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The Income <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">Tax</keyword> Department said on Monday that it carried out search and seizure operations on June 15 at the premises of a leading industrial group in Chennai engaged in the business of manufacturing of IMFL, logistics, hospitality and entertainment, for its alleged involvement in Rs 400 crore tax evasion. The search operations were carried out at more than 40 locations in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad, which led to the recovery of cash and gold worth Rs 5.5 crore. During the course of the search operations, various incriminating documentary and digital evidences were seized. "The analysis of such evidences indicates that the assessee group has indulged in large-scale tax evasion exceeding Rs 400 crore by debiting non-genuine purchase bills in the books of account of varied businesses," said an IT official. The official added that these non-genuine purchase bills were either obtained from its regular material suppliers or from accommodation entry providers. The seized evidences revealed that the payments made to the material suppliers through cheque were received back in cash for making unaccounted investments and also for other purposes. The group is also found to be controlling back-office operations of its international chain of hotels from India. "So far, the search action has led to the seizure of undisclosed cash anounting to Rs 3 crore and unaccounted gold jewellery worth Rs 2.5 crore," said the IT official. SEE ALSO: <a href="https://www.businessinsider.in/business/news/russia-becomes-biggest-supplier-of-oil-to-china/articleshow/92338185.cms">Russia becomes biggest supplier of oil to China</a> <a href="https://www.businessinsider.in/investment/news/a-solana-based-lending-platform-votes-to-take-control-over-a-whale-account-to-mitigate-risks/articleshow/92337027.cms">A Solana-based lending platform votes to take control over a whale account to mitigate risks</a>

A Chennai biz group evaded tax of Rs 400 crore says IT department after raids at 40 locations

Star Health launches outpatient care policy Chennai, Feb 12 (): Private health insurer Star Healthand Allied Insurance Company Ltd on Wednesday unveiled itsOutpatient Care policy, covering consultation, tests andmedical bills, among others.The policy is for customers in the age group of 18 to 50years and also covers dependent children upto the age of 25years.A maximum of six members of a family can avail thepolicy."There are ailments that do not require in-patienthospitalisation and these come under outpatient care. Sincesuch costs can be substantial at times, we at Star Healthintroduced Star Outpatient Care Insurance policy", companyManaging Director Anand Roy said in a press release.The policy term is for one year and it is available asindividual and also family floater plan, it said.Various plans are on offer with sum insured optionsavailable upto Rs one lakh. The policy covers diagnostics, physiotherapy, pharmacyexpenses as well as ophthalmic treatment arising out of anyaccidental injuries,the release added. VIJ APRAPR APR

BIZ-STAR HEALTH-POLICY

New Delhi, Jan 21 () Leading realty firm Embassy Group on Tuesday announced an investment of up to Rs 1,000 crore to develop six greenfield co-living properties across major cities to meet the growing need of shared rental homes for students and co-living professionals.
 Bengaluru-based Embassy Group, which last year launched India's first real estate investment trust (REIT) and runs co-working business WeWork India, will operate co-living business under a separate firm 'Olive by Embassy'.
 "We are launching a new firm and brand 'Olive' for our co-living business which is now emerging as a separate asset class. The objective is to disrupt the PG (accommodation) market which is unorganised and poorly managed," Embassy group Chief Operating Officer Aditya Virwani told .
 The company has identified two land parcels to develop co-living centres in Bengaluru and Chennai, said Virwani, who is also co-founder of Olive.
 "We are targeting to start development of 5-6 greenfield co-living properties this year with capacity of 5,000-10,000 beds," he said, adding that the company would operate in a price range of Rs 10,000-20,000 per bed.
 The first centre is expected to be operational by middle of the next year.
 Asked about investment, Virwani said the total project cost could be around Rs 800-1,000 crore, including land cost. Embassy group would invest fund in the co-living business.
 "We will go to the market to raise funds after establishing the brand," he said.
 The company plans to expand co-living business in cities like Hyderabad, Mumbai, Pune and Delhi NCR. The first phase will see the launch of 20,000 beds -- Bengaluru 15,000, Chennai 2500 and Pune 2500. It is also open to tie up with land owners to develop co-living centres.
 Virwani said the yield in co-living business is almost similar to commercial properties of 7-8 per cent.
 "The shared economy concept has percolated all aspects of society, creating unprecedented disruptions as well as opportunities.
 "Today, it is not just the scarcity of spaces or living in congestion that are driving co-living but also the affordability and flexibility, aspirations of the current generation, transition from owning to sharing, the digital economy and the technological innovation," Virwani said.
 Stating that there are over 36 million students in higher education and the migrant millennial workforce is growing at a rapid pace across metros, he said Olive by Embassy aims to uplift the standard of living for this segment with hospitality services and an eco-system.
 The co-living projects are designed and developed by the UK-based design consultancy Priestman Goode.
 On Monday, realty portal Housing.com said the co-living market will double to Rs 2 lakh crore by 2023. MJH HRS

