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<keyword id="155869" type="General" weightage="20" keywordseo="Aviation-watchdog" source="Orion">Aviation watchdog</keyword> <keyword id="19899185" type="General" weightage="20" keywordseo="dgca" source="keywords">DGCA</keyword> on Friday imposed a fine of Rs 80 lakh on <keyword id="19896871" type="General" weightage="100" keywordseo="air-india" source="keywords">Air India</keyword> for violations of norms related to <keyword id="8400738" type="General" weightage="20" keywordseo="flight-duty-time-limitations" source="Orion">flight duty time limitations</keyword> and <keyword id="21053584" type="General" weightage="20" keywordseo="fatigue-management-system" source="Orion">fatigue management system</keyword> of flight crew. The decision came after the <keyword id="6354705" type="General" weightage="20" keywordseo="Directorate-General-of-Civil-Aviation" source="Orion">Directorate General of Civil Aviation</keyword> (DGCA) conducted a spot audit of Air India in January, during which evidence was collected and fleet-wise random reports were analysed. "The analysis of reports and evidence revealed that <keyword id="20879472" type="General" weightage="20" keywordseo="air-india-limited" source="keywords">Air India Limited</keyword> operated flight(s) with both flight crew aged above 60 years flying together in a few instances. "... the operator was also found deficient in providing adequate weekly rest, adequate rest before &amp; after ultra-long range flights and adequate rest on layover to the flight crew, which violates the extant provisions of the <keyword id="20777683" type="General" weightage="20" keywordseo="civil-aviation-requirements" source="keywords">Civil Aviation Requirements</keyword> pertaining to FDTL," the regulator said in a release. Further, the DGCA said there were instances of exceeding duty periods, wrongly marked training records and overlapping duties. On March 1, the regulator issued a show cause notice to Air India with respect to the violations. "The operator submitted its response to the show cause notice, which was not found satisfactory. Pursuant to the non-satisfactory response submitted by the operator, a fine of Rs 80,00,000 has been imposed on the operator," the release said.

