In a move that may contribute to the business growth of McNally Bharat Engineering, the board of the company cleared the proposal to issue non-convertible preference shares of up to Rs 120 crore in one or more tranches. Consequently, the board also permitted the raising of the authorised share capital of the firm to Rs 160 crore from Rs 40 crore earlier. In a communication to the stock exchange, the company said i
Tag: capital
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FIPB clears only one FDI proposal out of 14
While considering 14 proposals for Foreign Direct Investment (FDI), the Foreign Investment Promotion Board (FIPB) approved only one proposal worth Rs 27.27 crore, the Finance Ministry said in a statement. Of the remaining proposals, decision on six were deferred while seven other proposals were rejected. Decision of these 14 pending proposals was deferred at its earlier meeting, the Finance Ministry said in
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Lloyds steel to get more funding from Uttam Galva
The loss making Lloyds Steel, in which Uttam Galva group acquired 58.35 percent stake recently, is set to get a further capital infusion of Rs 380 crore from the group. Agency reports suggest that the Rs 380 crore additional investment would be used to turnaround Lloyds Steel, which posted net losses of Rs 290 crore in last three financial years. Lloyds Steel has a total loan portfolio (both, secured and u
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Govt to disclose final draft of GAAR in 10 days
The draft rules on general anti-avoidance rules (GAAR) prepared by an expert committee chaired by Parthasarathi Shome is sent to the prime minister and a final decision would be taken in 10 days. This information was given by Finance Minister P Chidambaram. The Shome committee suggested that the controversial rules be deferred until 2016-17 and that safeguards be put in place to ensure that taxpayers are not harassed by the rules that seek to deny tax bene
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Naya Raipur becomes 4th planned city in India
Naya Raipur, which is about 20 km from Raipur, is set to become the fourth planned city in India after Bhubaneswar, Ahmedabad, and Chandigarh