course. Post the proposed IPO, BLS E-Services would continue to be a subsidiary of the company.
L&T Technology Services, on Monday, said it has partnered with State-owned Bharat Sanchar Nigam Limited (BSNL) for the deployment of private 5G network for enterprise customers. According to the agreement framework signed by both companies, the spectrum will be provided by BSNL using both PLMN (public land mobile network) and isolated allotment.
The board of directors of Godrej Properties has approved issuance of Non-Convertible Debentures worth ₹750 crore.
We Win Limited has received work order worth ₹8.72 crore for setting up operations and management of 37 Seats Comprehensive Call Centre (with 104 Helpline) in Himachal Pradesh. The project is for 5 years with 37 seats, which can further be extended for 2 years as per the requirements.