Coal India has made an announcement stating that non-power sector consumers will no longer be required to pay the coal value equivalent to ten days of supply as financial coverage for the coal received through rail transport. This step is aimed at reducing transactional complexities and facilitating smooth business operations, according to the PSU. Additionally, Coal India arm Northern Coalfields is set to kickstart a Rs 24,000-crore rehabilitation and resettlement project to relocate from Morwa township in Madhya Pradesh’s Singrauli.
In other news, Hyundai Motor India has received a tax demand notice of Rs 15 crore from GST authorities. The automaker disclosed that the order was received from the Central GST Department in Tamil Nadu for the fiscal years 2020-21 and 2021-22. Meanwhile, ACME Solar has outlined plans to invest Rs 17,000 crore in capital expenditure by 2026, with a focus on hybrid and round-the-clock renewable capacities. The company is also considering entering the nuclear energy segment, although these plans are still in the preliminary stages.
Glenmark Pharmaceuticals is recalling approximately 15 lakh bottles of a generic medication used for attention deficit hyperactivity disorder in the US market. The recall pertains to Atomoxetine Capsules in multiple strengths. Additionally, Allied Blenders and Distillers Ltd. (ABD) has launched a new subsidiary called ABD Maestro Pvt. Ltd. in collaboration with Ranveer Singh, with a focus on premium and luxury spirits markets.
The Enforcement Directorate has issued a notice to fintech firm Paytm owner One97 Communications for alleged violation of FEMA rules related to the acquisition of two subsidiaries. Paytm clarified that the alleged breach occurred when the two companies were not its subsidiaries. Furthermore, NMDC has reported a 17.8% increase in iron ore production in February compared to the previous year.
NLC India Ltd (NLCIL) has secured a contract from SJVN Ltd to develop and operate a 200 MW wind power project at a tariff of Rs 3.74 per kWh. The project aims to generate 526 MU of clean green power annually. Piramal Enterprises has received a demand notice of Rs 1,502 crore, including tax, interest, and penalties, from the Deputy Commissioner of State Tax, Maharashtra.
Mahindra Holidays & Resorts India Ltd has received a demand of over Rs 17.5 crore from the GST authority in Chennai over an alleged turnover mismatch and reversal of input tax credit issue. Alpex Solar has been awarded an order valued at Rs 210.71 crore from the Solar Energy Corporation of India for the supply of Solar PV Modules and Solar Cells. Dalmia Bharat has announced an investment of approximately Rs 3,520 crore in Maharashtra and Karnataka to add 6 MnTPA Cement Capacity.
Tata Communications has completed the divestment of its subsidiary Tata Communications Payment Solutions Limited to Transaction Solutions International India. The USFDA conducted an inspection at Unichem Laboratories’ Pithampur API facility and issued four observations, none of which were related to data integrity. MOIL has reported its best-ever February production of 1.53 lakh tonnes of Manganese ore.
Astral Ltd has received a tax demand order from the Additional Commissioner of State Tax in Bihar for a total of Rs. 1,50,26,454, including interest and penalty. Niva Bupa Health Insurance has been served with an order confirming demand and imposing penalties in Bihar. Lastly, Krishna Institute of Medical Sciences Limited has received confirmation for a scheme of amalgamation for the merger of Rajyalakshmi Healthcare Private Limited with Sarvejana Healthcare Private Limited, a material subsidiary of KIMS.
