&w=3840&q=100)
ED actions concluded at all locations, say Reliance Infra, Reliance Power
Earlier, on Thursday, the ED had raided more than 35 premises and searched over 50 companies in New Delhi and Mumbai linked to the Reliance Anil Ambani Group (RAAGA). The investigation was related to the alleged illegal diversion of loans worth Rs 3,000 crore from Yes Bank between 2017 and 2019.
'Action by ED has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the company,' both R-Infra and R-Power clarified again on Sunday (27 July).
The companies further clarified that the media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old.
R-COM has been undergoing the Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code (IBC) 2016 for over six years.
Earlier this month, R-Com disclosed to the exchanges that the State Bank of India (SBI) had decided to classify the company's loan account as 'fraud' due to irregularities in the conduct of the account, and that the bank would report both the account and Anil Ambani, a director at R-Com, to the Reserve Bank of India (RBI).
On the other hand, R-HFL has been fully resolved pursuant to the judgement of the Supreme Court of India. 'Similar allegations as those set out in the media reports are sub judice and pending before the Hon'ble Securities Appellate Tribunal, as per publicly available information,' R-Infra and R-Power noted.
Further, both companies claimed that Anil Ambani is not on the board of R-Infra and R-Power. Accordingly, any action taken against R-COM or R-HFL has no bearing or impact on the governance, management, or operations of R-Infra and R-Power, the companies added.
'The company continues to operate in the normal course, and the said action has no impact on its business operations. The company continues to focus on its business plans and remains committed to creating value for all stakeholders,' R-Infra and R-Power added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
4 minutes ago
- India.com
8th Pay Commission BIG update: When will 8th CPC come into effect, how much salary will increase? Key details revealed
8th Pay Commission BIG update: When will 8th CPC come into effect, how much salary will increase? Key details Revealed Central government employees are eagerly waiting for the 8th Pay Commission to be implemented. Everyone is hoping that it will bring a big increase in their salaries. Now, a new report has come out that answers some important questions like when the 8th Pay Commission might be rolled out and how much salary hike can be expected. According to a report in Kotak Institutional Equities, the 8th Pay Commission may be implemented by the end of 2026 or early 2027. Right now, the government is still working on setting the terms of reference, which means deciding the rules and responsibilities of the commission. The commission itself hasn't been formed yet, and the name of the chairperson (head of the commission) has also not been announced. However, it is expected that the government may make an announcement about this soon. How much can the salary increase? Under the 8th Pay Commission, a big salary hike is expected for central government employees. According to the report: The basic salary may increase by 30 per cent to 34 per cent. The minimum basic pay, which is currently Rs. 18,000, could go up to around Rs. 30,000. The fitment factor (used to calculate revised salaries) is expected to be 1.8, which will give employees a real benefit of around 13 per cent in take-home pay. How will 8th Pay Commission impact the government's expenses? The 8th Pay Commission may have an impact of 0.6 per cent to 0.8 per cent on India's GDP. The government may have to bear an additional burden of Rs. 2.4 to Rs. 3.2 lakh crore due to salary increases. As salaries go up, spending power of employees will rise which will lead to higher demand in sectors like automobiles, consumer goods, and other daily-use items. What about savings and investments? There could be an additional increase of Rs. 1 to Rs.1.5 lakh crore in savings, especially in stocks, fixed deposits, and other investment options. The salary hike will benefit around 33 lakh government employees and a large number of pensioners. Among them, Grade C employees (lower salary bracket) are expected to benefit the most.
