Citizens' Issues
ED seeks non-bailable arrest warrant against Lalit Modi
The Enforcement Directorate on Monday moved the Mumbai sessions court seeking a non-bailable arrest warrant against former IPL chief Lalit Modi.
 
The move follows a notice served on July 3 to the Rajasthan Cricket Association president, asking Modi to appear before the Mumbai court within two weeks in connection with a case lodged under the Prevention of Money Laundering Act.
 
As Modi failed to reply before the July 22 deadline, the Enforcement Directorate served notice through email, which also remained ignored.
 
On Saturday, Modi claimed he had not received any notice in the matter.
 
"As the ED has not yet served me the notice to appear, I will tomorrow (Sunday) share international process," Modi tweeted, and uploaded relevant forms for the purpose.
 
However, Modi's lawyer Mehmood M. Abdi denied any knowledge of the ED move seeking a a non-bailable warrant against the former IPL chief, who is now in London.

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Tata Motors to roll out new launches in mini-truck segment
Tata Motors, a pioneer and market leader in the mini-truck segment in India, is working to develop innovative solutions on Tata Ace platform to cater to evolving needs of customers.
 
Tata Ace, which celebrated 10th anniversary here on Monday, is looking to maintain its leadership position with new launches and slew of upgrades for newer designs, improved fuel efficiency and better performance.
 
With 1.5 million Tata Ace-family vehicles on Indian roads, the company currently holds 85 percent market share in Small Commercial Vehicle (SCV) category.
 
Popularly known as 'Chhota Haathi' in the market, Tata Ace is used as municipal and cargo vans to tankers, service deliver, food and beverage and even branding and promotion vans.
 
R. Ramakrishnan, senior vice president, commercial vehicle business unit, Tata Motors told reporters that they are adequately equipped to cater to growing needs of the country as well as emerging competition.
 
The company sells 10,000 per month including both Tata Ace and Magic, the passenger transportation vehicle on the same platform.
 
The analysts have projected 10 to 12 percent growth in SCV segment in the next five years. Ramakrishnan said there was huge uncapped potential in the segment as India has only 2.5 mini truck for one large truck against the average of four mini trucks in other BRIC countries.
 
He said with its sheer reach and penetration in terms of its network of outlets and service centres, Tata Motors has the advantage to remain a dominant player in this segment.
 
The company is also working with authorities to get proper permits for the passenger vehicles in this category. This is also expected to make financing of the vehicles easy.
 
He pointed out that there are one passenger vehicle for every four vehicles in this segment. "The potential should have been reversed given the country's population, propensity to travel and limitation in the public transport," he said.
 
Launched in 2005, there are 1.5 million Tata Ace vehicles in India today. One in every five commercial vehicles sold in the country is from the Tata Ace family.
 
The company has also exported 100,000 vehicles to 28 countries since 2006.
 
Tata Ace was first launched in south India, which remained the biggest market with six lakh vehicles. The north and the west have four lakh vehicles while there are three lakh vehicles in the east.

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COMMENTS

Suketu Shah

1 year ago

For th first time in yrs.Tata Motors has not given dividend to shareholders.Bure din have come for Tata company stockholders under Cyrus Mistry.One remembers how lakhs of investors were trapped by stock brokers in 2012 in Tata Global Beverages.

Things have surely changed for the worst for Tata companies stockholders once Cyrus Mistry has taken over.

China stocks nosedive
The benchmark Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points, China.org reported
 
Chinese shares nosedived on Monday, in the biggest single-day fall in over eight years.
 
The benchmark Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points, China.org reported.
 
The fall was the biggest single-day loss since February 2007.
 
The smaller Shenzhen Component Index fell 7.59 percent to close at 12,493.05 points.
 
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 7.4 percent to end at 2,683.45 points.
 
The National Bureau of Statistics said that profits at major Chinese industrial firms dropped 0.3 percent year on year in June, down from 0.6 percent growth posted in May.
 
The flash Caixin China Manufacturing Purchasing Managers' Index (PMI) released on Friday retreated from 49.4 in June to 48.2 in July, the lowest since April in 2014.

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COMMENTS

Mahesh S Bhatt

1 year ago

How long gas shall last it good exhalation shall be grounding well.

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