The Supreme Court has dismissed the customs department appeal against <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Power Maharashtra Ltd. (<keyword id="334816" type="General" weightage="80" keywordseo="apml" source="Orion">APML</keyword>), Adani Power Rajasthan Ltd. (<keyword id="14511074" type="General" weightage="80" keywordseo="aprl" source="Orion">APRL</keyword>) and others in alleged over-valuation of imported goods matter. A bench comprising Justices Krishna Murari and <keyword id="1726232" type="General" weightage="50" keywordseo="sanjay-karol" source="Orion">Sanjay Karol</keyword>, after hearing detailed arguments in the matter from both sides, dismissed the appeal filed by the customs department against APML, APRL and others. According to the counsel familiar with the development, the apex court found that the project cost of APML and APRL was either similar or lower than the price of peers/competitors. The counsel added that the price was lesser than the benchmark per megawatt cost fixed by Central Electricity Regulatory Commission (CERC) and the contract was an EPC contract awarded to the lowest bidder following worldwide bidding called International Competitive Bidding (<keyword id="318416" type="General" weightage="80" keywordseo="icb" source="Orion">ICB</keyword>). According to the counsel, the apex court upheld the findings of both the lower authorities, i.e., adjudicating authority as well as appellate tribunal and confirmed that there was no overvaluation in import of capital goods. The top court dismissed the custom's appeal on Monday. APML &amp; APRL following ICB, imported goods required for setting up of thermal power projects in Maharashtra and Rajasthan. Likewise, consortium led by PMC Projects (India) pvt. ltd., which was awarded the contract following ICB, imported goods for setting up of transmission line and substation package for Maharashtra Eastern Grid Power Transmission Co. Ltd. (MEGPTCL). The Directorate of Revenue Intelligence (DRI), in May 2014, issued show cause notices (SCNs) to APML, APRL, MEGPTCL and others alleging over-valuation in import of capital goods. The adjudicating authority of DRI in 2017, the same authority which issued the SCNs after dealing with it in detail, held that all the imports were genuine and concluded that the value declared is correct and is not required to be re-determined. Later, SCNs were dropped. In 2022, the appellate tribunal dismissed the plea filed by the customs department and confirmed that there was no overvaluation while importing the equipment by Adani. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fashinza-raises-30-million-from-mars-growth-capital-and-liquidity-group/articleshow/99057241.cms">Fashinza raises $30 million from Mars Growth Capital and Liquidity Group</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-covid-cases-show-a-slight-drop-with-only-1539-new-infections-and-four-deaths-in-the-last-24-hours/articleshow/99057573.cms">India's Covid cases show a slight drop, with only 1,539 new infections and four deaths in the last 24 hours</a>

SC dismisses custom's plea claiming overvaluation in import of capital goods by Adani

New Delhi, Apr 3 () Supply chain optimisation platform Locus on Friday said it has launched a "Driver Seva Mobile App" to help drivers stranded during the lockdown on account of coronavirus outbreak. The app has been supported by Bharat Petroleum Corp Ltd (BPCL) and All India Motor Transport Congress (AIMTC), an apex body of transporters that has been raising the issue of stranded drivers. "Locus, a global B2B SaaS company that automates human decisions in supply chain, has initiated the 'Driver Seva Mobile App' project along with Highway Delite, a travel app startup, to do its bit in easing the situation for the truck drivers who are stuck on highways due to the lockdown," the company said in a statement. It said the project is supported by the Bharat Petroleum Corp Ltd, in association with the AIMTC. The country-wide lockdown in India has had an impact across industries, but at the heart of it all is logistics and supply chain, it said adding drivers, who are the lifeline of this industry, have been deeply affected right now. A sizable population of drivers have nowhere to go to and not many resources to survive with, the statement said. This app aims to help drivers in the current lockdown with information regarding food, water, and safe parking near their location, across the country, it said. "Highway Delite has added more than 400 BPCL Pumps (140 BPCL Company owned pumps), 6 APML Hubs, and 30+ dhabas. The Highway Delite team is working to increase this count to 1000+ within 4 days by listing more pumps and dhabas, where food facilities will be available to drivers," said Rajesh Kumar G, Founder, Highway Delite. "We heard from a lot of clients about their drivers being stranded on highways with nowhere to go and bleak availability of essentials like water and food. We immediately got into the act and reached out to Highway Delite to set this up. Once again, I am glad that technology is acting as an enabler in these uncertain times. We all need to come together and help each other out in the present situation," said Nishith Rastogi, CEO and Co-founder, Locus. The statement said the petrol pump owner and dhaba owner can also update the availability of food and water on a real-time basis by logging into the same application. NAM MKJ

