Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

As per industry executives, a new rule is going to make tax collection at source (TCS) compulsory, even when a vehicle costing 10 lakh or more is sold in the second-hand market. This has confused the automotive industry to no end. 
 
The reason behind this confusion is that the rule was originally expected to cover only new passenger vehicles; however, the rule that has been approved as part of the Finance Bill covers all types of vehicles. It will come into effect on June 1. 
 
It was in his budget speech that the finance minister had proposed to collect a 1% tax at source on luxury cars that were priced above 10 lakh, saying that it would be levied on the ex-showroom price from the dealer’s end, which would then be paid it to the government. This payment was also said to be able to set off against the total tax liability of the buyer. 
 
"From the budget speech, it was perceived that it would be implemented only on passenger vehicles priced above 10 lakh, but what has come prima facie in the language of the approved budget (Finance Bill 2016), it seems that TCS is applicable on all types of motor vehicles including trucks, buses, two-wheelers and cars sold by manufacturers, exports, dealers and government," said Sugato Sen, deputy director-general of the Society of Indian Automobile Manufacturers. 
 
The Finance Bill reads, "Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding 10 lakh, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 1% of the sale consideration as income-tax." 
 
Until further clarified, this means that even an individual selling his old vehicle for above 10 lakh will have to collect 1% of the value from the buyer and pay it to the government, while purchasing parts for 2 lakh or more will also attract this tax provision. 
 
Sen feels that there is a possibility of a language error in the Bill. "We have sought a clarification from the government and hope to meet them (government officials) soon," he said. 
 
However, this is not where the confusion ends. 
 
"From the budget, it was thought that it (TCS) will be collected from the end customers only. But now, it will be collected from the dealers also," said Nikunj Sanghi, former president of the Federation of Automobile Dealers Association. He added, "The biggest problem for us is that we will have extra burden on working capital." 
 
Automobile manufacturers are of the view that this new tax rule would further complicate business transactions, while there were promises from the Modi government that doing business would be made easy. 
 
Under this rule, manufacturers would deposit TCS on behalf of dealers, who could adjust this payment against their income tax. Similarly, dealers would have to collect tax from buyers and deposit that in their names. This tax would be adjusted while the vehicle buyers pay their income tax. 
 
Rakesh Batra, national leader-automotive at consultancy firm EY, called this an administrative burden on both manufacturers and buyers, while also forcing customers to put a little more cash in advance, given that no financing company won’t fund this. 
 
As of now, when you buy a vehicle, you have to pay for excise duty, central sales tax, R&amp;D cess, education cess, value-added tax, Octroi/entry tax, national calamity contingent duty, road tax and Swach Bharat cess. Besides, the insurance cover also forces the buyer to pay Krishi Kalyan tax, service tax and Swachh Bharat cess. 
 
Another burden on manufacturers, dealers and buyers is certainly uncalled for, feels the automotive industry. 
 
<a href="http://economictimes.indiatimes.com/photo/52422896.cms">Image source</a>

The new tax collection-at-source rule is so absurd that it might actually be a language mistake

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Advanced Micro Devices <a href="http://ir.amd.com/phoenix.zhtml?c=74093&amp;p=irol-newsArticle&amp;ID=1978751">just announced</a> it will cut staff by 7% and take $70 million in charges, and now the stock is tanking.
In after hours trade on Thursday, shares of AMD were down about 6%. 
Along with its third quarter earnings, AMD announced that it will reduce its workforce by 7% in a move that it expects to complete by the end of the year, which the company says will save it $9 million this year and $85 million in 2015. 
This move will results in a restructuring and impairment charge of $57 million in the fourth quarter and $13 million in the first half of next year.
In the third quarter, AMD reported gross margin of 35%, flat compared to the prior quarter, with earnings per share coming in at $0.03 against expectations for $0.04 on revenue of $1.43 billion against expectations for $1.47 billion. 
In its <a href="http://ir.amd.com/phoenix.zhtml?c=74093&amp;p=irol-newsArticle&amp;ID=1978751">earnings statement</a>, AMD CEO Lisa Su said, "Our Enterprise, Embedded and Semi-Custom segment results were strong; however, performance in our Computing and Graphics segment was mixed based on challenging market conditions that require us to take further steps to evolve and strengthen the financial performance of this business. Our top priority is to deliver leadership technologies and products as we continue to transform AMD."
Thursday's announcement from AMD follows news from semiconductor peer Microchip, <a href="http://www.businessinsider.com/microchip-revenue-warning-october-10-2014-10">which last week said,</a> "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future."
In a note to clients following that announcement, analysts at Citi said that the "industry correction" Microchip CEO Steve Sanghi was referring to, "occurs whenever demand drops off for a moderate period of time and can occur during economic expansion or contraction. Inventory corrections typically last 2-3 quarters with a step-down in demand and reduced visibility."
Following that warning from Microchip, the semiconductor space saw widespread weakness last Friday.

