Latest news with #Vadodara-based
Time of India
4 hours ago
- Business
- Time of India
NCLAT sets aside direction for forensic audit of Golden Tobacco, reinstates Resolution Professional
The Insolvency appellate tribunal NCLAT has set aside the directions of the NCLT for a forensic audit of Golden Tobacco , and a change in the resolution professional of the debt-ridden cigarette maker. Passing an order over a batch of petitions filed against the NCLT order, the National Company Law Appellate Tribunal also extended the timeline for completing the CIRP ( Corporate Insolvency Resolution Process ) of Golden Tobacco till October 17, 2025. Besides, the appellate tribunal has also directed the NCLT to decide over the claims of financial creditors -- Central Bank of India , Arrow Engineering and others and then to reconstitute the lenders' body -- Committee of Creditors (CoC). "The direction of the Adjudicating Authority to conduct a forensic audit by KPMG is set aside," said a two-member bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. Vadodara-based Golden Tobacco owns cigarette brands such as Panama, Chancellor, Golden's Gold Flake and Taj Chhap. It is a Dalmia Group-owned firm. The appellate tribunal also set aside the direction of the NCLT, directing a change in the resolution professional of the company. "Direction contained in the impugned order replacing the Appellant (RP) is set aside. Consequently, the direction to appoint a New Resolution Professional - Sanjay Borad shall come to an end," it said, directing the new Resolution Professional who was allowed to function during the pendency of these appeals shall hand over all the records within seven days. NCLAT was hearing a batch of petitions filed against an order passed by the Ahmedabad bench of the National Company Law Tribunal (NCLT) on May 13, 2024 in which the tribunal had passed several directions. NCLAT in its 86-page-long order also dismissed the petition filed by Suraksha Realty and Sheth Developers , which were seeking the status of a 'secured' Financial Creditor of Golden Tobacco. Both had challenged the order of NCLT passed on May 13, 2024 in this regard. However, it also partially provided relief to Arrow Engineering, another Financial Creditor of the company, whose claim was restricted to Rs 40.75 crore. Suraksha Realty and Sheth Developers have also filed another application seeking direction to remove and reject the claims filed by the Central Bank of India , Arrow Engineering and other Financial Creditors. Moreover, over the Central Bank of India's plea, NCLAT "partly allowed deleting the observation made in the impugned order that the Resolution Professional has inflated the claim of the Central Bank of India." It also dismissed the plea of Shree Ram Vessel Scrap, who could not submit a Resolution Plan by March 2, 2024, which was the last date for submitting a Resolution Plan. NCLAT granted liberty to it "to pursue its pending applications" before the NCLT there. Moreover, the appellate tribunal has also directed to complete the CIRP (Corporate Insolvency Resolution Process) within a period of two months after the decision on the claims filed by its financial creditors - Central Bank of India, Arrow Engineering and others Financial creditors. "The Resolution Professional after the decision of the Adjudicating Authority... shall reconstitute the CoC and convene a meeting for consideration of the Resolution Plans, in accordance with law," said a two-member bench. NLCAT further extended the period for completion of CIRP till October 17, 2025. "The period from 21.05.2024 till date is excluded from the CIRP process, during which period the interim order passed in the appeal has operated. CIRP period is extended till 17.10.2025 during which the entire CIRP process shall be completed," it said. CIRP was commenced against Golden Tobacco on June 7, 2022, by NCLT after admitting the Section 7 application filed by Arrow Engineering.
