Companies & Sectors
Sahara buys New York hotel for $570 million

The 105-year-old luxury hotel overlooking New York’s Central Park, is jointly owned by Elad Properties of Israel and Saudi-based Kingdom Holdings Company

 
The Sahara Group has reportedly agreed to buy a controlling stake in New York’s prestigious Plaza Hotel for $570 million, a media report quoting Elad Properties, an Israeli-owned real estate company said on Monday.
 
The 105-year-old luxury hotel overlooking New York’s Central Park, is jointly owned by Elad Properties and Saudi-based Kingdom Holdings Company.
 
Elad, controlled by Israeli businessman Yitzhak Tshuva, said it would receive 1.6 billion shekels ($400 million) for its 60% stake, while the Saudi firm will receive the rest.
 
Kingdom, the investment arm belonging to Saudi billionaire Prince Alwaleed bin Talal, will hold a 25% stake once the deal is completed, Elad said in a statement. The Israeli company added that Fairmont Hotels & Resorts Inc, which has managed the hotel since 1999 and which is owned by the Saudi prince, will continue to operate the property.
 
Mr Tshuva is said to have bought the hotel eight years ago for $675 million. According to media reports, Elad had offloaded luxury apartments in the renovated hotel for $1.5 billion. 
The Elad Group made a profit of $500 million on the sale of the apartments.
 
The Sahara Group owns the hotel “Sahara Star” in Mumbai, a 5-star hotel spread over 7.42 acres adjacent to the Chhattrapati Shivaji International Airport. The group also owns the Grosvenor House Hotel in London (UK).
 

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CBDT extends I-T returns filing date to 31st August

Due to power failure across Northern and Eastern states, the CBDT extended the due date for filing I-T returns to 31st August from 31st July

 
The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax (I-T) returns for assessment year 2012-13 to 31st August from 31st July. This means, you can file your I-T returns for FY2011-12 till 31st August.
 
CBDT, in a notification said, "On consideration of the reports of disturbance of general life caused due to failure of power, the CBDT in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the ‘due date’ of filing of returns of income for the Assessment Year 2012-13 to 31 August 2012".
 
Earlier, the CBDT made it e-fling mandatory for an individual or a Hindu Undivided Family (HUF) if his or its total income exceeds Rs10 lakh. E-filing for such assessees was optional till 2010-11.
 
The Income Tax Department had received a record 1.64 crore e-Returns in 2011-12 financial year.
 
Currently, 'Business Houses' with receipts of Rs60 lakh and professionals with income of Rs15 lakh are mandatorily required to e-file their return with digital signature.
 
As on 31 March 2012, there were 1.96 crore tax payers who had registered for e-filing.
 
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COMMENTS

Chetan Chandaliya

5 years ago

great! I have been filing my client's returns, now I can file my returns too within the time frame :)

Maruti Suzuki reaches out to other HR heads over Manesar violence

The exercise focussed on how such industrial issue should be handled and the role that HR people must play in order to avoid it happening not only in Maruti Suzuki but in other companies elsewhere


New Delhi: Hit by unprecedented violence at its Manesar plant, Maruti Suzuki India has reached out to top human resource (HR) heads of India Inc, as it seeks to avoid a repeat of the 18th July incident, in which one senior official was killed, elsewhere, reports PTI.
 
Top HR minds in India, including Santrupt Misra of Aditya Birla Group, Satish Pradhan of Tata Sons, P Dwarakanath of Max India, Aquil Busrai (ex-IBM India) and Price Augustine of Mahindra & Mahindra and Pankaj Bansal of People Strong were among those who brainstormed with Maruti Suzuki India Chief Operating Officer (Administration) SY Siddiqui last week.
 
"It was an initiative I had taken up to share with them the experience of what had happened at Manesar plant and also to get a perspective from them," Siddiqui, who is also the President of National HRD Network, told PTI.
 
The exercise focussed on how such industrial issue should be handled and the role that HR people must play in order to avoid it happening not only in Maruti Suzuki but in other companies elsewhere, he added.
 
When contacted, People Strong CEO Pankaj Bansal said: "It was more of sharing of experience. It was about how we should react to such instances and going forward what are the steps needed to avoid a repeat of such violence anywhere in any company."
 
The other top HR honchos who attended the meeting include Arvind Agrawal (RPG Group), Bimal Rath (ex-Nokia India), Yash Yadav of Goodyear, Rajeev Dubey (Mahindra & Mahindra) and Ester Martinez (Founder & Managing Editor of People Matters).
 
On steps taken up by Maruti Suzuki in order to return to normalcy after declaring a lockout at the Manesar plant on 21st July, Siddiqui said: "Our priority remains the welfare and safety of our employees."
 
Reiterating the company's stance of not compromising on violence, he said Maruti Suzuki is cooperating with the Haryana Police to identify the culprits.
 
"It is too early for us to talk about sacking workers or hiring new at the Manesar plant. At the moment we are not thinking about restoration of production," Siddiqui said.
 
Following the violence, in which one senior executive was killed and 100 others were injured, the company had declared an indefinite lockout at the Manesar plant on July 21 saying the safety and welfare of the employees were paramount. Work at Gurgaon plant continues to be normal.
 
The company had last week said it formed a 25-member team, drawn from its various departments, to take care of the injured employees.
 
The Haryana government had formed a special investigation team (SIT), headed by Assistant Commissioner of Police Ravinder Tomar, to probe the incident. The police have so far arrested nearly 100 workers. The state government has also appointed eminent criminal lawyer KTS Tulsi as special public prosecutor for the trial of the accused in violence.

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