Another Semiconductor Company Delivers Bad News About The Industry And Now Its Stock Is Tanking

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

New Delhi, India's top billionaires, including Gautam Adani and Sunil Bharti Mittal, mega stars from film industry such as Amitabh Bachchan and Shahrukh Khan and cricketing icons from Sachin Tendulkar to M S Dhoni are among those invited for pre-wedding celebrations of Mukesh Ambani's youngest son, Anant early next month. Ahead of the wedding ceremony in July, guests from around the world have been invited to three-day pre-wedding festivities beginning March 1, at Gujarat's Jamnagar, which houses Ambani's mega oil refineries. Anant Ambani, the youngest of the three children Mukesh Ambani and Nita Ambani have, is set to marry Radhika Merchant - the younger daughter of <keyword id="20720133" type="General" weightage="20" keywordseo="viren-merchant" source="keywords">Viren Merchant</keyword>, CEO of Encore Healthcare, and entrepreneur Shaila Merchant. With Jamnagar not having five-star hotels, ultra-luxury tents housing best of facilities, including tiled bathrooms are being erected for the guests. The guest list includes international business leaders like Meta CEO Mark Zuckerberg, Microsoft founder Bill Gates, Alphabet CEO Sundar Pichai, Adobe CEO Shantanu Narayen, Walt Disney CEO Bob Iger, BlackRock CEO Larry Fink, Adnoc CEO Sultan Ahmed Al Jaber, and EL Rothschild chair Lynn Forester de Rothschild, sources said. Indian business magnates invited include Gautam Adani and family, Tata Sons chairman Natarajan Chandrasekaran , Aditya Birla Group Chairperson Kumar Mangalam Birla, and his family, Godrej family, Infosys chairman Nandan Nilekani, RPSG Group head Sanjiv Goenka, Wipro's Rishad Premji, banker <keyword id="19998917" type="General" weightage="20" keywordseo="uday-kotak" source="keywords">Uday Kotak</keyword>, vaccine maker Serum Institute of India CEO Adar Poonawalla, Airtel chairman Sunil Mittal, Hero's Pawan Munjal, Roshni Nadar of HCL, Zerodha co-founder Nikhil Kamath, entrepreneur Ronnie Screwvala and Sun Pharma's Dilip Sanghi. Top cricketers, including Sachin Tendulkar and family, MS Dhoni and family, Rohit Sharma, K L Rahul, Hardik and Krunal Pandya and Ishan Kishan too are on the invitee list. <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> will be represented by mega stars Amitabh Bachchan and family, Abhishek and Aishwarya Rai Bachchan, Shahrukh Khan and family, Amir Khan, Salman Khan, Akshay Kumar and Twinkle Khanna, Ajay Devgn and Kajol, Saif Ali Khan and family, Chunky Pandey, Ranveer Singh and Deepika Padukone, Ranbir Kapoor and Alia Bhatt and <keyword id="19895145" type="General" weightage="20" keywordseo="vicky-kaushal" source="keywords">Vicky Kaushal</keyword> and Katrina Kaif. Madhuri Dikshit and Sriram Nene, Aditya and Rani Chopra, Karan Johar, Boney Kapoor and family, Anil Kapoor and family, <keyword id="19946417" type="General" weightage="20" keywordseo="varun-dhawan" source="keywords">Varun Dhawan</keyword>, Sidharth Malhotra, Shraddha Kapoor and Karisma Kapoor, Rajnikanth and family are are on the invitee list. The three-day-long event will be themed, according to 'Event Guide' sent to the invitees. Chartered flights have been arranged to ferry guests from Delhi and Mumbai to Jamnagar and back. Guests are expected to arrive by mid-day on March 1. Hollywood pop-icon Rihanna, along with Diljit Dosanjh and others, will enthrall the guests with their performances. Day 1 celebrations are called 'An Evening in Everland' where guests are expected to wear elegant cocktail attire. Day 2 will host 'A Walk on the Wildside' with 'jungle fever' being the suggested dress code. It is set to be held outdoors in the Ambanis' animal rescue centre in Jamnagar. The guests will then proceed to 'Mela Rouge' which will be a potpourri of desi activities and the guests will wear their favourite south Asian attires. For Day 3, two events - 'Tusker Trails' and 'Hashtakshar' are planned. The first event will be an outdoor affair where the guests will enjoy the natural beauty of Jamnagar and for the last and final event, they'll be dressed in 'heritage Indian Wear'. All the guests will be provided with personal laundry services, saree drapers and other custom assistance, the nine-page event guide said.

