5 Minutes Read

Karvy Stock Broking case: ED freezes Rs 700-crore shares held by C Parthasarathy, his family

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Enforcement Directorate (ED) froze shares worth Rs 700 crore, held by Karvy Stock Broking Limited (KSBL) CMD Comandur Parthasarathy and his family, after conducting raids at multiple sites, the agency said on Saturday.

The Enforcement Directorate (ED) froze shares worth Rs 700 crore, held by Karvy Stock Broking Limited (KSBL) CMD Comandur Parthasarathy and his family, after conducting raids at multiple sites, the agency said on Saturday.

“ED has conducted search operation at 6 locations of M/s Karvy Stock Broking Limited under PMLA, 2002 in a Bank Fraud Case. Subsequently freezed shares worth Rs.700 Crore of Karvy Group, held directly & indirectly by C Parthasarathy and his family,” the federal agency wrote on Twitter.

ED had carried out searches on September 22 at six locations in Hyderabad and on various premises of Karvy group of companies, connected entities and the residential premises of C Parthasarathy, according to an agency statement cited by PTI. The raids come against the backdrop of a money-laundering probe.

“Several incriminating evidences in the form of property documents, personal diaries, electronic devices, email dumps, etc have been seized and are being analysed,” ED said, adding that C Parthasarathy is trying to off-load his shares in the group companies through private deals.

Also Read: CEO, CFO of scam-hit Karvy arrested in IndusInd Bank default case

In order to preserve the proceeds of crime till further investigation, ED has issued a freezing order on September 24 and the estimated value of these shares has been arrived at Rs 700 crore as per the valuation for the year 2019-20, it said.

According to the agency, the shares frozen are held “directly and indirectly” by C Parthasarathy, his sons Rajat Parthasarathy and Adhiraj Parthasarathy, and their entities.

The ED has filed a case under the criminal provisions of the Prevention of Money Laundering Act (PMLA), based on a Telangana Police FIR that alleges KSBL had “illegally pledged the securities of its clients and taken a loan of Rs 329 crore and diverted the same.”

However, there are two other FIRs against KSBL—registered by Hyderabad Police for defrauding IndusInd Bank to the tune of Rs 137 crore and registered by Cyberabad Police authorities for defrauding ICICI Bank to the tune of Rs 562.5 crore.

The ED has clubbed the three FIRs as part of its probe and has also recorded the statement of C Parthasarathy, who is currently lodged in the Chanchalguda jail of Hyderabad following his arrest by the Telangana Police in August.

According to ED, under the leadership of C Parthasarathy, KSBL indulged in “gross irregularities” and all the loans that the firm took illegally have become NPA. It is learnt that more FIRs are being registered by other banks and also individual shareholders/ investors, the agency said.

The total loan proceeds taken from multiple banks using the same modus operandi is around Rs 2,873 crore, it said, adding that the NSE and SEBI are also investigating the affairs of KSBL. The agency said its probe found that KSBL “did not report” the depository participatory or DP account no. 11458979, named KARVY STOCK BROKING LTD (BSE), in the filings made from January-August, 2019 with regulators/exchanges.

The firm fraudulently transferred shares belonging to its clients to its own demat account (which is not disclosed to the exchanges) and pledged the shares held in these accounts with the lenders/banks, including HDFC bank, ICICI bank, IndusInd bank, Axis Bank, etc, ED was quotes as saying.

—With text inputs from PTI

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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7 new faces likely in Punjab cabinet, 5 from Amarinder Singh govt may not find a place

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Seven new faces are likely to be inducted in the Charanjit Singh Channi-led Punjab cabinet while five ministers who were part of the Amarinder Singh-led government are expected to be dropped, sources said on Saturday.

Seven new faces are likely to be inducted in the Charanjit Singh Channi-led Punjab cabinet while five ministers who were part of the Amarinder Singh-led government are expected to be dropped, sources said on Saturday.

With the list of ministers for the new cabinet finalised, Chief Minister Charanjit Singh Channi Saturday met Governor Banwarilal Purohit at Raj Bhavan here around 12:30 pm. After meeting the governor, Channi told reporters the oath-taking ceremony for the new ministers will take place at 4:30 pm on Sunday.