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Business Standard
17 hours ago
- Business
- Business Standard
NCLAT scraps audit, reinstates Resolution Professional at Golden Tobacco
The Insolvency appellate tribunal NCLAT has set aside the directions of the NCLT for a forensic audit of Golden Tobacco, and a change in the resolution professional of the debt-ridden cigarette maker. Passing an order over a batch of petitions filed against the NCLT order, the National Company Law Appellate Tribunal also extended the timeline for completing the CIRP (Corporate Insolvency Resolution Process) of Golden Tobacco till October 17, 2025. Besides, the appellate tribunal has also directed the NCLT to decide over the claims of financial creditors -- Central Bank of India, Arrow Engineering and others and then to reconstitute the lenders' body -- Committee of Creditors (CoC). "The direction of the Adjudicating Authority to conduct a forensic audit by KPMG is set aside," said a two-member bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. Vadodara-based Golden Tobacco owns cigarette brands such as Panama, Chancellor, Golden's Gold Flake and Taj Chhap. It is a Dalmia Group-owned firm. The appellate tribunal also set aside the direction of the NCLT, directing a change in the resolution professional of the company. "Direction contained in the impugned order replacing the Appellant (RP) is set aside. Consequently, the direction to appoint a New Resolution Professional Sanjay Borad shall come to an end," it said, directing the new Resolution Professional who was allowed to function during the pendency of these appeals shall hand over all the records within seven days. NCLAT was hearing a batch of petitions filed against an order passed by the Ahmedabad bench of the National Company Law Tribunal (NCLT) on May 13, 2024 in which the tribunal had passed several directions. NCLAT in its 86-page-long order also dismissed the petition filed by Suraksha Realty and Sheth Developers, which were seeking the status of a 'secured' Financial Creditor of Golden Tobacco. Both had challenged the order of NCLT passed on May 13, 2024 in this regard. However, it also partially provided relief to Arrow Engineering, another Financial Creditor of the company, whose claim was restricted to Rs 40.75 crore. Suraksha Realty and Sheth Developers have also filed another application seeking direction to remove and reject the claims filed by the Central Bank of India, Arrow Engineering and other Financial Creditors. Moreover, over the Central Bank of India's plea, NCLAT "partly allowed deleting the observation made in the impugned order that the Resolution Professional has inflated the claim of the Central Bank of India." It also dismissed the plea of Shree Ram Vessel Scrap, who could not submit a Resolution Plan by March 2, 2024, which was the last date for submitting a Resolution Plan. NCLAT granted liberty to it "to pursue its pending applications" before the NCLT there. Moreover, the appellate tribunal has also directed to complete the CIRP (Corporate Insolvency Resolution Process) within a period of two months after the decision on the claims filed by its financial creditors - Central Bank of India, Arrow Engineering and others Financial creditors. "The Resolution Professional after the decision of the Adjudicating Authority... shall reconstitute the CoC and convene a meeting for consideration of the Resolution Plans, in accordance with law," said a two-member bench. NLCAT further extended the period for completion of CIRP till October 17, 2025. "The period from 21.05.2024 till date is excluded from the CIRP process, during which period the interim order passed in the appeal has operated. CIRP period is extended till 17.10.2025 during which the entire CIRP process shall be completed," it said. CIRP was commenced against Golden Tobacco on June 7, 2022, by NCLT after admitting the Section 7 application filed by Arrow Engineering.
Time of India
3 days ago
- Health
- Time of India
Shree Krishna Hospital launches mobile app for patient convenience
Vadodara: Karamsad-based Shree Krishna Hospital in Anand district has launched a mobile application to simplify patient registration and appointment booking processes. The app is designed to offer a seamless, user-friendly experience, serving as a one-stop platform for accessing diagnostic reports and medical history. Tired of too many ads? go ad free now The app was officially launched by Abhay Dharamsi, provost of Bhaikaka University, at the university's academic centre. Dharamsi highlighted that the initiative aligns with the hospital's mission to enhance patient care through digital innovation. The app was developed collaboratively by the hospital's IT department and Vadodara-based Megh Technology, incorporating suggestions and feedback from doctors to ensure functionality tailored to patient needs. "This app empowers patients to access services anytime, anywhere. It enables them to book appointments, explore healthcare packages, and access information more easily," said Dr Jitesh Desai, medical superintendent of the hospital. "It is expected to significantly reduce waiting times for radiology and lab tests. Patients can also use the app to book hospital home care services."
