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The Lucknow Development Authority (LDA) has submitted its initial probe report on the Levana Suites hotel fire, recommending action against 22 engineers and zonal officers for allegedly conniving with the builder and turning a blind eye to illegal construction activity. The building now faces demolition since it was illegally constructed. The fire on Monday left four people dead, while seven others suffered burn injuries. The LDA has also lodged an FIR at the Hazratganj police station against <keyword id="14907942" type="General" weightage="80" keywordseo="mukesh-jasnani" source="Orion">Mukesh Jasnani</keyword> of M/S Bansal Construction and his partners for carrying out commercial activity of running a hotel on a residential plot. LDA Vice-Chairman Indramani Tripathi constituted the probe committee headed by the Authoritiy's Secretary <keyword id="3246340" type="General" weightage="80" keywordseo="pawan-kumar-gangwar" source="Orion">Pawan Kumar Gangwar</keyword> to fix accountability for the incident and the report was submitted late on Monday night. After the initial probe, the committee found engineers posted in 'Zone six' (which includes Hazratganj) since July 2, 2017 responsible for the incident. The 22 engineers/zonal officers indicted by the LDA inquiry team include executive engineers Arun Kumar Singh, O.P. Mishra (both retired), superintending engineers <keyword id="5155996" type="General" weightage="80" keywordseo="zahiruddin" source="Orion">Zahiruddin</keyword> and <keyword id="277708" type="General" weightage="80" keywordseo="kamaljeet-singh" source="Orion">Kamaljeet Singh</keyword>, assistant engineers O.P. Gupta, Rakesh Mohan, Radhey <keyword id="162719" type="General" weightage="80" keywordseo="shyam-singh" source="Orion">Shyam Singh</keyword>, Vinod <keyword id="359036" type="General" weightage="80" keywordseo="kumar-gupta" source="Orion">Kumar Gupta</keyword>, Amar Kumar Mishra, <keyword id="367444" type="General" weightage="80" keywordseo="nagendra-singh" source="Orion">Nagendra Singh</keyword> and Ismail Khan. Similarly, the junior engineers include Rajeev Kumar Srivastava, J.N. Dubey, J.D. Singh, Ravindra Srivastava, Udaiveer Singh, <keyword id="1250764" type="General" weightage="80" keywordseo="mohammad-ismail-khan" source="Orion">Mohammad Ismail Khan</keyword>, Anil Mishra, P.K. Gupta, <keyword id="14907940" type="General" weightage="80" keywordseo="sushil-kumar-varma" source="Orion">Sushil Kumar Varma</keyword>, Ambrish Sharma and <keyword id="14907941" type="General" weightage="80" keywordseo="ranganath-singh" source="Orion">Ranganath Singh</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/karnataka-govt-releases-300-crore-to-manage-flood-situation-in-bengaluru/articleshow/94018181.cms">Karnataka govt releases ₹300 crore to manage flood situation in Bengaluru</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-held-its-own-despite-sharp-depreciation-in-other-currencies-rbi-governor/articleshow/94015738.cms">Rupee has held its own despite sharp depreciation in other currencies: RBI Governor</a>