Aviation regulator DGCA slaps Rs 80 lakh fine on Air India

June turned out to be a blockbuster month for thematic/sectoral <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which managed to amass Rs 22,351.69 crore during the month, the highest amongst all equity mutual funds. Overall, equity mutual funds saw <keyword id="19967545" type="General" weightage="20" keywordseo="inflows" source="keywords">inflows</keyword> worth Rs 40,537 crore, whereas debt mutual funds saw significant outflows of about Rs 1.07 lakh crore. Within this category, liquid and overnight funds saw maximum outflows. As Himanshu Srivastava, Associate Director – Manager Research, Morningstar Investment Research India noted, since June is a quarter end month, debt-oriented schemes, as expected, witnessed a net outflow. Only funds with a duration profile of less than 1 year, like low duration and money market funds, saw inflows. "The net outflow across the board could also be on the back of investors shifting towards equity markets in expectation of better returns, as the equity markets continue to touch all time high levels after the election results were announced. Between May and June, the number of folios in the debt segment fell from 7,091,977 to 7,013,214, which is a drop by 78,763 folios. In May, the number of folios fell by 26,088 folios". "Moreover, uncertainty over the interest rate cut cycle has also been keeping investors in tenterhooks. With no clarity on the probable timing for the beginning of interest rate cut cycle, investors, for a time being, would have decided to adopt a wait and watch approach and stay away from categories which are exposed to interest rate risks such as Dynamic and Gilt", he continued. <h2>SIP figures touch all-time highs</h2> As <keyword id="22344564" type="General" weightage="100" keywordseo="AMFI-data" source="keywords">AMFI data</keyword> further revealed, the number of new SIPs registered in June 2024 stood at a staggering 55,12,962. With this, the total number of SIP accounts in the country reached 8,98,66,962, inching up marginally from 8,75,89,485 in May 2024. SIP contributions also stood at an all-time high of ₹ 21,262.22 crores in June 2024 as against ₹ 20,904.37 crores in May 2024. The AUM of retail folios, which comprise of equity, hybrid and solution oriented was Rs 36,32,226 crores for June 2024. In <keyword id="22344565" type="General" weightage="20" keywordseo="hybrid-schemes" source="keywords">hybrid schemes</keyword>, multi-asset allocation funds garnered Rs 3,453.12 crore in June, and Arbitrage funds saw inflows worth Rs 3,836.58 crore. The only hybrid scheme to see net outflows were conservative hybrid funds, which shed Rs 130.57 crore. June marked the 40th consecutive month of positive inflows for <keyword id="20210668" type="General" weightage="20" keywordseo="equity-funds" source="keywords">equity funds</keyword> since March 2021. As Feroze Azeez, Deputy CEO, Anand Rathi Wealth Limited highlights, "SIP numbers are hitting peaks every month, accumulating a stellar ₹21,260 crore. This strengthens the fact that Indian investors are resilient and are participating in the long-term growth of the market. The overall market behaviour supported by numbers suggests that investors are strategically positioning themselves with cautious yet optimistic approach for long-term growth". Last month, the Indian MF industry hit the Rs 60 trillion mark for the first time. Exactly 10 years ago, in 2014, the industry's AUM stood at Rs 10 lakh crore. Just 6 months ago, its AUM was Rs 51 lakh crore. Anand Vardarajan, Chief Business Officer - Key Clients &amp; Alternate Investments, Tata Asset Management underlines that is growth is a huge validation when it comes to expanding retail investor's base and investors themselves choosing mutual funds as a reliable investment vehicle for wealth creation. This is further underscored by the fact that the addition in six months is equal to what the industry has seen in ten years ago! <h2>Large and Mid Cap funds find investors </h2>After garnering consistently high inflows in the recent past, small cap funds amassed Rs 2,263.47 crore, a slightly sobering figure. Midcap funds saw inflows worth Rs 2,527.84 crore. On the other hand, inflows in large-cap funds dipped at significantly to stand at Rs 970.49 crore. Far more investments went towards the large and mid-cap funds, which saw inflows worth Rs 2,912.19 crore. Melvyn Santarita, Analyst – Manager Research, Morningstar Investment Research India notes that these substantial net inflows can be attributed to the election results announced earlier in the month. Investors have remained optimistic and invested on policy continuity and anticipated reforms, expecting stability within the coalition government at the Centre. It was this optimism that propelled markets to new all-time highs. The multi-cap category witnessed the second highest net inflows in June 2024 among the equity-oriented categories amounting to INR 4,708.5 crores which was its 3rd highest net inflows ever over a monthly period. Categories which are biased towards the large-caps segment like flexicap (Rs 3,058 crores) and Value (Rs 2,027 crores) saw robust inflows during the month. "While markets have been in a prolonged bull run, there are concerns about overvaluations in certain areas, particularly in the mid and small-cap segments. Consequently, investors may be opting to invest in large-cap segments, where valuations are more favorable", Santarita highlighted. "However, they also continued their investments in mid and small caps, since the returns generated by mid and small cap segment over the last few years haven’t got unnoticed. Hence, the categories having substantial exposure in these two segments have witnessed strong net inflows. It is important to note that mid and small cap segments are highly volatile. While they can give exceptionally high return in up markets, they can fall equally hard in down markets. It’s important for investors to take exposure in these funds in line with their risk appetite", he cautioned. However, Hitesh Thakkar, Acting CEO, ITI Mutual Fund is confident of the immense wealth creation opportunities mutual funds will offer in the coming 5-7 years to retail investors. "Mutual fund is one of the preferred, transparent &amp; cost-effective investment products in India and is well accepted by retail investors. The trend is positive for Mutual fund industry future growth. There are chances that Industry will cross milestone of ₹100 lakh crores AUM by 2030”, he says. <h2><keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">Gold</keyword> continues to glitter </h2>Net flows in Gold ETFs continued to be robust in June 2024, standing at Rs 726 crores. However, this was slightly below the net flows witnessed in May (Rs 827 crores). "Over the years, Gold has gained prominence as an effective diversifier, prompting many investors to include Gold ETFs in their portfolios. Gold prices also saw some slight correction in June which spurred buying from investors", underlines Santarita. However, the reason why inflows in gold ETFs have remained patchy as compared to equity is due to the significant gap in the returns offered. "Gold has done fairly well over the last year but dwarfs in comparison to how equities. Also, some investors could be choosing to opt for a risk-on approach to investing with the anticipation of a reversal in rate cycle going ahead", he continues.