Time of India
3 days ago
- Time of India
Special public prosecutor appointed for Bodeli fake office case
Vadodara: Prominent Vadodara-based advocate Hitesh Gupta has been appointed as the special public prosecutor in the high-profile fake govt office case from Bodeli in Chhotaudepur district. The case, which surfaced in Oct 2023, involves a bogus office falsely operating under the name of the executive engineer, Irrigation Project Division, Bodeli. The fake office, set up in a commercial complex in the town, had been sending proposals for development works under govt schemes — including the New Gujarat Pattern, Border Village, and Mahila Ghar Angne Pani — for over two years, starting July 2021. These proposals were submitted to the office of the Project Administrator (Tribal Sub-Plan) in Chhotaudepur district and were cleared. Payments totalling Rs 4.15 crore were released based on claims of completed work. The scam was exposed when the actual executive engineer of Irrigation Project Division-2, Bodeli, denied having sent proposals for 12 development works worth Rs 3.74 crore under the Border Village Scheme. He also revealed that no such official office existed in Bodeli under his division. An internal probe followed, uncovering documents and payments related to fraudulent proposals submitted during 2021–22 and 2022–23. A case was registered, and following the investigation, a chargesheet was filed against 11 accused. One of the main accused, Sandip Rajput, passed away in May last year.
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Business Standard
3 days ago
- Business
- Business Standard
Aristo Bio-Tech FY25 PAT Rises to Rs 4.06 Cr, Revenue Jumps 30 Percent to Rs 318.09 Cr
PNN New Delhi [India], May 31: Gujarat-based Aristo Bio-Tech and Lifescience Ltd, a fast-growing company in the agrochemical and biotechnology space, has reported a stellar financial performance for the fourth quarter and full financial year ended March 31, 2025 (FY25). The company posted a strong turnaround in profitability, with significant growth in revenue. Due to expansion and increased capital expenditure, depreciation has risen by Rs. 1 crore compared to last year, resulting in a lower visible profit. For the financial year that ended on March 31, 2025, the company recorded revenue of Rs. 318.09 crore, marking a 30% increase from Rs. 245.15 crore in FY24. Net profit rose to Rs. 4.06 crore, slightly higher than Rs. 3.89 crore in FY24, despite a significant increase in operating scale and investment in expansion. Earnings per share for FY25 stands at Rs. 5.97, a Y-o-Y increase of 4.3% compared to earnings per share of Rs. 5.72 in FY24. The company operates in a promising industry focused on producing and distributing pesticides and fertilizers, helping improve crop yield and quality, offering strong opportunities for the company's sustained growth. Narendra Singh Barhat, Chairman & Managing Director, Aristo Bio-tech and Lifescience said, "FY25 has been a significant year for Aristo. Despite a challenging macroeconomic environment, we delivered strong growth, driven by our operational excellence and strategic investments. Due to expansion and increased capital expenditure, depreciation has risen by Rs. 1 crore compared to last year, resulting in a lower visible profit. We remain committed to delivering value to our shareholders while continuing to expand our market reach and innovation in agri-biotech solutions." Highlights: * Vadodara-based agrochemical company has reported Net Profit of Rs 4.06 crores for FY25 * For FY25, revenue from operations was reported at Rs 318.09 crore, a 30% Y-o-Y growth * Company's distribution network extends over 20 states in India while export network spans over 15 countries * Engaged in the field of producing and distributing pesticides and fertilizers, company has strong growth prospects During the first half of FY25 (April-September 2024), the company recorded a net profit of Rs. 4.55 crore and revenue from operations of Rs. 214.15 crore, reflecting strong growth momentum. However, the second half (October 2024- March 2025) saw a marginal loss of Rs. 49 lakh on revenue of Rs. 104.17 crore, impacted by seasonality and increased input costs. Aristo Bio-Tech and Lifescience product distribution network extendes over 20 states of India. The company also exports to over 15 countries, including Armenia, Australia, Bangladesh, Belgium, Cambodia, Germany, Italy, Kenya, Moldova, New Zealand, Poland, South Africa, UAE, Ukraine, and Vietnam. Company's products include herbicides/weedicides, fungicides, plant growth regulator and insecticides About Aristo Bio-Tech and Lifescience Limited: Incorporated in 2005, Aristo Bio-Tech and Lifescience Limited is an agrochemical company, mainly engaged in the manufacturing, formulation, supplying, packaging, and job work services of various Pesticides. The company delivers products in India as well as engage in exporting products like Insecticides, Herbicides, Fungicides, Plant Growth Regulators, and a wide variety of other Agrochemicals. The company is ISO 9001: 2015 certified for their Quality Management System. Alongside undertaking manufacturing operations, the company also provide Contract manufacturing, Job work and Toll manufacturing services for Crop Protection companies.
