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SAR Televenture Limited announces Composite Equity Issue of Rs 450 crore

by EconomyLatest Updates

Mumbai (Maharashtra) [India], July 9: SAR Televenture Limited (NSE Symbol: SARTELE) announces Composite Equity Issue of Rs 450 crore. The Composite Issue comprises Rights Issue aggregating up to Rs 300 crore and FPO aggregating up to Rs 150 crore (The “Total Offer Size”).

The proposal for fundraising of an amount up to Rs 450 crore through issuance of equity shares through Composite Issue was approved at the meeting of the Board of Directors of the Company held on 20th January 2024.

The Rights Issue will comprise 1,50,00,000 fully paid up Equity Shares of Rs 2 each at an issue price of Rs 200 per Rights share (including a premium of Rs 198 per Rights Share). The Rights Issue will open on Monday, July 15th, 2024 and close on Monday, July 22nd, 2024. (The “Rights Issue and Offer Period”)

Existing shareholders will get 1 (one) Rights share for 1 (one) equity share held as on the record date Tuesday, July 09th, 2024 for the purpose of date determining the equity shareholder’s entitled to receive the Rights Entitlement in the Rights Issue (“Eligible Equity Shareholders for Rights Issue”)

SAR Televenture’s Further Public Offer (FPO), set between Rs 200 to Rs 210 per equity share, signifies its confidence in market positioning and growth prospects. 

The Company proposes to utilize the Net proceeds towards (i) funding the setting up of Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home Passes estimated to be Rs 273 crore; (ii) Setting up of an additional 1000 number of 4G/5G telecom towers estimated to be Rs 42.50 crore; (iii) Incremental working capital requirement of our Company estimated to be Rs 30 crore and balance amount towards General Corporate purposes to be utilized in FY 2025. (The “Objects of the Offer”)

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Central Consumer Protection Authority directs ‘Yatra’ an online Travel Platform to refund booking amount to consumers affected due to Covid-19 lockdown

by Latest Updates

t came to the notice of the Central Consumer Protection Authority (CCPA) through National Consumer Helpline (1915-toll free number) that many grievances were lodged relating to non-refund of cancelled air tickets on account of COVID-19 lock down wherein the consumers had alleged that the travel agencies informed them that refunds have not been received from the airlines etc.

The Apex Court in its decision in Pravasi Legal Cell vs Union of India (W.P.(C)D.No.10966 of 2020) dated 01.10.2020 had directed that:

“If the tickets have been booked during the lockdown period through a travel agent for a travel within the lockdown period, in all such cases full refund shall be given by the airlines immediately. On such refund, the amount shall be passed on immediately by the agent to the passengers”.

In light of the above, the CCPA initiated suo-moto action against Yatra regarding non refund of airline tickets cancelled due to Covid-19 lockdown.

Show Cause Notice vide dated 09.03.2021 was sent to this travel company regarding pendency of refunds of bookings which got affected in Covid-19. In pursuant to that CCPA conducted several hearings of the Company and closely monitor the progress of refunds made to the consumers.

From July 8, 2021, to June 25, 2024, the CCPA conducted several hearings to address these issues. As a result of these efforts, Yatra Online Limited has made significant progress in reducing the total number of pending refund bookings. In 2021, there were 36,276 pending bookings amounting to ₹26,25,82,484. As of June 21, 2024, this number has been significantly reduced to 4,837 bookings, amounting to ₹2,52,87,098. Yatra has refunded approx 87% amount to consumers and further endeavor to refund approx 13% amount to consumers in order to ensure that all pending refunds are processed promptly and efficiently by airlines.

In 2021, there were total 5,771 bookings pertaining to airlines pending for refunds amounting to ₹9,60,14,463. By 2024, Yatra has reduced the pendency of airlines to 98 bookings with an outstanding amount of ₹31,79,069. CCPA vide order dated 27.06.2024 directed 22 remaining airlines of Yatra to expeditiously refund ₹31,79,069 to consumers.

During the proceedings held before CCPA, several other travel platforms like MakeMyTrip, EaseMyTrip, ClearTrip, Ixigo and Thomas Cook have refunded the entire amount to Consumers whose tickets got affected due to Covid-19 lockdown.