Embassy Group forms new firm Olive to enter co-living biz; to invest Rs 1k cr to build 6 centres

Chennai, Feb 26 (): Daimler India CommercialVehicle, the 100 per cent subsidiary of Stuttgart-basedDaimler, is studying opportunities on entering defence andmaking engines in the offroad highway segment, a top officialhas said.The company currently has presence in commercialvehicle and buses segment under Daimler India CommercialVehicle and Daimler Buses India, respectively.DICV CEO Satyakam Arya said the company was also'talking to some players' on entering the freight aggregatorsegment.On company's future plans, he said there were twoapproaches one currently studying to enter segments likedefence and the other was making off highway engines."The second is more progressive for future-orientedapproach. There, we will use our culture of innovation, findnew business ideas and revenue streams," he told reporters.Elaborating, he said, for example the company iseyeing the "freight aggregation" space to check whether itmakes sense to enter."We believe that it is a fast growing segment and bigenabler for us to penetrate into the market", he added.On the company's performance in 2019, DICV's wholsalebusiness went down by 36 per cent while retail fell by 29 percent.In 2019, the company expanded its footprint in thecountry by adding 54 touchpoints in 2019, he said. "For 2020,we plan to add another 25 per cent of retail expansion..."On exports, Arya said the company recorded 14 per centgrowth shipping 8,000 trucks to 53 markets.Later responding to a query on how the company wasplanning to enter off highway engines space, he said, "we arelooking at the opportunities. We have two series of engineswhich locally produce in India.""Six cylinder and four cylinder engines. Both of theseare fitting very well to off highway sector. So we havestarted studying...," he said.The company has commenced interactions with customersin the process of feasibility, he said.On plans to enter defence business, he said thecompany also started studying the requirements from defenceside when it comes to vehicles."We need a four by four truck mostly. We have startednow a study on developing that four by four," he added.However, the company was aware that it has to crossone step on whether government of India was changing theregulation as current norm in defence is that companiesheadquartered outside India cannot supply to defence segment."They (Government of India) have also indicated thatthey are going to change this. And have indicated that byApril they will give a relaxation on the norms," he said."We are closely looking at that and when that happenswe will start developing...," he said.To a query, Arya said Daimler as a group was presentin many parts of the world in terms of supplying off highwayengines and also in defence."We have the technology here...," he said.He acknowledged the foray into new business was toaddress the cyclicality in the commercial vehicle business."The commercial vehicle is anyway a cyclical business.We definitely are looking for ways to mitigate this and alsoto look for new revenue streams...," he said. VIJSS SS