His meeting with the governor came barely hours after he returned from Delhi having held a final round of discussion with the party high command on the cabinet formation. Pargat Singh, Raj Kumar Verka, Gurkirat Singh Kotli, Sangat Singh Gilzian, Amarinder Singh Raja Warring, Kuljit Nagra and Rana Gurjit Singh are likely to be included in the cabinet, according to the sources.

The party is also learnt to have decided to retain Vijay Inder Singla, Manpreet Singh Badal, Brahm Mohindra, Sukhbinder Singh Sarkaria, Tript Rajinder Singh Bajwa, Arunu Chaudhary, Razia Sultana and Bharat Bhushan Ashu from the Amarinder Singh government. However, five legislators — Rana Gurmit Singh Sodhi, Sadhu Singh Dharamsot, Balbir Singh Sidhu, Gurpreet Singh Kangar and Sunder Sham Arora — who were ministers in the Amarinder Singh-led cabinet are likely to be dropped, the sources said.

A consensus on the names for the Channi-led cabinet was reached during his meeting with Congress leader Rahul Gandhi and other senior party members in the national capital. Channi was summoned to Delhi by the Congress high command on Friday to discuss the cabinet formation. The visit came within hours of him returning from the national capital.

A total of 18 MLAs can be included in the cabinet, including Chief Minister Channi and two his deputies Sukhjinder Singh Randhawa and OP Soni.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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EPF-Aadhaar linking deadline extended till November 31: Here’s a step-by-step guide to link Aadhaar with UAN

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Delhi High Court has extended the deadline for the seeding of the Aadhaar number along with the Universal Account Number (UAN) and its verification till November 31.

The Delhi High Court has extended the deadline for the seeding of the Aadhaar number along with the Universal Account Number (UAN) and its verification till November 31.

Justice Prathiba M Singh said that till then, the employers shall be permitted to deposit the provident funds in respect of employees for whom seeding has not taken place and no coercive measures shall be taken against them. Until and unless the issue of whether mandatory seeding is legally valid or not is determined, as per Aadhaar judgement, there cannot be any exclusion of benefits to employees under the Act, due to failure to authenticate or verify with Aadhaar, the judge said in her order dated September 17, news agency PTI reported.

The court, which was dealing with a petition by the Association of Industries and Institutions, clarified that the Employees’ Provident Fund Organisation (EPFO) would appoint a Grievance Redressal Officer who can be contacted by the petitioner’s members or any other employer, to ensure that the deposits are not delayed and are made on time. The court said that for employees whose Aadhaar numbers have already been provided to the EPFO, the provident fund shall be permitted to be deposited by the employers without awaiting verification from the Unique Identification Authority of India while the process of verification goes on.

The petitioner is an association of various entities and persons stated to be owning and running industrial/commercial establishments, factories, institutions, etc. It moved the court, against an EPFO circular, issued on June 1, which made the seeding of Aadhaar number along with the UAN, generated under the Employees Provident Fund & Miscellaneous Provisions Act, 1952, mandatory. As per a central government circular issued on June 15, the deadline for compliance was set as September 1.

The petitioner contended that enormous prejudice was being caused to the employers due to the EFPO’s order. It said that in certain instances, there was a mismatch between the Aadhaar database and the EPFO database, and the employers were being forced to not employ those workmen/employees, who do not have proper Aadhaar cards.

Here are the steps to link EPF account with Aadhaar online:
Step 1:
Visit the EPFO’s member portal and log in through username and password.
Step 2: Go to the ‘Manage’ option in the top menu bar.
Step 3: Select the ‘KYC’ option from the drop-down.
Step 4: A new page opens which contains a list of the different document types. Select “Aadhaar” to link with EPF account.
Step 5: Enter Aadhaar number and name as per Aadhaar card and click on the save option.
Step 6: Once saved Aadhaar details, Aadhaar will be verified from UIDAI’s data.
Step 7: On successful approval of your KYC document, users will successfully be able to link Aadhaar with the EPF account and they will find “Verified” written against Aadhaar details.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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CoWin certificates to mention date of birth of fully vaccinated travelling abroad

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Currently, CoWin certificates mention the beneficiary’s age based on the year of birth besides other details.