To further facilitate timely processing of refunds to consumers, CCPA issued an order on 27.06.2024 wherein it directed Yatra to set up dedicated arrangements at the National Consumer Helpline (NCH). Specifically, Yatra is required to allocate five exclusive seats at NCH for making calls to the remaining 4,837 passengers informing them that their pending refunds due to COVID-19 lockdown-related flight cancellations will be processed. The costs incurred for engaging these five dedicated personnel will be fully covered by Yatra with payments made directly to the agency managed by NCH.

The CCPA’s order reinforces the importance of timely refunds and Yatra is directed to adhering to this directive to ensure complete resolution for all pending bookings.

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L&T wins (Significant*) Order for Part Construction of Two Fleet Support Ships

by Today's Fables

Precision Engineering & Systems business vertical of Larsen & Toubro has won a prestigious order for part construction of two Fleet Support Ships (FSS) from M/s Hindustan Shipyard Limited (HSL), with Indian Navy being the end user of the vessels.

Indian Navy had signed a contract with HSL for design and construction of five FSS for the Navy in August 2023.

FSS are specialised naval vessels, which provide logistics and material support to the naval task force at sea. With more than 220 meter in length and approximately 45,000 tonne displacement, FSS would be amongst the largest vessels in the Indian Naval Fleet.

In line with GoI’s vision of “Aatmanirbhar Bharat”, these first-of-its kind vessels to be built in domestic Yards, will be concurrently constructed by both HHL and L&T shipyards to meet the challenging delivery timelines. This collaborative approach in shipbuilding will serve as a cornerstone for achieving strategic national objectives of rapidly enhancing the Indian Naval Fleet, while driving economic activity and technological advancement in India’s maritime domain.

In little over a decade from the receipt of L&T’s first defence shipbuilding order in March 2010, L&T has in-house designed, constructed and delivered more than 70 defence vessels exemplifying its ‘Make in India’ capabilities, with the remarkable achievement of delivering most of these vessels either ahead or on schedule.

L&T will construct the two Fleet Support Ships at its greenfield shipyard at Kattupalli, near Chennai on the east coast of India. It is India’s most modern shipyard, designed in-house and built to globally benchmarked technological practices.

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Azentio announces global market leadership across 3 categories in the 2024 IBSi Sales League Table

by Latest Updates

SINGAPORE, July 9, 2024 – Azentio Software (“Azentio“) – a leading end-to-end software company specializing in the BFSI sector, has today announced its acknowledgement as global market leader across 3 categories by IBS Intelligence in the IBSi Sales League Table (SLT) 2024. Leading the way in the Islamic Digital, Islamic Lending – Retail and Document Management categories, Azentio also secured #2 Leadership Club spots in an additional 6 categories including Wealth Management – Investment & Fund Management, Islamic – Universal Banking Core, Islamic – Risk Management, Regional Leaders – Middle East, Domestic Leaders – India, and Global Leadership – Product Breadth.

The Azentio Accolades

With a track record of over two decades, the IBSi SLT showcases the sales performance of banking technology suppliers, objectively ranking products across 20 categories. The SLT has received a consistent level of interest and participation with 50+ technology suppliers submitting 2,100+ deals spanning 151 countries.

While IBSi SLT recognizes technology vendors’ sales performance across hundreds of system selection engagements carried out across the globe, the SLT Leadership Club identifies the prominent systems that have made their mark across various categories of systems as well as geographies.

Commenting on Azentio’s achievement, Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence, said, “I congratulate Azentio on their remarkable achievement of winning in 7 categories at the SLT 2024 awards. Along with which they also won the ‘Product Breadth’ category with submissions across 10 system types. This recognition is a testament to Azentio’s dedication to innovation and excellence in the banking technology industry. Their success in these categories showcases their ability to deliver cutting-edge solutions that empower financial institutions and drive digital transformation.”