Daimler studying opportunities in defence and off highway biz

Mumbai, Mar 1 () Sterling &amp; Wilson, is betting big on data centre business and expects this segment to contribute significantly to the group's topline and close the fiscal year 2020-21 with a revenue of Rs 800 crore, a senior company official said. Sterling &amp; Wilson is a joint venture between the multi-billion-dollar Shapoorji Pallonji Group and the Khurshed Daruvala family. The Pallonji family owns 67 per cent in the company, while 33 per cent is owned by the Khurshed Daruvala family. From an order book of Rs 170 crore in FY18, and a revenue of Rs 160 crore, Sterling &amp; Wilson's data centre business is on course to close the current fiscal with an order book of Rs 900 crore, clocking a revenue of Rs 400 crore. "We're already the largest data centre EPC contractor in the country, offering turnkey projects. With the massive investments coming into this segment from big domestic corporates and also foreign companies, we see huge potential for data centre business. "I expect our data centre vertical to contribute significantly to the group topline over the years and close fiscal 2021 with an order book of Rs 1,500 crore and revenue of Rs 800 crore," Khurshed Daruvala, the chairman of Sterling &amp; Wilson told . He said the optimism comes from the average 30 per cent growth that the industry is witnessing and huge investments are also likely to flow into this sector. It can be noted that the Adani Group had last year announced USD 10-billion investment into data centres, making it the largest in the space. Though it still remains in the pipeline, the announcement shows the scope of the market, which is also growing as large companies are moving to the cloud as part of their strategy to manage space as well as cost. From a revenue perspective, in FY18, the data centre business had an order book of a just Rs 170 crore, on which it had earned a revenue of Rs 160 crore. In FY19, revenue doubled to Rs 265 crore, he said. The company has already built data centres of Vodafone and the NSE in Chennai and NSDL in Bengaluru and is also building data centres for some of the world's major cloud service providers. Last year, it commissioned the Rs 450-crore State Data Centre in Jaipur for the Rajasthan government, which is the largest such facility in the public sector in the country. It has also bagged a USD 30-million state contract from Egypt. Meanwhile, Daruvala expects data centre expansion to also boost his captive power business through industrial gensets, where his company is already the second largest player, in the large capacity segment, after Cummins. The genset business contributed Rs 760 crore to the topline in FY19. It can be noted that S&amp;W installed the country's largest captive power units at the Delhi international airport powered by 42 MVA. S&amp;W is also the country's largest MEP (mechanical, electrical and public health engineering) contractor serving primarily hotels, malls, airports, metros and data centres. The data centre vertical is being supported by the MEP vertical, Daruvals said they are working onto the carve it out to be an independent business shortly. BEN DRRDRR

