The Securities and Exchange Board of India (SEBI) has approved the appointment of Nehal Vora as the Managing Director & Chief Executive Officer (MD & CEO) of the company.
RVNL has signed an MoU with Patel Engineering for hydro and other infrastructure projects in India and overseas.
The National Company Law Tribunal (NCLT), Bengaluru, has approved the Scheme of Amalgamation of 3M Electro & Communication India with 3M India. The appointed date of the Scheme is April 1, 2023.
Tata Steel:
The Tata Group company has acquired 13,000 equity shares (i.e., a 26% equity stake) in TP Parivart for Rs 1.3 lakh. TP Parivart is a subsidiary of Tata Power Renewable Energy.
NTPC:
Step-down subsidiary NTPC REL has commenced commercial operations for the first part capacity of 160 MW out of the 320 MW Bhainsara solar PV project in Jaisalmer, Rajasthan. With this, the total installed and commercial capacity of the NTPC group has now reached 76,294 MW.
ITI:
The state-owned telecom manufacturing company has secured its first electronic voting machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of electronic voting machines.
Shipping Corporation of India:
The company has received an order from the Department of Goods and Services Tax, Maharashtra, demanding tax and a penalty of Rs 160.37 crore after conducting the GST audit for FY20. The company is in the process of filing an appeal before the Joint Commissioner of State Tax.
Life Insurance Corporation of India:
LIC has received a demand order for Goods & Services Tax, interest, and a penalty amounting to Rs 605.6 crore for Maharashtra state for FY20, due to wrong availment and short reversal of ITC and interest on late payments.
Rallis India:
Bhaskar Bhat has ceased to be the Director & Chairman of the company, effective August 30.
Lemon Tree Hotels:
The hotel chain has signed a License Agreement for a 72-room hotel property in Ayodhya, Uttar Pradesh. The property will be managed by its subsidiary, Carnation Hotels, and is expected to open in FY26.
Jai Corp:
The company has received approval from the Board of Directors for the buyback of up to 29.44 lakh shares (equivalent to 1.65% of total equity) for up to Rs 177.8 crore, at a price of Rs 400 per share. The record date for the buyback has been set as September 10.
Rail Vikas Nigam:
3M India:
Expleo Solutions:
Shareholders of the company, at the Annual General Meeting, have approved the appointment of Shalini Kalsi Kamath as an Independent Director of the company for five years, effective June 14, 2024, and Phani Tangirala as Director of the company for three years, effective August 1, 2024. Phani has also been appointed as Managing Director and Chief Executive Officer of the company.
Sugar stocks in focus:
The Union government has removed the cap on sugar diversion for ethanol production for ESY (Ethanol Supply Year - December to November) 2024-25. According to the notification, sugar mills and distilleries are allowed to produce ethanol from sugarcane juice/sugar syrup, B-Heavy molasses, as well as C-Heavy molasses during ESY 2024-25 as per the agreement with oil marketing companies.
SpiceJet:
The aviation regulator Directorate General of Civil Aviation (DGCA) has placed budget carrier SpiceJet under enhanced surveillance with immediate effect. This would entail an increase in the number of spot checks and night surveillance to ensure the safety of operations. DGCA conducted a special audit of SpiceJet engineering facilities in August.
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