Raids on Aditya Birla, BK Birla firms; Rs 77 lakh yarn seized

November 17, 2013

Aditya-BirlaThane, Nov 16: Godowns of the Birla Group owned companies at Bhiwandi near here were raided by the officials of the Controller of Legal Metrology and yarn worth around Rs 77 lakh were seized for want of proper packaging on the material, an official release said here today.

The release stated that the raids were conducted under the direct guidance of the Controller of Legal Metrology, Ashok Dongre.

The seized goods comprised yarn manufactured by Century Rayon of the BK Birla Group worth Rs 43,92,500 and Aditya Birla Nuvo worth Rs 33,00,000.

According to the release, the seized goods did not have any declaration as stipulated in the Weights and Measures Act and also the Legal Metrology Act and Rules 2009 and 2011.

However when contacted, a spokesperson of the Aditya Birla Group said the company was fully compliant with the packaging norms and was not aware of any new packaging stipulation as the seized goods were packed as per the existing per industry packaging norms.

"We are fully compliant with the existing packaging regulations and we are sure to convince the authorities about the same. We don't know of any new packaging norms.

"The seized yarns are industrial raw materials for textile manufacturing to be marketed to institutional clients. The quantities are in 50 kg cartons, which is the industry size packaging," the spokesperson said.

According to the industry practice, raw materials are not mandated to carry packaging labels, said an industry analyst.

BK Birla group could not be contacted for reaction.

Cases of violation under the said rules and Act have been registered against the concerned for having failed to make declarations on the packages, the release said.

Further probe and action into the case is being carried out by the office of the Controller of Legal Metrology, the release said.

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Agencies
July 13,2020

New Delhi, Jul 13: Top Congress leaders, including Rahul Gandhi and Priyanka Gandhi, are in touch with Sachin Pilot and are trying to placate him, a day after the Rajasthan Deputy CM declared open rebellion against Chief Minister Ashok Gehlot, sources said on Monday.

Pilot has claimed that the Ashok Gehlot government is in minority and that he has the support of over 30 MLAs in the 200-member Assembly.

According to sources, top Congress leaders have talked to Pilot and have asked him not to rebel against the chief minister. They also assured him that his grievances would be redressed at the party level.

For latest updates on Rajasthan political crisis, click here

Besides Rahul Gandhi and Priyanka Gandhi, other Congress leaders who are learnt to have spoken with Pilot are Ahmed Patel, former Union finance minister P Chidambaram and AICC general secretary K C Venugopal.

It was not immediately known what transpired during the discussions.

Sources said the leaders asked Pilot to attend a Congress Legislature Party meeting in Jaipur, but he has not given any assurance.

Pilot, who is in Delhi, has not been taking calls of many party leaders. AICC general secretary in-charge for Rajasthan Avinash Pande has said that Pilot has not been responding to calls and messages have been left with him.

Pilot has raised a banner of revolt against Gehlot after the special operations group (SOG) of Rajasthan Police sent a notice to him for appearing before it in the case involving "horse-trading" of MLAs in the state.

The SOG has registered an FIR in this regard and has also sent notices to the chief minister, chief whip of Congress and some ministers and MLAs.

Meanwhile, Congress has pulled out all the stops to save its government in Rajasthan and CM Gehlot has convened a meeting of the state legislature party.

Pilot, who is also the state Congress president, is miffed with Gehlot and has alleged that he was not being kept in the loop on key decisions.

The Congress Legislature Party meeting began about three hours later than scheduled, with ministers and MLAs flashed victory signs for the cameras.

The Congress said 109 MLAs have already expressed support for Chief Minister Ashok Gehlot, rejecting the claim by Deputy Chief Minister and the party’s state unit president Sachin Pilot that the senior leader does not have the majority.

About 100 MLAs had walked into the chief minister’s residence by 12.30 pm, an hour before the meeting actually started.

But some MLAs considered close to Pilot had not arrived till then. 

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
June 3,2020

New Delhi, Jun 3: India registered its highest single-day spike in COVID-19 cases on Wednesday with 8,909 more cases reported in the last 24 hours, taking the country's tally to 2,07,615, while the death toll rose to 5,815 according to the Union Health and Family Welfare Ministry.

The number of active COVID-19 cases stood to 1,01,497 while 1,00,303 people have been cured/discharged/migrated.

According to the Union Health and Family Welfare Ministry, out of all the states, Maharashtra has recorded the highest number of coronavirus cases with 72,300 patients followed by Tamil Nadu with 24,586 cases.

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