All food business operators must display licence: FSSAI
FSSAI
directed on Friday. Operators should also display the QR code of a mobile app meant for complaints, the regulator said, adding that these would be routed to the jurisdictional authority concerned.
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Time of India
an hour ago
- Time of India
'Fake guarantee': ED arrests BTPL's Partha Biswal; will confront him with Anil
Anil Ambani (File photo) NEW DELHI: In a significant development ahead of questioning Anil Ambani of Reliance ADAG, Enforcement Directorate late on Friday night arrested Partha Biswal, the MD of Biswal Tradelink Pvt Ltd (BTPL) that was searched by the agency in connection with a Rs 68-crore fake bank guarantee provided by the Ambani group to Solar Energy Corporation of India Ltd (SECI) to secure a tender. The central agency has claimed that Anil Ambani ADAG group's Reliance Power Ltd paid Rs 5.4 crore to Biswal's BTPL for "providing this bank guarantee" by forging documents. A special court here on Saturday granted the custody of Biswal, whose company was searched on Friday, to ED till Aug 6, during which he is likely to be confronted with Anil Ambani and questioned about the fake bank guarantee he allegedly generated by spoofing email of govt lender SBI. ED proof confirms use of fake docus in name of banks The agency on Friday issued a look out circular (LOC) to put curbs on foreign travel by Anil Ambani who has been summoned for questioning on Aug 5 at the agency's headquarters in Delhi. Biswal's BTPL was incorporated in 2019 and has been found to have at least seven "undisclosed bank accounts" involving transactions of alleged proceeds of crime, disproportionate to its declared turnover, has been found during the money trail conducted by ED. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Santo Domingo Este: Unsold Sofas Prices May Surprise You (Prices May Surprise You) Sofas | Search Ads Search Now Undo On Friday, ED conducted searches at three premises in Bhubaneswar and one at Kolkata after its investigators found alleged evidence of the fake bank guarantee provided to SECI on behalf of Reliance NU BESS Ltd/Maharashtra Energy Generation Ltd. "BTPL fraudulently arranged and submitted fake bank guarantees of Rs 68.2 crore along with forged SBI endorsements and fabricated confirmations for a SECI tender. For providing this bank guarantee, Rs 5.4 crore have been received by BTPL from Reliance Power Ltd," a senior official aware of the probe said. The Reliance Group reiterated its statement issued on Friday saying: "The company and its subsidiaries acted bonafidely and have been a victim of fraud. .. The company has made a due disclosure on this to the stock exchanges and a criminal complaint has already been lodged with Delhi Police." Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
7 hours ago
- Time of India
Mahindra-SML deal: M&M acquires 58.96% in SML Isuzu for Rs 555 crore, renames it SML Mahindra
Mahindra & Mahindra Ltd (M&M) on Saturday said it has completed the acquisition of a 58.96% controlling stake in commercial vehicle maker SML Isuzu Ltd from Japan's Sumitomo Corporation and Isuzu Motors for Rs 555 crore. Following the buyout, the company has been renamed 'SML Mahindra Ltd', M&M said in a statement. The reconstituted board will be chaired by Mahindra Group veteran Vinod Sahay, who has been appointed Executive Chairman effective August 3, 2025. Dr Venkat Srinivas took charge as Executive Director and CEO from August 1, PTI reported. Both leaders will continue in their existing roles—Sahay as President of Aerospace & Defence, Trucks, Buses & Construction Equipment at Mahindra Group, and Srinivas as Business Head for Mahindra Truck & Bus (MTB) and Construction Equipment (CE). The acquisition also triggers a mandatory open offer to acquire up to 26% stake from public shareholders, in line with SEBI's takeover regulations. M&M said the move is a significant step toward expanding its presence in the >3.5-tonne commercial vehicle (CV) category, where its current market share is just 3%, compared to 54.2% in the sub-3.5-tonne light commercial vehicle segment. The company aims to double its market share in the segment to 6% immediately, with a medium-term goal of 10–12% by FY31 and over 20% by FY36. SML, established in 1983, is a listed firm with nationwide presence and a strong position in the intermediate and light commercial vehicle (ILCV) bus segment, where it commands a 16% market share. The Competition Commission of India had approved the transaction in June. The board's resolution to rename the company as 'SML Mahindra Limited' is subject to clearances from the Registrar of Companies (RoC), Central Registration Centre, Ministry of Corporate Affairs, and shareholders. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
8 hours ago
- Time of India
LIC Housing Finance net rises 4.6%, disbursement growth slows to 2%
M UMBAI: LIC Housing Finance, the largest home loan company in the country, reported a 4.6% year-on-year increase in net profit to Rs 1,359.9 crore for the quarter ended June 2025. The modest growth followed a 6.6% rise in total income and a 3.9% increase in net interest income, as the drop in lending rates outpaced the decline in cost of funds, leading to narrower margins. Finance costs rose 6.3% to Rs 5,047.3 crore. There was also a drag on profitability from higher provisions and other operating expenses. Impairment on financial instruments jumped 34.8% to Rs 192.9 crore, reflecting a more cautious provisioning approach. Other expenses increased 29.6% to Rs 90 crore, while spending on employee benefits and depreciation grew 5.6% and 10.5%, respectively. Total disbursements stood at Rs 13,116 crore in Q1 FY26, compared with Rs 12,915 crore in the corresponding period of FY25, up 2%. Of this, disbursements in the individual home loan segment were Rs 11,247 crore, compared with Rs 10,932 crore in Q1 FY25, up 3%, whereas project loans were Rs 156 crore compared with Rs 521 crore in Q1 FY25. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Resmed AirSense 11 with flat 20% off ResMed Buy Now Undo 'We were expecting a surge in demand following the 100 basis points cut in repo rate by the Reserve Bank of India. Unfortunately, that did not happen. The only logical explanation I can give is that people are feeling that we are in the middle of the rate cycle and are waiting for the rates to bottom out,' said Tribhuwan Adhikari, managing director and chief executive officer of LIC Housing Finance. He added that the company aimed to increase the share of its individual home loans but would not go very aggressive on rates. On the income side, fees and commission revenue fell 21.8%, adding further pressure on the bottom line. Asset quality improved compared to the corresponding quarter last year. Gross and net NPAs declined, while the provision coverage ratio increased, indicating a strengthened balance sheet. The board's decision to shift the registered office for administrative reasons is expected to aid operational efficiency. The gross NPA ratio improved from 3.29% as of June 30, 2024, to 2.62% as of June 30, 2025. The net NPA ratio also improved, from 1.68% to 1.30% over the same period. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
