business

The Indian Income Tax Department has started its independent probe of the Rs 7,800-crore corporate fraud in Satyam with focus on tax deducted at source and benami deals. However, the department has declined to give a time line for the completion of the probe, contending the duration cannot be fixed, but it would try to … Read more Income Tax sleuths start Satyam probe independently

Petron Mechanical Industries, part of Petron Engineering Construction, has received a Rs 9.78 crore order from Vedanta Aluminum. The order envisages design, engineering, manufacturing, erection and commissioning of 57 cranes & hoists for the latter’s expansion initiative at its smelter plant at Jharsuguda, Orissa. Petron Engineering Construction has received an order from Lanco Infratech, for … Read more Petron receives order from Vedanta + Lanco Infra

The Delhi Development Authority (DDA) has recommended cancellation of allotment of plots to six hoteliers for projects related to the Commonwealth Games, 2010. The hotel majors have reportedly opted out on the back of a deepening recession which is expected to result in lower visitor turnout. DDA sources claimed that the hoteliers did not commence … Read more Six hoteliers withdraw from Commonwealth Games projects

DCW Ltd has informed FreePress that a meeting of the Board of Directors of the Company will be held on January 28, 2009, inter alia, to consider the following: 1. To consider and approve the Un-audited Financial Results for the quarter ended December 31, 2008. 2. To consider Issue of Shares on Right basis.

Universal Sompo General Insurance Company, a venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments and Sompo Japan Insurance Inc, is aiming to tap a 2-3% share in the domestic market by 2011-12. It is also eying a premium base of Rs 50 crore by March 2009. The company commenced its operations in … Read more Universal Sompo Insurance aims 2-3% share by 2011-12

Unitech’s recent Dec’08 filing to the BSE suggests promoter shareholding has fallen to 67.5% as at Dec’08 from 74.6% in Sep’08; believe this could be on account of promoter sale or lenders selling promoters pledged shares, no confirmation on the management from this. Further, we believe promoter holding is likely to come down further in … Read more Unitech promoter holding falls – Satyam like situation ?