Companies & Sectors
Rs.9.43 crore of Karnataka ex-minister attached in mining scam
Bengaluru : The Enforcement Directorate (ED) on Wednesday attached Rs.9.43 crore of Associated Mining Company (AMC), owned by Karnataka's former BJP minister G. Janarahdan Reddy and his wife G. Lakshmi Aruna, as the balance amount from illegal sale of iron ore to JSW Steels at Ballari.
 
"This (Rs.9.43 crore) is the balance amount of the Rs.33.80 crore AMC generated from illegal sale of iron ore to JSW and kept with the steel firm," ED said in a statement here.
 
ED's Bengaluru office had also attached the major amount (Rs.24.37 crore) in March 2015 under the Prevention of Money Laundering Act after investigations through this amount was also kept with JSW.
 
"AMC and its former partners (Reddy & Aruna) projected the ill-gotten money as untainted," the statement noted.
 
The value of total proceeds of the crime attached in this case is Rs.71.54 crore, including Rs.37.74 crore recovered from other illegal proceeds of AMC.
 
Reddy, who was a cabinet minister in the first BJP government from May 2008 to July 2011, is on bail after languishing in Hyderabad and Bengaluru central jails till January 23, 2015 following his arrest by the CBI on September 5, 2011 in multi-crore mining scams in both the neighbouring states.
 
The Supreme Court ordered the Central Bureau of Investigation (CBI) to probe Reddy's illegal mining activities, including exports through his mining firms in Karnataka and Andhra Pradesh.
 
The CBI also raided Reddy's palatial bungalow at Ballari, about 300km from here, and in Bengaluru in October 2011 and recovered several incriminating documents in connection with the mining scams.
 
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.

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Notice to civil aviation ministry, AAI over falling glass in Chennai
New Delhi : The National Human Rights Commission on Wednesday issued notice to the civil aviation ministry and the Airports Authority of India, following a series of incidents of falling glass at the Chennai airport that endangered the safety of travellers.
 
The NHRC, which received a complaint on the issue, said the Chennai airport, despite having been modernised in 2012, has witnessed 61 incidents of falling glass in recent times.
 
No substantive action has been taken by the authorities, the commission learnt through the complaint.
 
The commission said that if the information in the complaint was true, then the matter needs to be investigated.
 
Accordingly, notice has been issued to the ministry and the AAI demanding reports as soon as possible.
 
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.

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Nita Ambani, Arundhati Bhattacharya in Forbes Asian women power list
Mumbai : Reliance Industries director Nita Ambani and State Bank of India chairman Arundhati Bhattacharya have been ranked top two in Forbes' "Asia 50 Power Businesswomen 2016" list, which acknowledges the inroads women are making in the business world, despite gender inequalities.
 
Including Ambani and Bhattacharya, eight Indian businesswomen have made the cut in the latest list who among them bring to the table representations from diverse business fields -- banking, bio-tech, data analytics, textiles, pharma and even wellness and beauty.
 
"In a country where billionaire wives tend to remain in the shadow of their husbands, Nita's rising profile in the Reliance empire is unusual and earns her a debut spot on our Power Businesswomen ranking this year," said Forbes, which also ran a separate story on her.
 
Incidentally, a Reliance Group entity is a licensee for publishing Forbes India.
 
"As Reliance's non-executive director, Nita has no formal operational role in the conglomerate that her husband runs as chairman and managing director. But it's no secret that 'Bhabhi' -- Hindi for brother;s wife -- as she is called by insiders, is a power near the throne."
 
Mukesh Ambani, her husband, is the group chairman.
 
Among her achievements, the magazine said an an accidental entry into sports made her the face of her group after Reliance spent $112 million for a cricket team, snatching such icons as Sachin Tendulkar. Mumbai Indians, as he team is called, went on to win two titles after her induction.
 
On the flip side, the magazine said the Ambanis have been criticised for not having personally been givers, commensurate with Mukesh's $22-billion wealth, and for moving into Antilla, a 27-storey sky palace in south Mumbai, billed as the world's most expensive home for its $1 billion tag.
 
Here's what Forbes said on other Indian women on the list:
 
Bhattacharya: She facing her most challenging test yet with the State Bank of India, the country's biggest. Mounting bad loans, which stood at $11 billion in December, caused net profit to plunge more than 60 percent to 190 million in a recent quarter. 
 
"The days of promoters gaming the banking system are over," she warned in February, before urging the arrest of liquor baron Vijay Mallya, whose defunct Kingfisher Airlines owes more than $1.3 billion to state-run banks.
 
Ambiga Dhiraj, chief executive, Mu Sigma: In February Dhiraj became the first female boss of an Indian-owned tech unicorn when she took over Mu Sigma, a provider of data-analytics services, from husband Dhiraj Rajaram, who founded the firm in 2004. With estimated revenue of $250 million, it is valued at $1.5 billion, based on its latest funding round.
 
Dipali Goenka, chief executive, Welspun India: Five years ago, when Goenka took charge of home textiles maker Welspun India, the buzz in the male-dominated industry, she recalls, was: "Welspun has lost its mind." Goenka has doubled down to disprove that.
 
Vinita Gupta, chief executive, Lupin: Gupta runs India's third-largest pharmaceutical company, with $2 billion in revenue. In the past year she has spearheaded $1.2 billion in acquisitions, the biggest of which was the $880 million purchase of Gavis Pharma, giving Lupin its first manufacturing facility in the US.
 
Chanda Kochhar, managing director, ICICI Bank: As boss of the country's largest private-sector lender, Kochhar has to contend with the current bane of India's banking system: Bad loans. In a bid to retain female staff, she launched "[email protected]", which allows employees to work from home for a year. Executives can also take children under the age of 3 on business trips, with a caregiver, at the bank's expense.
 
Vandana Luthra, vice chair, VLCC Health Care: Luthra pioneered the concept of a beauty and wellness chain in India. She opened her centre in New Delhi in 1989, offering weight management as well as hair and skin treatments, and now has 313 centres in 11 countries in Asia, the Middle East and East Africa.
 
Kiran Mazumdar-Shaw, chair, Biocon: Amid a volatile stock market, the founder of Biocon took its thriving research arm, Syngene International, public last August. With a recent market cap of $1.1 billion Syngene shares are up more than 52 percent. The self-made Mazumdar-Shaw has positioned Biocon as a large player in insulin. Biocon is the only Asian firm ranked among the top 20 biotech employers worldwide by Science magazine.
 
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.

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