Mutual fund AUM crosses the Rs 60 lakh crore mark, SIP nos. and AUM touch all-time highs

R S <keyword id="178382" type="General" weightage="100" keywordseo="sodhi" source="Orion">Sodhi</keyword> on Monday resigned as Managing Director of <keyword id="1727112" type="General" weightage="50" keywordseo="gujarat-cooperative-milk-marketing-federation-ltd" source="Orion">Gujarat Cooperative Milk Marketing Federation Ltd</keyword> (GCMMF) that markets its products under the <keyword id="26280" type="General" weightage="80" keywordseo="amul" source="Orion">Amul</keyword> brand. When contacted, Sodhi confirmed PTI that he has resigned from the post of MD. "I was on extension. The board has accepted my resignation," he said.Sodhi had joined GCMMF as a sales officer more than 40 years back and became its Managing Director in June 2010. He was on the extension from last two years.He is also the president of <keyword id="69421" type="General" weightage="50" keywordseo="indian-dairy-association" source="Orion">Indian Dairy Association</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/hdfc-capital-raises-376-million-under-alternative-investment-fund-for-affordable-housing-adia-is-primary-investor/articleshow/96857455.cms">HDFC Capital raises $376 million under alternative investment fund for affordable housing; ADIA is primary investor</a>

RS Sodhi steps down as managing director of Amul

If you've ever found yourself sheepishly glancing around after cutting a red light or using your phone while driving, only to relax because "no cops in sight," think again! In <keyword id="19895037" type="General" weightage="20" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword>, the traffic police have gone tech-savvy, and they're now leveraging AI to keep an eye on you – whether or not there’s an officer standing by. <h2>Bengaluru’s AI revolution in <keyword id="22205047" type="General" weightage="20" keywordseo="traffic-enforcement" source="keywords">traffic enforcement</keyword></h2>Bengaluru, the tech hub of India, has pioneered the use of AI-based enforcement in its bustling streets. "At present, we use AI-based cameras to enforce seven violations," said MN Anucheth, Joint Commissioner of Police (Bengaluru City Traffic) in an interview with Moneycontrol. These violations include overspeeding, using mobile phones while driving, not wearing seat belts, riding without helmets, triple riding on two-wheelers, red-light jumping, and stop-line violations. But it doesn't stop there! The city is expanding this AI-driven system to detect 13 different <keyword id="19948114" type="General" weightage="20" keywordseo="traffic-violations" source="keywords">traffic violations</keyword> — up from the existing seven. Among the new additions are wrong-side driving, illegal number plates, overloaded goods vehicles, broken or folded door mirrors, and illegal parking. Bengaluru’s streets are about to get even more monitored, and the number of fines is expected to rise. <div type="Article" hostid="261" msid="113150608" title="Nothing to wear? Bengaluru-based startup promises to deliver clothes in just 60 minutes. Here’s my experience!" mstype="2" mssubtype="0"></div>Already, 97% of traffic violations in Bengaluru in 2023 were caught through this contactless mode. With 330 AI-powered cameras watching over 50 junctions, the city's roads are becoming some of the most tech-supervised in India. "We will soon expand to cover 13 types of violations," Anucheth added, hinting at an even more stringent road regime. <h2>Eyes in the sky</h2>With a road network stretching over 14,000 km, more than 12 million registered vehicles, and around 40,000 traffic intersections, Bengaluru’s streets can get chaotic. To tackle this, Bengaluru’s AI system is leaving nothing to chance. The AI can do more than just catch rule-breakers; it can even detect waterlogged areas, cattle on the road, potholes, and unattended objects, ensuring smoother traffic flow. What’s more, these AI-based systems are equipped with <keyword id="22598445" type="General" weightage="20" keywordseo="Automatic-Number-Plate-Recognition" source="keywords">Automatic Number Plate Recognition</keyword> (ANPR) and can process video feeds from multiple sources, including surveillance cameras, body-worn cameras, and even social media feeds. So, even if you're accidentally caught on a neighbour’s camera violating a traffic rule, you could still be fined. “Instead of procuring additional cameras, we decided to obtain AI-based automatic violation detection licences to utilise our existing infrastructure for traffic enforcement and management," Anucheth explained. That means the city is becoming smarter without splurging on extra gadgets. <h2>Expect more fines</h2>In 2023 alone, <keyword id="21352185" type="General" weightage="20" keywordseo="Bengaluru-traffic" source="keywords">Bengaluru Traffic</keyword> Police booked nearly 90 lakh cases and collected a record Rs 185.1 crore in fines. With the expanded AI system, these numbers are expected to soar even higher. Commuters