People who are fully inoculated and want to travel abroad will have a CoWin certificate with their full date of birth, official sources said on Saturday amid ongoing discussions between India and the UK over Covid vaccination certificates. Currently, CoWin certificates mention the beneficiary’s age based on the year of birth besides other details.

The new feature is being introduced in compliance with the WHO norms and likely to be available from next week. ”It has been decided that a new feature will be added to the CoWin under which those who are fully vaccinated and want to travel abroad will have full date of birth on their vaccination certificates,” an official source said.

The UK on Wednesday had amended its new travel guidelines to include the Indian-made version of the AstraZeneca vaccine in its updated list of approved COVID-19 vaccines. Following India’s strong criticism over the UK’s refusal to recognise Covishield, London has included the vaccine in its updated international travel advisory.

However, Indian travellers vaccinated with two doses of Covishield would still have to undergo 10 days of quarantine in the UK notwithstanding the amendment, UK officials had clarified on Wednesday saying the inclusion of the vaccine would not make much of a difference. ”We’re clear Covishield is not a problem. The UK is open to travel and we’re already seeing a lot of people going from India to the UK, be it tourists, business people or students,” British High Commissioner Alex Ellis had said in a statement on Wednesday.

”We have been having detailed technical discussions regarding certification, with the builders of the CoWin app and the NHS app, about both apps. They’re happening at a rapid pace, to ensure that both countries mutually recognise the vaccine certificates issued by each other,” he had said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Overdrive: Check out new compact SUV MG Astor, Audi RS5 Sportback and TVS Raider 125 for Gen Z

mg astor, mg astor price

The Overdrive team took a closer look at the new crossover from MG Motor India and also took the Audi RS5 Sportback and the new 125 CC motorcycle from TVS for a test ride.

MG Motor India is stepping into the crossover space with the Astro. The automaker has been in India for roughly three years and in this period, it has launched four vehicles, starting off with Hector, then ZS EV, Gloster, Hector plus and now the fifth product Astor is here.

Astor, based on the ZS platform, is a compact SUV that will compete against the likes of the Creta, Seltos, and various others in the segment. It is currently the longest, tallest, and widest SUV in the category.

Meanwhile, Audi RS5 Sportback might feel a bit too familiar, given the RS5 coupe was launched in the country just a couple of years ago and the S5 Sportback was introduced just a few months ago. Yet this car has a few new tricks up its sleeves and outright bragging rights when it comes to performance.

Close on the heels of the ride of TVS Apache RR 310 at the MMRT racetrack, TVS Motor invited CNBC-TV18’s Overdrive team to test drive the 125 cc motorcycle that is aimed at Gen Z. It is likely to appeal to the younger lot. Check out the video to find out.

People born between the late 1990s and early 2000s are called Gen Z and according to TVS, this generation is so demanding for automobiles that it has become a segment in itself. TVS has been catering to Generation Z with vehicles like a Street Fighter, Apache etc and now it has a power commuter for the segment – the TVS Raider 125. It looks like a more economical and more accessible alternative to the Apache.

For more details on the models, watch the accompanying video

 5 Minutes Read

NTPC wins 1.9 GW solar projects under CPSU scheme

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Stateowned power giant NTPC has bagged 1.9 GW solar projects in CPSU SchemeII tender. With this, NTPC now has over 6.3 GW capacity won through competitive biddings. This shall pave the way for NTPC’s plan of 60 GW RE (renewable energy) capacity by 2032, a company statement said.

State-owned power giant NTPC has bagged 1.9 GW solar projects in CPSU Scheme-II tender. With this, NTPC now has over 6.3 GW capacity won through competitive biddings.

This shall pave the way for NTPC’s plan of 60 GW RE (renewable energy) capacity by 2032, a company statement said.

