Category: Business & Economics

V. Vaidyanathan, the esteemed managing director and CEO of IDFC First Bank, stands as a beacon of inspiration in the Indian banking realm. In a move that epitomizes his benevolence, Vaidyanathan recently gifted a staggering 700,000 equity shares of IDFC First Bank, valued at over Rs 5 crore, to five individuals unrelated to him. In the past, he astounded many by endowing shares worth millions to various beneficiaries, including drivers, maids, colleagues, and charitable organizations like the Rukmini Foundation. Beyond his corporate endeavors, Vaidyanathan’s philanthropic endeavors and commitment to social…

Adani Ports and Special Economic Zone (APSEZ) has acquired a substantial 95% stake in Gopalpur Ports, located in Odisha, for a significant sum of Rs 3,080 crore. Adani Ports will procure a 56% stake from SP Group and a further 39% from OSL, consolidating its control over Gopalpur Ports. Gopalpur Ports stands as a vital gateway for dry bulk cargo in Odisha, handling various commodities such as iron ore, coal, limestone, ilmenite, and alumina. The acquisition aligns seamlessly with Adani Ports’ overarching strategy to bridge the gap between the east…

The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 17.03.2024) show that Net collections are at Rs. 18,90,259 crore, compared to Rs. 15,76,776 crore in the corresponding period of the preceding Financial Year (i.e. FY 2022-23), representing an increase of 19.88%. The Net Direct Tax collection of Rs. 18,90,259 crore (as on 17.03.2024) includes Corporation Tax (CIT) at Rs. 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 9,72,224 crore (net of refund). The provisional figures of Gross collection of Direct Taxes (before adjusting…

The Supreme Court has issued a summons to yoga guru Ramdev of Patanjali Ayurved, concerning misleading advertisements issued by the company. The court’s action comes after Patanjali failed to respond to a contempt notice regarding the advertisements’ claims about medicinal efficacy. The bench also summoned Patanjali’s managing director, Acharya Balkrishna, in connection with the matter. The court emphasized that both Ramdev and Balkrishna were prima facie in violation of Sections 3 and 4 of the Drugs and Remedies Act, of misleading advertisements of medicines. The court’s actions stem from a…

The United States has broadened its investigation into India’s Adani Group, specifically targeting its founder, Gautam Adani, amidst allegations of potential bribery. The investigation has expanded its scope to include Indian renewable energy company Azure Power Global. Responding to queries from the News agency, Adani Group stated, “We are not aware of any investigation against our chairman.” The intensified scrutiny on Adani Group follows a tumultuous period marked by a significant sell-off of its stocks and bonds last year. The unfolding investigation into Adani Group’s operations underscores the increasing scrutiny…

Gautam Adani delved into the depths of one of the most challenging episodes in recent corporate history—the Hindenburg attack. Adani’s candid reflections offered a rare glimpse into the inner workings of crisis management and the strategic maneuvers employed to navigate turbulent waters. Adani’s characterization of the Hindenburg attack as the world’s most significant assault on a corporate entity underscored the magnitude of the challenges faced. Despite the storm raging around him, Adani maintained an active presence, attending high-profile events and engagements. The Adani Group’s response to the Hindenburg attack was…

During the visit to Arunachal Pradesh, Prime Minister Shri Narendra Modi  underscored India’s self-reliance (Atmanirbharta) in edible oil production. The Prime Minister highlighted the Mission Palm Oil, a special campaign carried out by the central government with the Northeast in mind and inaugurated the first oil mill under this mission. “Mission Palm Oil will make India Aatmanirbhar in the edible oil sector and boost the income of farmers,” the Prime Minister said, expressing gratitude towards the farmers for taking up palm cultivation. The Government of India launched the National Mission…

Paytm Payments Bank, a prominent player in India’s fintech landscape, is bracing for significant changes as the Reserve Bank of India (RBI) has directed it to cease operations by March 15 due to serious rule violations. As the bank prepares to shut down temporarily, concerns about job terminations loom large for its workforce amidst ongoing layoffs across departments within its parent company, One 97 Communications. Closure of Paytm Payments Bank: The RBI’s directive to shut down Paytm Payments Bank stems from “non-compliance issues and concerns” within the bank, including serious…

Indian Filter Coffee has secured the prestigious second position in TasteAtlas’ esteemed ranking of the ‘Top 38 Coffees In The World’. The renowned food and travel guide platform unveiled its latest list, with ‘Cuban Espresso’ clinching the top spot and ‘South Indian Coffee following closely behind. Beloved ‘South Indian Coffee’, celebrated for its unique preparation style and unmistakable taste profile. Brewed using a traditional Indian coffee filter machine, this aromatic beverage captivates palates with its robust flavors and smooth texture. TasteAtlas’ comprehensive ranking features an array of coffee varieties from…

The Meerut CGST Commissionerate has exposed a sophisticated syndicate orchestrating a colossal Input Tax Credit (ITC) fraud, amounting to over Rs 1,000 crore. The investigation, which commenced in October 2023, unearthed a sprawling network of 232 fictitious firms scattered across the nation. These entities, through fake billing practices, managed to illicitly claim ITC amounting to approximately Rs 1,048 crore, with purported transactions valued at Rs 5,842 crore. In a decisive move, five bank accounts linked to the syndicate have been provisionally attached, marking a crucial step in curbing further illicit…