The realty major has withdrawn its projects in different sectors like handicrafts, gems and jewellery, food processing and automobile components. These projects were to come up in Uttar Pradesh, Rajasthan, Haryana, Tamil Nadu and Maharashtra
New Delhi: The government today allowed realty major Parsvnath Group to withdraw its six special economic zone (SEZ) projects in different states, as a fall out of imposition of Minimum Alternate Tax (MAT) and uncertainty over continuation of tax sops to SEZs, reports PTI.
The clearance for the Parsvnath SEZ (PSL) pull-out of its projects was given by the inter-ministerial Board of Approval (BoA), which met here under the chairmanship of commerce secretary Rahul Khullar.
Besides, the BoA permitted extension of time to 45 developers, including those of the Rahejas, Mukesh Ambani-promoted Navi Mumbai and GP Realtors to implement their projects.
Several of the SEZ notified projects are grappling with the problems of land acquisition even as they face uncertainty over the tax regime, sources said.
The Parsvnath Group has withdrawn its projects in different sectors like handicrafts, gems and jewellery, food processing and automobile components. These projects were to come up in Uttar Pradesh, Rajasthan, Haryana, Tamil Nadu and Maharashtra.
The SEZs which were touted as major vehicles for investment and export promotion were allowed a host of tax exemptions under a special SEZ Act of 2005.
The initial phase saw developers lining up in big numbers for the projects. It was also seen as a real estate opportunity. However, following concerns about loss of tax revenue, by the finance ministry, the government has proposed phasing out of the tax sops for the units commencing operations after 2014.
Moreover, farmers' protests against land acquisition have become a major problem.
The industry has also expressed concern over the imposition of MAT of 18.5% on the book profits of SEZ developers and units therein.
Under the law, incentives for SEZ units include 100% income tax exemption on export profits earned for the first five years, a 50% for the next five years and another 50% exemption on re-invested profits in the following five years.
Instead of erotica, the Parx ad makers have fallen back on lifestyle. The result is a lukewarm, contrived and un-refreshing ad
Frankly, I don't quite get the male deodorants category. The general industry thumb rule seems to be that if you don't pack in sex and sleaze into the ad, the deos won't sell. Almost all male deo ads feature girls ready to undress the moment they spot (smell) a man wearing a brand of deo spray.
Well, managers of Parx deodorants, in their new commercial, have tried to change that. Instead of erotica, they have fallen back on good ol' lifestyle. If sex in this category is the norm, and assuming it works in the market place, then this route is risky in a manner of speaking. And commendable. You have to think different to make a mark. However, having done the right thing by trying to be offbeat, Parx deodorants has put out a banal creative.
The ad features a young man (who else?) who jumps into, what appears to be, an underground train. Since he's all tired and smelly, the chap pulls out his tube of Parx deodorants, and liberally sprays himself. (Good idea. This must become a mandatory requirement in the Mumbai locals. So we don't spend the journey taking in the breathtaking body aromas of co-passengers.)
Now, the spray doesn't just refresh his body, it energizes the dude's mind as well. So he decides to have some fun. Since there's no place to sit in the crowded bogie, he plonks himself on another passenger's suitcase. And for some bizarre reason, pretends it's a bike he's seated on, and begins to 'race' it. Of course, since this is a male deo ad, it has to feature a hot babe. And a very impressed girl gets excited by his antics, and joins in as the 'pillion' rider. Inspired, all the passengers join in the action. And pretend to be bike riders in an imaginary race. So, good, free fun is had by one and all.
Totally lukewarm, contrived and un-refreshing, this ad. The silly 'bike ride' play act in the train is juvenile and not entertaining in the least. There's zero humour, zero charm and zero attitude-a disaster, to put it simply. So while the attempt to try something fresh in the sexy deos category is appreciable, the execution leaves you really disappointed. This is just another stupid lifestyle ad.
So then, what next? Simple. Bring on the sex and sleaze, I say! It works!
For the three-month period ended 30 June 2011, it earned a standalone net profit of Rs672.98 crore whereas the same was Rs1,025.51 crore in the June quarter previous year. However, the results were not comparable consequent to merger of erstwhile subsidiary Sesa Industries with the company
Mumbai: Iron ore producer and exporter Sesa Goa on Thursday announced a consolidated net profit of Rs840.59 crore in the first quarter ended 30 June 2011, reports PTI.
The Vedanta Group company had a consolidated net profit of Rs1,301.79 crore in the June quarter of the last fiscal, Sesa Goa said in a filing with the Bombay Stock Exchange (BSE).
The results were not comparable consequent to merger of erstwhile subsidiary Sesa Industries with the company, it said.
The group posted consolidated total income of Rs2,260.95 crore in the quarter under review whereas the same was at Rs2,574.02 crore during the same period previous year, it said.
The figures of the pig iron segment were incorporated in the company's results on standalone basis from the quarter ended 31 March 2011.
The figures for the quarter ended 30 June 2011 are therefore not comparable with those or the corresponding quarter of the previous period on standalone basis.
For the three-month period ended 30 June 2011, it earned a standalone net profit of Rs672.98 crore whereas the same was Rs1,025.51 crore in the June quarter previous year.
Its standalone total income stood at Rs1,831.68 crore in the period under review whereas the same was Rs2,067.99 crore during the same period of the last fiscal.
Shares of the company were trading at Rs 277, down 0.38% in noon trade on the BSE today.