The company has won the projects in tranche 3 of 5 GW tender. Central Public Sector Undertaking (CPSU) Scheme Phase-II envisages setting up 12,000 MW grid-connected solar photovoltaic power projects by the government producers with Viability Gap Funding (VGF) support.

.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Indigo’s parent company receives arbitral award in proceedings against co-founder Rakesh Gangwal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

InterGlobe Aviation, Indigo’s parent company, said on Friday that it has received the final arbitral award in the proceedings initiated by its co-founder Rahul Bhatia’s InterGlobe Enterprises Pvt. Ltd (IGE) against the other founder Rakesh Gangwal.

InterGlobe Aviation, Indigo’s parent company, said on Friday that it has received the final arbitral award in the proceedings initiated by its co-founder Rahul Bhatia’s InterGlobe Enterprises Pvt. Ltd (IGE) against the other founder Rakesh Gangwal.

In a filing on the Bombay Stock Exchange (BSE), Indigo had said that no directions have been given to the company. However, directions have been issued to both RG Group and the IGE Group in relation to the relief sought by them against each other. The company said that the award also directs the reimbursement of the costs incurred by the company in relation to the arbitration by the IGE Group.

The company further added that the IGE group had sent a request for arbitration on October 1, 2019, to the London Court of International Arbitration, India under a shareholder’s agreement dated April 23, 2015 (amended on September 17, 2015).

“In the arbitration proceedings, the IGE group sought certain reliefs against the RG group, including in relation to compliance with shareholders agreement and company’s articles of association (articles) as well as damages,” the company said.

The legal battle between Rahul Bhatia and Rakesh Gangwal began on July 8, 2019 when Gangwal wrote to SEBI, Prime Minister’s Office, and to the finance ministry, seeking intervention in several corporate governance issues and Bhatia Group’s control on the airline.

Gangwal had asked for some amendment in the Article of Association of the company to remove the rights of Rahul Bhatia’s IGE Group on the airline. He raised several issues regarding some party transactions, non-independence of the present chairman, and refusal to hold the extraordinary general meeting (EGM).

He had said that the shareholder’s agreement provided Bhatia with unusual controlling power over the aviation company, Indigo. However, Bhatia later denied all the allegations.

The IGE group had earlier said that there is absolutely no evidence regarding the questionable third-party transactions between IGE and the airline. Gangwal, and his associates hold around 37 percent in InterGlobe Aviation, while Bhatia’s IGE group owns nearly 38 percent share.

Rakesh Gangwal was recently re-appointed as a director of Indigo. His re-appointment was finalized at an AGM held on August 31, 2021.

Almost one-third of the public institutional investors rejected this re-appointment. However, the resolution was passed as promoters, non-institutional investors and other institutional investors voted in favour. Around 99.99 percent of public non-institutional shareholders (around 4.7 million votes) were in favour of this re-appointment.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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USFDA issues 6 observations after inspection of Biocon’s Malaysian arm mfng facility

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Biotechnology major Biocon on Saturday said the US health regulator has issued six observations after the inspection of the manufacturing facility of its Malaysian subsidiary Biocon Sdn Bhd. The US Food and Drug Administration (USFDA) conducted an onsite preapproval inspection of the company’s Malaysian subsidiary Biocon Sdn Bhd’s manufacturing facility for Insulin Aspart between September 13 and September 24, Biocon said in a statement.

Biotechnology major Biocon on Saturday said the US health regulator has issued six observations after the inspection of the manufacturing facility of its Malaysian subsidiary Biocon Sdn Bhd. The US Food and Drug Administration (USFDA) conducted an on-site pre-approval inspection of the company’s Malaysian subsidiary Biocon Sdn Bhd’s manufacturing facility for Insulin Aspart between September 13 and September 24, Biocon said in a statement.

”At the conclusion of the inspection, the agency has issued a Form 483 with a total of 6 observations across Drug Substance, Drug Product and Devices Facilities,” it added. A Biocon spokesperson said the company is confident of addressing these observations through procedural enhancements and an appropriate Corrective and Preventive Action Plan (CAPA), which will be submitted to the USFDA in the stipulated time. ”We do not expect the outcome of this inspection to impact our commercialisation plans for insulin Aspart in the US. Biocon Biologics remains committed to global standards of quality and compliance,” the spokesperson added.

