Haven't got your tax refund yet? Here's why it may be delayed
advertisement
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
2 hours ago
- The Hindu
Natco Pharma to acquire stake in South African firm Adcock Ingram for ₹2,000 crore
Natco Pharma has made an offer to acquire nearly 36% stake in South African pharmaceutical company Adcock Ingram Holdings (AIHL) for $226 million (around ₹2,000 crore). The proposal to acquire the stake from minority shareholders in an all cash deal is a strategic investment aimed at to expanding geographic footprint in South Africa, Natco said on Wednesday. Founded in 1890, AIHL has a diverse product portfolio, from generic and branded formulations, critical-care hospital products to consumer and home-care products. It operates across four segments -prescription, consumer, OTC and hospitals. The acquisition is expected to be completed by 2025. Post-acquisition, AIHL will continue to operate as a private South African business with Bidvest holding 64.25% and Natco 35.75%, including a prior held 0.80% stake, in the company. Post-transaction, Natco will consolidate 35.75% of AIHL net profits in its financial results. AIHL clocked revenue of $536 million in the financial year June 2024 and profit after tax of $45 million. 'Adcock Ingram is a respectable pharmaceutical company with well-recognised brands and products and maintains a leading position in the South African pharmaceutical market. The proposed transaction will provide Natco Pharma with a well-established entry into the Southern African market. It will also allow us to tap into new revenue streams and expand our footprint in one of the largest and growing emerging markets, while providing a gateway to the African continent,' CEO and Vice-Chairman Rajeev Nannapaneni said. Besides the acquisition, Natco Pharma Board also approved a proposal to incorporate a wholly owned subsidiary in South Africa with an investment of up to Rs.2,100 crore by this year to enter new geographies for growth and increased profitability. It also approved a proposal to liquidate wholly owned subsidiary Time Cap Overseas (TCOL), and directly hold the investment in step down subsidiary NatcoFarma do Brasil. Natco shares closed 2.01% higher at ₹1,034.75 apiece on the BSE.
Time of India
3 hours ago
- Time of India
A 60 day grace period to remain in US after a layoff is no longer sacrosanct for H-1B workers
Several laid-off H-1B workers are receiving notices to appear (NTAs)– the first step in the deportation proceedings, even while the 60-day grace period of authorised stay has not expired. Sameer Khedekar, immigration attorney and founder of Vanguard Visa Law explained, 'Upon lay-off a 60-day grace period is available to an H-1B visa holder who either transfers the H-1B status to a new employer or applies to change his/her visa status (say to a dependent visa) before the grace period ends. However, increasingly the Department of Homeland Security is sending NTAs in immigration courts. This is happening even when the laid-off H-1B worker has a change of status application pending. ' The notice points out to the date of withdrawal of the H-1B visa by the erstwhile employer and states that the individual has stayed in the US for longer than is permitted, he explains. Rajiv S. Khanna, managing attorney at points out that a policy memo issued on Feb 28, states that NTAs should generally be sent "upon issuance of an unfavourable decision on a benefit request" where the individual is not lawfully present. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Are The Most Beautiful Women In The World Undo However, recent cases demonstrate USCIS improperly issuing NTAs to individuals who remain in 'authorized periods of stay' (such as during the 60-day grace period for H-1B visa holders) including those with pending change of status applications. To illustrate: An H-1B worker, who timely filed an I-539 application to change status to B-2 visitor within their 60-day grace period, received an NTA before a decision was made on the I-539. 'This contradicts guidance issued by the US Citizenship and Immigration Services (USCIS). In other words, if you have a properly filed, non-frivolous application pending, you should be considered in 'authorized stay' for unlawful presence purposes. Despite this, we are seeing a significant volume of NTAs," states Khanna. According to USCIS's recent release their screening and vetting efforts have led to approximately 1,840 NTAs a week since Feb 2025. Many of these appear to be issued in circumstances that raise serious questions about adherence to stated policy, adds Khanna. USCIS under the Biden administration had issued guidelines for laid-off workers, which included changing status during the 60-day grace period. It had pointed out that status can be changed to that of a dependent if the spouse holds an H-1B or L-I visa. Other possible non-immigrant options include change of status to that of a student visa holder (F-1) or obtaining visitor status (B-1 or B-2 visas). This guidance has been achieved and no fresh guidance has been issued. When an NTA is filed with the immigration court, removal proceedings commence and unlawful presence is triggered which has serious consequences. For now, in addition to the loss of a job, laid off H-1B workers have the looming threat of deportation proceedings.
Time of India
3 hours ago
- Time of India
Pernod Ricard sells Imperial Blue whisky to India's Tilaknagar Industries
Pernod Ricard said on Wednesday it had agreed to sell its Imperial Blue whisky business to Indian liquor maker Tilaknagar Industries , as the French spirits group boosts its focus on premium labels in its portfolio. The world's No. 2 Western spirits maker did not disclose the value of the deal, but said that on completion it was expected to be "immediately and meaningfully accretive" to Pernod Ricard India's operating margin and net sales growth rate. Explore courses from Top Institutes in Please select course: Select a Course Category others MCA PGDM Artificial Intelligence Public Policy Leadership Digital Marketing Design Thinking Technology healthcare Cybersecurity Finance Others Operations Management Data Analytics Data Science Project Management Healthcare Product Management MBA Management CXO Degree Data Science Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details The transaction is subject to approval from the competition commission of India, and is expected to close within the coming months, Pernod Ricard said in a statement. The news comes as the French group looks to streamline its business and focus on its core portfolio of pricey, global brands amid a sector-wide downturn in sales. Pernod Ricard Chairman and CEO Alexandre Ricard said the sale would "sharpen our focus on more profitable and faster growing brands in India, as in the rest of the world". Live Events Jean Touboul, CEO of Pernod Ricard India, said it would notably allow Pernod Ricard to allocate resources more effectively towards high-growth brands in India such as Royal Stag, Blenders Pride, as well as international brands like Chivas, Jameson, Absolut, and Ballantine's. Pernod Ricard sees India, the group second-largest market, as key to future growth. Alcohol sales in India are projected to hit $61.35 billion in fiscal 2025-26, according to CRISIL. Imperial Blue, a top-selling mass-market whisky, competes in India with the likes of United Spirits' McDowell's No.1. Pernod Ricard views it as a local, value brand, and therefore not as central to its strategy as pricier, global labels like Chivas Regal. For Tilaknagar Industries , a dominant player in India's brandy market with Mansion House, the deal marks a strategic shift into whisky, a faster-growing, higher-margin segment. Tilaknagar Industries has been in turnaround mode, returning to profit after debt restructuring and widening distribution.
