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The Hindu
3 days ago
- Business
- The Hindu
Susi Emu Farms MD gets 10 years rigorous imprisonment in 2012 Ponzi scheme case
The special court for the trial of cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Friday sentenced the proprietor of an emu farm in Erode to 10-year rigorous imprisonment for cheating 385 investors of ₹7.61 crore around 13 years ago. Special Judge M.N. Senthil Kumar awarded the punishment to M.S. Guru alias Gurusamy, 46, managing director of Susi Emu Farms (India) Private Limited that operated out of Perundurai in Erode district. The court also imposed a total fine of ₹7,89,25,000 on the company and Gurusamy, and of this sum, ₹7,89,00,000 should be distributed among the 385 investors proportionately, said K. Muthu Vijayan, Special Public Prosecutor, who appeared in the case. The court delivered the judgment in the 2012 case registered by the Economic Offences Wing (EOW) in Salem against the company and its MD. According to the prosecution, the company cheated 385 investors of ₹7,61,09,300 through Ponzi schemes, which were disguised as contract farming of emus. The trial was completed in the special court on Friday. The court found the company and its MD guilty of offences under Sections 420 (cheating and dishonestly inducing delivery of property) and 406 (punishment for criminal breach of trust) of the Indian Penal Code and Section 5 (default on repayment of deposits and interest honouring the commitment) of the TNPID Act. Gurusamy was awarded seven years and three years of rigorous imprisonment for the offences under Sections 420 and 406 of the IPC and another 10 years of rigorous imprisonment for the offence under Section 5 of the TNPID Act. The sentences will run concurrently. The court also ordered that the period of detention already undergone by Gurusamy, if any, should be set off.
United News of India
31-05-2025
- Health
- United News of India
Chennai, May 30 (UNI) The Chennai-based VS Hospitals, in association with Merck Specialities
Oral cancer protection campaign launched Private Limited, on FridaY launched the 'Two-Minute Action for Oral Cancer Protection' campaign with the hashtag #ActAgainstOralCancer on the note of World No Tobacco Day. This nationwide campaign urges people to perform quick oral self-checks to catch early signs of cancer. Mirrors will be placed in hospital waiting areas to help visitors spot red or white patches, non-healing sores, swelling, or voice changes. The message is Feel, Look, Act. The rising surge in oral cancer cases is an urgent call for immediate public awareness, early detection, and preventive action. The causes include tobacco use, excessive alcohol consumption, and Human Papilloma Virus (HPV) infection, Prof. Dr. S. Subramanian, senior most medical oncologist, Founder Chairman, and Managing Director, said. Early detection through regular self-checks is key to improving outcomes. Complications of oral cancer can include difficulty in speaking, swallowing, and breathing, as well as the spread of cancer to nearby tissues or other parts of the body, he said, according to a hospital release. He said the Two-Minute Action for Oral Cancer Protection" campaign will help with timely detection and management of oral cancer. Dr. S. Nithya, Associate Director and Senior Consultant - Medical Oncology, said 'Head and neck cancer is the most common cancer among Indians. These cases are steadily increasing, and among them, oral cancer is rising at an alarming rate. While breast cancer awareness has grown over the years, especially about self-exams, the same urgency was missing when it comes to oral cancer as nearly 65% of patients visit the doctor in advanced stages of the disease, which delays treatment and reduces survival rates. This campaign underscores the importance of a quick monthly self-checks for effective treatment and a better chance of recovery,' she said. UNI GV 1750
Business Upturn
13-05-2025
- Business
- Business Upturn
Marine Electricals bags Rs 24.74 crore order from Digital Edge DC for BOM1 power system project
By Aditya Bhagchandani Published on May 13, 2025, 09:39 IST Marine Electricals (India) Ltd on Tuesday announced it has secured a fresh order worth ₹24.74 crore (excluding taxes) from Digital Edge DC (India) Private Limited. The contract pertains to the supply, installation, testing, and commissioning of a Power Distribution System for the company's BOM1 project. According to the disclosure made to the National Stock Exchange (NSE), the execution timeline for the project is set at four months. Marine Electricals confirmed that the order is not a related-party transaction and that none of the promoters or promoter group entities have any direct interest in the contract. The order is expected to enhance Marine Electricals' position in the power distribution solutions sector and contribute significantly to its revenue in the current fiscal year. The company shared this information in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015, reinforcing its commitment to transparent corporate governance. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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Business Standard