Sterling & Wilson bets big on data centre biz, eyes Rs 800 cr topline in FY21

<ul><li>Academy award singer, composer and now director AR <keyword id="11852" type="General" weightage="100" keywordseo="rahman" source="Orion">Rahman</keyword> has sold an estimated 150 million records. </li><li>He founded the music school KM Music Conservatory in Chennai that also has a project, The Sunshine Orchestra, for underprivileged children. </li><li>For a man of few words, he has been subtly expressive about ‘Bollywood gangs’, and why he hates the term ‘Bollywood’. </li></ul>Academy award winner AR Rahman, arguably the most famous introverted Indian composer and singer, turns 56 today. He has sold an estimated 150 million records, according to Berklee Today. Known as the ‘<keyword id="151503" type="General" weightage="50" keywordseo="mozart" source="Orion">Mozart</keyword> of Madras,’ Rahman is deeply reticent, letting his compositions speak for him. Journalist Karan Thapar famously called him his ‘most difficult interview.’ Much is known about him thanks to his 2018 authorised biography Notes of a Dream written by <a href="https://scroll.in/reel/897429/10-things-we-learnt-about-ar-rahman-from-the-authorised-biography-notes-of-a-dream">Krishna Trilok</a> – like him giving up his Hindu identity to embrace <keyword id="893778" type="General" weightage="50" keywordseo="sufi-islam" source="Orion">Sufi Islam</keyword>. Here are some lesser-known facts about Rahman, the first Asian to win two Oscars. Rahman’s ad jingles Rahman composed ad jingles for Airtel, Titan watches, Premier pressure cooker and <a href="https://www.cinestaan.com/articles/2017/jan/6/3693/do-you-know-these-10-ad-jingles-composed-by-ar-rahman">Renault</a>, among others in his initial years. On being asked about whether he was hesitant to step into movie music composition, he said, ‘I felt underqualified to take on a big movie, I felt I needed to learn more.” <div type="image" title="Rahman’s ad jingles" agency="BCCL" msid="96793867" hostid="261" sizebytes="32886"></div> ‘Mani Ratnam my real mentor’ An invitation to score the 1992 movie Roja by Indian director Mani Ratnam opened the door to a film-composing career for Rahman. ‘Mani Ratnam was like a real mentor for me. He taught me from a director’s point of view how to create music and mix things to click with the people’, he said in an interview to Berklee Today. He met the director through Sharada Krishnamoorthy, who was a cousin of Ratnam’s. <div type="image" title="Mani Ratnam AR Rahman" agency="BCCL" msid="96793903" hostid="261" sizebytes="41362"></div> Can ditch family dinner for a song AR Rahman’s marriage to <keyword id="26044" type="General" weightage="50" keywordseo="saira-banu" source="Orion">Saira Banu</keyword> was an arranged one and he had already told his wife that ‘if they had a dinner, and a song came up, they would have to ditch the dinner’, Rahman’s biographer Trilok writes. His wife says Rahman had ‘autotuned’ her before marriage and that she doesn’t need much to be happy and is content enjoying ‘simple things’ <a href="https://scroll.in/reel/897429/10-things-we-learnt-about-ar-rahman-from-the-authorised-biography-notes-of-a-dream">with him</a>. <div type="image" title="Saira Banu and AR Rahman" msid="96793935" hostid="261" sizebytes="52432"></div> Revived Asha Bhonsle’s career The revered singer Asha Bhonsle was facing a dry spell in her career before the 1990s. It was AR Rahman’s entry into the Hindi music world with the film Rangeela that gave her the second innings of her career. <div type="image" title="AR Rahman Asha Bhosle" msid="96793957" hostid="261" sizebytes="46326"></div> He gave popular singer <keyword id="3153353" type="General" weightage="50" keywordseo="sid-sriram" source="Orion">Sid Sriram</keyword> his big <a href="https://www.deccanherald.com/metrolife/r-rahman-gave-sid-his-first-707219.html">break</a> Indian Carnatic and film musician Sid Sriram was given his first break by Rahman. Previously a student at Berklee College of Music, it was Rahman who called him to sing for the Mani Ratnam film ‘Kadal.’ When I was in Berklee, I sent him (Rahman) an email with some of the original music I was releasing at the time. I never expected a response, so when he did respond I couldn’t contain myself.’ <div type="image" title="Sid Sriram" msid="96793988" hostid="261" sizebytes="61782"></div> Winning global accolades He is the first Asian to win two Oscars for the movie Slumdog Millionaire. He has also composed for Hollywood movies like 127 hours, Pele, The 100-Foot Journey, Million Dollar Arm and People Like Us, to<a href="https://www.arrahman.com/albums.aspx?id=11"> name</a> a few. He has collaborated with Andrew Lloyd Webber on the musical Bombay Dreams, staged in London’s West End and on Broadway. Rahman has shared the stage with stars such as Michael Jackson and Mick Jagger. <div type="image" title="Oscars" agency="BCCL" msid="96794008" hostid="261" sizebytes="31278"></div> A man of no words Famed journalist Karan Thapar shared that Padma Shri winner AR Rahman was his ‘most difficult interview’. Rahman only answered in monosyllables. ‘His answers were “Ummmm”. When I asked him the second question, he answered, “Hmmmm.” When I asked him a third, it was “Ummmmmmmmmmm”, <a href="https://www.thequint.com/voices/opinion/karan-thapar-interview-on-his-interactions-with-modi-bhutto-and-more#read-more">wrote</a> Thapar in his book ‘Devil’s advocate’. <div type="image" title="BBC World" msid="96794105" hostid="261" sizebytes="35452"></div> Not