HomeLegal AdviceCorporate Updates: Penalties, Resignations, and Regulatory Actions in the Business World

Corporate Updates: Penalties, Resignations, and Regulatory Actions in the Business World

Stocks in Focus: Explore the companies attracting attention ahead of the market opening on November 20, 2023. Along with the company names, latest updates regarding each company is also given. 

Larsen & Toubro Faces Tax Penalties in Qatar:

The General Tax Authority of Qatar has levied penalties on Larsen & Toubro, amounting to 4,86,80,120 QAR for FY17 and 5,58,22,856 QAR for FY18. The company has appealed, citing the arbitrary nature of the penalties.

Resignations at Jio Financial Services:

Directors Sethuraman Kandasamy, Jagannatha Kumar Venkata Gollapalli, and Jayashri Rajesh have stepped down from their positions at Jio Financial Services, effective from November 17.

Kotak Mahindra Bank Faces GST Order:

The Government of Maharashtra’s Department of Goods and Service Tax has ordered Kotak Mahindra Bank to pay Rs 34,99,796 for alleged GST credit excess and non-payment of GST under reverse charge during the assessment period of July 2017–March 2018.

Vedanta’s Ratings Downgraded and GST Demand Order:

CRISIL Ratings has downgraded Vedanta’s long-term facilities, and the company faces a GST demand order of Rs 1,38,54,401. Vedanta plans to appeal the GST decision.

Mazagon Dock Shipbuilders Goes Ex-Dividend:

State-owned Mazagon Dock Shipbuilders declares an interim dividend of Rs. 15.34 per share for the current financial year, effective November 20.

IndusInd Bank Appoints Arun Khurana as Executive Director:

The Reserve Bank of India has approved the appointment of Arun Khurana as the whole-time director of IndusInd Bank for three years, effective from November 16.

Delhivery Witnesses Stake Sale by Softbank:

Softbank has sold 2.49 per cent of its stake in Delhivery through open market transactions, amounting to Rs 738.64 crore.

Bajaj Finance Suspends EMI Card Issuance:

Bajaj Finance temporarily halts issuing Existing Member Identification Cards (EMI cards) to new customers due to observed deficiencies by RBI.

Penalty Imposed on Bharti Airtel:

The Department of Telecommunications in Andhra Pradesh imposes a penalty of Rs 1.07 lakh on Bharti Airtel for alleged violations of subscriber verification norms.

Poonawalla Fincorp Faces GST Penalty:

Poonawalla Fincorp receives a penalty order of Rs 2.87 lakh for excess GST input, covering FY18, FY19, and FY20.

Aurobindo Pharma Receives Positive US FDA Inspection:

The US FDA concludes a pre-approval inspection at Aurobindo Pharma’s facilities in Telangana with zero observations and a classification of No Action Indicated (NAI).

Exide Industries Settles Long-Pending Lawsuits:

Exide Industries settles suits pending since 2006, with Vertiv Company Group agreeing not to use the CHLORIDE mark in India, bringing a long-standing legal dispute to an end.

Cipla’s Guarantee for Medpro Pharmaceutica:

Cipla issues a Facility Demand Guarantee of ZAR 945 million to First Rand Bank, South Africa, for extending banking facilities to its subsidiary, Medpro Pharmaceutica.

SBI Cards Responds to RBI Measures:

SBI Cards and Payment Services comment on the impact of RBI regulatory measures on consumer credit, anticipating a 4 percent reduction in capital adequacy.

RITES Secures Locomotive Tender:

RITES wins a tender for 10 diesel electric locomotives worth $37.68 million from CFM Mozambique but loses the tender for 300 high-side waggons.

NBCC Collaborates with ICAI for Building Projects:

NBCC signs a Memorandum of Understanding with the Institute of Chartered Accountants of India for planning, designing, and executing building projects.

Birla Corporation Granted API Monogram:

Birla Corporation’s cement plant is granted a license by the American Petroleum Institute to use the official API monogram on manufactured products.

CFO Resignation and Appointment at Gujarat Alkalies & Chemicals:

Vinayak Kudtarkar resigns as CFO, and Ram Gianani is appointed as CFO of Gujarat Alkalies & Chemicals.

Interest Rate Hike by South Indian Bank:

South Indian Bank increases its marginal cost of funds-based lending rates (MCLR) by 5 bps for multiple tenors, effective from November 20.

Oriental Rail Infrastructure Secures Orders:

Oriental Rail wins orders worth Rs 19.92 crore from Rail Coach Factory (RCF), Kapurthala, Indian Railways, to manufacture and supply seats and berths for AC 3-tier and 2-tier coaches.

Sunrest Lifescience Lists on NSE Emerge:

Healthcare and personal care products supplier Sunrest Lifescience lists its equity shares on the NSE Emerge, with an issue price of Rs. 84 per share.

Bondada Engineering Receives Orders from Dinesh Engineers:

Bondada Engineering received work orders worth Rs 32.72 crore from Dinesh Engineers to supply 40-metre towers with accessories.

Maintenance at Electrosteel Castings:

Electrosteel Castings announces maintenance of its blast furnace at the Khardah unit, expected to be operational after 3 to 4 weeks.

Appointment of Chief Vigilance Officer at Indian Railway Finance Corporation:

Pranav Kumar Mallick is appointed as part-time Chief Vigilance Officer of Indian Railway Finance Corporation, an additional charge for three years, approved by the Central Government.

Rugmini Dinu