22 engineers, officers found guilty in Lucknow hotel fire probe

India Inc on Saturday termed the Budget as "growth provoking and welfare inducing" but said that urgent implementation of the measures proposed will be crucial for achieving desired outcomes, while acknowledging that Finance Minister Nirmala Sitharaman had "little room" to manoeuvre. Soon after Sitharaman unveiled the Union Budget for 2020-21 in Parliament woven around the themes of aspirational India, and economic development for all and caring society, India Inc took to Twitter to share views on the announcements.
 The finance minister proposed new slabs and reduced tax rates under them for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.
 She also proposed to remove dividend distribution tax on companies, and henceforth the tax will be shifted to recipients at the applicable rate.
 "Amidst global turbulence and nations dealing with bushfires &amp; corona virus, FM Sitharaman has looked to craft a granular long-term strategy to focus on vital issues. The nation was requesting kuch 'caro na' to her, however she had little room to manoeuvre! (sic)," RPG Enterprises Chairman <keyword id="52673" type="PERSON" weightage="20" keywordseo="harsh-goenka">Harsh Goenka</keyword> tweeted. "FM promises end to tax harassment to India Inc. correcting companies act to decriminalise many non-compliances. A much needed message to infuse trust," Biocon CMD <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword> tweeted. PHDCCI President D K Aggarwal said the focus on economic development is the need of the hour to rejuvenate the growth momentum of the country.
 "Right areas of thrust for manufacturing - to be part of GVC, attract investment in electronics, focus on quality and facilitate export. Urgent implementation will be the key," Mahindra &amp; Mahindra Managing Director <keyword id="156418" type="PERSON" weightage="20" keywordseo="Pawan-Goenka">Pawan Goenka</keyword> tweeted. "Budget has put more disposable income in the hands of the common man by the rationalisation of the personal income tax slabs. Secondly, the removal of the dividend distribution tax is a welcome move and has great benefit for all those mutual fund investors who rely on dividend income from their mutual fund investments," Mahindra Mutual Fund MD &amp; CEO <keyword id="961366" type="PERSON" weightage="20" keywordseo="Ashutosh-Bishnoi">Ashutosh Bishnoi</keyword> said. Olectra Greentech Limited Executive Director Naga Satyam said the allocation of Rs 4,400 crore towards promoting clean air in the cities with 1 million plus population and steps to close the thermal power stations surpassing the permissible emission limits, reaffirms the government's commitment towards curbing pollution.
 "Sector specific allocations and reforms in direct tax will firmly handhold industry and startups in their economic pursuits. Budget envisages creating a caring society, greater trust in citizens and transparency in administration which is a sign of a matured economy," said Suraj Malik Partner, BDO India LLP.
 "DDT removal is good as it increases dividends received in the hands of the taxpayer - however, such receipts to now are taxable in their hands. Those above 20 per cent tax slab - will now face more tax on their dividend income," Archit Gupta, Founder, and CEO, <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword> said.

India Inc acknowledges that FM had little room to manoeuvre

<ul><li><keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero Motocorp</keyword> announced its Q1 FY20 earnings, where the company saw a net profit of ₹1257 crores, up by 38%. </li><li>However, Hero has seen a decline in sales by 12.2% from the same quarter in FY19.</li><li>The company’s CFO appealed to the government to reduce the GST on two-wheelers from the current 28% to 18%.</li></ul>Hero Motocorp posted a net profit of ₹1,257 crore for the quarter ending June 2019, up 38% from last year’s ₹925 crore. Yet, the company is not happy. The slowing auto market has affected it sales too, which declined by 12.2% to 616,526, just for the month of June, as compared to the 704,562 units sold in the same month last year. "The overall economic and customer sentiments continued to be soft during the first quarter of this fiscal and their impact is clearly visible in the performance of the Auto sector, The outlook for the rest of the year will be dependent on multiple factors, including the progress of monsoon and festive season offtake, as well as improvement in liquidity,” said Niranjan Gupta, Chief Financial Officer, Hero MotoCorp. In the Q1, Hero has sold over 1.8 million motorcycles and scooters. In the same quarter of the previous year, Hero had announced its highest ever sales in a single quarter at – 2.1 million. 
 
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 Hero Motocorp had recently announced its foray into the electric vehicle segment. However, according to reports, the Pawan Munjal-led company will not be able to use its legacy brand name of Hero for EVs as his brother Naveen Munjal has the <a href="https://www.livemint.com/auto-news/family-pact-may-not-give-pawan-munjal-the-hero-brand-name-for-evs-1564079431571.html">rights </a>for the brand name Hero for Hero Electric. Gupta also said that it is important for the government to take urgent steps to boost consumption. “We would, therefore, reiterate our appeal to the government to bring down the GST on two-wheelers to 18% from the current level of 28%, in order to provide the much-needed relief to the sector. A reduction in GST will lower the cost of the two-wheeler and spur demand, with the consequent growth in volumes offsetting any impact on the government revenue,” said Gupta.