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

Mumbai, Jan 22 () Japanese tech major NTT on Wednesday said a significant part of its USD 7 billion global commitment for data centres business would be spent in India over the next four years. 
 The company also feels that there will be margin compression issues for the data centres business in India as capacity supply goes up along with an increase in competition, NTT's country chief executive for global data centres and cloud infrastructure, Sharad Sanghi, told .
 In the last few months, a string of corporates, including the Adani Group, Hiranandanis and Reliance Industries have announced investments in data centres, on the back of regulatory moves like data sovereignity which makes it incumbent upon financial institutions to house their data locally.
 "India is the fastest growing region for NTT and a substantial amount of the USD 7 billion commitment will be invested here," Sanghi said.
 When asked if the money will be equally split between the four regions the company operates in, Sanghi said the overall investments are bound to be shared proportionately, hinting that over USD 1.5 billion or nearly Rs 11,000 crore will come into India.
 The company, whose revenues have been growing at 30 per cent every year, is targeting to more than double its capacity in the next three years through the investments, Sanghi said.
 Its overall capacity, which stands at 1.2 million sq ft at present spread across Mumbai, Noida, Chennai and Bengaluru, will go up by 1.5 million sq ft, he said.
 The company is looking at going to newer locations as well and also adding to its land bank to house the facilities, he said.
 Demand is coming from global hyperscalers like the cloud service providers, data localisation requirements and as a greater number of enterprises move to the cloud, Sanghi said.
 The Adanis have committed Rs 70,000 crore for data centres in Andhra Pradesh, Hiranandanis have committed Rs 14,000 crore and RIL has announced a partnership with Microsoft for the same.
 Sanghi said the high quantum of investments in the business will change the characteristic of the market, which has so far been dictated by suppliers, from 2021 onward once the capacities come on board.
 While the revenues will keep growing because of the market opportunity, the supply increase can cause a short term blip in profitability by narrowing operating margins, he said, stressing that this will not last for long time.
 NTT is confident of guarding its business and growing in the face of competition, he asserted, adding data centres is its core business and clients, who sign long-term contracts, partner with companies which are not into different businesses like power and realty.
 There will be a consolidation in the industry due to the dynamics and the smaller entities may find it difficult to survive, Sanghi said, making it clear that NTT does not look at mergers and acquisition as a strategy but may move in opportunistically for the buys.
 He also made it clear that aggressive pricing may not work for companies, pointing out to two incidents of companies who tried getting business using this strategy going bust.
 Sangi pitched for an improvement in power supply in Noida, Chennai and Bengaluru, saying two hours of power down time per week is a worry. 
 NTT on Wednesday announced the launch of an integrated division to look over the global data centre opportunity. AA MR
MR

