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A blind watchdog: Auditors must do better to prevent fraud, financial crime

Sundaram Finance Q3 PAT rises 4 per cent to Rs 253 crore

February 11, 2020 11:01:16 am

Set up in 1954, the Sundaram Finance Group's services include financing for the entire range of commercial vehicles, passenger cars and construction equipment, as well as specially designed working capital products such as fuel finance and tyre finance.

Sixteen months & Rs 100-crore fees later, no sign of IL&FS resolution plan

February 11, 2020 9:20:45 am

Since the new board took over in September 2018, IL&FS has only been able to complete the sale of its wind energy assets, thereby leading to a debt resolution of Rs 4,300 crore out of the total debt outstanding of around Rs 94,000 crore.

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Amazon moves Karnataka HC for stay on CCI probe

February 11, 2020 3:43:52 am

In its petition, which was reviewed by FE, Amazon said: “... the present impugned order has been passed without prima facie application of mind and will cause serious prejudice to the petitioner. Its findings are perverse, arbitrary, untenable in law”.

IL&FS gets government approval for Rs 2,700 crore claims towards stuck road projects

February 10, 2020 4:45:51 pm

In October 2018, the government had seized control of the debt-trapped company and superseded its board by appointing a new one, led by eminent banker Uday Kotak as its chairman. The new board, as part of the overall resolution process for the IL&FS Group, has sold a number of assets to clear dues and debt.

L&T Construction bags ‘large’ contracts for its power transmission, distribution biz

February 10, 2020 12:05:28 pm

In a regulatory filing, Larsen & Toubro (L&T) said in the Philippines, the power transmission and distribution business of L&T Construction has won an order to construct a substation, in association with a prominent local player, that will cater to the growing demand for electricity in the metropolitan area of Manila.

telecom service providers, Bharti Airtel, Vodafone, Reliance, Reliance Jio, Business news, Indian Express

Private telecom firms look to cut capex, approach BBNL to lease ‘dark fibre’

February 10, 2020 12:30:41 am

The hitherto unused infrastructure will be used by these companies to expand their presence in rural India and offer 4G as well as other long-term evolution (LTE) mobile telephony services, according to official documents accessed by The Indian Express.

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MCA seeks views on change in laws to hold auditors more accountable

February 9, 2020 12:22:07 am

The MCA has sought views from other government departments, regulatory agencies, and others in general on how to amend the existing laws that would enhance the independence of auditing firm and make sure they are also held accountable for any misdeeds.

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Carmakers can’t turn out EVs cheap enough to convert Indians

February 8, 2020 11:54:11 am

To address this, Hyundai is working on a mass-market electric car for India, according to Tarun Garg, sales director at its Indian unit. The company plans a launch in 2-3 years, he said.

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Before sale to Zomato, Uber’s India food biz was on a downhill slope

February 8, 2020 1:30:09 am

According to the global earnings released by Uber on Friday, the total number of food deliveries in India by eats stood at 29 million during the quarter-ended December 31, down from 37 million in the September-quarter and 42 million in the June-quarter.

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LIC investment in G-secs rises to Rs 2.81L crore in 10 months

February 8, 2020 1:26:55 am

Life Insurance Corporation (LIC), which is gearing up for its initial public offering (IPO), on Friday said investments made by the corporation in government securities rose to Rs 2.81 lakh crore in the period between April-January 2020, much higher than the target of Rs 2.55 lakh crore. India’s largest insurance company with assets of over […]

Maruti unveils all-new compact SUV Ignis in BS-VI petrol engine

February 7, 2020 3:39:51 pm

The country's largest car maker also opened the pre-launch booking of the vehicle at its Nexa showroom across the country.

MG Motor India unveils premium SUV Gloster, MPV G10

February 7, 2020 3:10:11 pm

The G10, which is expected to give a direct competition to Kia Motors MPV Carnival

Suzuki posts 11% fall in Q3 profit, hit by slowing India demand

February 7, 2020 1:22:56 pm

Japan's fourth-largest automaker posted an operating profit of 51.8 billion yen ($471.34 million) for the October-December quarter, its lowest since the March 2016 quarter

Adani solar plant, Adani solar plants, Adani Green Energy, Total SA, Business news, Indian Express

Total to acquire 50% stake in Adani’s upcoming solar unit for $510 million

February 7, 2020 1:34:09 am

The acquisition is part of Total’s target of building a portfolio of low-carbon businesses that could account for 15 per cent to 20 per cent of its sales by 2040. Under a separate deal, the two firms will also build an 800-MW solar power plant in Qatar.

Emami, Emami cements, Emami cements Nirma Nuvoco, Emami selling cement business, Business news, Indian Express

Emami to sell cement business to Nirma’s Nuvoco for `5,500 crore

February 7, 2020 1:28:48 am

Nirma Group said the acquisition of ECL will enable Nuvoco, a building materials company, to take its business to the next level to become one of the leading cement players in the country and specifically in the east.

JSW Steel, Bhushan Power and Steel, NCLAT, NCLAT order for JSW Steel, Business news, Indian Express

MCA shifts stance, says onus of probing if JSW Steel complies with IBC is on NCLT, agencies

February 7, 2020 1:15:30 am

In its affidavit to the NCLAT, the MCA has said IBC does not “envisage any role of the central government to check that the resolution plan submitted during the course of a corporate insolvency resolution process satisfies the conditions” set forth in various provisions under the Code.