Hero Motocorp wants government to take ‘urgent steps’ to help recover falling sales

If reports are to be believed, Hero MotoCorp's promoter Pawan Munjal is the highest paid director among the top listed private companies as his pay package in last fiscal was around Rs 44 crore. 
 
As per a proxy advisory firm InGovern, Munjal took home Rs 43.91 crore last fiscal, which is 1.84% of his company's net profit. 
 
Munjal was followed by two other executives of the auto group, Brijmohan Lall Munjal, who passed away earlier this month, and Sunil Kant Munjal. 
 
Lall had a pay packet of Rs 43.64 crore and Sunil took home Rs 41.87 crore in 2014-15. 
 
Analysis of salaries of 95 directors in Nifty companies was done and it revealed that on an average remuneration of a director is Rs 9 crore. 
 
As per InGovern, Desh Bandhu Gupta, chairman of Lupin, earned a salary of Rs 37.58 crore, while Larsen &amp; Toubro chairman A M Naik drew an annual remuneration of Rs 27.32 crore. 
 
Among others in the top 10 are Bharti Airtel's Sunil Bharti Mittal (Rs 27.18 crore), Vinita Gupta, CEO of Lupin (Rs 24.86 crore), Hindalco MD D Bhattacharya (Rs 21.59 crore), TCS MD N Chandrasekaran (Rs 21.28 crore) and Ultratech Cement's Kumar Mangalam Birla (Rs 19.04 crore). 
 
On the contrary, pay package of 16 directors was less than 0.05% of the net profits of their firms. 
 
The report stated that remuneration of 11 directors was more than 400 times the median employee remuneration of their companies. This included three directors each of Lupin and Hero MotoCorp and one each of Hindalco, L&amp;T, Cipla, ITC and TCS. 
 
(Image: Indiatimes)

Hero MotoCorp’s Pawan Munjal earned whooping Rs 44 crore in 2014-15

New Delhi, Jan 17 (PTI) President <keyword id="6354561" type="PERSON" weightage="20" keywordseo="ram-nath-kovind">Ram Nath Kovind</keyword> on Friday rejected the mercy plea of Mukesh Singh, one of the four men convicted in the 2012 <keyword id="6357643" type="UNKNOWN" weightage="20" keywordseo="Nirbhaya">Nirbhaya</keyword> gangrape and murder case, sources said. The rejection came soon after the Union Home Ministry forwarded the petition to the president on Friday morning. "It's a very good thing. Our hopes have gone up after the disheartening news that the execution might be delayed," the young woman's father told PTI as news came in of the rejection. Mukesh had filed his mercy petition two days ago. The four convicts -- Mukesh (32), Vinay Sharma (26), Akshay Kumar Singh (31) and Pawan Gupta (25) -- were to be hanged on January 22 at 7 am in Tihar Jail, a Delhi court had announced on January 7 while issuing their death warrants. However, the Delhi government informed the high court during a hearing that the execution of the convicts will not take place on the day as a mercy plea had been filed by Mukesh.

