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HC relief for Adani in Rs 29,000 crore imports case

A Bombay HC halted an investigation by the Directorate of Revenue Intelligence into the alleged Rs 29,000-cr overvaulation of Indonesian coal imports by Adani Group.13 AM ISTBCCLAdani Group has allegedly overvalued its Indonesian coal imports by Rs 29,000 crore.

Bombay High Court directs tax department to refund Rs 788.39 crore to Vodafone-Idea

The tussle between the telco and the IT department started regarding the assessment order 2017-2018 financial year, in which the Kumar Mangalam Birla promoted company suffered losses in excess of Rs 6,600 crore.58 PM ISTAgenciesEarlier this month, Bombay High Court had ordered the IT department to process refund of Rs 374.

Punj Lloyd wins Rs 54-crore arbitration in case vs ONGC

Arbitrators consented to Punj Lloyd’s plea, seeking compensation for expenses incurred in laying a pipeline at Hazira for ONGC.They also accepted ONGC’s counter claims and asked Punj Lloyd to pay Rs 6 cr for an unutilised advance payment.

ITC to invest Rs 700 cr in food park in Madhya Pradesh

ITC Chairperson Sanjiv Puri said that the company is planning to set up a food processing facility in Madhya Pradesh at an investment of Rs 700 crore.The land for the proposed food processing unit is already with the company.

pmc fraud: Rs 10.5 crore cash missing from PMC records: Bank's internal investigation team

The bank learned of the missing Rs 10.5 crore cash only while the internal inquiry into the bank's financial transactions was being conducted on the orders of an RBI-appointed administrator.

L&T to buy Old Lane Mauritius III Ltd's stake in subsidiary for Rs 48 crore

In a filing to BSE, Larsen & Toubro said it has signed an agreement to buy the entire stake of Old Lane Mauritius III Ltd in L&T Infrastructure Development Projects for Rs 47.55 per cent stake (81,90,000 shares) of Old Lane in L&T IDPL.

RBI imposes Rs 3 crore penalty on SBM Bank

A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) at its Indian operations, and it was observed that it failed to comply with certain provisions, the RBI said.MUMBAI: The Reserve Bank on Wednesday imposed a Rs 3 crore penalty on SBM Bank (India) for non-compliance of regulatory norms by SBM Bank (Mauritius), which amalgamated with the former in November 2018.

omaxe: Omaxe in talks to raise Rs 400 Cr for Delhi project

04 AM ISTAgenciesRepresentative ImageNEW DELHI | MUMBAI: Realty developer Omaxe is in advanced talks with private equity firms to raise over Rs 400 crore for its commercial project spread over 4.The project is estimated to increase the parking capacity to over 2,400 car parks and 81 tourist buses.

North-East gas grid to get Rs 5,500 crore viability gap funding

16 PM ISTNEW DELHI: The government is likely to provide Rs 5,500 crore viability gap funding (VGF) to North-East gas grid.The 1,600-km North-East gas grid will help connect the region to the proposed national grid at Guwahati.

State-run banks disburse Rs 81,700 crore through 'loan melas'

49 PM ISTAgenciesThe demand in the camps was robust and the secretary said that all the PSBs are maintaining their regulatory capital levels.The 'loan mela' was one of the ways in which the government wanted to boost demand in the economy which has been facing slowdown.

RBI imposes Rs 1 crore fine on LVB, Rs 75 lakh on Syndicate Bank for violating norms

In a similarly worded release, it said a monetary penalty of Rs 75 lakh has been imposed on Syndicate Bank for non-compliance with the directions issued by RBI on frauds classification and reporting.Mumbai: The Reserve Bank has imposed a monetary penalty of Rs 1 crore on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate Bank for violating asset classification and fraud detection norms.

Life insurers' new premium income in Sept up 15% at Rs 20,057 cr

The new premium income of life insurers rose 15 per cent to Rs 20,056.All 24 life insurance companies had a collective new business premium income of Rs 17,490.

IFFCO reduces retail prices of non-urea fertilisers by Rs 50/bag

51 PM ISTNEW DELHI: Leading fertiliser cooperative IFFCO on Friday reduced the retail prices of its complex fertilisers including di-ammonium phosphate (DAP) by Rs 50 per bag, amid easing raw materials and manufactured fertilisers prices globally.The price of NPK-I complex has been reduced to Rs 1,200 a bag from Rs 1,250 a bag, while the price of NPK-II complex has been slashed to Rs 1,210 per bag from Rs 1,260 per bag.

Haldiram: Haldiram emerges sole bidder to buy insolvency-bound Kwality for Rs 130 crore

07 PM ISTBCCLIn 2016, Kwality had raised Rs 300 crore from KKR India Financial Services and got additional commitment of Rs 220 crore.Delhi-based Haldiram group has emerged as the sole bidder for acquiring debt-ridden dairy firm Kwality with an offer of around Rs 130 crore in the ongoing insolvency process, sources said.

Air India to redevelop Vasant Vihar colony for Rs 4.5k-cr debt cut

By Faizan HaidarNEW DELHI: Air India will be able to reduce its debt by Rs 4,500 crore through redevelopment of its residential colony in Delhi’s Vasant Vihar, said two officials aware of the matter.The total revenue from the project is expected to be Rs 7,000 crore.

HDIL promoters diverted Rs 90 crore PMC Bank loan

Mumbai Police says HDIL settled outstanding dues with Bank of India.46 crore had been allegedly diverted as loans by PMC Bank into the personal and “ghost accounts” of the Wadhawans.

Special loans plan on the anvil to help state discoms clear Rs 72,862 crore dues

NEW DELHI: The government is considering extending special loans to state power distribution companies to help clear their rising dues to power generators.They owe another Rs 9,735 crore to renewable power firms, power ministry data showed.

With Rs 2.2 cr in 2 days, Uniqlo makes an impressive start

20 AM ISTPTIUniqlo operates more than 2,200 outlets in 23 countries, including China, the US, Europe, Australia and Southeast Asia.New Delhi: Bucking economic slowdown, Japanese fashion retailer Uniqlo clocked sales of Rs 2.

BHEL bags Rs 1600 crore equipment order

46 AM ISTAgenciesThe key equipment for the project will be manufactured at BHEL’s Haridwar, Bhopal, Hyderabad, Jhansi, Trichy, Thirumayam and Bengaluru plants.NEW DELHI: Bharat Heavy Electricals Limited (BHEL) has bagged a Rs 1600 crore equipment order for a greenfield 2x660 mw Khurja Super Thermal Power Project in Bulandshahr district of Uttar Pradesh.

Daiichi-Ranbaxy case: HC asks Radha Soami head, 54 others to deposit Rs 6,000 crore

Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani.37 AM ISTGetty ImagesThe amount should be deposited with the court’s registrar general within 30 days, according to the order dated September 27.