Businesses

GHCL completes demerger of its spinning business into GHCL Textiles

Chemicals major GHCL has completed the demerger of its spinning business into GHCL Textiles. The demerger became effective from April 1 and the new entity GHCL Textiles will be listed on NSE and BSE after receiving regulatory approvals. The "demerger aims to unlock and maximise value for all stakeholders' and focus on operations and customers. It brings forth focused leadership and addresses independent opportunities with prudent capital allocation, the company said in a statement on Monday. "GHCL Textiles assumes all the assets and liabilities of the spinning business," it added. As per the demerger scheme, GHCL shareholders are "to get shares of GHCL Textiles in the ratio of 1:1". GHCL Managing Director R S Jalan said, the demerger is envisaged to create strong independent businesses uniquely positioned to enhance stakeholders' value over time. In February, the Ahmedabad bench of NCLT approved the demerger of the spinning division of the company into GHCL Textiles. GHCL is int

Biz can apply for revocation of GST registration cancellation by Jun 30

The government has allowed businesses, whose GST registrations were cancelled for non-filing of returns, to apply for revocation of the cancellation by June 30, after paying due taxes, interest and penalty. The finance ministry has made amendments in the Central GST act specifying that businesses whose registration have been cancelled on or before December 31, 2022, and who have failed to apply for revocation of cancellation within the specified period can do so by June 30, 2023. However, the application for revocation shall be filed only after furnishing the returns due up to the effective date of cancellation of registration and after payment of any amount due as tax, in terms of such returns, along with any amount payable towards interest, penalty and late fees. No further extension of time period for filing application for revocation of cancellation of registration shall be available in such cases, as per the finance ministry notification. This would act as relief for taxpayers

Goyal asks businesses to adopt sustainable, green approach in practices

He mentioned that India was one of the top five countries in the world in terms of adopting and implementing environmental goals

India, govt open for business round the clock, says Smriti Irani

The minister for women and child development also said that India runs the largest healthcare system in the world in the form of Ayushman Bharat that covers 100 million families

Co-heads of business at $4.3 bn Centrum Wealth asked to leave the firm

The board of the Mumbai-based firm asked managing directors Ganashyam S. and Arpita Vinay to leave due to a "loss of confidence,"

Apple launches tool to allow customisation of information for businesses

Apple has introduced a new free tool named 'Apple Business Connect' which will allow businesses of all sizes to customise the way their information appears across Apple applications

Budget should avoid subsidies and protection to biz

Subsidies and tax concessions are not the best ways to boost our production and exports in the medium and long term

ICRA downgrades PTC Financial Services short-term rating over operations

Failure to improve business volumes may impact profitability of Delhi-based NBFC, says agency

Hello Logistics sues Instacart founder Mehta for creating 'copycat' startup

Hello Logistics Inc., which operates under the name NextMed, sued Mehta, his business partner Tejasvi Singh, and their company Cloud Health Systems over allegations of misappropriation of trade secret

No speedy resolution in sight as Indian biz await South African visas

Indian citizens, especially business leaders, who have been complaining for the past few years about long delays in securing visas for South Africa, may have to wait longer as the government had admitted that its full visa waiting list would only be cleared by the end of June 2024. While Indian missions grant tourist and business e-visas to South Africans within a week, there is no reciprocal facility for Indian citizens at South African missions in India. But there is some hope that businesses and academia might be prioritised after a decision, which centralised all visa issues exclusively to the Home Affairs head office in Pretoria, was revoked recently. The current backlog across all visa categories is 56,543. The department envisages to have cleared the current backlog by June 2024 for all categories of visas, Minister of Home Affairs Aaron Motsoaledi said last week in response to a question from an opposition MP. The average response time varies for different visa categories,

Global semiconductor revenue growth worsens; to drop by 3.6% in 2023

Global semiconductor revenue is projected to decline 3.6 per cent in 2023 -- from the previous forecast of $623 billion to reach $596 billion, a new Gartner report showed on Monday.