Economic Times
4 minutes ago
- Economic Times
Varun Beverages Q1 Results: PAT up 5% YoY despite 2% dip in revenue
PepsiCo's bottling partner, Varun Beverages, has announced its results for the first quarter ended June 2025, reporting a 5% year-on-year (YoY) surge in profit after tax (PAT) at Rs 1,325.49 crore, up from Rs 1,261.83 crore reported a year ago. However, revenue from operations slid by 2.3% YoY. ADVERTISEMENT Revenue from operations for Q1 FY26 stood at Rs 7,333.67 crore, compared to Rs 7,513 crore in the corresponding quarter of the previous financial year. Sequentially, PAT rose significantly by 81.2%, up from Rs 731.36 crore in the March quarter. In addition to the Q1 results, the company's Board of Directors has approved an interim dividend of 25% of the face value, amounting to Rs 0.50 per share. The total estimated cash outflow for this dividend distribution will be approximately Rs 169.1 company's EBITDA margin expanded by 82 basis points YoY to 28.5% in Q2 CY2025, compared to 27.7% in Q2 CY2024, despite higher fixed overheads from newly commissioned capacity at four greenfield plants in India, which are yet to contribute incremental margin expansion was supported by operational efficiencies and favourable currency movements in international markets. Gross margins remained stable at 54.5% during the quarter, while EBITDA stood steady at Rs 1,998.77 crore. ADVERTISEMENT Varun Beverages also acquired 50% of the equity share capital of Everest Industrial Lanka (Private) Limited (EIL), based in Sri Lanka. EIL is engaged in the production, manufacturing, distribution, and sale of commercial visi-coolers and related its investor presentation, the company reported a 3% YoY decline in consolidated sales volume to 389.7 million cases in Q2 CY2025, down from 401.6 million cases in the same quarter of CY2024. ADVERTISEMENT The drop in volumes was primarily attributed to unusually high and unseasonal rainfall across India during the sales volumes in India declined by 7.1%, while international volumes registered robust growth of 15.1%. South Africa alone posted a 16.1% rise, partially offsetting the overall decline. ADVERTISEMENT The company remained net debt-free during the quarter, maintaining free cash of Rs 514.90 crore. This strong liquidity position has contributed to a healthier balance sheet and ensures readiness for future growth initiatives.'Although unseasonal rains have impacted performance during the quarter, we have successfully navigated such challenges in the past and emerged stronger. We continue to strengthen our on-ground execution by adding more visi-coolers and ensuring wider product availability across retail touchpoints,' said Ravi Jaipuria, Chairman of Varun Beverages. ADVERTISEMENT On the outlook, the company stated that with robust capacities now operational, an expanding product portfolio, and a sharply focused distribution network, it is well-positioned to capture emerging opportunities and drive sustainable, long-term value creation for all the quarterly results, shares of Varun Beverages were trading 1.5% higher at Rs 493.95 on the BSE. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Hindustan Times
4 minutes ago
- Hindustan Times
ED raids former Vasai Virar Municipal Commissioner's premises in PMLA case
Mumbai, The Enforcement Directorate on Tuesday conducted searches at multiple premises linked to former Vasai Virar City Municipal Corporation Commissioner Anil Pawar as part of a money laundering investigation linked to "large-scale" illegal construction under its jurisdiction. ED raids former Vasai Virar Municipal Commissioner's premises in PMLA case Official sources said a dozen premises of Pawar, his family members, associates and alleged benamidars in Virar, Mumbai and Nashik were searched under the provisions of the Prevention of Money Laundering Act . Pawar has recently been transferred out from VVCMC. According to reports, Pawar was given an official farewell on Monday. The money laundering case stems from an FIR registered by the Mira Bhayandar Police Commissionerate against some builders, local henchmen and others. The case, according to an ED statement issued earlier, pertains to "illegal" construction of residential-cum-commercial buildings on government and private land under the jurisdiction of VVMC since 2009. Over a period of time, 41 illegal buildings were constructed on the land reserved for 'sewage treatment plant' and 'dumping ground' as per the approved development plan of Vasai Virar City, it had said. "The accused builders and developers deceived the public at large by constructing illegal buildings on such land and subsequently sold it to the general public by fabricating approval documents," it said. "Even with prior knowledge that these buildings were unauthorised and would eventually be demolished, the developers misled the people by selling rooms in these buildings thereby committing serious fraud," the ED alleged. The Bombay High Court issued an order in July 2024 ordering the demolition of all the 41 buildings. The residents of these residential units subsequently filed a special leave petition before the Supreme Court but this was dismissed and VVMC demolished these structures on February 20. Probe found, the ED said, that a "large cartel of architects, CAs, liasoners and VVCMC officials/officers are operating in collusion with each other." "This cartel is responsible for large-scale illegal construction in the jurisdiction of VVCMC," it said. The searches led to the recovery of "incriminating" digital devices which show the "involvement" of VVCMC officials in perpetrating this illegal construction scam, it said. The digital devices also show the "close" nexus of VVCMC officials/officers with the architects, CA's and liasoners and the extent of "large-scale" corruption and black money flowing in the VVCMC to get the approval for construction of buildings, the ED said. The first round of searches in this case were conducted by the ED in May. Following the second round of raids in July, the agency froze bank deposits and mutual funds of ₹12.71 crore and seized cash of ₹26 lakh apart from some "incriminating" documents and devices. This article was generated from an automated news agency feed without modifications to text.
