Vedanta: The company announced on Wednesday that it plans to challenge the order from Sebi, which requires them to pay a penalty of ₹77.6 crore to Cairn UK Holdings Ltd, a Scottish exploration company, for a delay in dividend payments to a former shareholder, as reported by PTI news agency. Vedanta stated that Cairn UK Holdings Ltd had relinquished its right to demand interest when it resolved a retrospective tax claim with the government. In a statement, the mining conglomerate affirmed, “Vedanta Ltd will contest the Sebi order at the suitable forum.”
Reliance Industries: The company has consented to acquire the entire 13.01% stake in Viacom18 Media from Paramount Global. The deal, valued at approximately $517 million ( ₹42.86 billion), was disclosed in US regulatory filings. Viacom18, primarily owned by RIL, boasts a portfolio of 40 television channels, including Comedy Central, Nickelodeon, and MTV. After the deal concludes, Paramount has affirmed that it will continue its content licensing agreement with Viacom18, as reported by Reuters. The completion of this acquisition is dependent on the finalisation of the previously announced merger between Reliance and Disney concerning their TV and streaming media assets in India.
Federal Bank, South Indian Bank: On March 13, two banks, Federal Bank and South Indian Bank, declared actions concerning their co-branded credit cards. This decision was based on the regulatory guidance they received from the RBI on March 12, as mentioned in their exchange filings. Federal Bank announced that it has ceased the issuance of new co-branded credit cards. Similarly, South Indian Bank stated that it will not accept any new customers for co-branded credit cards until the bank is fully compliant with the issued regulatory guidelines.
IIFL Finance: The company announced on Wednesday that its board has given the green light to raise up to ₹1,500 crore through a rights issue, despite the RBI prohibiting the NBFC from approving or disbursing gold loans. In a regulatory filing, IIFL Finance stated that the board has sanctioned fundraising not exceeding ₹1,500 crore by issuing shares on a rights basis to its current eligible shareholders as of the record date, which will be determined in due course, in line with relevant regulations. Furthermore, during its Wednesday meeting, the board approved a proposal to raise funds up to ₹500 crore through the issuance of non-convertible debentures on a private placement basis.
Cholamandalam Investment and Finance Company, DLF: Cholamandalam has acquired a 4.67-acre property in Chennai from DLF for ₹735 crore. In a regulatory announcement on Wednesday, Cholamandalam said that it had completed the purchase of the immovable property from DLF IT Offices Chennai Private Limited, located in Guindy, Chennai, by executing and registering a sale deed. The transaction is valued at ₹735 crore. DLF has divested this land to liquidate its assets.
Paytm: One 97 Communications, Paytm’s parent company, is set to release more employees from various departments as part of its yearly performance evaluation, at least four people knowledgeable about the situation told Moneycontrol. This decision coincides with a period when Paytm’s payment bank is facing criticism from the RBI due to shortcomings in their due diligence process. Although the exact number of employees who will be affected was not discernible, it was reported that some departments have been instructed to decrease their workforce by up to 20 percent, according to the aforementioned sources. This process was initiated two weeks ago.
Vodafone Idea: The telecommunications company has chosen not to renew the fractional spectrum in the 900MHz and 1800MHz bands in certain areas due to incompatibility with its most recent network technology. A spokesperson from Vi said that the company has decided to extend the necessary spectrum in both Uttar Pradesh (West) and West Bengal circles, while only releasing the fractional spectrum that is not compatible with the new technology and hence, not currently needed. The spectrum was scheduled for renewal this year.
Shriram Properties: On Wednesday, Shriram Properties announced the launch of a new residential project named ‘Codename Ultimate,’ which has a potential revenue of ₹350 crore. Located near Electronic City in Bengaluru, the project is inspired by Balinese architecture and features 414 units spread across six towers. These units include integrated co-working spaces and extensive open areas, as stated in a regulatory filing by Shriram Properties. The project, developed under a joint development model, boasts a total saleable area of approximately five lakh square feet. Emphasizing open spaces, this Balinese-themed project comprises over 70% of the total area with more than 400 units.
Indian Hume Pipe Co.: On Wednesday, March 14, a joint venture involving Indian Hume Pipe Co. was granted the ‘Water Supply Projects and Sewerage Projects under AMRUT 2.0’ by the Government of Telangana, valued at ₹1,137.77 crore. The project’s work order has been given to the joint venture comprising Indian Hume Pipe Co. (IHP), AMR India Limited (AMRIL), and Shoda Constructions Private Limited (SCPL). IHP will undertake 20% of the total work, amounting to ₹277.55 crore, for which the company received the acceptance letter on Wednesday. The project is expected to be completed within 24 months.