along major arterial roads such as the Electronics City Elevated Expressway, Mysuru Road to Goraguntepalya, and Bellary Road should be particularly mindful. Cameras on these routes have been instrumental in spotting violations like speeding and improper lane usage. <div type="Article" hostid="261" msid="113459399" title="Should you rent or buy a home? Here’s how much rental pricing has gone up compared to ownership cost in major Indian cities" mstype="2" mssubtype="0"></div>The introduction of AI is already having a significant impact on the Bengaluru-Mysuru Expressway, where 60 cameras caught more than 12,000 violations within just two weeks of installation. And the fines? They’re sent directly to your phone. "No violation can escape the hawk eyes of our powerful cameras," said Karnataka’s Additional Director General of Police, Alok Kumar, after catching a bus driver talking on his phone while driving. <h2>Management, not just enforcement</h2>But Bengaluru’s AI isn’t just catching violators — it’s also helping ease the flow of traffic in a majorly congested city. AI is playing a crucial role in optimising <keyword id="21296378" type="General" weightage="20" keywordseo="traffic-signals" source="keywords">traffic signals</keyword> to reduce congestion and manage traffic patterns. With its Automatic Traffic Counting and Classification (ATCC) feature, these <keyword id="21635811" type="General" weightage="100" keywordseo="AI-cameras" source="keywords">AI cameras</keyword> will help monitor the types of vehicles clogging up different junctions, offering better insights for road management. To that end, Bengaluru has also introduced AI-powered traffic signals, which automatically adjust the timing of traffic lights based on real-time traffic conditions. This system, deployed across many important junctions in the city, monitors vehicle flow and helps reduce bottlenecks by adjusting traffic lights dynamically. In an ideal world, this will mean that there would be no more sitting at a red light when the road ahead is empty. With over 9,000 cameras being installed across the city under the Safe City project and access to 4,600 body-worn cameras, Bengaluru’s traffic police are bringing in a new era of high-tech enforcement. Hopefully, this will help with better <keyword id="20413755" type="General" weightage="20" keywordseo="traffic-management" source="keywords">traffic management</keyword> in the city — a problem that needs to be solved at the earliest.

Hopping signals or using phones when cops aren’t there? You’re still going to get instant-fined, thanks to Bengaluru’s new AI cameras

New Delhi: <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">stock market</keyword> in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of <keyword id="20295104" type="General" weightage="20" keywordseo="Chinese-stocks" source="keywords">Chinese stocks</keyword>. Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020. The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024. Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed. Looking ahead, the trajectory of global events like geopolitical developments, interest rate movements, progress in the Chinese economy and the outcome of the US Presidential election will play a crucial role in shaping future foreign investment in <keyword id="20014814" type="General" weightage="20" keywordseo="Indian-equities" source="keywords">Indian equities</keyword>, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said. On the domestic front, key indicators like inflation trajectory, corporate earnings, and the impact of festive season demand will also be closely watched by FPIs as they assess opportunities in the Indian market, he added. According to the data, FPIs recorded a net outflow of Rs 94,017 crore in October. The intensity of net outflows could be gauged from the fact that except for one day, FPIs were net sellers throughout the month, bringing their total investment for 2024 down to Rs 6,593 crore. This relentless selling resulted in about an 8 per cent decline in benchmark indices from their peaks. Several factors contributed towards this massive withdrawal of foreign capital from the Indian equity markets in October. The major among them is the elevated valuations of Indian equities. This has triggered a shift in investments towards China, where valuations are currently more attractive. Additionally, a series of stimulus measures, aimed at bolstering Chinese economic growth has made Chinese equities increasingly appealing to global investors, Srivastava said. Despite the massive FPI selling in financials, this sector is resilient since the valuations are fair and every selling is being absorbed by DIIs and individual investors, particularly HNIs, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. In addition, FPIs pulled out Rs 4,406 crore from the debt general limit and invested Rs 100 crore from the debt Voluntary Retention Route (VRR) during the period under review. So far this year, FPIs invested Rs 1.06 lakh crore in the debt market.

