Companies & Sectors
Kumar Urban to invest Rs250 crore in six shopping complexes in Pune

The shopping complexes will come up in various parts of Pune including Hinjewadi, Bibewewadi, Kondhwa and on the Baner-Pashan Link Road, Kumar Urban said


Mumbai: Realty company Kumar Urban Development (KUL) has said it will be investing Rs250 crore to set up six shopping complexes in Pune, reports PTI.
 
The shopping complexes will come up in various parts of the city including Hinjewadi, Bibewewadi, Kondhwa and on the Baner-Pashan Link Road, the company said in a statement.
 
"All the shopping facilities, being part of the existing or upcoming residential zones, will cater to the specific needs of the people living there," KUL Director Kruti Jain said.
 
KUL focuses on residential and commercial development in cities like Pune with presence in Mumbai, Bangalore, Hyderabad, Panchgani and Nagpur.
 
Its projects span across affordable, mid-segment and luxury homes to commercial and retail complexes, apart from IT complexes and special economic zone (SEZ).

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Videocon restrained from making washing machines resembling Whirpool's design

The HC said Videocon has imitated Whirlpool's registered design by merely using different colour scheme and putting some different lines and ornamentation 


Mumbai: In a blow to leading consumer durable maker Videocon Industries, the Bombay High Court held that the company has deceptively imitated a washing machine design registered by Whirlpool and restrained it from manufacturing the same, reports PTI.
 
Whirlpool of India, a leading manufacturer of home appliances, had approached the High Court seeking an injunction against Videocon's manufacturing of a washing machine that was launched in June this year stating that it had a striking similarity with a washing machine designed and registered by it in July 2009.
 
"After perusing the photographs of their respective washing machines submitted by the plaintiff (Whirlpool) and the defendant (Videocon), it appears that Videocon by merely using different colour scheme and putting some different lines and ornamentation has imitated Whirlpool's registered design," Justice BR Gavai observed in an order passed on 25th July.
 
Stating that there has been an infringement of the registered design, the court said, "If an injunction as sought by the plaintiff is not granted, an irreparable injury would be caused to the plaintiff."
 
Senior counsel Venkatesh Dhond appearing for Whirlpool argued that the company had designed a washing machine in 2009 with a rectangular shape on one side and a semicircular shape with jettisoned panel for the knobs on the other.
 
"Whirlpool has been producing this product since September 2010 and has so far sold machines worth Rs308 crore. However in June this year, Videocon, its competitor in the market, deceptively imitated the design and manufactured its own machines which have striking similarity with the machines produced by Whirlpool," Dhond argued.
 
Videocon's counsel Virag Tulzapurkar argued that its product has major variations like colour scheme, composition of lines, pattern and ornamentation.
 
The court, however, held that perusal of the design which is registered by Whirlpool shows that the uniqueness of its design is the rectangular shape on one side and the semicircular shape on the other.
 
"...., Whirlpool has registered trade design of such kind. The very uniqueness of the shape, in my considered view, is a novel and unique object of the plaintiff's designs," Justice Gavai observed.

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Deccan Chronicle rejects reports about its debts

Deccan Chronicle Holdings said the real issue is not about its loan outstanding but liquidity crisis arisen due to significant reduction in ad spend by domestic and multinational companies in India


New Delhi: Deccan Chronicle Holdings Ltd (DCHL) has said its networth far exceeds its current outstanding and rejected reports that its debts ran to the tune of thousands of crore, reports PTI.
 
"The net worth of DCHL far exceeds its current outstanding. The loan outstanding and the overdue sums relate to payments that were due only in the last couple of months.
 
"Deccan Chronicle's value as a 75-year-old leading newspaper, the value of its fixed assets comprising land and buildings as well as plant and machinery at multiple locations, and the value of the Deccan Chargers IPL team far exceed the company's debt," T Venkattram Reddy, Chairman of DCHL, which owns Deccan Chronicle and Asian Age dailies, said.
 
His statement referred to news reports about the financials of DCHL and default in dues under loan agreements in the last few days.
 
DCHL would like to clarify that the real issue is a liquidity crisis that has arisen due to significant reduction in ad spend by domestic and multinational companies in India.
 
The Indian economy has been significantly affected due to the global meltdown and the European crisis, Reddy said.
 
The debt that the company has incurred is in usual course of business, and the amount stated in a section of media, that it is to the tune of thousands of crores, is false, he said.
 
IFCI which has filed a case before the debt recovery tribunal at Delhi filed another petition before the Andhra Pradesh High Court seeking liquidation of the company for delay in payment of Rs25 crore, the statement said.
 
"DCHL is grateful and fully committed to its lenders, who have supported it in all its endeavours. It is actively engaging with them to find a solution to the current liquidity issue," Reddy added.

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COMMENTS

Krishnaraj Venkataraman

4 years ago

Mr Chairman is misrepresenting facts. Firstly DCHL has not yet filed 2012 balance sheet with exchanges. TOI reported with MCA data backing that DCHL has more than 1500 cr of debt. IFCI has filed a petition saying it expresses doubt about the solvency of the firm. CARE said it does not know why DCHL defaulted despite having 350 odd crores in the balance sheet. Karvy has accused DCHL promoters of forging documents to avail loan against the same shares multiple times.

God, please have mercy on unsuspecting shareholders.

REPLY

Rajkumar Singh

In Reply to Krishnaraj Venkataraman 4 years ago

God always has mercy on unsuspecting share-holders.

He regrets that the share-holders never consult or cross check with TOI, IFCI, CARE or Moneylife, at the time of investment, but do it surreptiously after falling in the GREED net to claim later as being unsuspect about it!

Krishnaraj Venkataraman

In Reply to Rajkumar Singh 4 years ago

Sir,

Can God please send a list of people to check with before investing? It may be TOI, IFCI etc this time, what will it be next time? Would you know?

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