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Business Standard
6 minutes ago
- Business Standard
Union Bank of India puts 10 Future Group brands on block to recover dues
Public sector lender Union Bank of India has put on the block 10 brands of Future Brands Ltd, part of Kishore Biyani's Future Group, for recovery of dues. Brands being auctioned include BARE, HAUTE N SPICY, and STUDIO NYX, with the reserve price set at Rs 230 crore. The auction of secured assets is slated for the middle of August. The dues cover secured debt estimated at over Rs 181 crore, plus interest, costs, and other charges, according to the auction notice. The auction is being conducted under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), which enables banks and financial institutions to recover non-performing assets (NPAs). A senior bank executive said the lender has an exclusive first charge on the brands. The bank wants to explore the value of these brands, which are intangible assets. The account became an NPA in early 2022, and provisions have been made in line with regulatory norms. Future Brands, a Mumbai-based entity incorporated in 2006, is a brand and intellectual property rights company focused on creating, developing, managing, nurturing, and acquiring brands. In June 2024, Acuite downgraded Future Brands Ltd's long-term rating from 'B+' to 'D'. The downgrade was based on banker feedback indicating the account's categorisation as an NPA. The rating continues to be flagged as 'Issuer Not-Cooperating' and is based on the best available information. Highlighting weaknesses associated with the entity, the rating agency noted that servicing obligations were dependent on timely refinancing or infusion of funds by the promoters, and pointed to a moderate financial risk profile. Besides licensing, FBL has advised global and Indian companies such as Colgate-Palmolive, Eicher Motors, and Tata Motors on conceptual and operational brand challenges, offering insights and knowledge-based brand solutions. In 2020, FBL held the licences to 40 brands, including John Miller, BARE, DJ&C, Fresh & Pure, Lombard, Srishti, IQIP, Knighthood, KORYO, and Rig, across fashion, electronics, and FMCG formats.
Hans India
6 minutes ago
- Hans India
FM Sitharaman clarifies GST issue related to apartment associations
New Delhi: Finance Minister Nirmala Sitharaman clarified in Parliament on Monday that apartment associations are required to register under GST if their aggregate turnover exceeds Rs 20 lakh (Rs 10 lakh in special category states) in a financial year and the associations are required to pay GST only where the maintenance charged is more than Rs 7,500 per month per member. The Finance Minister further stated that apartment associations having maintenance charges up to Rs 7,500 per month per member or having aggregate turnover of goods and services below the threshold need not be registered under GST. The residents staying in the apartments do not have to pay GST. It is only the apartment associations that have to pay as they are the supplier of services, the Finance Minister said in a written reply in the Lok Sabha. "No GST compliance requirements have been placed upon the residents of apartments, irrespective of the monthly maintenance amount paid," she added. Initially, services by an apartment association to its resident members against maintenance charges up to Rs. 5,000 per month were exempt. However, the exemption limit was enhanced to Rs. 7,500 per month per member in accordance with the recommendations of the GST Council in its 25th meeting held on January 18, 2018, the Finance Minister said. The services by an apartment association to its own resident members, where the maintenance charges are greater than Rs 7,500, are taxed at the rate of 18 per cent on the recommendations of the GST Council. The limit of Rs 7,500 was also prescribed on the recommendations of the GST Council in its 25th meeting, in which a decision was taken to increase the limit from the previous level of Rs 5,000 per person per member. Sitharaman also said that if any due tax has not been paid under the GST Act, the taxpayers are provided with an option to pay either no penalty or reduced penalty, provided they are ready to pay the due tax within a specified time period. She also said that events like Taxpayer Samvad, workshops, and awareness programs are regularly being organised for information dissemination and awareness through GST facilitation centres. These initiatives are designed to help taxpayers accurately assess their tax liability. Further, there is no requirement under CGST law to obtain any official letter from the resident or apartment associations regarding their apartment's GST status.
Economic Times
6 minutes ago
- Economic Times
IndusInd Bank Q1 Results: Cons PAT falls 72% YoY to Rs 604 crore; NII down 14%
IndusInd Bank on Monday reported a 72% year-on-year fall in its consolidated net profit for the June quarter at Rs 604 crore, compared to Rs 2,171 crore in the year-ago period. The private lender's Net Interest Income (NII) in Q1FY26 stood at Rs 4,640 crore as compared to Rs 5,408 crore in Q1 FY25, declining 14%. ADVERTISEMENT The net interest margin (NIM) stood at 3.46% for Q1 FY26 as compared to 4.25% for Q1 FY25. The bank's net worth in the quarter under review stood at Rs 62,961 crores in Q1FY26 as compared to Rs 62,532 crores in Q1FY25. IndusInd Bank's revenue from fee and other income for the Q1FY26 stood at Rs 2,157 crore as compared to Q1FY25 at Rs 2,442 to come... (You can now subscribe to our ETMarkets WhatsApp channel)