As per the US health regulator, an FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Act.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Balkrishna Industries to raise up to Rs 1,000 cr via long-term finance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The long-term finance can be in the form of foreign currency bonds, non-convertible debentures (NCD), foreign currency bonds and term loans in various currencies, said Balkrishna Industries in a regulatory filing.

Off-highway tyres major Balkrishna Industries on Saturday said it will raise up to Rs 1,000 crore through long-term borrowings. In a regulatory filing, the company said its board at a meeting held on Saturday decided to raise ”funds up to Rs 1,000 crore through broader means of long-term finance”.

The long-term finance ”can be in the form of foreign currency bonds, non-convertible debentures (NCD), external commercial borrowings and term loans in various currencies”, it added. ”These long-term borrowings may be secured or unsecured, rated or unrated, in one or more tranches/drawdowns, and in case of bonds or NCDs it may be listed or unlisted in one or more stock exchanges in India,” the filing added.

The company, which sells its tyres under the BKT brand, said its board has further delegated the power to its Finance Committee to do the needful for the fundraise. Known for its off-highway tyres, BKT has focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications.

Also Read: Auto PLI scheme explained: What it means, who will benefit from it and impact

The company has undertaken a Rs 1,000-crore capacity expansion programme and earlier this month commenced trial production at its new manufacturing unit at Waluj in Maharashtra. The new plant has an installed capacity of 30,000 MT per annum along with warehousing facility for raw materials and finished goods.

Also Read: PLI for AC, LED makers likely to be relaxed; industry keen on committing to capex

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Win WRX (WazirX token) worth Rs. 1500.
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Interview | Steep correction unlikely, but only select stocks to do well; temper expectations: DSP’s Bhole

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Given the sharp rally and rich valuation, Atul Bhole, Senior Vice President, Investments at DSP Investment Managers, believes return expectations have to be moderated. But India still stands a good chance to attract foreign flows, says Bhole who prefers banking, NBFC and insurance stocks the most.

The anything-and-everything bull market may have run its course. Hereon, only select stocks will outperform the market even though the near term outlook is positive, said Atul Bhole, Senior Vice President, Investments, at DSP Investment Managers.

Also, investors need to be realistic about the returns they expect from the market. A steep correction is unlikely ahead given the macro picture of growth, external stability, liquidity and lower interest rates, but any small correction would be used as a buying opportunity.

India still stands a good chance to attract foreign flows, added Bhole who prefers banking, NBFC and insurance stocks the most.

Bhole spoke to CNBC-TV18.com in an email interview. Here are the edited excerpts:  

Indices have been making record highs regularly for the last many months now. But there are also concerns that the market may be in bubble territory. What do you think?

The macro-economic setup which is developing in terms of growth revival with some level of moderate inflation, ample liquidity and low-interest rates is very favourable for equity as an asset class. Corporates would be able to report robust growth with the help of nominal GDP pick-up. Government tax collections are robust even as several sectors of the economy are still not opened up or only partially working. A pick-up in nominal GDP growth would further bode well for government tax collections, which can be pumped into the economy by way of productive spend. India’s external side is pretty solid with a manageable current account deficit (CAD), favourable flows and a high level of forex reserves. Perhaps, the market is factoring all these macro-economic positives ahead of on-ground pick-up and before corporates start reporting better earnings.

There are some pockets of exuberance like newly listed IPOs, certain mid and smallcap stocks etc. One has to exercise caution while approaching such pockets, but by and large, there are a good number of opportunities to stay invested and make reasonable returns with typical volatility associated with equity markets.

Are these levels sustainable? How does India’s valuations look compared to other emerging markets?

The market level appears psychologically very high as we have seen fierce rally making an all-time high, in a truncated time frame from the oversold level of 7500 made in April 2020. From the pre-covid level, Nifty is up around 40 percent. A lot has happened during this period in terms of overwhelming fiscal and monetary support. Corporates have become much leaner and nimbler with step-up in technology adoption. Many sectors are seeing a massive change in competitive dynamics favouring bigger & better companies. Covid has acted as some sort of an inflection point for many sectors, like insurance, health & residential real estate. All these factors would help corporates get back and also improve their intrinsic earning power. Collectively, the market is trying to price in these changes, maybe in some cases ahead of time.

