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Hindustan Times
3 days ago
- Hindustan Times
Two Haryana men get 2 years for impersonating Singapore immigration, duping Indians
A special judicial magistrate CBI court in Panchkula has sentenced two Haryana residents, Aditya Bhardwaj alias Bhanu from Kurukshetra and Deepak Jain alias DC of Gurugram, to two and a half years of imprisonment. They were found guilty in a sophisticated fraud case registered by the Delhi CBI on September 27, 2016. The charges included cheating, forgery, criminal conspiracy, and violations under the IT Act. The verdict followed a complaint filed by Mohammad Afsar Alam, then an inspector with the CBI in New Delhi. The court convicted Aditya Bhardwaj under Sections 120B, 419, 420, and 468 of the IPC, while Deepak Jain was found guilty under Section 120-B, 420, 468 of IPC, and 66-D of the IT Act. Both were also levied fines of ₹5,000 and ₹20,000 respectively. According to the prosecution, the accused orchestrated a scheme to defraud Indian nationals residing or working in Singapore. They used spoofed calls, impersonating Singapore immigration authorities, to falsely accuse victims of providing incorrect information on airport disembarkation forms. Threatening criminal cases and deportation, they coerced victims into paying 'settlement fees' or 'fines' via Western Union money transfers, even demanding confidential money transfer control numbers (MTCNs) to facilitate illicit withdrawals. A preliminary inquiry identified five fraudulent transactions where money from three Singapore-based victims was withdrawn in Kurukshetra, often using misused or forged IDs. Investigations revealed these transactions, and others, were processed through sub-agents of Reliance Money Express Limited. Aditya Bhardwaj's firm, M/s Guru Kripa Tours and Travels, was implicated, with Bhardwaj and absconding accomplice Harnek Singh conspiring to misuse IDs and forge documents to withdraw funds from Western Union outlets. During interrogation, Bhardwaj disclosed he received defrauded money via Reliance Money Express credits into his firm's HDFC bank account, withdrew it through ATMs, kept his share, and forwarded the rest to Deepak Jain, against whom a supplementary charge-sheet was filed.
NDTV
19-05-2025
- Automotive
- NDTV
Lumax Auto Tech To Secure Remaining IAC India Stake For Rs 221 Cr
New Delhi: Lumax Auto Technologies Ltd will acquire the remaining 25 per cent stake in IAC International Automotive India Pvt Ltd from the International Automotive Components Group for Rs 221 crore, according to a regulatory filing by the company. The company has signed an agreement to acquire the remaining 25 per cent stake, and IAC Group will continue to support IAC India through a technology support agreement, Lumax Auto Technologies Ltd (LATL) said in a statement on Sunday. "Equity value for 25 per cent interest in IAC India is approximately Rs 221 crore," the filing said. Lumax had earlier acquired a 75 per cent stake in IAC India in March 2023. The closure of the latest transaction is subject to completion of customary conditions precedent and is expected by May 31, 2025 after which IAC India will become a wholly-owned subsidiary of LATL. The company further said it will explore the possibility of merging IAC India with Lumax in accordance with legal and regulatory requirements to unlock further synergies between the two companies. "The consolidation will strengthen our strategic vision and enable future growth, building on the strong foundation to drive continuity, performance, and scalability," Lumax Group Chairman Deepak Jain said. This development marks a significant milestone in the group's journey towards long-term value creation and providing comprehensive solutions across lighting, plastics, and interiors," he added. "It also reinforces its strategic position within IAC India and expands our footprint on major electric vehicle platforms of leading OEMs such as Mahindra & Mahindra, emphasising our commitment to the future of sustainable mobility," Jain said. IAC India has five manufacturing plants across the country, including two in Chakan, Pune and one each in Manesar, Nashik and Bangalore. It also has an in-house engineering centre in Pune with key capabilities in product designing and engineering, dimensional engineering, product development, programme management and tooling development, the statement said. The engineering centre has a team of 330 engineers and designers with global experience catering to all tool development requirements from customers as well as from its global sister concerns, it added.
Time of India
18-05-2025
- Automotive
- Time of India
Lumax Auto Tech to acquire remaining 25 pc stake in IAC India for Rs 221 cr
Lumax Auto Technologies Ltd will acquire the remaining 25 per cent stake in IAC International Automotive India Pvt Ltd from the International Automotive Components Group for Rs 221 crore, according to a regulatory filing by the company. The company has signed an agreement to acquire the remaining 25 per cent stake and IAC Group will continue to support IAC India through a technology support agreement , Lumax Auto Technologies Ltd (LATL) said in a statement on Sunday. "Equity value for 25 per cent interest in IAC India is approximately Rs 221 crore," the filing said. Lumax had earlier acquired a 75 per cent stake in IAC India in March 2023. The closure of the latest transaction is subject to completion of customary conditions precedent and is expected by May 31, 2025 after which IAC India will become a wholly-owned subsidiary of LATL. The company further said it will explore the possibility of merging IAC India with Lumax in accordance with legal and regulatory requirements to unlock further synergies between the two companies. Live Events "The consolidation will strengthen our strategic vision and enable future growth, building on the strong foundation to drive continuity, performance, and scalability," Lumax Group Chairman Deepak Jain said. This development marks a significant milestone in the group's journey towards long-term value creation and providing comprehensive solutions across lighting, plastics, and interiors," he added. "It also reinforces its strategic position within IAC India and expands our footprint on major electric vehicle platforms of leading OEMs such as Mahindra & Mahindra, emphasising our commitment to the future of sustainable mobility ," Jain said. IAC India has five manufacturing plants across the country, including two in Chakan, Pune and one each in Manesar, Nashik and Bangalore. It also has an in-house engineering centre in Pune with key capabilities in product designing and engineering, dimensional engineering, product development, programme management and tooling development, the statement said. The engineering centre has a team of 330 engineers and designers with global experience catering to all tool development requirements from customers as well as from its global sister concerns, it added.
