Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday. The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29. Besides, the company has set up a group advisory committee headed by former SEBI Chairman M Damodaran, amid its associate payments bank entity facing regulatory action for non-compliance with RBI norms. The committee will advise the company on strengthening compliance and on regulatory matters, according to a stock exchange filing.
Life Insurance Corporation of India has received an income-tax refund order of ₹25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. “We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself,” Mohanty said during the post-result interaction.
Adani Ports and Special Economic Zone Ltd has secured top position for its climate actions and environmental performance in assessments done by four global rating agencies. The assessments were done by CDP, S&P, Sustainalytics and Moody’s . While the company secured ‘leadership band’ in CDP Climate Assessment 2023, it ranked first on the environmental dimension among 324 companies in the transport and transport infrastructure sector by S&P Global CSA 2023, a statement said.
JSW Group has signed an agreement with the Odisha government to set up an integrated EV manufacturing facility in the state entailing an investment of ₹40,000 crore. Once completed, the project will mark JSW Group’s foray into the automobile space. The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units.
Jindal Stainless has inked an agreement with MSME Technology Centre Visakhapatnam for manufacturing value-added products used in the launch of missiles and satellites. The collaboration will enhance the manufacturing of essential components and sub-assemblies crucial for the development of equipment across defence, aerospace, and other industries, JSL said.
Reliance Industries’ arm Reliance Consumer will acquire Ravalgaon Sugar confectionery’s brands, including Coffee Break and Paan Pasand, in a ₹27 crore deal. Ravalgaon Sugar Farm, which owns brands such as Mango Mood, Coffee Break, Tutty Fruity, Paan Pasand, Choco Cream and Supreme, has sold its trademarks, recipes, all intellectual property rights to Reliance Consumer Products Ltd (RCPL), as per a regulatory filing.
Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL) has filed a fresh application in the National Company Law Tribunal seeking an order to refrain Sony from proceeding contrary to the NCLT’s earlier decision sanctioning merger of the two media companies. Sony had last month terminated the agreement with ZEEL to merge its two Indian entities – Culver Max Entertainment (earlier known as Sony Pictures Network India) and BEPL – with the Indian media company.
Vedanta Resources has made an upfront payment of$779 million to its bondholders and completed repayments as part of the debt restructuring exercise. The upfront payment to the bondholders was made on Wednesday, Vedanta Resources Ltd (VRL) said in a statement. VRL has completed repayments to its bondholders on February 7, 2024, in line with the consents it received earlier in the year in which maturities of $3.2 billion in bonds were successfully extended to 2029, the statement said.
ACME Group has signed an agreement with gas exchange IGX, an arm of Indian Energy Exchange, to explore opportunities of collaborations for developing green hydrogen and ammonia projects in India. The agreement covers the partnership across the green hydrogen and ammonia value chain, starting from production to logistics and supply to the industrial customers for use in a range of applications and reduce the overall emissions contributing to the national decarbonisation targets, the ACME Group said in the statement.
Indian Railway Catering and Tourism Corporation Ltd (IRCTC) has incorporated a wholly owned subsidiary “IRCTC Payments Ltd” for the purpose of payment aggregator business.
Mahindra & Mahindra (M&M) has received an order from the Joint Commissioner, CGST & Central Excise, Patna-I imposing a penalty u/s 73 of CGST Act, 2017 amounting to ₹20,41,726 in relation to the audit conducted for period FY 2018-19. Based on the Company’s assessment, an appeal will be filed, and the Company is hopeful of a favourable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the company.
The board of Aurobindo Pharma has appointed Deepali Pant Joshi as Additional Director in category of Independent Director (Non-Executive) for 2 years.
The respective boards of Rane (Madras) Ltd (RML), Rane Brake Lining Ltd (RBL) and Rane Engine Valve Ltd approved the proposed reorganisation through a scheme of arrangement, which entails the merger of RBL and REVL with RML. The group said the merger significantly simplifies the group structure by consolidating listed operating companies and aligns public shareholders’ interest by converging their stake at a single listed entity. After the merger scheme becomes effective, RBL shareholders will receive 21 fully paid-up equity shares of RML for 20 fully paid-up equity shares of RBL held by them as of the record date. REVL shareholders will receive nine fully paid-up equity shares of RML for 20 fully paid-up equity shares of REVL held by them as of the record date.
The board of ASM Technologies Ltd has approved the issue up to 8 lakh equity shares at ₹470.70 a share, aggregating up to ₹37.656 crore and 28,14,390 warrants, each convertible into one fully paid-up equity share of the company at a issue price of ₹470.70 a warrant for an amount up to ₹132.47 crore payable in cash to: Mukul Mahavir Agrawal – Non-promoter; Hardik Agrawal – Non-promoter; Viay Khetan – Non-promoter; Krimali Bhavin Thakkar – Non-promoter; Madhukeshwar Desai – Non-promoter; Madhu Kashyap L C – Non-promoter; Ajeet Modi – Non-promoter; Aaryavardhan Modi; Ajeet Modi HUF – Non-promoter; S Rabindra – Promoter; and R Preeti – Promoter. Further, the minimum amount of ₹118 which is equivalent to 25 per cent of the warrants Issue price shall be paid at the time of subscription and allotment of each warrant.
PG Technoplast Pvt Ltd, wholly owned subsidiary PG Electroplast, has entered into a ‘Definitive Agreement’ to acquire 100% stake in Next Generation Manufacturers Private Ltd for ₹15 crore. Pursuant to the said acquisition, NGM will become a Wholly Owned Subsidiary of PGTL.