Latest news with #Rs48
Business Recorder
4 days ago
- Business
- Business Recorder
Panel suggests review of USC sell-off decision
ISLAMABAD: The 9th meeting of the Standing Committee on Privatisation held Friday under the chairmanship of Muhammad Farooq Sattar, here at Parliament House. After confirmation of the minutes of previous meeting, secretary Privatisation Division briefed the committee on the implementation status on the recommendations of the previous meeting and stated that the committee had recommended that the decision to privatise Utility Stores Corporation (USC) should be reviewed. He stated that the Cabinet Committee on Privatisation/Cabinet is the competent forum for inclusion of SOEs in the privatisation programme and the recommendations of the Standing Committee will be brought before CCOP/Cabinet. Hesco, Pesco and Fesco: PD tasked with completing sell-off homework by Q2 The representatives of Peshawar Electric Supply Company (PESCO) and Hyderabad Electric Supply Company (HESCO) briefed the committee on the progress of privatisation process of the DISCOs. The committee showed its serious concern over unannounced and heavy load shedding and directed to ensure to minimise the load shedding duration. The committee also expressed its displeasure on non-cooperation and not attending the phone calls of the public representatives and directed to ensure and prioritise the parliamentarian's telephone calls and to resolve their matters. The representative of the Ministry of Finance briefed the committee on the status of Rs48 billion promissory notes and the interest acquired thereon. He informed the committee that in 2021-22 Rs14 billion provided to Postal Life Insurance Company Limited (PLICL) and government of Pakistan stand committed to pay the remaining amount. On the other hand, the representative of the PLICL informed the committee that Ministry of Finance is not paying sufficient amount to meet the clients claims that is why the number of clients have been dropped up to 50 per cent. After thorough deliberation on the subject, the committee observed that the PLICL stance is justified and recommended that an amount of Rs8 billion must be provided to PLICL latest by September 2025. The committee also recommended that PLICL must ensure to protect the policy holders rights. The committee deferred, 'The Privatisation Commission (AMENDMENT) Bill, 2024' (government bill) till its next meeting. Copyright Business Recorder, 2025
Express Tribune
4 days ago
- Business
- Express Tribune
Postal Life Insurance awaits Rs48b refund
PML-N-led coalition government in the Centre now has 229 members in the NA. PHOTO: APP The National Assembly Standing Committee on Privatization has directed the finance ministry to make a plan of returning Rs48 billion to Postal Life Insurance, as the company is struggling to meet its expenditures. A meeting of the standing committee was held on Friday under the chair of Dr Farooq Sattar. Finance ministry officials told the panel that the government had earmarked Rs14 billion over the last four financial years for the insurance firm. However, it has utilized only half the amount. The company officials told the committee that the organization was established in 2021 on an emergency basis to get Pakistan's name removed from the Financial Action Task Force (FATF)'s grey list. Postal Life Insurance currently possesses Rs48 billion in funds but the amount is lying with the finance ministry, which is neither returning the amount nor paying interest, the company officials told the NA panel. They added that the company failed to pay its clients their insurance claims on time due to paucity of funds.
Business Standard
27-05-2025
- Business
- Business Standard
Sattva Sukun Lifecare Records Strong FY25 Results; Backs It Up with Rs 48 Cr Rights Issue
PNN Mumbai (Maharashtra) [India], May 27: Sattva Sukun Lifecare Limited, a leading manufacturer of aroma and home decor products, has announced a Rights Issue of up to 48 crore equity shares for cash at a price of Rs1.00 per Rights Equity Share, aggregating to Rs48 crores. This strategic move is aimed at strengthening the company's capital base and supporting its next phase of expansion. The Rights Issue is being made to the eligible equity shareholders in the ratio of 5 Rights Equity Shares for every 2 fully paid-up equity shares held on the Record Date of 9th May 2025. The issue will remain open for a period of 30 days, starting 28th May 2025 and closing on 26th June 2025. Notably, the Issue Closing Date will not be subject to extension. In alignment with SEBI regulations, all rights entitlements and allotments will be processed only in dematerialized form. Fractional entitlements will be ignored as per regulatory guidelines. However, eligible shareholders whose fractional entitlements are ignored may receive preferential consideration for allotment of one additional share if they apply for shares beyond their entitlement, subject to availability. Key Highlights of the Rights Issue: * Issue of up to 48 crore equity shares at Rs1.00 each on a rights basis * Rights ratio: 5 Rights Equity Shares for every 2 fully paid-up Equity Shares held * Issue opens on 28th May 2025 and closes on 26th June 2025 Mit T Brahmbhatt, Managing Director of Sattva Sukun Lifecare Limited, commented: "This Rights Issue marks a pivotal step in our growth journey. The proceeds will enable us to scale operations, enhance product innovation, and strengthen our market footprint. Our strong financial performance over the past year underscores our commitment to value creation and long-term business sustainability." The Rights Entitlements credited to demat accounts may be renounced either partially or in full through the stock exchange mechanism or via off-market transfers. The last date for market-based renunciation is Friday, 20th June 2025. This capital infusion comes at a time when the company is witnessing a robust financial performance. For the fourth quarter of FY25, the net profit surged by 74.8% to Rs84.22 lakhs, while the revenue from operations rose by 6% to Rs105.16 lakhs. On a full-year basis, the company delivered an even more impressive performance, with the net profit more than doubling-registering a 109.1% increase to Rs248.94 lakhs. Additionally, the revenue from operations for the 12 months grew significantly by 48.1%, reaching Rs526.30 lakhs. These results underscore the company's strong operational momentum and its growing presence in the aroma and home decor industry. This consistent growth in profitability and revenue is a testament to the company's operational efficiency and growing market acceptance of its product portfolio. The Rights Issue reflects the company's vision to deepen investor participation while ensuring robust financial footing to seize future opportunities in the consumer lifestyle and wellness space. About Sattva Sukun Lifecare Limited: Sattva Sukun Lifecare Limited is a manufacturer of premium aroma and home decor products, specializing in Aroma Diffusers, lass & Wooden Diffusers, Dhoop Burners (Bakhoor Dani), Essential Oils, Camphor Products, Decorative Lamps, and more. With a strong presence in both corporate and retail sectors, the company ensures quality and innovation in every product. Its extensive online presence on platforms like JioMart, Amazon, Flipkart, Meesho, Snapdeal, and IndiaMART makes its products easily accessible to customers nationwide. The company has an excellent track record and experience and is committed to innovation and quality, driving growth and customer satisfaction across its diverse business operations.