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Business Standard
18-05-2025
- Automotive
- Business Standard
Lumax Auto to acquire remaining 25% stake in IAC India for Rs 221 cr
Auto component supplier Lumax Auto Technologies (LATL) has signed an agreement to acquire the remaining 25 per cent stake in IAC International Automotive India from the International Automotive Components Group (IAC Group) for Rs 221 crore. Following this transaction, IAC India will become a wholly owned subsidiary of LATL. The deal is expected to close by 31 May 2025, subject to customary closing conditions. LATL had previously acquired a 75 per cent stake in the company in March 2023. The IAC Group will continue to provide technology support to IAC India under a technical assistance agreement. IAC India supplies plastic interior systems and components to major automotive OEMs in India, including Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. It is also the exclusive supplier of integrated cockpits and door panels for Mahindra's new battery electric vehicle (BEV) models, the BE6 and XEV 9e. The company operates five manufacturing facilities in Chakan, Manesar, Nashik, and Bangalore. It also has an engineering centre in Pune with over 330 engineers and designers supporting product design, development, programme management, and tooling for both domestic and international customers. LATL is considering a merger of IAC India with itself to unlock operational synergies, subject to regulatory and legal approvals. LATL Chairman Deepak Jain said the acquisition fits into the company's broader strategy to scale its capabilities across lighting, plastics, and interiors, while also expanding its presence on electric vehicle platforms. Managing Director Anmol Jain noted that the full integration would support cost optimisation and create financial flexibility for future acquisitions. KPMG Corporate Finance acted as the exclusive financial advisor for the transaction, while Cyril Amarchand Mangaldas served as legal advisor to LATL. Lumax Auto Technologies, part of the Lumax-DK Jain Group, manufactures a wide range of automotive components including advanced plastics, gear shifters, mechatronics, and lighting systems. It operates 28 plants across India and supplies to clients including Bajaj Auto, Honda, Mahindra & Mahindra, Maruti Suzuki, Tata Motors, and Toyota.
Business Standard
24-04-2025
- Business
- Business Standard
Syngene slides on tepid results and toned-down forecast
Syngene International dropped 12.83% to Rs 653.85 after its lacklustre Q4 performance and a cautious FY26 outlook spooked investors. On a consolidated basis, net profit of Syngene International declined 2.81% to Rs 183.30 crore while net sales rose 11.03% to Rs 1018 crore in Q4 March 2025 over Q4 March 2024. Reported EBITDA rose 9% year-on-year to Rs 363 crore in Q4 March 2025. EBITDA margin (%) stood at 35% in Q4FY25, lower than 35.7% in Q4FY24. For the full year, net profit declined 2.71% to Rs 496.20 crore while net sales rose 4.41% to Rs 3642.40 crore in the year ended March 2025 over the year ended March 2024. Reported EBITDA rose 1% year-on-year to Rs 1,114 crore in FY25. EBITDA margin (%) stood at 30% in FY25, lower than 30.9% in FY24. In its outlook for FY26, the Syngene management anticipates the reported revenue growth will likely be in the mid-single digits. They also foresee the EBITDA margin moderating from current levels to the mid-twenties and a year-on-year decline in profit after tax. Commenting on the results, Peter Bains, managing director and CEO, Syngene International, said, "Looking at the year ahead, while the wider global market dynamics remain uncertain, we expect the business momentum to continue with pipeline build in both small and large molecules, supported by new pilot programs and conversion of existing pilots in discovery services. On an underlying basis for fiscal year 2026, we expect revenue growth in the early teens reflecting a broad-based growth across research, development and manufacturing services. Adjusted for inventory balancing in large molecule commercial manufacturing at client level, the reported revenue growth is likely to be at mid-single digit." Deepak Jain, chief financial officer, Syngene International, said, "Looking ahead into the next financial year, we expect the momentum to continue, with reported revenue growth at the mid-single digit level. As we bring the new biologics manufacturing facilities into operations, the additional operating costs and depreciation will impact margins. With this, we expect EBITDA margin to moderate from current levels to the mid-twenties and year-on-year decline in profit after tax." The company's board recommended a final dividend of Re 1.25 per equity share for the financial year 2024-25. Syngene International is an integrated research, development, and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods, and specialty chemical sectors.
