Latest news with #ShyamalMukherjee
Time of India
29-05-2025
- Business
- Time of India
SC dismisses ex-PwC chairman's appeal in final settlement dispute
The Supreme Court on Thrusday dismissed an appeal filed by Shyamal Mukherjee , a former chairman of PricewaterhouseCoopers (PwC) India, against the audit and consulting major, challenging a Karnataka High Court order in a dispute regarding the final settlement benefits. The division bench of Chief Justice of India Bhushan Gavai and Justice Augustine George Masih dismissed an appeal filed by Mukherjee, which challenged the Karnataka High Court order. As per the details mentioned on the Supreme Court website, the case was filed on May 16 by Mukherjee through his counsel Pritha Srikumar Iyer under Section 8 of the Arbitration Act 1940 and the Arbitration and Conciliation Act of 1996. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bank Owned Properties For Sale In Cawang (Prices May Surprise You) Foreclosed Homes | Search ads Search Now Undo Ashish K Singh, managing partner of law firm Capstone Legal , said Section 8 empowers any judicial authority to refer the parties to arbitration. 'The provision also provides that there should be a valid and binding arbitration clause in the agreement between the parties,' said Singh. 'This clause is often exercised along with the appointment of an arbitrator either by the court or by consent of the parties,' he adds. Mukherjee didn't respond immediately to the ET query. Live Events The audit major, Price Waterhouse Coopers Services LLP, had already filed a caveat in March 2025 against Mukherjee, as shown on the Apex Court website. The caveat was filed to ensure that if Mukherjee files a case to challenge the high court order, the audit and accounting major gets a chance to be heard before the court passes any order.
Business Standard
23-05-2025
- Business
- Business Standard
ITC gains as Q4 PAT zooms 290% YoY to Rs 19,562 cr; declares dividend of Rs 7.85/sh
ITC added 1.80% to Rs 433.75 after the company's standalone net profit spiked 289.65% to Rs 19,561.57 crore in Q4 FY25 as against Rs 5,020.20 crore posted in Q4 FY24. Revenue from operations (excluding excise duty) was at Rs 17,248.21 crore in the March quarter FY25, up 9.26% year on year. Profit before tax rose 2.05% year on year to Rs 6,416.85 crore in Q4 FY25. EBITDA improved by 2.46% year-on-year to Rs 5,986 crore in Q4 FY25, from Rs 5,842 crore in Q4 FY24. The companys FMCG Others segment reported a 5.06% year-on-year growth in revenue to Rs 13,894.24 crore in Q4 FY25, despite subdued demand conditions and a sharp rise in input costs. The revenue from Cigarettes rose by 5.99% YoY to Rs 8,399.61 crore in the fourth quarter of FY25. The Agri Business segment posted a 17.68% year-on-year rise in revenue to Rs 3,649.16 crore in Q4 FY25, driven by strong performance in leaf tobacco, value-added agri products, and rice exports. The companys paperboards, paper and packaging segment remained impacted by low-priced imports from China and Indonesia, subdued domestic demand, and a sharp surge in wood prices. Segmental revenue for paperboards, paper & packaging rallied 5.53% YoY to Rs 2,187.62 crore in Q4 FY25. The companys Hotels Business has been classified as Discontinued Operations in the financial results for the year ended 31st March 2025, in accordance with applicable Indian Accounting Standards. The business has been demerged into ITC Hotels Limited (ITCHL) w.e.f. 01 January 2025. ITCHL shares listed on stock exchanges on 29 January 2025. The Incense Sticks (Agarbattis) category continued to witness robust growth during the year, with the companys flagship brand Mangaldeep capitalising on market opportunities and strengthening its market position. The business delivered a robust performance during the year, with the Value-Added Agri Products (VAAP) portfolio posting strong growth, led by higher exports of spices and coffee. Meanwhile, the Board has approved a final dividend of Rs 7.85 per share for the financial year FY25. Additionally, the re-appointment of Shyamal Mukherjee as a Director, and as an independent director for a five-year term, effective from 11th August 2026, has been recommended for approval by the members. Separately, ITC announced the acquisition of shares in Mother Sparsh Baby Care. The acquisition comprises 594 equity shares of Rs 10 each, acquired through a secondary purchase from an existing shareholder of Mother Sparsh, and 2,201 compulsorily convertible preference shares (CCPS) of Rs 10 each, subscribed through a primary issuance. The cost of acquisition for the shares is approximately Rs 50.6 crore. The company does not have any promoters or promoter group. Additionally, the group companies have no interest in Mother Sparsh. Following the acquisition, the companys shareholding in Mother Sparsh has increased from 26.50% to 39.47% of its share capital on a fully diluted basis. The acquisition aligns with the companys strategy to build a future-ready portfolio of products catering to evolving consumer needs. Mother Sparsh, a premium Ayurvedic and natural personal care start-up, specializes in baby personal care, health & hygiene, and expert baby care. The Indian baby care market is experiencing significant growth, driven by factors such as rising disposable incomes and increasing awareness about the demand for safer baby products. ITC is a diversified conglomerate with businesses spanning fast-moving consumer goods, hotels, paperboards and packaging, agribusiness and information technology.
