The Bruhat Bangalore Mahanagar Palike, Bangalores city corporation, on Friday claimed that Wipro has not paid R19 crore as property tax with regard to one of its facilities. The company denied the allegation. Wipro said, Wipro has paid the requisite property tax with respect to its software facility at Sarjapur Road. This facility in the Special Economic Zone is engaged in software development for global customers and has been established with pre-approvals from the government of Karnataka and government of India. However, BBMP has disputed the tax payments by Wipro. In this context, Wipro had sought appropriate remedy from the department on grounds of merit and natural justice. However, BBMP officials preferred to be arbitrary and applied coercion. We regret that BBMP has taken such a position. Wipro will take up this matter with the appropriate authorities in the government and/or the judiciary to seek resolution in the matter, the company said.
Wipro expects demerger to be complete in 5 mths
Wipro is expecting the planned demerger process that will witness the separation of its business between IT and non-IT business to be completed in the next four to five months. Wipro CFO Suresh Senapaty said, We expect in the next four-five months the court to come out with its order and then certain more procedures and formalities have to be followed to make sure the demerger gets complete in terms of exchange of shares. The demerger process planned by Wipro will see its IT business remaining as a listed entity while the entire non-IT business turning into an unlisted organisation. This whole process will also see the holding of the promoters group led by chairman Azim Premji reduced to 75% from the current 79% in accordance with the norms laid out by the market regulator Sebi.
Sesa Goa seeks permit on Karnataka mine
Sesa Goa on Friday moved the Supreme Court seeking grant of temporary work permit for iron-ore mining in Karnataka till it secures forest clearance and other required environmental nods from the Centre and state authorities. The matter hs been posted for hearing on February 1 by a special green bench headed by Justice Aftab Alam. It argued that it had met all the conditions imposed by the apex court-appointed Central Empowered Committee for resumption of category B mines in Karnataka.
DEN Networks Q3 net at R17.18 crore
DEN Networks has reported a consolidated profit after tax at R17.18 crore in the quarter ended December 31, thereby posting a 386% growth compared to the year-ago period. The companys consolidated Ebidta stood at R60.39 crore, up 96% y-o-y basis, driven by healthy growth in the cable business revenue that stood at R229.41 crore, up 36% compared to the year-ago period.
Venus Remedies launches AMR drug
Venus Remedies is likely to spend over $10 million on marketing of its patent protected product Elores in India and overseas markets. Elores, an antibiotic adjuvant entity, is meant to combat antimicrobial resistance (AMR) produced by MDR, ESBL producing strains and expected to help reduce treatment time and costs significantly. The company launched the antibiotic in the Indian market on Friday. Venus has already spent about $10million on developing the anti-resistance drug, according to the company.
Colgate still in talks over resolving Goa unit row
Colgate-Palmolive India announced on Friday that the companys management is still in discussions to resolve issues with one of the unions at Goa facility, where work has been temporarily stopped since January 6.Work at the companys toothpaste manufacturing facility in Goa has been stopped illegally since January 6 by some workers who are primarily protesting against suspension of a colleague, Colgate-Palmolive said.The company management is still in discussions with one of its unions at the said facility to resolve the issues amicably, it added.
NIIT net at Rs 50 lakh in Oct-Dec quarter
NIIT on Friday posted a net profit of R50 lakh for the third quarter ended December 31. In the corresponding quarter last year, it had reported a net loss of R16.9 crore on a continuing business basis, which excludes financials of its earlier unit Element K. The companys revenues in the period stood at R232.7 crore against R239 crore in the year-ago p;eriod. This is traditionally a weak quarter for us as schools and corporates have holidays and colleges have their mid-term exams, NIIT chief executive officer Vijay K Thadani told reporters here.
The article, The Changing Staffing Landscape , carried in Thursdays FE, was authored by Sangeeta Lala, senior vice-president & co-founder, TeamLease Services.