Companies & Sectors
Passenger car sales fall by 4.21 percent in February
New Delhi : Passenger car sales in Indian domestic market fell by 4.21 percent to 1,64,469 units in February compared to 1,71,703 units in the year-ago period, industry body Society of Indian Automobile Manufacturers (SIAM) said on Thursday.
 
However, overall sales of passenger vehicles including utility vehicles rose by 1.68 percent at 2,34,154 units in the month under review.
 
While demand for commercial vehicles and motorcycles grew by 19.93 percent at 62,359 units and 11.05 percent at 8,59,624 units respectively.
 
And total two-wheeler sales increased by 12.76 percent to 13.6 lakh units compared to 12 lakh units clocked in the like period of 2015.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

ED summons former officials of KFA, IDBI
Mumbai : Four days after booking Kingfisher Airlines founder Vijay Mallya in a money-laundering case, the Enforcement Directorate served summons here on Thursday to KFA staffers and officials of the state-owned IDBI bank which he has defaulted of around Rs.900 crore.
 
Among the top bank officials issued summons are former chairman-cum-managing director Yogesh Aggarwal, chief financial officer A. Raghunathan of the now defunct KFA and other top executives.
 
Issued summons under the Prevention of Money Laundering Act, these officials have been directed to provide details of their personal finances and ITRs of the past years, pointing to suspected cloudy dealings or kickbacks.
 
These would serve as a prelude to summoning the flamboyant former KFA boss and liquor baron Mallya, who is now said to be abroad even as cases against him pile up in different courts and agencies.
 
Last Monday (March 7), in a double whammy for the beleaguered Mallya, ED Mumbai lodged a case under PMLA while the Debt Recovery Tribunal in Bengaluru barred British alcoholic beverages giant Diageo from paying him a $75 million settlement till the pending case against him was disposed off.
 
Two days later on Wednesday, the Maharashtra Service Tax Department moved Bombay High Court to recover Service Tax dues worth several crores of rupees collected from the KFA passengers but not deposited with the department. The case is likely to be heard on Friday.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Two Infosys founders sell shares worth Rs.862 crore
Bengaluru : Two co-founders of global software major Infosys Ltd -- S. Gopalakrishnan and S.D. Shibulal -- and their family members on Thursday announced they were jointly selling 75 lakh shares of the blue chip firm on stock exchanges for a combined value of Rs.862 crore.
 
"Both founders and their kin sold the shares through Citigroup Global Markets India Ltd broker at Rs.1,149.45 per share of Rs.5 at par value," a statement said here.
 
Gopalakrishnan, who sold 50 lakh shares, resigned as executive vice-chairman in October 2014, while Shibulal, who sold 25 lakh shares, quit as chief executive in July 2014, paving way for Vishal Sikka as the company's first non-founder chief executive.
 
"The sale was done to partially monetise their equity stake for personal reasons, including for the betterment of society through various philanthropic activities," the statement noted.
 
Both the former executives nurtured the IT outsourcing major for over three decades in various capacities since its inception in 1981 and made it a professionally run company with a global presence.
 
"Even after Thursday's sale, the founder group will have substantial shareholding in the company," the statement added.
 
The company's scrip, which opened on BSE in Mumbai earlier in the day at Rs.1,164 per share as against Tuesday's closing price of Rs.1,178.50, however, ended Rs.32.55 lower at Rs.1,145.95 per share.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)