The CBI on Tuesday arrested MD of Everonn Education P Kishore in a tax evasion case of around R116 crore. Everonn is a Chennai-based VSAT education network company. The agency says P Kishore had concealed taxable income to the tune of R116 crore and requested an I-T officer of concealing around R60 crore of taxable income. An additional commissioner of Income Tax and a middleman have also been arrested for accepting a bribe of R50 lakh. The three were called for questioning at the I-T office in Chennai on Tuesday morning and were later arrested.
AP HC dismisses bail pleas of Raju, 7 others
The Andhra Pradesh High Court on Tuesday dismissed the bail petitions of B Ramalinga Raju and seven other accused in the multi-crore Satyam Computer accounting fraud. Justice Samudrala Govindarajulu, who completed the arguments on the bail petitions on August 27, said all the bail applications were dismissed. Of the ten accused in the case, B Suryanarayana Raju, who is Rajus brother, and T Srinivas, a former auditor of PricewaterhouseCoopers, had been granted bail by different courts earlier. Besides Raju, Satyams former MD B Rama Raju, ex-CFO Vadlamani Srinivas, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, former PWC auditor Subramani Gopalakrishnan and Satyams former internal chief auditor V S Prabhakar Gupta, are currently lodged in Chanchalguda Central Prison in Hyderabad.
BP completes stake buy in Reliances 21 contracts
Reliance Industries Limited and UK hydrocarbon major BP have announced the completion of BPs acquisition of a 30% stake in 21 oil and gas production sharing contracts (PSCs) that Reliance operates in India, including the producing KG D6 block. This significant step will commence the planned alliance which will operate across the gas value chain in India, from exploration and production to distribution and marketing. The completion of the deal delivers one of the largest ever foreign direct investments into India, a statement from RIL said.
Griffin Coal ends coal supply agreement with Perdaman
Lanco Infratech has on Tuesday announced, Griffin Coal, a subsidiary of Lanco Resources Australia, formally terminated its Coal Supply Agreement (CSA) with Perdaman Chemicals and Fertilisers (Perdaman) in terms of the CSA as the condition precedent to the implementation of that CSA concerning Perdamans Financial Close was not met by Perdaman. Griffin Coal has offered to withdraw this formal termination and to provide Perdaman with additional time until 15 October to achieve Financial Close including certain terms & conditions in line with the CSA. The offer is open for acceptance by Perdaman until 6 September.
Nissan eyes festive season for Sunnys roll out
Nissan Motor India on Tuesday started the production of its mid-size sedan Nissan Sunny at its manufacturing plant in Oragadam near Chennai. This is the second completely made in India car to be rolled out by Nissan from the Chennai plant in a period of 15 months. The Nissan Sunny was unveiled on August 3 and is being readied to hit the market by the upcoming festival season. The sedan is expected to appeal to young families looking for a medium sized sedan that combines an upscale design with the space, quality.
BGR bags R448-crore NPCIL contract
The Nuclear Power Corporation of India (NPCIL) has awarded R448.48-crore worth turnkey implementation contract to the electrical projects division of BGR Energy Systems at two of its upcoming nuclear power plants. The order involves the supply, erection, testing and commissioning of main plant electrical systems, including nuclear island electricals, at Kota, Rajasthan (2 X 700 mw) and Kakrapara, Gujarat (2 X 700 mw). The company would execute the contract between September 2015 and March 2016.
HCL Tech partners with Basware
Global IT solutions provider HCL Technologies has announced a strategic partnership with Basware which provides purchase-to-pay solutions. HCL Technologies will leverage Basware's industry solutions like iautomation, travel and expense, procurement and connectivity. Our partnership with Basware completes HCLs F&A BPO strategy to provide end-to-end finance & accounting services across the purchase-to-pay landscape. This partnership with Basware powers HCLs P2P services by providing customers with a strong technology platform, and the ease to shift to e-invoicing while benefiting from process efficiencies and cost reductions, said Randy Mueller, VP finance & accounting, business services, HCL Technologies.