'Driver Seva Mobile App' launched to help stranded drivers on account of lockdown

<ul><li>At 9:01 am, the BSE pre-open was trading 0.23% higher, indicating a positive start for the Indian benchmark index. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open on a higher note on Monday, led by positive cues from the Asian markets. At 9:01 am, the BSE pre-open was trading 0.23% higher, indicating a positive start for the Indian benchmark index. Other Asian peers were trading in the positive territory as well — the SSE Composite Index was up 0.18%, SGX Nifty gained 0.52%, and the Hang Seng Index was up 22 points. These are the stocks to watch out for during the trading session today:Power Grid The board of Power Grid Corporation of India in its meeting held December 12 approved the payment of an interim dividend of ₹5 per equity share of ₹10 each for the financial year 2020-21. The interim dividend will be paid to the members on January 8. The share price of Power Grid closed 0.26% higher on Friday. Future Retail Reliance acquired Future Retail’s hypermarket chain Big Bazaar⁠— a deal <a href="https://www.businessinsider.in/business/news/future-retail-reliance-deal-bse-to-consult-sebi-after-amazons-request-heres-all-that-has-happened-so-far/articleshow/78949099.cms">challenged by Amazon</a> in Indian court⁠— is planning to open 16 more stores to take the overall count to 300 over the next three quarters. The Future Group firm, as per its expansion strategy, is expanding into the smaller tier-II cities in India, which is less impacted by the pandemic and has aspirations and an emerging consumption class. The share price of Future Retail closed 0.89% higher on Friday. Cipla Cipla on Friday announced the settlement of its patent litigation with a Bristol Myers Squibb (BMS) subsidiary on Revlimid, a drug for blood cancer. A wholly-owned subsidiary of Celgene, BMS has agreed to provide Cipla with a license to manufacture and sell certain limited volumes of generic lenalidomide drugs in the US. The share price of Cipla closed 0.88% lower on Friday. KEC International The global infrastructure major has secured new orders worth ₹1,438 crore across its various businesses. The share price of KEC International closed 0.77% lower on Friday. Delta Corp Delta Corp informed exchanges that it had received approval from the Goa Investment Promotion and Facilitation Board to set up an integrated resort consisting of hotels, convention centre, multiplex cinema, retail facilities at Pernem, Goa. The share price of Delta Corp closed 2.7% higher on Friday. Yes Bank and Sical logistics Yes Bank has sold 2.56% of the total equity in Coffee Day group-owned Sical logistics. The share price of Yes Bank closed 5% lower on Friday. Central Bank of India The capital raising committee of the Central Bank of India has approved the proposal for raising capital funds up to ₹500 crore. The share price of the Central Bank of India closed 0.33% lower on Friday. Adani Power Adani Power on Saturday said electricity regulator Maharashtra Electricity Regulatory Commission (MERC) had passed two orders, which would enable its arm APML to claim revised compensation of higher coal from Maharashtra Electricity Distribution Company Ltd (MSEDCL). The share price of Adani Power closed 5% lower on Friday. Burger King India The shares of Burger King India will hit the bourses today. The shares will be listed on both BSE and NSE. The grey market premium suggests an upside of 85% over the issue price band set at ₹59-60. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/huawei-reportedly-worked-with-4-additional-companies-to-build-surveillance-tools-that-track-people-by-ethnicity-following-recent-revelations-that-it-tested-a-uighur-alarm/articleshow/79712815.cms" data-type="tilCustomLink"> Huawei reportedly worked with 4 additional companies to build surveillance tools that track people by ethnicity, following recent revelations that it tested a 'Uighur alarm'</a> <a href="https://www.businessinsider.in/international/news/an-iphone-factory-in-india-has-erupted-in-violence-over-a-dispute-about-workers-pay/articleshow/79707169.cms" data-type="tilCustomLink">An iPhone factory in India has erupted in violence over a dispute about workers' pay</a>