President rejects mercy plea of Nirbhaya convict Mukesh Singh

New Delhi, Feb 20 () Global trade information provider Connect2India on Thursday said it has partnered with IRClass to provide verification, credibility and conformance check for MSMEs. Indian Register of Shipping (IRClass) is an international ship classification society providing ship classification and certification as well as technical inspection services.Connect2India Founder Pawan Gupta said that the vision is to enable MSMEs to mitigate any regulatory and policy non-compliance coupled with business continuity and risk management. "This will not only help Indian MSMEs find global customers easily and arrange export/import orders at a much faster pace, but also help overseas SMEs build the confidence in their Indian trade counterpart with required technical certification and inspection in place as result of this collaboration," he said in a statement.While on one side the company is helping MSMEs understand nuances of overseas customers to make their trade safe, a constant worry has been to address the concerns regarding quality, conformance and responsible manufacturing. "A common concern was that global MSMEs were constantly looking for an independent and impartial verification of Indian MSMEs to help build trust and confidence to trade. In their attempt to address such concerns, Connect2India.com announced its partnership with IRClass," he added.Beginning March, he said his company will be adding IRClass's various offerings, including management system certification to international standards, second party audits on quality, environment, health and safety, product inspections and ratings on compliance levels extended for Indian and overseas MSMEs."With the global awareness on quality, environment, health and safety of industrial works, social accountability, it has become imperative to demonstrate these capabilities by any MSME wishes to expand its business and cater to international markets," Gupta said. Trade platform Connect2India.com with over 2.5 billion world trade stats, and end-to-end solution enables seamless cross-border trade between Indian and overseas SMEs. RR MRMR

Connect2India join hands with IRClass to provide verification services to MSMEs

BJP candidate list for Haryana Vidhan Sabha elections 2019

Lucknow, Feb 1 () The budget proposal to allow invoice financing by NBFCs will help the the micro, small and medium sector greatly, an industry body said on Saturday. 
 "The invoice financing by the NBFCs will help greatly
the MSME sector, but it should be applicable to all registered
as well as non-registered units," MSME Export Promotion
Council Chairman D S Rawat said.
He said that the government should make it applicable to all units operating from conforming as well as non-conforming areas.
Rawat said that in case it becomes applicable to only registered ones, over 60 per cent of the units will be left behind.
 "The lack of timely finance and working capital has always been the topmost concern for MSMEs, be it for local or global trade. The provision to enable NBFCs to extend invoice financing to MSMEs will open up an additional financing channel for MSMEs, helping in economic and financial sustainability of the MSME sector," trade platform Connect2India.com CEO Pawan Gupta said. 
 Getting timely access to capital would even allow more MSMEs to explore global opportunities as well as increase the volume of the trade, Gupta added.
He also welcomed the move for restructuring of debts by a year, but said that keeping in view the prevailing economic conditions, it should be for at least two years.
While presenting the budget, Finance Minister Nirmala Sitharaman said the government has asked the Reserve Bank to extend by a year to March 31, 2021, the Debt Restructuring window for micro, small and medium enterprises to give thrust to the MSME sector.
She also said a scheme will be introduced to provide subordinate debt to MSME entrepreneurs.
 "This subordinate debt which will be provided by banks as quasi equity and would be fully guaranteed through credit guarantee trust for medium and small entrepreneurs, would be an additional channel for entrepreneurs and MSMEs to address their funding and financing needs," the Connect2India.com CEO observed.
Rawat hailed the proposal to raise the turnover of Government e-Marketplace (GeM) platform to Rs 3 lakh crore, noting that it will help the MSME sector.
"But, unless the norms of procurement for preferential
buying from the MSMEs is strongly monitored, its benefits will
not fully be passed on to the targeted sector," he said. SMI MR
MR

Invoice financing by NBFCs to help MSMEs greatly

New Delhi, Nov 16 () Startup firm Connect2India on Saturday said it has partnered with Ncourage Social Enterprise Foundation, a subsidiary of Tata Chemicals, to export and market Tata Swach water purifier globally.
 Connect2India founder and CEO Pawan Gupta said the company will focus upon expanding the global market distribution and export of water purifiers. 
 "It is a great opportunity for us to partner with Ncourage Social Enterprise Foundation to export and market Tata Swach globally," he said in a statement.
 He said that on the basis Connect2India's data-driven market research and trade counterparts available on its integrated platform, "we plan to reach out to our existing worldwide trade counterparts as well as identify potential newer markets for setting up trade channels for this water purifier product".
 According to Connect2India's trade insights, the export of water purifiers from India was USD 138 million and the worldwide export of water purifier was USD 8.6 billion in the last year. 
 With a focus on sanitation and safe water access for all across the world, the market for water purifiers is expected to grow exponentially, he said.
 Connect2India (https://connect2India.com) is an end-to-end online marketplace for global trade that enables SMEs to effectively arrange and execute export/import orders from worldwide companies. RR MR
MR