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

New Delhi, Home-grown mobile devices maker <keyword id="250883" type="General" weightage="20" keywordseo="Lava-international" source="Orion">Lava International</keyword> has elevated its President <keyword id="13650999" type="General" weightage="20" keywordseo="Sunil-Raina" source="Orion">Sunil Raina</keyword> as Whole Time Director and interim managing director with immediate effect, the company said on Tuesday. He will handle the company's business in place of Lava's Managing Director Hari Om Rai who is in the custody of Enforcement Directorate for his alleged involvement in money laundering case filed against Chinese mobile devices company Vivo. "Raina will assume the role of interim managing director with immediate effect, following approval by the company's board in its meeting on November 6, 2023," Lava said in a statement. With an overall experience of more than two decades, Raina has been an integral part of Lava International for the past 13 years, previously serving as President and Business Head. Raina leads Lava's operations, ensuring that the company continues to innovate and grow while maintaining its commitment to 'Make in India', the statement said. "We are in a fast-paced growth phase of our brand journey and we see a great opportunity ahead. I'm pleased to take on this role and eager to contribute to Lava's continued success through consistent innovation and delivering exceptional quality to our consumers," Raina said. The company in early October announced plans to capture 10 per cent market share in under Rs 30,000-priced smartphone segment on account of up to Rs 600 crore investment in product development and marketing in the next two years. Lava is the only Indian mobile devices maker left in the country after several home-grown companies succumbed to aggressive pricing coupled with pressure on businesses due to shift in GST regime and demonetisation in 2016 and 2017.

Lava International appoints Sunil Raina as interim managing director

New Delhi: Realty firm <keyword id="20847750" type="General" weightage="20" keywordseo="house-of-hiranandani" source="keywords">House of Hiranandani</keyword> will invest Rs 3,200 crore to redevelop five housing societies in <keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>. The company has presence in <keyword id="19932542" type="General" weightage="20" keywordseo="mumbai-metropolitan-region" source="keywords">Mumbai Metropolitan Region</keyword> (MMR), Bengaluru, Hyderabad and Chennai. The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (Gross Development Value) of Rs 5,000 crore. "The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore," House of Hiranandani said in a statement. These five housing societies in Chembur comprising 459 tenants include redevelopment of Maitri Park in Chembur East, admeasuring about 9 acres and <keyword id="23131883" type="General" weightage="20" keywordseo="shrinagar-society" source="keywords">Shrinagar Society</keyword> in Chembur West, a cluster of four societies admeasuring about six acres. The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years. <keyword id="23140485" type="General" weightage="100" keywordseo="surendra-hiranandani" source="keywords">Surendra Hiranandani</keyword>, Chairman and Managing Director, House of Hiranandani said, "Redevelopment of established societies is a new opportunity that House of Hiranandani would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure." "Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities," he said. House of Hiranandani has an experience of over four decades in the real estate industry. Along with residential, House of Hiranandani has also constructed over 12 mn square feet of area in the commercial sector. Till date, House of Hiranandani has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate.

