Latest news with #Chhattisgarh-based
Time of India
4 days ago
- General
- Time of India
J&K: SPO held with heroin in Udhampur
JAMMU: Police arrested a special police officer (SPO) with over 5g heroin in Jammu and Kashmir's Udhampur district Wednesday. 'A patrolling team intercepted a suspicious person trying to escape. On frisking, police found 5.6g of heroin in his possession. The accused has been identified as Vishal Singh, from Udhampur's Shakti Nagar, posted as an SPO in the same district,' police spokesperson said. In another case, police arrested a Chhattisgarh-based drug peddler and seized 2.4kg ganja from his possession in Kathua district's Ramkot area.
Business Standard
28-05-2025
- Business
- Business Standard
NLC India rises after emerging as 'preferred' bidder for two mineral blocks in Chhattisgarh
NLC India added 2.26% to Rs 243.85 after the company announced that it has been declared as 'preferred' bidder for Chhattisgarh-based critical & strategic mineral blocks in e-auction conducted by Ministry of Mines, GoI. As per the companys regulatory filing, the Ministry of Mines, Government of India (GoI), has named NLC India the 'preferred bidder for the Semhardih Phosphorite and Limestone Block and the Raipura Phosphorite and Limestone Block, both situated in Balod, Chhattisgarh, following its e-auction. The auction for these blocked was held by the Ministry on 15th and 16th of May 2025. NLC India is a 'Navratna' government of India company in the fossil fuel mining sector in India and thermal power generation. As of 31 March 2025, the Government of India held a 72.20% stake in the company. The public sector undertaking's consolidated net profit zoomed 321.83% to Rs 481.96 crore on 8.34% increase in revenue from operations to Rs 3,836 crore in Q4 FY25 over Q4 FY24.
Hans India
23-05-2025
- Hans India
IAS Officer Vinay Choubey Arrested In Jharkhand Excise Scam
IAS officer Vinay Kumar Choubey, former Excise Secretary of Jharkhand, was arrested by the state's Anti-Corruption Bureau (ACB) in connection with a major excise scam. Alongside Choubey, Joint Commissioner of Excise Gajendra Singh was also taken into custody. The ACB alleges that Choubey collaborated with a Chhattisgarh-based liquor syndicate to draft and implement a new liquor policy in Jharkhand in 2022, which resulted in significant financial losses to the state exchequer. Investigations revealed that the policy was tailored to benefit members of the syndicate, with tenders and contracts for liquor supply, staffing, and the hologram system being awarded to associates of the group. This manipulation reportedly led to losses of around ₹38 crore for the state. The Enforcement Directorate (ED) had previously conducted raids at multiple locations, seizing documents linked to money laundering activities associated with the scam. The case originated from an FIR registered in September 2024, naming Choubey and several others. The FIR, filed under sections related to fraud, criminal conspiracy, and corruption, accuses the officials of bypassing due process in awarding contracts and receiving illegal commissions. Following legal consultations and approval from the state government, the ACB detained Choubey from his residence and, after questioning both officials, placed them in judicial custody.
Time of India
19-05-2025
- Business
- Time of India
ED: Rs 6k crore siphoned off under UCO Bank ex-chair
1 2 Kolkata: Enforcement Directorate on Monday said former chairman and MD of UCO Bank Subodh Kumar Goel , who was arrested on May 16, was behind providing large credit facilities to a Chhattisgarh-based company. A total of Rs 6210.7 crore was allegedly siphoned off from the bank. The principal promoter of the company, Sanjay Sureka, has also been arrested. On Saturday, a PMLA court in Kolkata sent Goel, who was arrested at his New Delhi residence, to ED custody until May 21. The central investigating agency, which started a probe based on an FIR lodged the CBI into the alleged bank fraud, came across transactions in which Rs 6210.7 crore was siphoned off by the Chhattisgarh-based company in the form of loans. "ED investigation revealed that during the tenure of Subodh Kumar Goel as CMD of UCO Bank, large credit facilities were sanctioned to CSPL by UCO Bank, which were subsequently diverted and siphoned off by the borrower group. In turn, Subodh Kumar Goel received substantial illegal gratifications from CSPL," ED said. Investigators have reason to believe that Goel got benefits in the form of cash, immovable properties, luxury items and hotel bookings. The ill-gotten money was allegedly routed through shell companies . "The illegal gratification was layered and channelled through various entities to give a facade of legitimacy," ED said. The proceeds of the alleged crime were later parked into different accounts belonging to Goel and his relatives.
Hans India
05-05-2025
- Business
- Hans India
Jinkushal's net profit dips as expenses rise, show IPO papers
Chhattisgarh-based exporter of construction machinery, Jinkushal Industries Limited (JKIPL), has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). While the company aims to bolster its working capital through the fresh issue of shares, financial details disclosed in the DRHP suggest some underlying challenges. According to the DRHP, Jinkushal's revenue rose to Rs 31,093.32 lakh for the nine months ended December 31, 2024, compared to Rs 24,279.84 lakh for the full financial year ending March 31, 2024. However, the rise in revenue has not translated into improved profitability. In fact, net profit declined nearly 2.8 per cent to Rs 1,812.34 lakh for the nine-month period, from Rs 1,864.45 lakh for the previous full fiscal year. More notably, the company's total expenses surged significantly – around 32.5 per cent -- to Rs 28,901 lakh in the nine-month period, from Rs 21,806.87 lakh as of March 2024. This sharp increase in costs has compressed margins, raising questions about operational efficiency and cost management as the company looks to scale. The IPO will comprise 96.5 lakh equity shares of Rs 10 each, including a fresh issue of 86.5 lakh shares. An additional 10 lakh shares will be offloaded by the promoters under the offer-for-sale (OFS) route, allowing them to partially exit their investment. GYR Capital Advisors Private Limited is acting as the sole Book Running Lead Manager (BRLM) for the IPO. The company is engaged in export trading of both new and used or refurbished construction machinery. Its product range includes hydraulic excavators, cranes, bulldozers, backhoe loaders, motor graders, soil compactors, wheel loaders, and asphalt pavers. However, the financials suggest that rising input and operational costs could be a concern.