30-04-2025
- Business
- Business Standard
Enterprises with output below Rs 500 cr account for 63% of employment
Enterprises with output more than ₹500 crore accounted for more than 63 per cent of total employment in India, as per the data released by the Ministry of Statistics and Programme Implementation. The data was released by the government as part of the Pilot Study on Annual Survey of Services Sector Enterprises. The govt aims to capture insights into the Incorporated Service Sector. The data indicates that large enterprises—those with an output of ₹500 crores and above—hold a dominant share in several key economic indicators: they account for 62.77 per cent of total asset ownership, 62.73 per cent of net fixed capital formation, 69.47 per cent of gross value added, and 63.17 per cent of total compensation. The data also indicates that during FY 2022–23, the majority of corporate entities in the ASSSE pilot study were Private Limited Companies, comprising 82.40 per cent at the aggregate level. These were followed by Public Limited Companies and Limited Liability Partnerships, each representing nearly 8 per cent. This pattern is consistent across all Broad Activity Categories (BAC), namely Construction, Trade, and Other Services. The data also showed that 28.5 per cent of the enterprises overall reported having additional business locations within the same state. This proportion was highest in the Trade sector, where approximately 41.8 per cent of enterprises reported such additional business premises. 'As per GSTN nomenclature, the term 'enterprise' is analogous to 'principal place of business', which may have one or more 'additional places of business' (establishments) in the state,' the government clarified. While conducting the survey, the government encountered several challenges. Although most enterprises were found to be existing and operational, 'challenges were faced in bifurcating the GSTIN-level information pertaining to the selected enterprises from pan-India centralized records (often CIN-based) maintained at the headquarter level,' the government said.
Time of India
28-04-2025
- Business
- Time of India
Ather Energy's IPO sees 16% subscription on first day
Electric two-wheeler (E2W) maker Ather Energy launched its initial public offering ( IPO ) on April 28, with investors subscribing to 16 percent of the total shares available. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" According to data from the BSE, bids were placed for 8.6 million shares out of the 53 million offered. The retail portion was subscribed 0.63 times, while non-institutional investors (NIIs) subscribed 0.16 times. Qualified institutional buyers (QIBs) placed bids for just 5,060 shares on the first day against the 28.9 million shares allocated for the segment. However, the employee-reserved portion saw a strong response, with a subscription rate of 1.78 times for the 100,000 shares on offer. The public issue, consisting of a fresh issue of Rs 2,626 crore and an offer for sale (OFS) of up to 11 million equity shares, will close on April 30. Before the IPO, the company raised Rs 1,340 crore from anchor investors, including State Bank of India (SBI), Custody Bank of Japan, Aditya Birla Sun Life Insurance, Abu Dhabi Investment Authority (ADIA), Invesco, Franklin Templeton, ICICI Prudential , Morgan Stanley, and Societe Generale, among others. According to the red herring prospectus (RHP), the IPO is expected to generate significant gains for early investors and promoters. Tiger Global, one of Ather's early backers, is set to earn a return multiple of 8.3x on its investment. Singapore's sovereign wealth fund GIC and the National Investment and Infrastructure Fund (NIIF) are expected to clock multiples of 1.6x and 1.7x, respectively. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The offering is also expected to unlock wealth worth Rs 530 crore for over 1,300 employees covered under the company's employee stock option plan (Esop). Axis Capital Limited , HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited , and Nomura Financial Advisory and Securities (India) Private Limited are the bookrunning lead managers to the issue.
