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Hindustan Times
26 minutes ago
- Hindustan Times
Skoda Auto Volkswagen India expands portfolio with Bentley luxury cars
Photo: Bentley Flying Spur Check Offers Skoda Auto Volkswagen India Private Limited (SAVWIPL) announced on Monday that it has extended its brand portfolio by adding Bentley, the legendary British car company. Bentley has been added as the sixth marque under the Group's umbrella in India. Starting this month, SAVWIPL has become the exclusive importer, distributor and service provider for the Bentley luxury vehicles in India. Until now, Bentley operated in India through its partnership with Exclusive Motors. Bentley India's operations will be overseen by Abbey Thomas, the newly appointed Brand Director. Thomas will be responsible for leading the brand's operations and growth in the Indian market. Moreover, Bentley India is set to expand its presence with the introduction of three new dealer partners in key metropolitan cities—beginning with Bengaluru and Mumbai, followed by New Delhi. These upcoming showrooms will cater to India's ultra-high-net-worth clientele, offering Bentley's renowned luxury car models. Commenting on the entry of Bentley brand to the SAVWIPL, Piyush Arora, Managing Director and CEO of Skoda Auto Volkswagen India, said that the country's appetite for luxury vehicles is growing rapidly. 'Welcoming Bentley into the SAVWIPL family is a proud milestone that completes our portfolio — from the precision of German engineering to the timeless elegance and unmatched performance of British craftsmanship. Additionally, Abbey's deep understanding of the Indian market makes him the ideal leader to steer Bentley India toward new milestones," Arora said. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 07 Jul 2025, 20:26 PM IST
The Print
28 minutes ago
- The Print
PSU sells Rs 52 insecticide-treated mosquito nets to govt for Rs 237 each: CBI FIR
It was the sole bidder despite lacking its own manufacturing capacity, quoting rates of Rs 228-Rs 237 per unit. The PSU — Hindustan Insecticides Ltd (HIL) — secured a Rs 29 crore contract from the Central Medical Services Society (CMSS) in 2021-22 for the supply of more than 11 lakh Long-Lasting Insecticidal Nets (LLINs) for malaria control over public procurement platform, Government e-Marketplace (GeM). New Delhi, Jul 7 (PTI) The CBI has registered an FIR in an alleged procurement scam wherein insecticide-treated mosquito nets, priced at Rs 49 to Rs 52 per piece, were reportedly procured and sold to the CMSS under the Union health ministry at inflated rates of Rs 228 to Rs 237 per piece by a public sector undertaking, officials said on Monday. HIL went on to subcontract the work to empanelled vendors, providing raw materials and chemicals while vendors undertook production and insecticide treatment. Bypassing the lowest bidder, Shobikaa Impex, the officials at HIL initiated a procurement chain that ultimately channelled the order through Mohinder Kaur Knitting Pvt Ltd, a company with no manufacturing capacity of its own, the FIR alleged. According to the FIR, the actual production was executed by VKA Polymers, which sold nets to JP Polymers — a closely linked firm — at Rs 49 to Rs 52 per unit. By the time the product reached HIL via this chain of intermediaries, the price had ballooned to Rs 87 to Rs 90 per unit. HIL, in turn, supplied the nets to CMSS at Rs 228 to Rs 237 per piece, raising suspicions of price manipulation and kickbacks. VKA Polymers and JP Polymers are interlinked entities managed by family members — Anand Samiappan and M. Sakthivel, respectively– the FIR alleged. It added that Balvinder Singh Tandon, Director of Mohinder Kaur Knitting, coordinated the execution of HIL's purchase orders through his company. The inflated pricing funnelled through multiple companies allegedly caused a loss of Rs 6.63 crore to CMSS, while HIL and its intermediaries profited from the markup. In its FIR, the agency has named Mohinder Kaur Knitting Pvt. Ltd, its Director, Balvinder Singh Tandon, VKA Polymers Pvt. Ltd and its Director, Anand Samiappan, JP Polymers & Nets and its partner M. Sakthivel, besides unidentified officials of HIL India Ltd and the Central Medical Services Society. The CBI has invoked sections of criminal conspiracy and cheating under the Indian Penal Code, as well as provisions of the Prevention of Corruption Act, against them. PTI ABS RHL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
28 minutes ago
- Time of India
Jane Street to contest SEBI's manipulation charges: Reports
Jane Street rejects allegations Jane Street vs SEBI Live Events Pushback on exchange claims (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Securities and Exchange Board ( SEBI ) has accused Jane Street , one of Wall Street's biggest trading firms, of running what it calls 'an intentional, well planned, and sinister scheme' to distort the country's markets. The Financial Times reported the regulator's findings on Monday. Reuters has not verified this Friday, SEBI barred Jane Street from trading in India and ordered it to return over 550 million dollars of what it describes as illegal profit. The ban follows allegations that Jane Street moved Indian bank stocks in ways that triggered large payouts on connected Street has told staff it will fight the ban. In a memo sent on Sunday to around 3,000 employees, senior management wrote they were 'beyond disappointed' by SEBI's 'extremely inflammatory' accusations.'It's deeply upsetting to see the firm mischaracterised this way,' said the memo, quoted by the Financial Times. 'We take pride in the role we serve in markets around the world, and it's painful to have our firm's reputation tarnished by a report based on so many erroneous or unsupported assertions.'Jane Street's trouble with SEBI links back to a lawsuit it filed last year against Millennium Management and two former traders who left for the hedge fund. In that case, Jane Street claimed the traders stole a valuable strategy that turned out to centre on Indian options. SEBI's probe zoomed in on Jane Street's trades linked to the BANKNIFTY index, which tracks India's major banking are now checking other parts of India's markets too. Jane Street has argued that the trades flagged by SEBI were nothing more than 'basic arbitrage trading', a normal practice in the order also says Jane Street ignored warnings from local stock exchanges. The firm disputes this point strongly. In the same memo to staff, Jane Street said the regulator used 'a metric for market impact and trading aggressiveness which seems disconnected from actual market dynamics'.The memo added that when exchanges first raised concerns, the firm 'immediately turned off its trading until we could better understand the exchanges' concerns' and later changed its approach to meet their 'preferences'.'Once again, we left this process feeling that we had reached an understanding of the concerns and reflected them in modifications to our trading behaviour,' the memo said. 'Since February, we have made ongoing efforts to communicate with SEBI and have been consistently rebuffed.'Jane Street has 21 days to object to SEBI's order and ask for a hearing. The firm says it is working on a detailed response and plans to fight the ban in the meantime, India's regulators say they may widen the investigation into other trades and instruments connected to the firm. Jane Street's future in one of Asia's biggest markets now hangs on how this fight plays out.
