Inventory that may see motion at the moment: 3 April 2024

Ganesh Benzoplast has introduced unauthorised borrowings in subsidiary GBL Chemical Ltd. It has been delivered to our consideration that an unauthorised checking account was opened and operated within the title of Ganesh Benzoplast Ltd’s wholly owned subsidiary GBL Chemical Ltd and the administration has additionally been made conscious of sure unauthorised borrowings (whereby the Firm can be proven as alleged co-borrower with its WOS) within the mentioned unauthorised checking account. “We’re investigating the matter and are taking all requisite authorized steps on this regard. We have now already issued written communication to the involved financial institution to freeze the operations within the mentioned checking account with rapid impact,” it mentioned.

Honest commerce regulator Competitors Fee of India (CCI) on Tuesday mentioned it has authorised Axis Financial institution’s proposed acquisition of a stake in Max Life Insurance coverage Firm Ltd. Final yr in August, the corporate introduced a capital infusion by Axis Financial institution by issuance of 14.25 crore fairness shares to assist Max Life to assist its future development ambitions, increase its capital place and enhance solvency margins.

HCL Applied sciences’ step-down wholly owned subsidiary HCL Investments UK has entered right into a pact with US firm and three way partnership accomplice State Avenue Worldwide Holdings to divest its total 49 per cent holding. The proceeds acquired by HCL UK, for divestment of the JV, termination of settlement for associated providers and settlement of sure contractual commitments, is $172.5 million along with web ebook worth on the completion date (much less relevant withholding tax), HCLTech mentioned.

Zee Leisure Enterprises has mentioned its Managing Director and CEO Punit Goenka has determined to take a 20 per cent reduce in his remuneration, in step with the strategic and frugal strategy applied throughout the organisation. The administration of the corporate, below the management of Goenka, is implementing all of the required measures throughout verticals to optimise prices and improve productiveness, ZEE Leisure Enterprises Ltd mentioned in a regulatory submitting.

Anupam Rasayan has signed Letter of Intent value income of $90 million (₹743 crore) over subsequent 7 years with one of many main Japanese firm to provide two advance intermediates utilizing fluorination chemistry. These molecules shall be manufactured in our current in addition to quickly to be commercialised fluorination crops.

ICICI Securities on Tuesday mentioned it has acquired a tax demand of about Rs 66.70 lakh from the Gujarat state GST division. In a regulatory submitting, the brokerage agency mentioned the demand contains demand of GST value Rs 31.78 lakh, curiosity of Rs 31.72 lakh and penalty of Rs 3.20 lakh.

Vedanta Ltd has acquired GST demand notices to the tune of ₹1.86 crore for availing enter tax credit score, which has been termed “ineligible” by the tax authority. The corporate mentioned it can file an enchantment towards the orders. “The corporate has acquired orders from Workplace of Assistant Commissioner, Tirunelveli, Tamil Nadu, confirming demand of GST associated to Enter Tax Credit score availed by the corporate which is thought to be ineligible by such tax authority for the interval from FY 2017-18 until FY 2021-22,” Vedanta mentioned.

United Spirits Ltd on Tuesday mentioned it has acquired a tax demand of ₹5.51 crore, together with curiosity, for non-submission of sure statutory declaration varieties, and supply proofs. The Deputy Commissioner of State Tax, Nanded, has levied a requirement on non-submission of sure statutory declaration varieties and supply proofs within the case of Pioneer Distilleries Ltd, merged with the corporate with impact from December 30, 2023, United Spirits Ltd mentioned in a regulatory submitting.

The board of JSW Vitality has authorised elevating of ₹5,000 crore by the issuance of fairness on certified institutional placement foundation. The board has authorised the Finance Committee of the board to take all the mandatory selections on this regard, the corporate mentioned in a BSE submitting.

UltraTech Cement has commissioned two new greenfield capacities totaling 5.4 tpa in Chhattisgarh and Tamil Nadu. These additions will take the corporate’s complete cement capability to 151.6 tonne. The corporate additionally make investments ₹32,400 crore in the direction of ongoing capex over the following three years.

GE T&D mentioned that it acquired a letter from Basic Electrical Firm to separate GEC into GE Aerospace and GE Vernova. GE Vernova will substitute GEC and turn into the last word holding firm of GE T&D India.

Sunteck Realty has leased business constructing in Mumbai to earn practically ₹2,000 crore in 29 years.

Karur Vysya Financial institution Ltd has conveyed the acceptance of ‘One Time Settlement’ proposal submitted by PC Jeweller Ltd. The corporate had opted for OTS to settle the excellent dues. The phrases of authorised OTS embrace money and fairness element payable below settlement, launch of securities and mortgaged properties and so on.

Shriram Properties has acquired tax penalty order of ₹446.79 crore for Evaluation 12 months 2018-2019. The penalty order pertains to a matter already pending within the Madras Excessive Courtroom and that the Excessive Courtroom has already handed an order directing the division to take care of ‘Standing Quo’, it mentioned.