A Mumbai civil court has dismissed a defamation suit filed by S Kumar’s unit against the Narmada Bachao Andolan in relation to its Maheshwar Dam project
A Mumbai City Civil Court dismissed a defamation suit filed by S Kumars group company, Shree Maheshwar Hydel Power Corp Ltd (SMHPC) against the Narmada Bachao Andolan (NBA). In 2001, SMHPC had filed the suit against NBA seeking to restrain the movement from making public statements on its hydel power project in Madhya Pradesh.
According to a press note issued by the NBA, after hearing the defamation suit which has been going on for the last eight years, the Mumbai City Civil Court passed its final order and judgment on 17 February 2010.
“The Court found that the plaintiffs SMHPC had withdrawn whatever evidence had been submitted by them by way of affidavit and documents, by tendering a withdrawal application and had also at the last minute, withdrawn their witness SR Ganguli from being cross-examined,” the release said.
According to media reports last month, the environment ministry has issued a show-cause notice to the company building the Maheshwar Dam in the Narmada Valley after hundreds of affected people marched to the ministry demanding rehabilitation.
The Maheshwar Dam will submerge the lands and homes of 50,000 to 70,000 peasants, fishermen and landless workers in 61 villages, the NBA said.
Rahul Bajaj's family will raise its stake in group holding company Bajaj Holdings & Investment. Funds would be garnered by part-sale of stakes in other group companies
The Bajaj family will raise its stake in the group's holding company Bajaj Holdings & Investment Ltd (BHIL) and funds for this would be garnered by part-sale of stakes in other group firms, family patriarch Rahul Bajaj said on Friday.
"We will increase our stake (in BHIL). We will sell some shares in group companies and then increase the holding (in BHIL)," Mr Bajaj told PTI. He, however, declined to give details on how much stake the promoters plan to hike in BHIL or in which group companies the family members will sell stake.
"Everything will be done within the family," said Mr Bajaj, who is the chairman of Bajaj Auto Ltd.
According to the latest shareholding pattern available on the National Stock Exchange (NSE) website, the promoters currently hold 31.36% stake in BHIL, the promoter group entity of the country's second largest two-wheeler maker Bajaj Auto.
Meanwhile, on reports of promoters’ raising their stake in BHIL to 50%, the shares of BHIL touched a high of Rs603 in the day. The shares finally settled flat at Rs589.35 while the benchmark Sensex also ended flat at 17166.62 points.
Earlier last month, five promoters of Bajaj Auto—Shekhar Bajaj, Geetika Bajaj, Ruparani Bajaj, Anant Bajaj and Anant Trust—sold over 10 lakh shares to BHIL for Rs180.45 crore. Each share was sold for a price between Rs1,715 and Rs1,730.
In a separate deal on that day, Rahul Bajaj, also the promoter of Bajaj Electricals, sold his 35.35 lakh shares to Shekhar and Anant Bajaj through an open market deal. Rahul Bajaj had also sold 3.25 lakh shares in Hercules Hoists to Baja Auto Holdings.
In 2008, the Bajaj brothers had reached an amicable settlement, bringing to an end the six-year dispute over the division of the family's business empire. According to the agreement, the Rahul Bajaj-led group, comprising Rahul, Shekhar, Madhur and Niraj, would exit Bajaj Hindusthan and Bajaj Consumer Care, which would be with Shishir Bajaj.
All other companies in the original Bajaj Group, including Bajaj Auto, Bajaj Electricals, Mukund, Bajaj Finserv, BHIL and Hercules Hoist, would be with the Rahul Bajaj-led group.
The Bajaj family feud first hit headlines in 2002, with Shishir accusing elder brother Rahul of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies.
The finance ministry on Thursday said that the proposed Goods and Services Tax (GST) rate is likely to be higher than 12%, which was suggested by the task force set up by the 13th Finance Commission, reports PTI.
The Finance Commission (task force) had recommended an overall GST rate of 12% "but it is likely to be higher than that", revenue secretary Sunil Mitra said at a CII seminar in New Delhi.
However, he clarified that he was not talking about the Central GST but the combined tax at the Union and state governments' level.
The task force had recommended 5% GST rate at the Central level and 7% at the state level.
GST was earlier scheduled to be implemented from 1 April 2010, but now the Central GST will replace most of the indirect taxes at Central and state levels like service tax, excise duty, value added tax (VAT), and local levies.