Companies & Sectors
Tata Opportunities Fund invests in Uber

Uber will leverage TOF's network within the Tata Group and externally as well


Private equity fund Tata Opportunities Fund (TOF) on Wednesday announced significant investment in Uber to expand the global app-based cab aggregator's services in India.
"The Tata Opportunities Fund is delighted to support Uber's growth and continued success around the globe, more recently in China and India," Padmanabh Sinha, TOF's managing partner, said in a statement.
However, the financial data points of the investment were not divulged.
Uber will leverage TOF's network within the Tata Group and externally as well.
"Tata is synonymous with entrepreneurialism in India. I am incredibly excited to have the Tata Opportunities Fund on board as a partner," Travis Kalanick, CEO, Uber Technologies, said.
Uber's partnership with TOF follows its other strategic relationships with Baidu in China, AmericaMovil in Latin America, and American Express in the US, the statement said.
Uber commenced its Indian operations two years ago and currently operates in 18 cities, including Surat, Visakhapatnam, Kochi, Indore and Nagpur.


Onion prices soar, MMTC to import 10,000 tonnes
In a bid to control onion prices, the central government on Wednesday decided that the MMTC will import 10,000 tonnes of onion.
"In order to contain rise in prices of onion and ensure its increased availability, the government has decided that (state-run trading company) MMTC will float a global tender for import of 10,000 tonnes of onion shortly," the agriculture ministry said.
Onion prices are on the rise due to mismatch in supply and demand. 
In the national capital, the retail prices of onion have risen to Rs.60 per kg. A similar trend prevails in other parts of the country.
The prices are rising due to the fall in production and sluggish supply of stored onions, meant for meeting the demand during the lean period of July-September, the ministry said in a statement.
Total onion production is estimated to be less than 189 lakh tonnes in 2014-15 crop year (July-June), down from 194 lakh tonnes last year.
Maharashtra, Karnataka and Madhya Pradesh are the top three onion producing states.


Ansal brothers fined Rs30 crore each, no more prison

Sushil Ansal has undergone a sentence of five months and 20 days and Gopal Ansal four months and 20 days


In a breather to Ansal brothers Sushil and Gopal, accused in the 1997 Uphaar fire tragedy case, the Supreme Court on Wednesday fined them Rs.30 crore each. They won't have to return to jail.
The court said the Ansals, the real estate giants, would deposit the fine in three months and this amount would be utilised by the Delhi government.
The fine would be accompanied by the jail sentence the brothers have already undergone for the Uphaar fire tragedy of June 13, 1997 that left 59 people dead.
The apex court bench of Justice Anil R. Dave, Justice Kurian Joseph and Justice Adarsh Kumar Goel passed Wednesday's order.
It reduced the fine of Rs.50 crore imposed on each of the brothers by Justice Gyan Sudha Misra (since retired) in a split verdict who differed with the verdict of Justice T.S. Thakur. 
Sushil Ansal has undergone a sentence of five months and 20 days and Gopal Ansal four months and 20 days. 
Though the trial court had awarded them two years sentence each, the Delhi High court reduced it to one year each.
The Ansal brothers owned the Uphaar cinema in south Delhi where 59 people died due to asphyxiation after a fire broke out in the transformer room, emitting toxic gases. 
The deaths occurred as people could not escape as the exit doors were closed. There was only one operational exit door. 
The apex court bench of Justice Thakur and Justice Misra by their March 5, 2014 verdict, while upholding the conviction of Ansal brothers, differed on the quantum of sentence. 
The matter was then referred to a three-judge bench to decide on the quantum of sentence.
Justice Thakur, upholding the Delhi High Court verdict, said the Ansal brothers would undergo a sentence of one year each as awarded by the high court.
Justice Misra, while holding that Ansal brothers deserve "no leniency", said they should undergo the maximum sentence of two years as provided under Section 304A of the IPC.
Justice Misra substituted the second year sentence with a fine of Rs.100 crore to be divided equally between the two brothers which, she said, would be used for setting up trauma centre in Dwarka.



Vaibhav Dhoka

2 years ago

Supreme court has set up new trend by this verdict that you can settle your criminal case by monetary payment.By this no affluent person will ever get convicted and land in jail.And ordinary and less affluent will never be out.All courts should take clue from Supreme court and settle matter and it will reduce delay in dispensation of justice.Or Judicial system be divided as per monetary payment capacity of litigant.As mightiness can get early justice and ordinary person will further crippled at hand of Judiciary.

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