House of Hiranandani to invest Rs 3,200 crore to redevelop 5 housing societies in Mumbai

New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords">Enforcement Directorate</keyword> alleged Saturday that the CPI(M) in <keyword id="19896018" type="General" weightage="20" keywordseo="Kerala" source="keywords">Kerala</keyword> was holding proceeds of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>, as it attached a land parcel and <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> worth Rs 73 lakh of the political party in a <keyword id="19913348" type="General" weightage="20" keywordseo="probe" source="keywords">probe</keyword> linked to the Karuvannur Service Cooperative Bank "scam". Assets worth Rs 28.65 crore of various individuals and entities linked to the case have also been attached by the federal agency after a provisional order under the <keyword id="19912399" type="General" weightage="20" keywordseo="prevention-of-money-laundering-act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA) was issued. Official sources said the party may be nam<keyword id="19956083" type="General" weightage="20" keywordseo="ED" source="keywords">ed</keyword> as an accused in the next supplementary chargesheet to be filed in this case. If so, it will be the second political party to be arraigned as accused in a money laundering investigation after the Aam Aadmi Party. AAP has recently been named by the ED in the Delhi excise policy case. The CPI(M) vehemently denied the charges of wrongdoing and money laundering. The attached assets include 18 immovable properties, valued at Rs 28.65 crore, consisting of lands and buildings in Kerala of the beneficiaries of the "scam", including an immovable property worth Rs 10 lakh registered in the name of a district secretary of the Communist Party of India (Marxist) for a party office, the ED said in a statement. The attachment also includes eight movable properties, including a credit balance of Rs 63.62 lakh in eight "undisclosed" bank accounts of the CPI(M) local area committees in Thrissur, it added. The agency claimed that the CPI(M) received these funds from the beneficiaries as donations through the governing body and the party is "in possession of proceeds of crime" which has been invested in the purchase of immovable properties and credited to its five bank accounts in the Karuvannur Service Cooperative Bank Ltd. The bank is promoted by the party. The CPI(M) rejected the ED charges, saying it would legally and politically fight any move by the agency to arraign it in the case linked to the alleged multi-crore Karuvannur bank scam. Party state secretary M V Govindan alleged that the ED was trying to make opposition parties and their leaders accused in various cases due to political reasons. He also accused the central agency of attempting to create a smokescreen as it had failed to collect any evidence against the party. The ED believes that the land parcel attached by it was meant for the CPI(M) party office and was purchased using alleged kickbacks from the loanees or beneficiaries of the loans sanctioned by the Karuvannur Service Cooperative Bank. The agency has relied on the "confessional" statements of at least two accused in this case who claimed in their statements recorded before a judicial magistrate that the purported irregularities in the bank were orchestrated at the behest of CPI(M) Thrissur district committee leaders. The ED alleged that "bogus loans" were sanctioned by the Karuvannur Service Cooperative Bank on the same property multiple times without the knowledge of members of the society. "Investigation found benami loans were sanctioned to non-members against inflated property valuations in the names of other members and such loan funds were siphoned off and laundered by the accused beneficiaries," it said, adding that the loan amounts were disbursed in cash to avoid a money trail. "Such benami and illegal loans were sanctioned at the behest of the secretary and the governing body of the society in connivance with the then-bank manager, at the behest of the Thrissur district committee, CPI(M). "In return, the Thrissur district committee, CPI(M), collected money in the form of donations and salary cut from the beneficiaries and society committee members into their undisclosed and illegally opened bank accounts in the same society," the agency said. These funds, according to the ED, were utilised for the purchase of land worth Rs 10 lakh by the secretary of the Thrissur district committee of the CPI(M) for the construction of the party office, which has now been attached as proceeds of crime. Govindan said it has been a decades-long practice of registering the office and other assets of party units in the name of the respective district committees. What role does the party have in the office constructed by one of its local committees, he asked. But the ED is now trying to tarnish the image of the CPI(M) in the name of the assets of one such party unit, Govindan claimed. "We will fight it legally and politically. We haven't got any notice in this regard so far," he told reporters. The ED filed a chargesheet in this case against 55 accused entities in November last year. The money laundering case stems from 16 FIRs registered by the <keyword id="20086884" type="General" weightage="20" keywordseo="kerala-police" source="keywords">Kerala Police</keyword> (<keyword id="20146853" type="General" weightage="20" keywordseo="crime-branch" source="keywords">Crime Branch</keyword>) in Thrissur in 2010. Four people have been arrested by the ED in this case so far.