Connect2India joins hands with Tata Chemicals arm for taking Swach purifier to global markets

Delhi Election Result: Checkout winner candidate list in all Delhi constituency

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Delhi Election 2020: 26 candidates names axed as BJP released its first list

Delhi Election 2020: Checkout the names of AAP candidates contesting from your constituency

New Delhi, Feb 1 () Finance Minister Nirmala Sitharaman on Saturday announced a host of measures including relaxing tax incentives and setting up of investment clearance cell for startups and entrepreneurs with a view to promote their growth.
 The minister has also proposed to provide early life funding, including a seed fund to support ideation and development of early stage startups.
 She asked all the infrastructure agencies of the government to involve startups as they will help in rolling out value-added services in quality public infrastructure for citizens.
 Sitharaman has proposed easing of tax payments for startups - a decision which was hailed by budding entrepreneurs.
 "In order to give a boost to startup ecosystem, I propose to ease the burden of taxation on the employees by deferring the tax payment by five years or till they leave the company or when they sell, whichever is earliest," she said while presenting the Union Budget for 2020-21.
 Employee stock option plan (ESOP) is a significant component of compensation for these employees, she said. Currently, it is taxable.
 "This leads to cash flow problem for the employees who do not sell their shares immediately and continue to hold the same for long term," she said.
 During their formative years, startups generally use ESOPs to attract and retain highly talented employees, she added.
 Further, the minister said that an eligible startup having a turnover of up to Rs 25 crore is allowed a deduction of 100 per cent of its profits for three consecutive assessment years out of seven years, if the total turnover does not exceed Rs 25 crore.
 "In order to extend this benefit to larger startups also, I propose to increase the turnover limit from existing Rs 25 crore to Rs 100 crore.
 "Moreover, considering the fact that in the initial years, a startup may not have adequate profit to avail this deduction, I propose to extend the period of eligibility for claim of deduction from the existing 7 years to 10 years," Sitharaman said.
 About investment clearance cell for entrepreneurs, the minister said the government will provide end-to-end facilitation and support including pre-investment advisory, information related to land banks and facilitate clearances at centre and also at the state level.
 The cell will work through a portal.
 Commenting in the proposals, world trade information provider Connect2India founder and CEO Pawan Gupta said the proposed seed funding support for 'ideation and development' of early-stage startups would encourage more people to take the entrepreneurship plunge as well as support the existing players.
 "The ESOPs have always been a very strong mechanism for startups to incentivise, attract and retain high-performing talent. The government proposal for deferment of tax payment by employees on ESOPs would allow startups to leverage the tool more effectively," he said. RR ANS
ANS

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22 engineers, officers found guilty in Lucknow hotel fire probe

IANS

India Inc acknowledges that FM had little room to manoeuvre

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Hero MotoCorp’s Pawan Munjal earned whooping Rs 44 crore in 2014-15

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President rejects mercy plea of Nirbhaya convict Mukesh Singh

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Connect2India join hands with IRClass to provide verification services to MSMEs

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BJP candidate list for Haryana Vidhan Sabha elections 2019

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Invoice financing by NBFCs to help MSMEs greatly

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Delhi Election Result: Checkout winner candidate list in all Delhi constituency

BI India Bureau

Checkout BJP and AAP candidates fighting from your constituency

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Delhi Election 2020: 26 candidates names axed as BJP released its first list

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Delhi Election 2020: Checkout the names of AAP candidates contesting from your constituency

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