Judge asks state government, Tata Motors to file final notes by 20th September
Kolkata: The Calcutta High Court today directed the West Bengal Government and Tata Motors to file written notes of argument by 20th September, as hearing on the petition by the company challenging the Singur Act concluded today.
Justice IP Mukerji is expected to deliver the judgement in the case before the Diwali holidays which begin 1st October. The petition challenges the constitutionality of the Singur Land Rehabilitation and Development Act 2011.
The hearing concluded after Tata Motors counsel S Pal finished his submissions in reply to the arguments by the state on its position on the constitutionality of the Act, PTI reports.
Tata Motors opposed the High Court's initiative on compensation to it for the government, vesting land at Singur which was leased to the company. The counsel disagreed with the proposal and informed the judge that there was no mention of the leasehold value of the land in the government's proposal which could be 500% higher than that of the structure constructed at Singur.
The state government, on the other hand, said that the Hooghly district judge would determine the compensation, in line with the principle laid down under section 23 and 24 of the Land Acquisition Act 1894. The company has taken away all machinery from Singur, to Sanand in Gujarat, where it has set up a new plant to make its Nano small car.
Pantaloon Retail India Ltd will divest its stake in Future Capital Holdings within the next four to six months
Future Group CEO Kishore Biyani today said his company's flagship retail chain Pantaloon Retail India Ltd will exit its non-core businesses in order to pare debt and fund growth plans.
As one of the first steps toward achieving the goal, Pantaloon Retail India Ltd (PRIL) will divest its stake in Future Capital Holdings within the next four to six months.
"We (PRIL) have many other businesses such as textiles and media, which we can exit and become a zero debt company," Biyani said.
He, however, added that the divestment is not only aimed at reducing debt, but also, "We are able to make acquisitions and expand our existing core retail businesses."
PRIL has reported its debt liability at Rs4,200 crore as of 30 June 2011.
Biyani said the company is looking to reduce its debt exposure and expand in core businesses. Nevertheless, he underlined that PRIL's debt equity ratio is 1.2:1 at present, "which is not a problem" and "the divestment will help us grow".
Citing the example of divesting stake in non-core ventures by PRIL in Future Group firms, Biyani said the flagship retail chain is in the process of selling its stake in Future Capital Holdings.
"We are looking to divest Pantaloon's take in Future Capital Holdings and the process is on. It will take about 4-6 months' time," he said. Biyani, however, did not specify how much stake would be sold and also the parties with which the company is in talks for the same. PRIL has a 55% stake in the financial services arm of the group, Future Capital Holdings.
The firm has earmarked a Rs900 crore expenditure over the next three years on 9 million square feet of retail space, which it has already booked across India for expansion.
Asked about the possibility of the government allowing foreign direct investment in multi-brand retail, Biyani said: "Things are moving... It has to happen and we are hopeful... but that does not impact our business plan."
On Friday, Pantaloon Retail ended 1.11% down at Rs259.10 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.34% to 16,933.83.
Global sales of all commercial vehicles–Tata, Tata Daewoo and the Tata Hispano Carrocera range—were 48,023 units in August 2011, a growth of 17%
The Tata Motors Group global wholesales, including Jaguar Land Rover, were 87,459 units, in August 2011, higher by 3% over August 2010. Cumulative sales for the fiscal are 438,070 higher by 3% compared to the corresponding period in 2010-11.
Global sales of all commercial vehicles–Tata, Tata Daewoo and the Tata Hispano Carrocera range—were 48,023 units in August 2011, a growth of 17%. Cumulative sales for the fiscal are 225,471 units, a growth of 17%.
Global sales of all passenger vehicles were at 39,436 units in August 2011, lower by 11%. Cumulative sales for the fiscal are 212,599 units, lower by 9%.
Global sales of Tata passenger vehicles and the distribution offtake in India of Fiat cars were at 18,194 units for the month, lower by 35% over August 2010. Cumulative sales for the fiscal are at 110,148 units, lower by 21%.
Global sales of Jaguar Land Rover in August 2011 were at 21,242 vehicles, higher by 31% over August 2010. Jaguar sales for the month were 3,409 nos., lower by 10%, while Land Rover sales were 17,833 units, higher by 43%. Cumulative sales of Jaguar Land Rover for the fiscal are 102,451 units, higher by 10%. Cumulative sales of Jaguar are 19,124 units, lower by 23%, while cumulative sales of Land Rover are 83,327 units, higher by 23%.
On Friday, Tata Motors ended 7.02% up at Rs161.70 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.34% to 16,933.83.