- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, May 15, 2023:
Indian car manufacturers have agreed to remove import tax on a limited number of vehicles in a trade deal with the UK “if the need arises”, Reuters reported citing a document that it saw. It offers better access to the world’s third-largest automobile market. The South Asian nation currently levies 70 per cent and 100 per cent tax on car imports which will be decreased in a phased manner to 10 per cent by year five but only for a maximum of 46,200 vehicles, as per a proposal made by the country’s leading auto lobby group to the government. “As a fall back, 0% would also be acceptable, if the need arises during the negotiations,” the Society of Indian Automobile Manufacturers (SIAM) said in a submission to the commerce ministry which was seen by Reuters.
India’s National Company Law Appellate Tribunal will pass its order on May 22 on petitions filed by three aircraft lessors against Go First’s voluntary insolvency resolution proceedings, PTI reported. A two-member bench headed by chairperson Justice Ashok Bhushan on Monday reserved its order after completing the hearing on three petitions. The bench also asked the parties to submit additional documents, if any, in the next 48 hours.
The Supreme Court of India on Monday adjourned hearing on the Securities and Exchange Board of India’s (SEBI) plea seeking a six-month extension to conclude the investigation in the Hindenburg Research’s report, ANI reported. The bench led by the Chief Justice of India Dr Dhananjaya Yeshwant Chadrachud and also comprising Justices P S Narsimha and J B Pardiwala adjourned the matter. Solicitor General Tushar Mehta informed the top court that SEBI is seeking an extension of time for conducting the probe and needs six months to reach any conclusion.
As a political row erupted over India’s regulatory body SEBI telling the Supreme Court that it has not been probing the Adani Group since 2016, the country’s finance ministry on Monday said it stands by its July 2021 written reply in Parliament that had stated that the stock market regulator was investigating some Adani group companies, PTI reported. After SEBI filed a fresh affidavit with the Supreme Court to strengthen its case for a six-month extension of the deadline to complete the probing allegations of fraud and money laundering against Adani Group, Congress and other opposition parties cited the finance ministry’s July 2021 replies in Parliament to ask who was misleading.
India’s Enforcement Directorate has carried out search operations and froze movable properties worth Rs 158 crore (£15.3 million) of lottery king Santiago Martin in the southern state of Tamil Nadu, ANI reported. The searches by the agency in Coimbatore and Chennai carried out on Thursday-Friday, were under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Along with the movable properties, documents of immovable property worth Rs 299.16 crore (£29 million) were seized. “Thus, properties worth Rs 457 crore (£44.3 million) (approx) were unearthed as a result of search operations carried out, and the same have been seized/freezed against the Proceeds of Crime,” the ED said on Monday.
Indian Infrastructure Finance Company Limited (IIFCL), a state-owned infrastructure lender, has said that it recorded its “highest-ever” standalone net profit at R 1,076 crore (£104.4 million) in 2022-23, the Hindu BusinessLine reported. This was more than double the net profit of Rs 514 crore (£49.8 million) registered in the previous fiscal. Boosted by the robust show, IIFCL has now aimed to double its net profit for the current fiscal to more than Rs 2,000 crore (£194.1 million), P R Jaishankar, its managing director, told the news outlet.