India is and always has been expensive than the emerging market (EM) peers due to favourable aspects of a more balanced economy, better growth profile etc. At the same time index composition is also changing with better representation of more B2C, insurance and new-age companies in India which typically trade at higher valuations than the resources or government companies that dominate many emerging country indices. At present, India’s valuation premium is almost at an all-time high of 70 percent to the MSCI EM Index. However, EM as a basket, itself is trading at almost the bottom of a 20-year range relative to developed markets. Indian equities’ extent of over-ownership in foreign portfolios has reduced to just around 15 percent over MSCI EM weight compared to the historical 30-60 percent range. With broader growth pick-up and macro stability, India still stands a good chance to attract foreign flows.

How should investors position their portfolios in such a market?

We have already experienced a good leg of the rally in many of the cyclical or beat-down stocks and better be wary of extrapolating the momentum there. The economic recovery can be broad-based going forward and many parts would participate in the same. The past 5-10 years have been challenging for businesses with disruptions like demonetisation, GST implementation, IBC adoption, NBFC crisis and finally Covid. Technology has been acting as the biggest disruptor as well as an enabler. To benefit from future growth and protect capital, one has to select companies and managements which are abreast of the changes and are aligning the business models to new realities. It has to be the most important element while selecting stocks rather than labelling them as defensives or beaten down. Both expensive growth or value stocks would do well as long as the underlying business’ earning power is intact and improving.

Which are the sectors you feel hold promise?

We are favouring banking, NBFCs and insurance stocks the most, obviously with a lot of stock selection filters. We like most of the large private banks, given non-performing asset issues are largely over and nominal GDP growth along with their tight cost structure can lead to a large jump in profitability. Some NBFCs are also primed to benefit from the growth in consumption with their technological prowess and customer franchise. Finally, we also hold most of the private insurers which have quite a few factors working in their favour. These stocks are reasonably valued compared to their historical valuations. At the same time, we believe, relative to the broader market, they represent the most attractively valued basket offering much better risk-reward.

Where do you stand in the mid/small caps versus large cap debate?

Most of the midcap or smallcap, one would want to buy for their business strength and opportunities are almost priced to perfection. Many of them are trading at a premium valuation to largecap peers. Many midcap or smallcap companies that are into B2B or commodity nature of businesses are trading at 30-40 times PE or even higher, which to our mind is unreasonable and unsustainable. Given the broader recovery hopes, macro-economic dynamics of growth and inflation unfolding, these valuations might sustain. We think there can be a good amount of time correction or subdued performance from such stocks.

What do you see as the key triggers for the market in the near term?

Given the sharp rally and higher valuation, we think, return expectations have to be moderated. The markets would continue the future journey based on how the earning picture unfolds and maybe highly stock specific. On the other hand, given the macro picture of growth, external stability, liquidity & lower interest rates, the market may not see a sharp fall and any small correction would be used as a buying opportunity.

We are seeing a wave of new fund offers hitting the market. Why are some fund houses are re-introducing their top-performing funds? What are the investment opportunities in the mutual fund space?

It is unfortunate but historically it has been observed that the market upmove and momentum increase investors’ confidence to participate in the market either directly or through mutual funds. The current spate of IPOs and NFOs are benefitting from such behaviour. We are sanguine about the markets but some caution is necessary while dealing with some pockets where prices are running ahead of time and are driven by momentum.

We are advocating good enough attention to existing funds which have a decent track record and investors can take more informed decisions through an established investment framework supported by underlying portfolios. The best way to manage risk is to know beforehand what one is buying and the current market level definitely warrants such attention.

For the economic situation unfolding and keeping in mind the coming few years, it would be prudent to invest in a basket of companies across sectors and size, where business models are future-ready and nimble while managements are adoptive and aggressive to tap into the opportunities, even at the cost of paying slightly higher valuations.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?