I advise start-ups to think beyond the possible: ARM Holdings former CEO

"You need to look at where your biggest opportunities are and invent your own unique business model that capitalises on your strengths," says Sir Robin Saxby

Capital Allocation, A Spin-off, & A Dividend Policy Tweak: An AltG Love Triangle

Poornima Vardhan and Taponeel Mukherjee have developed a uniquely constructive and immensely profitable way of maximising market capitalisation.

The $14 billion feud that splintered the billionaire Hinduja family

The family has now called a temporary truce, but the long-running and rancorous dispute has put at stake the future governance of the Anglo-Indian empire

Canada's foreign minister warns businesses against deepening China ties

Canada's foreign minister said Wednesday that China is an increasingly disruptive, global power and warned businesses against deepening their ties, saying there were geopolitical risks. Foreign Affairs Minister Mlanie Joly made the remarks at the Munk School of Global Affairs at the University of Toronto ahead of her government introducing a Indo-Pacific strategy next month. The China of 1970 is not the China of today. China is an increasingly disruptive, global power, Joly said. It seeks to shape the global environment into one that is more permissive for interests and values that increasingly depart from ours. Joly said Canada has serious concerns about Beijing undermining global security, commerce and peace. Part of that includes credible accounts of human rights abuse and crimes against humanity in the Xinjiang region against the Muslim minority known as the Uyghur. What I would like to say to Canadians doing business in and with China: You need to be clear-eyed. The decisions

Only 40% of businesses happy with network capabilities, shows data

94% say business demands for increased speed, agility and innovation are driving new operating models

Working on second phase of single window approval system: DPIIT Secy

The commerce and industry ministry is working on the second phase of the single window system for giving all approvals to existing businesses, a top government official said on Friday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said that the department is targeting to roll out this system by December 2023. "Right now, the single window is positioned for new investments. You can get your approvals to start a business, if you are making a new investment...For phase-II, we have started working and it is for existing businesses. "For them, it will become a single window. All your returns will be on the single window...We had an inter-ministerial consultation (on this). By and large, everybody is on board....This will make life of existing business simple," he said. Jain was speaking at a CII's national conference on MNCs. The secretary also said that the government is working on further improvement in ease of doing business. Earlier,

Nirula's loses Deepak but iconic food legacy will live on forever

If you ever relished Nirula's Hot Chocolate Fudge, you will definitely miss the huge void as India's very first fast food chain has lost Deepak Nirula, who made the brand famous across north India

Around 500 shop owners near Taj Mahal fear shutdown after SC order

With the Supreme Court's order to immediately stop all commercial activities within the 500-meter periphery of the Taj Mahal, the shop owners in this area are uncertain about the future of their businesses. There are about 500 odd restaurants, emporiums, budget hotels, cafes and other business outlets in the area that might be affected by the court order. The Supreme Court on Monday directed the Agra Development Authority (ADA) to prohibit commercial activities within the 500-meter periphery of the Taj Mahal. Talking to PTI, Charchit Gaur, vice chairman of ADA said, "We have begun the survey processing of the businesses and after the completion of the survey we will identify the businesses and act accordingly to the order of the Supreme Court." The apex court's order was in response to the application by the 71 shopkeepers, who had alleged that they were removed from near the western gate in the year 1993, whereas other commercial activities continued. On Wednesday, locals and ...

UK businesses laud energy relief, but increase in costs still a struggle

At Sophia Sutton-Jones' bakery in North London, the electricity bill has more than tripled since the start of the year. It now costs 5,500 pounds (USD 6,260) a month to power the ovens and keep the lights on at Sourdough Sophia. Where should I magically take 4,000 pounds per month extra that I didn't calculate for? she said. To cope with rising costs, she's had to borrow 50,000 pounds and raise prices twice this year for her loaves, baguettes and pretzels. She doubts that even a massive support package announced this week by the UK government will make much difference to businesses like hers struggling with soaring energy costs. Pubs, restaurants, breweries, retailers and other businesses across the United Kingdom are being pushed to the brink by skyrocketing energy bills that have helped send inflation to a four-decade high and fuel a cost-of-living crisis. Forced to take action by cost increases that threaten to tip the British economy into recession, new Prime Minister Liz Trus