so silent anymore AR Rahman has become more vocal about his views. Upon being awarded ‘Icon’ at Confederation of Indian Industry, Rahman said, ‘I think India is India. For me, it doesn't matter. Somebody does good here, and north Indians benefit, somebody does good there, we benefit, the borders are broken,’ he <a href="https://www.republicworld.com/entertainment-news/music/ar-rahmans-speech-on-north-and-south-india-goes-viral-india-is-india-time-to-show-unity-articleshow.html">said</a>. He also hates the term ‘Bollywood’ as it is generic and condescending in its description of India’s diverse <a href="https://indianexpress.com/article/entertainment/bollywood/ar-rahman-on-why-he-hates-bollywood-anything-coming-out-of-the-country-is-called-bollywood-its-condescending-to-artistes-7264184/">heritage</a>. <div type="image" title="Bollywood gang" agency="BCCL" msid="96794138" hostid="261" sizebytes="81966"></div> Furious at Masakali 2 music remake The movie ‘Delhi 6’ released in 2009 was a hit due to its groovy album composed by AR Rahman, sung by Mohit Chauhan, and lyrics penned by <keyword id="2257" type="General" weightage="50" keywordseo="prasoon-joshi" source="Orion">Prasoon Joshi</keyword>. The upcoming movie ‘Masakali 2’ album, starring <keyword id="132292" type="General" weightage="50" keywordseo="siddharth-malhotra" source="Orion">Siddharth Malhotra</keyword> and <keyword id="1476559" type="General" weightage="50" keywordseo="tara-sutaria" source="Orion">Tara Sutaria</keyword>, has been subtly called out by the singer. He tweeted: <div type="twitter" handle="arrahman" handlename="A.R.Rahman" image="http://pbs.twimg.com/profile_images/1209988634184581120/Bu95OE_R_normal.jpg" favoritecount="50164" retweetcount="12385" status="Enjoy the original #Masakali https://t.co/WSKkFZEMB4@RakeyshOmMehra @prasoonjoshi_ @_MohitChauhan https://t.co/9aigZaW2Ac" createdat="1586362696000" id="1247921714979205121"></div> ‘A Bollywood gang against me’ Rahman broke his silence after Sushant Singh<a href="https://www.news18.com/news/buzz/no-place-for-talent-ar-rahman-saying-bollywood-gang-stopping-him-from-getting-work-stuns-fans-2735519.html"> Rajput’</a>s passing away. He composed music for SSR’s movie Dil Bechara. ‘I don’t say no to good movies, but I think there is a gang, which, due to misunderstandings, is spreading some false rumours…I am doing dark movies, because there is a whole gang working against me, without them knowing that they are doing harm,” he said in an interview with Radio Mirchi. <div type="image" title="AR Rahman" msid="96794184" hostid="261" sizebytes="38054"></div> KM Music Conservatory in Chennai Established in 2008 by the A.R. Rahman Foundation, KM Music Conservatory (KMMC) offers world class music education in Chennai. Lydian Nadhaswaram, the child prodigy from Chennai-based KM Music Conservatory appeared on World’s Best on CBS and won a $1 million prize in 2017. <div type="image" title="K.M Music Conservatory" msid="96794205" hostid="261" sizebytes="106598"></div> The Sunshine Orchestra The Sunshine Orchestra was also founded in 2008 by the A R Rahman Foundation. Socially and economically-deprived children with an aptitude in music are provided free musical training through KM Music Conservatory. The group has played for many events and Rahman’s films, including Cobra, Sanju and Shikara. <div type="image" title="AR Rahman Foundation" msid="96794238" hostid="261" sizebytes="72526"></div> AR Rahman’ directorial debut Le Musk Rahman also made his debut as a director for a multi-sensory virtual reality film, Le Musk - at the 2022 Infinity Festival Hollywood. Inspired by the love for perfume he shares with his wife Saira Banu, Rahman used scent as a narrative device “creating a feature-length cinema VR experience that pushes boundaries of storytelling and incorporates multiple <a href="https://www.einnews.com/pr_news/597980719/film-composer-a-r-rahman-makes-directorial-debut-with-multi-sensory-film-le-musk-na-premiere-at-infinity-festival-hlwd">senses</a>.” <div type="image" title="Le Musk" msid="96794273" hostid="261" sizebytes="40444"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-institutional-investors-sell-shares-nearly-5000-crore-in-first-four-trading-days-of-2023/articleshow/96790974.cms">Foreign institutional investors sell nearly ₹5,000 crore worth equities in first four days of 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/an-aai-and-two-college-dropouts-home-snacks-biz-sends-shark-tank-judges-into-a-bidding-war/articleshow/96784920.cms">An aai and two college dropouts’ home snacks biz sends Shark Tank judges into a bidding war</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/aman-gupta-and-anupam-mittal-backed-revamp-moto-launches-its-first-transformable-ev/articleshow/96790725.cms">Shark Tank S1 winner Revamp Moto launches an EV that lets you add a child seat, freezer box and more</a>

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A Chennai biz group evaded tax of Rs 400 crore says IT department after raids at 40 locations

IANS

BIZ-STAR HEALTH-POLICY

PTI

Embassy Group forms new firm Olive to enter co-living biz; to invest Rs 1k cr to build 6 centres

PTI

Daimler studying opportunities in defence and off highway biz

PTI

Sterling & Wilson bets big on data centre biz, eyes Rs 800 cr topline in FY21

PTI

AR Rahman can leave dinner midway if inspiration strikes & other anecdotes about the reticent music maestro

Eetika Kapoor

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