Top stocks to watch — Future Retail, Power Grid, Cipla, Delta Corp, Yes Bank, Adani Power and others

New Delhi, Dec 12 () A parliamentary panel on Thursday rapped the government for slow pace of modernisation of 22,000 village haats across the country and asked it to set a deadline for revamping rural marketplaces.
The panel also suggested the government to take steps towards making the scheme of modernising village haats 'GrAM' as a fully funded central scheme.
It also asked the government to take urgent steps for setting up of a committee of state agriculture ministers for early adoption of Model Agriculture Produce and Livestock Market Committee (APML) Act, 2017.
Placing its report in the Lok Sabha, the Parliamentary Standing Committee on Agriculture headed by BJP member P C Gaddigoudar said: "The committee is astonished to know that none of revamped and modernised gramin haats has been inaugurated so far".
The committee is of the view that gramin haats have potential to change the face of marketing of agriculture produce in the country and can significantly enhance the income of farmers.
"The committee, therefore, desire the department (of agriculture) to take all the necessary steps to enhance the pace of modernisation of gramin haats across the country and set a deadline for each state," the report said.
The report was on the action taken by the government on the recommendation of the panel on the issue of agriculture marketing and gramin haats.
The panel had recommended the government to finalise procedural formalities for early implementation of GrAM scheme, enhance number of gramin haats being targeted for modernisation under the scheme and ensure presence of one gramin haat in each panchayat in the country, besides exempting such haats from state APMC regulations.
Stating that the governments' replies were not satisfying, the committee said the Union Agriculture Ministry has informed that it is undertaking questionnaire-based survey of these haats, and so far survey of more than 11,000 rural haats have already been completed. The survey results has been shared with the Rural Development Ministry for development of basic infrastructure through MNREGA scheme by states.
Further, the ministry informed that it has circulated guidelines to all states and union territories to facilitate and promote better management in GrAMs and requested states to exempt the GrAMs from state APMC regulations, the committee said in the report.
The ministry has also informed that the physical infrastructure is being strengthened through MNREGA scheme and the government has also approved an Agri-Market Infrastructure Fund (AMIF) with a corpus of Rs 2,000 crore with the National Bank for Agriculture and Rural Development (NABARD) for developing and upgrading agriculture marketing infrastructure in 10,000 gramin haats and 585 APMC markets, it added.
With regard to funding for gramin haat modernisation, the committee said the availability of central government funds is necessary for expeditious completion of works under the GrAM scheme as "indecisiveness" of state governments regarding financing of works for such haats will delay the ambitious project.
"The committee, therefore, once again reiterate to make 'GrAMs scheme' as the fully funded central scheme," the report said.
In the 2018-19 Budget, the government had announced development and upgradation of existing 22,000 village haats to GrAMs.
With regard to the model APLM Act, the committee said it is anguished to note that despite specific recommendation, the government has not taken any step for constitution of a committee of state agriculture ministers in order to arrive at a consensus and chalk out legal framework for marketing of agriculture produce in the country.
"Unless urgent steps are not taken to reform platform for agriculture marketing and specifically APMC, farmers of our country will not be able to get remunerative pricing for their produce," the committee said and urged the government to take initiative in this regard without any further delay.
The government has informed that so far Arunachal Pradesh, Uttar Pradesh and Chhattisgarh have adopted the law while Punjab has done it partially. And other states are at varied stages in the process of adoption, it added. LUX BAL

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SC dismisses custom's plea claiming overvaluation in import of capital goods by Adani

IANS

'Driver Seva Mobile App' launched to help stranded drivers on account of lockdown

PTI

Top stocks to watch — Future Retail, Power Grid, Cipla, Delta Corp, Yes Bank, Adani Power and others

Navdeep Yadav

Par panel raps govt for slow pace of 22,000 village haats modernisation

PTI