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The Economic Times
The Economic Times Rs 986 crore revenue mismatch in Telangana, lapses in GST payments: Report
The CAG report for the revenue sector 2021-22 found compliance deficiencies amounting to Rs 986 crore, highlighting irregularities in GST payments. It named entities like Hyderabad Race Club and Biocon Limited for various violations. Actor Nandamuri Kalyanram was noted for delayed returns. The commercial taxes department accepted or initiated examinations on major cases, addressing mismatches and discrepancies.
The Economic Times Zerodha Asset Management, key managerial personnel, penalised for failure to appoint CFO
Zerodha filed a suo-moto application on January 9, addressing the non-appointment of a CFO between December 20, 2021, and March 23, 2023. This filing led to the MCA's hefty penalty against the company. This penalty comes at a time when new-generation asset management companies like Zerodha Fund House target retail and small-town markets for long-term growth.
The Economic Times Bhartiya Urban appoints Rajan Aggarwal as CFO
Aggarwal will lead financial operations, develop growth strategies, manage risks, and ensure the organization's financial health, according to Bhartiya Urban's Chairman and Founder.
The Economic Times Kavita Shirvaikar, Patel Engineering’s CFO, takes over as Acting MD
Janky Patel will lead the company as the Non-Executive Chairperson and currently, Rahul Agarwal is serving as the Acting Chief Financial Officer.
The Economic Times Zomato Q1 Results: Profit jumps multifold to Rs 253 cr; revenue soars 74% YoY
Zomato Q1 Results: An ET Now poll predicted the PAT figure to be around Rs 235 crore. The company had posted a profit of just Rs 2 crore in the last year period. Zomato's B2C businesses witnessed a 53% year-on-year surge in gross order value (GOV), reaching Rs 15,455 crore. Food delivery GOV grew by 27%, quick commerce soared by 130%, and going-out experienced a 106% increase compared to the same period last year. For Blinkit, the company's quick commerce arm, revenues increased 145% year-on-year to Rs 942 crore, and adjusted EBITDA for the same period was at Rs -3 crore.
The Economic Times Karnataka withdraws pre-show cause IGST notice to Infosys
Sources however said that the probe against the company will now be carried by the Directorate General of GST (DGGI).
The Economic Times Adani Power plans capacity expansion via inorganic route
Adani Power Ltd. (APL) is ramping up its capacity expansion efforts, targeting an increase of 4,800 MW through both inorganic acquisitions and brownfield projects, as outlined by CEO Shersingh B Khyalia. The company is advancing three major projects: two expansions in Chhattisgarh at Raipur and Raigarh, and a new 1,600 MW plant in Uttar Pradesh through its subsidiary Mirzapur Thermal Energy. APL is also seeking approval from the National Company Law Tribunal (NCLT) for the resolution plans of Lanco Amarkantak and Coastal Energen, which would add 3,120 MW to its portfolio.
The Economic Times Infosys mulls contesting Rs 32,403-crore GST notice
Infosys is considering contesting a Rs 32,403 crore notice for unpaid Integrated Goods and Services Tax (IGST) under the reverse charge mechanism. The issue is related to services claimed to have been received from overseas branches, according to people familiar with the matter. Infosys received a pre-showcause notice from the Bengaluru branch of Directorate General of GST Intelligence (DGGI) and has not yet responded to this latest notice.
The Economic Times ER&D companies face headwinds in new twist
After twelve consecutive quarters of growth, the cumulative workforce of five leading pure-play ER&D companies fell to 77,560 by June, highlighting the industry's cyclical nature compared to technology outsourcing, which is now starting to create jobs and improve campus placements.
The Economic Times Jaypee Group taps global credit funds for Rs 10k crore to bail out flagship firm
Facing financial distress, Jaypee Group is seeking ₹10,000 crore in high-cost financing from global credit funds such as Varde Partners, Ares, Cerberus, and Hillhouse to rescue its flagship company, Jaiprakash Associates Limited (JAL), from insolvency. JAL was admitted for insolvency on June 3 by the NCLT following a petition by ICICI Bank. Key issues include disputes with land authorities and principal repayments due in 2037. The company plans to refinance loans and sell assets, including real estate, cement plants, and a Formula One racetrack.
The Economic Times RBI okay with Tata Sons road map to avoid street
The Reserve Bank of India has agreed to Tata Sons' restructuring plan, which exempts the holding company from mandatory stock exchange listing. Tata Sons has restructured to be a zero-debt entity, complying with RBI's regulations, and avoiding classification as an 'upper layer' non-bank finance company, potentially removing the need for listing by 2025.
The Economic Times Road ministry to award contracts over Rs 3 lakh crore in three months: Nitin Gadkari
The Ministry of Road Transport and Highways plans to award road contracts worth Rs 3 lakh crore within the next three months, aiming to close the financial year with contracts worth Rs 5 lakh crore. This determination comes despite a slow start to the fiscal year, attributed to elections and the model code of conduct.
The Economic Times LTCG Tax: Govt weighing proposals to tweak its big tax move in Budget
India Inc had requested a phased transition to the new long-term capital gains tax regime proposed in FY25's budget, which eliminates indexation benefits for assets like property and gold. They suggested alternatives, including a higher tax rate with indexation or a lower rate without. The finance ministry is reviewing these proposals.
The Economic Times The CFO's role in M&A deals
​M&A is important for any company and CFO is the most critical part when the deal is underway. The global M&A market hit the size of $5 trillion during the Covid era of 2021 and subsided thereafter to $3.3 trillion in 2022 and $2.4 trillion in 2023. But it is always action packed. The first person who looks at M&A once the promoters make up their minds is the CFOs.
The Economic Times GST collection up by 10.3% at Rs 1.82 lakh crore in July
The total net GST revenue for July 2024 amounted to Rs 1.65 lakh crore, a significant 14.4% increase from Rs 1.44 lakh crore in July 2023.