NTT to invest estimated USD 1.5 bn in data centres in India

<ul class="summary-list"><li>In an emergency hearing, judges expressed outrage that steel plants were allowed to remain open and use industrial <keyword id="6355647" type="UNKNOWN" weightage="60" keywordseo="Oxygen">oxygen</keyword>.</li><li>COVID patients in <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s hospitals are dying as oxygen supplies at COVID care facilities run low.</li><li>Indian steelmakers applied to continue operating even as local governments struggled to maintain a supply of oxygen to hospitals.</li></ul>Two judges at the Delhi High Court expressed outrage during an emergency hearing, calling it the "height of greed" for steel plants to be allowed to operate - even as COVID patients begin to die and hospitals remain oxygen-starved, operating on critically low supplies.<a href="https://www.tribuneindia.com/news/nation/hc-height-of-greed-no-oxygen-for-hospitals-steel-plants-running-242314">The India Tribune</a> reported that High Court judges Vipin Sanghi and Rekha Palli said they were "shocked and dismayed" that hospitals were running out of oxygen but steel plants continued to operate. Most steel-making plants in India require industrial oxygen to produce steel in a process called basic oxygen steel-making - where pure oxygen is blown into a molten pot of blast-furnace iron and scrap. The emergency hearing resulted in a legal directive for oxygen to be provided by "whatever means" to the Indian capital's hospitals, which are currently facing a serious oxygen scarcity. The judges were considering an emergency lawsuit filed by the Balaji Medical and Research Centre, which asked for all supplies of oxygen to be diverted to medical centers to ensure that lives can be saved. The High Court issued a strongly worded response, observing that it "seems human life is not important for the state." "You are not exploring all avenues to augment oxygen supply - beg, borrow or steal," said the court in its decision, warning of India's government officials of the "gravity" of the emergency that Delhi faces if oxygen supplies to hospitals run dry.<a href="https://economictimes.indiatimes.com/news/india/provide-oxygen-forthwith-to-hospitals-by-whatever-means-delhi-hc-to-centre/articleshow/82183829.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppstgn=cppst">The India Times</a> reported that the judges encouraged steel and petrochemical plants to halt operations and follow the example of multinational steel-making company Tata Steel in supplying much-needed oxygen supplies to hospitals. Local media outlet <a href="https://www.dnaindia.com/india/report-tata-steel-supplying-200-300-tons-oxygen-for-treatment-of-covid-19-patients-2887219">DNA India</a> reported on Tuesday that Tata Steel said it would supply 200 to 300 tons of medical oxygen every day to various state governments and hospitals. "Medical oxygen is critical to the treatment of COVID-19 patients. Responding to the national urgency, we're supplying 200 to 300 tons of liquid medical oxygen daily to various state governments &amp; hospitals. We are in this fight together and will surely win it," Tata said in a <a href="https://twitter.com/TataSteelLtd/status/1383689665312530438?s=20">tweet</a>.The country's largest steel-making company SAIL also <a href="http://www.businessworld.in/article/Tata-Steel-SAIL-AMNS-India-Supplying-Oxygen-For-Treatment-Of-COVID-19-Patients/19-04-2021-386937/">said it was supplying 33,300 tons of oxygen</a> for the treatment of COVID patients - but not all companies in the industry have fallen in line. In March, a coalition of the country's steelmakers <a href="https://www.argusmedia.com/en/news/2090253-indian-steelmakers-appeal-to-operate-during-lockdown">applied to the government to allow them to continue to run operations</a> despite India's nationwide lockdown, asking to be classified as essential services. In the meantime, India continues to struggle with its critically low oxygen supplies. <a href="https://www.insider.com/india-coronavirus-nashik-hopsital-oxygen-tank-leaks-coronavirus-patients-dead-2021-4">Over 20 COVID patients in the western Indian city of Nashik died on Wednesday</a> when oxygen in their ventilators ran out amid the nationwide shortage of the gas. The state's health minister, Rajesh Tope, said the oxygen supply at the hospital in question had run out because the tanker refilling it suffered a leak. Out of desperation, some families of COVID patients have also <a href="https://www.insider.com/india-covid-second-wave-oxygen-shortage-2021-4">started stealing oxygen cylinders from hospitals</a>. It was reported that oxygen cylinders had been taken from a storeroom at the Damoh district hospital in Madhya Pradesh.India <a href="https://www.businessinsider.com/india-coronavirus-cases-highest-single-day-rise-global-record-2021-4">reported 314,835 new coronavirus cases on Thursday</a> - the highest daily total of any country during the pandemic. This brings the number of COVID cases in the country to close to 16 million recorded cases.

Judges in India say it is the height of greed for steel plants to operate as COVID oxygen supplies in hospitals dwindle

Mumbai, July 7 (IANS) Leading managed hosting and multi-Cloud hybrid IT solution provider Netmagic Solutions on Tuesday announced its partnership with Google Cloud to create a Centre of excellence (CoE) that will enable their customers to accelerate their hybrid Cloud journey. Netmagic said the CoE will help its customers to modernise their mission-critical IT infrastructure and applications that leverage the advanced capabilities of Artificial Intelligence (AI), Machine Learning (ML) and analytics at scale. The CoE will serve as a multi-disciplinary customer showcase hub to develop and deliver solutions, leveraging Google Cloud's modern application platform, Anthos, for consistent development and operations experience across hybrid and multi-Cloud environments. "We are extremely pleased to partner with Google Cloud to enable our customers to enhance their digital experiences capitalising on the capabilities, value and benefits of an open, collaborative and secure Cloud platform," Sharad Sanghi, MD and CEO of Netmagic, said in a statement. Mumbai-headquartered Netmagic is an NTT company. NTT Ltd. is a leading global technology services company bringing together 28 brands including NTT Communications, Dimension Data and NTT Security. "We're excited to partner with Netmagic and help businesses make a smooth transition to the cloud," said Karan Bajwa, Managing Director of Google Cloud India. "The CoE will help businesses leverage Google Cloud's leading infrastructure, platform capabilities and industry solutions to build for the future; and Netmagic, as a managed hosting and hybrid cloud IT solution provider, is uniquely positioned to help customers along this path." --IANS gb/na

You Searched For "sanghi industries" and got 8 results

The new tax collection-at-source rule is so absurd that it might actually be a language mistake

BI India Bureau

Another Semiconductor Company Delivers Bad News About The Industry And Now Its Stock Is Tanking

Myles Udland

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

PTI

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

PTI

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

PTI

NTT to invest estimated USD 1.5 bn in data centres in India

PTI

Judges in India say it is the height of greed for steel plants to operate as COVID oxygen supplies in hospitals dwindle

Cheryl Teh

Google Cloud partners Netmagic to create Center of Excellence

IANS

Popular Keywords

Buying Guides