Emma Foley, CMO at Azentio, commented, “We are delighted that Azentio has once again achieved top ranking in the IBSi Sales League Table across multiple categories, demonstrating our continued commitment to delivering cutting-edge technology to our customers. Our built-for-purpose banking products are created and developed specifically with the needs of our regions in mind, allowing us to focus our innovation efforts fully on developments and advancements which will deliver tangible benefits to our customers. This focus, I believe, positions us ideally as the vendor of choice for banks and financial institutions looking to modernise through world class technology with regional purpose.”

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L&T Enhances its Renewables Portfolio: Finalises (Mega*) Orders for Solar Plants in the Middle East

by EnergyLatest Updates

The Renewables arm of Larsen & Toubro (L&T) has finalised mega orders with a leading developer in the Middle East to build two Gigawatt scale Solar PV plants. The plants will have a cumulative capacity of 3.5 GW. 

The scope of the orders also includes grid interconnections encompassing pooling substations and overhead transmission lines. Detailed engineering and initial construction work are expected to commence shortly.

 

Last month, L&T announced having won a solar-cum-storage plant order in India. Now, with the fresh mega orders from the Middle East, L&T’s renewables portfolio is poised to reach 22 GWp (Gigawatt Peak) cumulative capacity, comprising solar and wind generation projects already commissioned and those in the making.

Mr T Madhava Das, Whole-time Director & Sr Executive Vice President (Utilities) – L&T, said: “The successive order wins stand testimony to our proven engineering and project management capabilities to meet the requirements in terms of plant performance, workforce mobilisation, safety, quality and timeline. We cherish this level of customer trust”. 

Commenting on the mega orders, Mr S N Subrahmanyan, Chairman & Managing Director – L&T, said: “The Middle East is far ahead in creating sustainable energy infrastructure and in providing a smart lifestyle. These orders are welcome additions to our green portfolio, as we build the company of the future with next-generation technologies” 

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FSSAI approves proposal to display nutritional information labelling of total sugar, salt and saturated fat in bold letters and bigger font size in 44th meeting of Food Authority

by Latest Updates

The Food Safety and Standards Authority of India (FSSAI) has approved a proposal to display nutritional information regarding Total Sugar, Salt and Saturated Fat in bold letters and relatively increased font size on labels of packaged food items.

The decision to approve the amendment in the Food Safety and Standards (Labelling and Display) Regulations, 2020 regarding Nutritional information labelling was taken in the 44th meeting of the Food Authority, held under the chairmanship of Shri Apurva Chandra, Chairperson, FSSAI. The amendment aims to empower consumers to better understand the nutritional value of the product they are consuming and make healthier decisions.

The draft notification for the said amendment would now be put in the public domain for inviting suggestions and objections.

The information regarding per serve percentage (%) contribution to Recommended Dietary Allowances (RDAs) would be given in bold letters for total sugar, total saturated fat and sodium content. Regulation 2 (v) and 5(3) of FSS (Labelling and Display) Regulation, 2020 specifies requirements to mention serving size and nutritional information on the food product label, respectively.

Along with empowering consumers make healthier choices, the amendment would also contribute towards efforts to combat the rise of Non-Communicable Diseases (NCDs) and promote public health and well-being. The prioritisation of the development of clear and distinguish labelling requirements would help in the global effort to combat NCDs.

Further, FSSAI has been issuing advisories from time to time to prevent false and misleading claims. These include advisories sent to e-commerce website for removal of the term ‘Health Drink’ as it is not defined or standardized anywhere under the FSS Act 2006 or rules/regulations made thereunder, apart from directive mandating all Food Business Operators (FBOs) to remove any claim of ‘100% fruit juices’ from the labels and advertisements of reconstituted fruit juices, the use of the term wheat flour/ refined wheat flour, the advertisement and marketing of ORS along with prefix or suffix, nutrient function claim for multi-source edible vegetable oils etc. These advisories and directives are issued to prevent misleading claims by FBOs.

Senior officials from the Ministry of Health and Family Welfare, Ministry of Commerce, Ministry of Consumer Affairs, Food and Public Distribution, Ministry of Law and Justice, Ministry of Micro, Small and Medium Enterprises; States and Union Territories attended the meeting. Representatives from industry associations, consumer organizations, research institutes and farmers’ organisations were also present in the meeting.

