Infrastructure firm SEW Infrastructure on Monday announced receiving an arbitration award of Rs 985 crore as claims it raised on behalf of a special purpose vehicle (SPV) in joint venture with Prasad & Co. In a statement, SEW said the disputes pertained to execution of a contract the SPV had entered into with the Uttar […]
Month: May 2018
Kochhars-Dhoot Nexus
In our July 15, 2016 issue, the story titled, “Kochhar’s Renewable Empire: Built on Mauritius Route & Loans from Dhoot & Others,” was published. At that time an in-depth reporting on the linkage between NuPower promoted by Deepak Kochhar, husband of Chanda Kochhar, Managing Director & CEO of the ICICI Bank, loans given by ICICI […]
CoD of Tata’s Mundra Power Plant
The Central Electricity Regulatory Authority (CERC) has reserved its judgment on a suo motu petition, initiated way back in 2015, triggered by complaints challenging the test certificates issued by an Independent Engineer (IE) on the basis of which the plants of Costal Gujarat Power Ltd (CGPL) were commissioned (called Commercial Operation Date or “COD”).
L&T delineated 5 cos to InvIT
On May 4, 2018, Larsen & Toubro Ltd (L&T) informed the stock exchanges that its subsidiary company, L&T Infrastructure Development Projects Ltd (L&T-IDPL) has transferred its stake in its five subsidiary companies to Indinfravit Trust through the infrastructure investment trust (InvIT) route. Accordingly, these companies cease to be subsidiary companies of L&T effective from May […]
Fraudulent practices by its promoter Naresh Goyal
Naresh Goyal, the promoter of Jet Airway, has siphoned away Rs 5,279 crore from Jet Airways and Jet Lite for personal gains at the cost of minority shareholders, through several related party transactions between Jet Airways / Jet Lite and his private companies Promoters incorporated in India as well as outside India. He has also […]
Editorial- June 2018
This issue is entirely dedicated to exposing financial frauds committed by private companies. The Kochhars saga has been divided into three parts. In Part-1, we have established the fact that Mahesh Chandra Punglia is one of the Name Lenders being used by Venugopal Dhoot for his clandestine operations. Deepak Kochhar’s claim that Rs 64 crore […]
Fuel price hike: Govt plans working on long-term solution, says Pradhan
The government is planning a “holistic strategy” to find “long-term solution” to spike in petrol and diesel prices triggered by a spurt in international rates, Oil Minister Dharmendra Pradhan said today. He did not share any details of the strategy. Petrol and diesel prices were today hiked for the 15th day in a row, taking […]
Government looks to stick it out as global crude oil prices lose steam
Faced with a tough political call over high fuel prices, the Modi government is looking to stick it out, calculating the global rally in crude is likely to lose steam and this will ease the squeeze consumers are currently experiencing. Well-placed sources said while high fuel prices were problematic, the government may be reluctant to […]
Ujjwala has led social change, 45% of beneficiaries dalits and tribals: PM
Prime Minister Narendra Modi on Monday said that the ‘Ujjwala Yojna’, a flagship welfare scheme of his government aimed at increasing LPG cylinder coverage among poor families, has led to a social transformation with over 45 per cent of its forty million beneficiaries being Dalits and tribals. In an interaction with the scheme’s beneficiaries, he […]
NTPC Q4 profit jumps 41% to Rs 2,925.59 crore
NTPC Ltd on Monday posted a 40.69% jump in its standalone net profit at Rs2,925.59 crore for the March 2018 quarter, mainly on the back of higher revenues. The company’s standalone net profit was Rs2,079.40 crore in the same quarter a year ago, NTPC said in a BSE filing. Total income on standalone basis for […]
Dhunseri looks for a partner for Egypt venture
Chandra Kant Dhanuka owned Dhunseri Petrochem is looking to rope in a strategic equity partner for its Egyptian venture. The move follows full repayment of the joint venture Egyptian Indian Polyester Company S.A.E (EIPET) outstanding dues and scaling up its holding to 93 %. The company on Friday said it has paid $ 87 million […]
Railways draws action plan to increase coal supply to power plants
With coal stock of some power stations in the national capital region falling to an alarming level, the Railways has drawn up an action plan to increase supply of rakes to power plants in northern India, including Dadri. The Centre has also ensured that the power plants will get adequate supplies of the dry-fuel. “NTPC […]