Grasim Industries gets Rs 8,334 crore income tax demand

The Income Tax (IT) department has raised a demand of Rs 8,334 crore against Grasim Industries Ltd (GIL) as capital gains tax for the assessment year 2018-19. The demand by the IT department is related to the scheme of GIL’s merger with Aditya Birla Nuvo and Aditya Birla Financial Services. GIL said it would “take appropriate action against the order, which it believes is against the spirit of tax laws.”

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Reliance incorporates subsidiary in UAE for trading oil

Reliance Industries Ltd (RIL) has incorporated a wholly-owned subsidiary, Reliance International Limited (RINL), in Abu Dhabi Global Market, United Arab Emirates (UAE). RIL has invested Rs 7.42 crore in cash in 10 lakh equity shares of $1 each of Reliance International Ltd. The subsidiary was set up for trading crude oil, petroleum products, petrochemicals, and agricultural commodities.

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ZEEL moves Bombay HC against Invesco’s demand for EGM

Zee Entertainment Enterprises Ltd (ZEEL) has filed a civil suit in the Bombay High Court against Invesco, one of its largest shareholders. ZEEL has requested the court to declare that the requisition notice sent to the company by Invesco Developing Markets Fund and OFI Global China Fund is illegal and invalid. On September 11, the major shareholders had called for an Extraordinary General Meeting (EGM) to remove CEO and MD Punit Goenka and two other directors from ZEEL’s board.

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Indian Bank acquires 13.2% stake in NARCL

Indian Bank has picked up a 13.27% stake in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL). The lender has subscribed to 1.98 lakh equity shares of NARCL for cash consideration of Rs 19.80 crore. The investment of an equity stake of 13.27% would be reduced to 9.90% by December 31, 2021. State Bank of India, Union Bank of India, and Punjab National Bank had picked up over 12%  stake each in NARCL on Thursday.

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Banks in favour of RBI-led resolution for SREI Group: Report

According to a report from CNBC-TV18, a consortium of lenders led by UCO Bank has reached out to the Reserve Bank of India (RBI), seeking a DHFL-like resolution for SREI Group. The group, along with SREI Infrastructure Finance and SREI Equipment Finance, collectively owe the consortium ~Rs 36,000 crores. State Bank of India, Bank of Baroda, Bank of India, Indian Bank, PNB, Axis Bank are some of the other lenders to SREI Group. 

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Petrol, diesel prices rise to record highs

Petrol and diesel prices surged to new record highs across the country on Saturday after rates were hiked again by 25 paise and 30 paise a litre, respectively. According to a price notification of state-owned fuel retailers, the price of petrol in Delhi rose to its highest ever level of Rs 102.14 a litre and Rs 108.19 per litre in Mumbai. The price hike follows international oil prices soaring to a near three-year high as global output disruptions forced energy companies to draw more crude oil out of their stockpiles.

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Indraprastha Gas hikes CNG prices by 5%, PNG by 7%

Indraprastha Gas Ltd (IGL) has raised the prices of compressed natural gas (CNG) by 5% and piped natural gas (PNG) by 7% following a sharp increase in domestic natural gas price by the government. The rate of CNG (used for transport) has been hiked by Rs 2.28 per kg to Rs 47.48 per kg in Delhi. The price of PNG (used for cooking) has been increased by 2.10 per standard cubic meter (SCM) to Rs 33.01 per SCM.

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DoT amends telecom licence norms to relax penal provisions

The Department of Telecommunications (DoT) has amended licence norms to rationalise the interest rate for delayed payment of licence fees. This move will ease the financial burden on the telecom sector and promote ease of doing business. The DoT will now charge 2% interest above the one-year marginal cost of lending rate (MCLR) of State Bank of India (SBI) for the delay in payment of licence fees or any other statutory dues, and the interest will be compounded annually. Earlier, telecom firms were required to pay 4% interest above the one-year MCLR of SBI, and the interest was compounded monthly.

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