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Apollo Hospitals to acquire Rs 103.2 crore stake in subsidiary Apollo Health

by Latest Updates

Apollo Hospitals Enterprises has announced that it will acquire a stake worth Rs 103.2 crore in its subsidiary company, Apollo Health and Lifestyle.

This acquisition, aggregating Rs 1032.60 million (or Rs 103.2 crore), will be carried out through a rights issue.

A rights issue typically involves a company inviting its current shareholders to buy more shares at a discount. Shareholders get the right to purchase these new shares generally at a lower price than the market rate, which helps the company raise more money without bringing in new investors.

“We wish to inform you that the Company is acquiring 35,12,107 equity shares of Rs 10 each at a price of Rs.294 per share (including a premium of Rs.284 per share), aggregating to Rs. 1032.60 million by way of subscribing to the rights issue of Apollo Health and Lifestyle Limited, a subsidiary of the Company (AHLL),” the hospital chain company informed stock exchanges on Saturday.

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DoT announces Call for Proposals: Quantum Standardization and Testing Labs

by Latest Updates

Department of Telecommunications (DoT) has announced call for proposals, titled “Quantum Standardization and Testing Labs,” and has invited submissions from Indian academic institutions or R&D institutions, either individually or in partnership. The main objective is to accelerate research and development in quantum technologies, ensuring the interoperability, reliability, and security of quantum communication systems. These labs will serve as innovation hubs, uniting quantum technology developers, testing equipment manufacturers, and academic researchers to explore and harness the full potential of quantum technologies for the benefit of all citizens.

Enhancing Everyday Life with Quantum Technologies

The initiative aligns with the Prime Minister’s vision for ‘Jai Anushandhan’, aiming to support research and development in telecom products and technologies that directly enhance the lives of Indian citizens. It represents a significant step towards making India self-reliant in quantum technologies and setting global benchmarks in this cutting-edge field. The effort not only supports the development of secure, reliable, and efficient quantum communication systems, but also aims at providing all Indian citizens with advanced technologies that improve everyday communication, data security, and overall digital experience.

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Pre-Budget consultation meetings for the forthcoming Union Budget 2024-25 conclude in New Delhi

by Latest Updates

The Pre-Budget consultations for Union Budget 2024-25 that started from 19th June 2024 onward in the Ministry of Finance and chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, concluded.

In the course of the in-person consultations, more than 120 invitees across 10 stakeholder groups, including experts and representatives from farmer associations & agriculture economists; trade unions; education & health sector; employment & skilling; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings.

Union Ministers of State for Finance Shri Pankaj Chaudhary; Finance Secretary and Secretary Expenditure, Dr. T.V. Somanathan; Secretary, D/o Economic Affairs, Shri Ajay Seth; Secretary, DIPAM, Shri Tuhin K. Pandey; Secretary, D/o Financial Services, Shri Vivek Joshi; Secretary, D/o Revenue, Shri Sanjay Malhotra; Secretary, M/o Corporate Affairs, Shri Manoj Govil, Secretaries of Ministries concerned, Chief Economic Adviser, Dr. V. Anantha Nageswaran, and senior officers from the Ministry of Finance and Ministries concerned were also present during relevant meetings.

In the course of the consultations, Union Finance Minister Smt. Sitharaman expressed gratitude to the participants for sharing valuable suggestions and assured experts and representatives that their suggestions would be carefully examined and considered while preparing the Union Budget 2024-25.

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Prime Minister extends his greetings on the occasion of Rath Yatra of Mahaprabhu Jagannath

by Today's Fables

The Prime Minister, Shri Narendra Modi, today wished the people on the occasion of sacred Rath Yatra of Mahaprabhu Jagannath.

“Greetings on the start of the sacred Rath Yatra. We bow to Mahaprabhu Jagannath and pray that His blessings constantly remain upon us.”

Descriptions of the Ratha Yatra can be found in Brahma Purana, Padma Purana, the Skanda Purana, and the Kapila Samhita.

The rath yatra is considered to be the oldest and largest Hindu chariot festival celebrated annually, on the bright half of the lunar month of Ashadh .The festival is held at the city of Puri, in the state of Odisha, India and associated with the deity Jagannath