The Supreme Court has dismissed the bail plea of jailed former CMD of Amrapali Group of Companies Anil Kumar Sharma, saying he doesn’t deserve “sympathy” after having siphoned off the hard-earned money and life savings of thousands of homebuyers. “You have cheated thousands of homebuyers. You siphoned off their hard-earned money and their life savings. You do not deserve any sympathy,” a bench comprising Justices Ajay Rastogi and Bela M Trivedi said, and refused to issue notice to the prosecuting agency on the bail plea of Sharma who has been in jail for over four years in the case. “Yours is not a case of simple cheating. See the plight of thousands of home buyers. You cannot have our sympathy. You better enjoy being in jail… This court is very aware of what you did.
Posts tagged Rediff
Forex reserves rise $4.532 bn to $588.78 bn (05-05-2023)
India’s foreign exchange reserves jumped $4.53 billion to $588.78 billion for the week ended April 28, the Reserve Bank of India said on Friday. The overall reserves had dropped $2.16 billion to $584.25 billion in the previous reporting week. In October 2021, the country’s forex reserves had touched an all-time high of $645 billion.
Sensex, Nifty tank over 1% on losses in HDFC twins (05-05-2023)
IndusInd Bank, Tata Steel, Kotak Mahindra Bank, Mahindra and Mahindra, Bajaj Finserv, HCL Technologies, Infosys, Wipro and NTPC were the other major laggards. Titan, UltraTech Cement, Maruti, Nestle, ITC and Larsen and Toubro were among the gainers.
Sensex, Nifty tank over 1% on losses in HDFC twins (05-05-2023)
IndusInd Bank, Tata Steel, Kotak Mahindra Bank, Mahindra and Mahindra, Bajaj Finserv, HCL Technologies, Infosys, Wipro and NTPC were the other major laggards. Titan, UltraTech Cement, Maruti, Nestle, ITC and Larsen and Toubro were among the gainers.
Retail stores in India ‘milestone’ for Apple: Tim Cook (05-05-2023)
India is at a “tipping point” and a major focus for Apple, the technology giant’s CEO Tim Cook has said, terming the opening of its first two retail stores in the country – in Mumbai and Delhi – as a “milestone” for the company. Speaking at Apple’s Q2 2023 earnings call on Thursday, Cook emphasised the dynamism and vibrancy in the Indian market, calling it “unbelievable”. “Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year.
Retail stores in India ‘milestone’ for Apple: Tim Cook (05-05-2023)
India is at a “tipping point” and a major focus for Apple, the technology giant’s CEO Tim Cook has said, terming the opening of its first two retail stores in the country – in Mumbai and Delhi – as a “milestone” for the company. Speaking at Apple’s Q2 2023 earnings call on Thursday, Cook emphasised the dynamism and vibrancy in the Indian market, calling it “unbelievable”. “Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year.
Import of key Chinese medical devices rises up to 152% (05-05-2023)
In the first nine months of financial year 2022-23, India’s exports of medical devices have grown by 17 per cent, while imports have declined by around 8 per cent, show the latest data compiled by the Association of Indian Medical Device Industry (AiMeD). However, import of 30 medical devices from China has risen between 25 per cent and 152 per cent during this period, the AiMeD has written to Commerce and Industries Minister Piyush Goyal in March. The AiMeD is an umbrella organisation of medical device makers.
Import of key Chinese medical devices rises up to 152% (05-05-2023)
In the first nine months of financial year 2022-23, India’s exports of medical devices have grown by 17 per cent, while imports have declined by around 8 per cent, show the latest data compiled by the Association of Indian Medical Device Industry (AiMeD). However, import of 30 medical devices from China has risen between 25 per cent and 152 per cent during this period, the AiMeD has written to Commerce and Industries Minister Piyush Goyal in March. The AiMeD is an umbrella organisation of medical device makers.
Cognizant rejig to cost $400 mn over 2 years (05-05-2023)
Nasdaq-listed information technology (IT) services firm Cognizant will incur the cost of $400 million over two years as it sets to restructure its operations amid sluggish growth rates. Its NextGen Program aims at simplifying the operating model, optimising corporate functions, and consolidating and realigning office space to reflect a post-pandemic hybrid work environment. As part of this structural shift, Cognizant will eliminate 80,000 seats, or 11 million square feet of real estate in large cities in India.
CA, CS handling client money in PMLA ambit (05-05-2023)
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their “financial transactions” such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.