India Gazette
20-05-2025
- Business
- India Gazette
Delhi: Cyber Police bust investment fraud ring impersonating Aditya Birla Capital
New Delhi [India], May 20 (ANI): In a significant breakthrough, the Cyber Police Station of Delhi's Outer North District has busted an elaborate online investment fraud operation, leading to the arrest of 29-year-old Jitendra Sharma. The accused allegedly ran a racket that impersonated Aditya Birla Capital through fake trading applications and duped multiple victims across North India out of nearly Rs 48 lakh. The investigation was launched following a formal complaint from Vinay Singhal, who alleged that he was deceived through a fraudulent investment platform operating under the name 'Aditya Birla Group Investment Group.' The complainant had been contacted via Instagram and WhatsApp and was coaxed into downloading a fake trading app that closely resembled the genuine Aditya Birla Capital interface. According to police, once the victim began transferring money, believing he was investing in a legitimate scheme, the fraudsters diverted the funds into various shell-company and personal accounts. The network also used dormant bank accounts purchased from individuals to facilitate swift fund transfers and withdrawals, making tracking difficult. The FIR in the case was registered on March 17, 2025, under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS). Investigators later received two more related complaints, all of which pointed to a coordinated scheme that swindled unsuspecting investors of a cumulative Rs48 lakh. Through digital footprint analysis and tracing of Know Your Customer (KYC) documents, Delhi Cyber Police unearthed Sharma's direct involvement in the fraud. He allegedly provided the corporate bank accounts of his firm, OZOS Services India Pvt. Ltd., held in IDFC First Bank and HSBC Bank, in exchange for monetary compensation. Sharma is reported to be the managing director of the company and a direct beneficiary of the illicit funds. The police team conducted a raid on May 16, 2025, in Vangaon, Palghar district of Maharashtra, where Sharma was hiding while out on bail in a previous cyber fraud case registered by Faridabad Police. During the operation, officials seized crucial evidence, including four mobile phones, a laptop, an Apple Watch, debit cards, pen drives containing transaction data, cheque books, a bank passbook, a company stamp, and Rs80,000 in cash. Authorities have confirmed that Sharma's bank accounts have been flagged in at least 46 complaints registered on the National Cybercrime Reporting Portal (NCRP). Further investigation is underway.(ANI)
Time of India
05-05-2025
- Business
- Time of India
Housing finance firms to raise up to Rs 12,000 crore via RMBS in FY26
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Housing finance companies are expected to raise Rs10,000-12,000 crore in the current financial year through listed residential mortgage-backed securities , structured by RMBS Development Company Ltd, a National Housing Bank-promoted entity similar to the likes of Freddie Mac and Fannie fundraising will be done across seven to 10 deals in the current financial year, Sanjay Shukla, managing director of NHB said on Monday. RDCL, which structured one such deal last week, is in talks with a couple of housing finance in which NHB holds the largest stake of 39%, started operations in March 2025. In addition to structuring RMBS deals, RDCL's scope of activities involve providing liquidity support and credit enhancement, among was speaking at the sidelines of listing of India's first residential mortgage-backed securities (RMBS). This involved LIC Housing Finance raising Rs1,000 crore last week through pass-through certificates (PTC) maturing in 20 years at a 7.26% coupon, payable monthly. PTCs are debt instruments backed by assets like loans, which in this case was the housing loan portfolio originated by LIC of loan pools is a popular method among non-banking finance companies. But what sets this particular transaction apart is that price discovery was done through the bidding process on National Stock Exchange's electronic bidding platform.'When housing finance companies sell (loan portfolios) to banks at a pre-agreed rate, there is no price discovery. In this structure, there will be price discovery. The bidding will take place on the electronic bidding platform,' Shukla said.M Nagaraju, secretary – department of financial services, said that under such transactions, the cost of borrowing is expected to come down for housing finance companies, which will be passed on to the end borrower. 'Another major benefit will be to get long-term housing loans at a fixed rate.''Once PTCs are made available to retail investors, investment in this instrument is another option, where they can get monthly inflow,' Nagaraju LIC Housing Finance's deal, the PTCs were issued through a special purpose vehicle and are rated AAA(SO) by CRISIL and Shukla also said that NHB is planning to raise Rs55,000-Rs60,000 crore through bonds in FY2026 compared with Rs48,000 crore in the previous financial year.