After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> has debarred 14 entities including, <keyword id="22941399" type="General" weightage="20" keywordseo="Rana-Sugars" source="keywords">Rana Sugars</keyword> promoters' and other related entities from the securities markets for two years and slapped a Rs 63-crore fine on them on charges of diversion of funds. The regulator also prohibited Inder Pratap Singh Rana (promoter), Ranjit Singh Rana (Chairman), Veer Pratap Singh Rana (MD), Gurjeet Singh Rana, Karan Pratap Singh Rana, Rajbans Kaur, Preet Inder Singh Rana and <keyword id="22946824" type="General" weightage="20" keywordseo="sukhjinder-kaur" source="keywords">Sukhjinder Kaur</keyword> (promoter) from holding any position as director or key managerial person of any other listed company for two years. Ranjit Singh, Veer Pratap and Sukhjinder Kaur were also the promoters of <keyword id="22946823" type="General" weightage="20" keywordseo="Rana-Sugars-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Rana Sugars Ltd" meta.hostid="345" meta.entityid="Rana Sugars Ltd">Rana Sugars Ltd</keyword>, as per the exchange data. Individually, Sebi imposed penalties in the range of Rs 3 crore to 7 crore on Rana Sugars, its promoters, and other related entities. "I find that noticee No 1 to 9, who are promoters of RSL and beneficiaries of such diversion of funds from RSL, have violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. "...also find that Noticee No 10 (Manoj Gupta), who was CFO and signed and certified such manipulated financial statements of RSL, aided and abetted such diversion of funds from RSL to its promoters and their family members violated PFUTP regulations," Sebi's Chief General Manager G Ramar said in the final order on Tuesday. The probe revealed that Rana Sugars Ltd failed to disclose <keyword id="22946822" type="General" weightage="20" keywordseo="Laxmiji-Sugars-Mills-Company" source="keywords">Laxmiji Sugars Mills Company</keyword> as a related party in FY 2016-17. Further, the firm failed to disclose FTPL, CAPL, JABPL, RJPL and RGSPL as related parties. Inder Pratap, Ranjit, Veer Pratap Singh Rana, were persons in charge of and responsible for the affairs of Rana Sugars. Therefore, Rana Sugars, Inder Pratap, Ranjit Singh and Veer Pratap Singh Rana have violated the disclosure rules. Sebi also noted with respect to the movement of funds between RSL, and its related entities was not towards business advance for the purchase of sugar cane seeds and repayment of unsecured loan. Related parties are Flawless Traders Pvt Ltd (FTPL), Century Agros Pvt Ltd (CAPL), Jay Aar Builders Pvt Ltd (JABPL), RJ Texfab Pvt Ltd (RJPL) and RGS Traders (RGSPL). These funds were then transferred by RSL to related parties on the same day to promoters of Rana Sugars and their family members. The regulator found that related parties aided and abetted Rana Sugars, its promoters and directors to divert funds from RSL and violated PFUTP norms, the order said. Sebi also directed Rana Sugars to recover Rs 607 crore from related entities which includes Rs 339 crore in receivables and Rs 268 crore in interest dues. Thereafter, the regulator directed Rana Sugars to take all necessary steps for recovery of dues from these entities and advised them to appoint an independent law firm to take effective steps for recovery in consultation with the NSE. The markets watchdog also observed that RSL, Inder Pratap Singh Rana, Ranjit Singh, Veer Pratap Singh, Gurjeet Singh, Karan Pratap Singh and Rajbans Kaur have failed to provide any explanation for not appearing before the investigation authority (IA). Further, they also failed to furnish information/documents sought by the IA, which hampered the investigation process, thereby, violating Sebi norms. The order came after Sebi investigated the affairs of RSL to examine the diversion of funds from the company by the promoters and promoter-related entities of Rana Sugars, and consequent misstatements in the financial statements of the company. And whether the alleged diverted funds have been siphoned off by the promoters and promoter-related entities of the firm, resulting in violations of the provisions of PFUTP rules and LODR (Listing Obligations and Disclosure Requirements) norms. The investigation period was from financial year (FY) 2014-15 to FY 2020-21.

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