Axis Bank grants 95.02 lakh stock options under ESOS
Axis Bank has granted 72,83,048 stock options at an exercise price of Rs. 1207.10/- per option under the Axis Bank Employees Stock Option Scheme 2000-01. The Bank has further granted 22,19,331 stock units at an exercise price of Rs. 2/- per unit under the Axis Bank Employees Stock Unit Scheme, 2022. Powered by Capital Market - Live News
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Indian Express
30 minutes ago
- Indian Express
BMC extends deadline for waste bioremediation at Deonar for a third time
For the third time, the Brihanmumbai Municipal Corporation (BMC) has extended its deadline for the Rs 2,368 crore tender to appoint a contractor to carry out bioremediation of 185 lakh tonnes of waste and reclaim 110 hectare of land at the Deonar dumpsite over a period of three years. Bioremediation is a process involving treating garbage with the help of natural elements like air, sunlight, and microorganisms. Over time, as the biodegradable waste decomposes, the remaining non-biodegradable extracts are either recycled or treated artificially. The process of bioremediation is proposed at the Deonar dumpsite, which is among one of the sites that have been selected by the state government for constructing housing tenements for the Dharavi Redevelopment Project (DRP) – a venture steered by the Adani group and Maharashtra government's Slum Rehabilitation Authority (SRA). Earlier on May 14, the civic body had floated a tender inviting bidders to clear the Deonar dumpsite through bioremediation with a deadline of June 3, which was later extended to June 23 and further, revised to July 1. On Saturday, for the third time in a month, the BMC has again extended the deadline for the bidders to July 4. In the revised corrigendum, the civic body has revised the conditions, permitting a price escalation of five percent after 2 years. According to officials, the deadline has been revised owing to extension requested by bidders amid several concerns. For the record, at least 23 bidders had come forward and expressed interest during a pre-bid meeting convened earlier. 'Primarily, there are two major concerns which have been raised by the bidders. Firstly, the concerns pertain to the price as there was no provision for price escalation in the initial tender clause. Furthermore, many interested bidders had requested allocation of more time to collect and submit the documents. Another reason is the unique nature of the work stipulated in the tender, wherein nearly 2 crore metric tonnes of legacy waste has to be cleared over a period of three years,' said a civic official. 'This is our final corrigendum, following which no other extensions will be granted.' According to the civic data, of the 1.85 crore metric tonnes of waste which is currently stacked at the dumpsite, nearly 48 percent comprises construction debris, 41 percent is inert waste while 10 percent is accounted for by dry, miscellaneous waste.
India.com
38 minutes ago
- India.com
Tata Steel Gets GST Show-Cause Notice Over Alleged Rs 1,000 Crore Tax Credit Irregularity
Mumbai: Tata Steel on Sunday said it has received a show-cause-cum-demand notice from the tax department over an alleged irregular use of input tax credit worth over Rs 1,000 crore for the financial years 2018-19 to 2022-23. In a filing to the stock exchanges, the company said that the notice was issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, on June 28. "On June 28, Tata Steel Limited received a Show Cause cum demand Notice dated June 27, issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, proposing to disallow/demand primarily on account of alleged irregular availment of Input Tax Credit in contravention of the provisions of Section 74(1) of the Central Goods and Services Tax Act, 2017/State Goods and Services Act, 2017 read with Section 20 of the Integrated Goods and Services Tax Act, 2017, for the period FY2018-19 through FY2022-23," the firm said in its filing. The tax authority asked Tata Steel to explain, within 30 days, why the GST amounting to Rs 1,007.54 crore should not be demanded and recovered from the company. The explanation has to be submitted before the Additional or Joint Commissioner of Central GST & Central Excise in Jharkhand's Jamshedpur. According to the notice, Tata Steel allegedly claimed input tax credit in violation of the GST rules -- specifically Section 74(1) of the Central Goods and Services Tax Act, 2017, and Section 20 of the Integrated Goods and Services Tax Act, 2017. Tata Steel clarified that it has already paid Rs 514.19 crore as GST in the normal course of business. This amount is proposed to be adjusted in the notice, reducing the company's actual tax exposure to about Rs 493.35 crore. The company has said it believes the notice is without merit and will present its case before the authorities within the given deadline. Tata Steel also stated that this matter does not affect its financial, operational, or other business activities. Under the GST system, businesses can claim input tax credit on the taxes paid for purchases used in the production of goods or services. This credit helps in reducing their overall tax liability.
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Business Standard
an hour ago
- Business Standard
Ketan Kumar Joshi named J&K Bank CFO for 3-year term, replaces Fayaz Ganai
The Bank notified the appointment to the stock exchanges in accordance with Sebi Regulations Press Trust of India Srinagar The Jammu and Kashmir Bank on Sunday announced the appointment of Ketan Kumar Joshi as its new chief financial officer for a term of three years. Joshi has replaced Fayaz Ahmad Ganai, a spokesperson of the J&K Bank said. The Bank notified the appointment to the stock exchanges in accordance with Sebi Regulations. "A seasoned professional in banking and finance, Joshi brings over two decades of extensive experience across Indian and international financial institutions," the spokesperson said. Before joining the J&K Bank, Joshi served as CFO at North East Small Finance Bank Ltd. (2019-2024), where he successfully led a number of critical initiatives. He also spearheaded the bank's system migration from FIS (PROFILE) to BSG (TURING), ensuring capital growth aligned with business expansion and regulatory requirements. Joshi has served in Afghanistan with Maiwand Bank, Bakhtar Bank, and Ghazanfar Bank. He also served as senior vice president at Bank of Tokyo-Mitsubishi UFJ Ltd, Mumbai. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
