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News on Medial
Decision on including IREDA, HUDCO under Section 54EC likely on backburner amid FinMin delay
Money Control
·
9m ago
Medial
The decision to include Indian Renewable Energy Development Agency (IREDA) and Housing and Urban Development Corp. Ltd. (HUDCO) under Section 54EC of the Income Tax Act, which provides tax exemptions for capital gains, remains undecided. The Ministry of Finance has not given final approval, leading to a delay in the process. The inclusion of these public sector units would support India's goals for renewable energy and housing. Despite their alignment with national objectives, the Department of Economic Affairs has yet to provide feedback, leaving the decision pending. Investments in Section 54EC bonds offer tax-saving benefits with fixed interest rates.
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Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default
Economic Times
·
2m ago
Medial
Indian Renewable Energy Development Agency (Ireda) has initiated insolvency proceedings against Gensol Engineering due to a Rs 510 crore default. The power financier submitted a plea under Section 7 of the Insolvency and Bankruptcy Code, seeking to address the financial discrepancy, as stated in an exchange filing. This legal action highlights the severity of the default and underscores the financial challenges faced by Gensol Engineering.
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EU stalls probe into Musk's X amid US trade talks, FT reports - The Economic Times
Economic Times
·
24d ago
Medial
The European Commission has paused its investigation into Elon Musk's social media platform X for potentially breaching the Digital Services Act, amid ongoing trade discussions with the United States. Originally set to conclude before the summer break, the decision will now likely follow clarity from EU-US trade talks. Violations of the act could result in significant fines or an operating ban in Europe. The delay may impact the timeline for any enforcement actions.
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Gensol-BluSmart Fiasco: IREDA Files Insolvency Plea Over ₹510 Crore Default
OutlookIndia
·
2m ago
Medial
The Indian Renewable Energy Development Agency (IREDA) has filed an insolvency application against Gensol Engineering Limited for defaulting on a loan exceeding ₹510 crore. Gensol had borrowed ₹977.75 crore from IREDA and Power Finance Corporation to purchase electric vehicles for BluSmart but acquired fewer vehicles than committed. Consequently, IREDA and PFC lodged complaints for manipulated debt documents. Amid regulatory scrutiny and financial misconduct allegations, Gensol's managing directors resigned following SEBI's interim order banning their market access.
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Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default
Entrackr
·
2m ago
Medial
Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE). As per the filing, IREDA has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), showing a significant step in its attempt to recover dues from the Ahmedabad-based renewable energy firm. Gensol, which has been active in engineering, procurement, and construction (EPC) services for solar power projects, as well as in the electric mobility space, had taken loans amounting to over Rs 977 crore from IREDA and Power Finance Corporation (PFC). Out of Rs 977 crore, around Rs 664 crore was allocated for purchasing EVs for BluSmart, an electric ride-hailing platform co-founded by Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. This insolvency action comes just weeks after IREDA complained to the Economic Offences Wing (EOW), accusing Gensol of diverting funds and submitting false documents. The agency also said the company’s promoters reduced their shareholding without informing the lender. Following the controversy, market regulator SEBI barred both Jaggi brothers from holding any executive or directorial positions in listed companies. The duo stepped down from their respective roles on May 12. Gensol, once considered a rising player in India’s green mobility and solar infra push, is now facing a potential corporate insolvency resolution process (CIRP), subject to admission by the National Company Law Tribunal (NCLT).
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IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint
YourStory
·
3m ago
Medial
Indian Renewable Energy Development Agency (IREDA) filed a complaint with the Economic Offences Wing against Gensol Engineering's promoters for diluting their shareholding without lender approval, breaching contract terms. Focused on buying electric vehicles, Gensol faces scrutiny due to alleged fund misuse by its promoters Anmol and Puneet Singh Jaggi. BluSmart, associated with Gensol, ceased operations, intensifying lender concerns about potential non-performing assets. The issue is under internal review, with IREDA aiming for remedial actions.
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Ambani's Reliance Jio delays India IPO, 2025 listing not on cards: Sources
Economic Times
·
1m ago
Medial
Reliance Jio Platforms, led by Mukesh Ambani, has postponed its much-anticipated IPO planned for 2023 to possibly 2025. The delay aims to strengthen its business and boost valuation beyond $100 billion amid industry competition and challenges, including subscriber churn due to tariff hikes. Jio wants to enhance revenues, expand digital offerings, and establish a more mature business model. The decision comes amid a robust IPO market in India, and investors remain optimistic.
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Google's $23 billion plan to buy cybersecurity startup Wiz falls apart
Economic Times
·
1y ago
Medial
Google's potential acquisition of cybersecurity startup Wiz for $23 billion fell through, as Wiz decided to pursue a public listing instead. Wiz aims to generate $1 billion in recurring revenue before going public. While flattered by the offers, Wiz's CEO expressed confidence in building the company independently. Google's largest deal to date was its $12.5 billion purchase of Motorola Mobility in 2012, which was subsequently sold at a loss. The regulatory landscape, as well as the potential delay caused by government review, likely influenced Wiz's decision.
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Stock Market Today LIVE: IT Stocks Shine on D-street; HCL Tech, Tech Mahindra, Infosys Lead the Gains
OutlookIndia
·
2m ago
Medial
On June 11, 2025, India's Sensex and Nifty indices saw minor gains amid global positive cues. IT stocks like HCL Tech and Tech Mahindra led gains. Pine Labs plans to file for a ₹6,000 crore IPO, while IREDA raised ₹2,000 crore via QIP, with LIC receiving a substantial share. Liquor stocks fell due to Maharashtra's excise duty hike. Meanwhile, the oil & gas sector saw a positive outlook, and RattanIndia Power shares surged significantly over five days.
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Income tax dept imposes hefty penalty of Rs 103.63 crore on Tata Chemicals
IndianStartupNews
·
1y ago
Medial
The Income Tax Department has imposed a fine of Rs 103.63 crore on Tata Chemicals due to a violation related to the disallowance of interest expenses. The penalty was imposed under Section 270A of the Income Tax Act based on a breach of section 36(1)(iii) of the Act. Tata Chemicals plans to challenge the order and appeal against it before the National Faceless Appeal Centre, expressing confidence in a favorable outcome.
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Delhi HC stays Rs 1,140 crore tax demand against Oyo - The Economic Times
Economic Times
·
1m ago
Medial
The Delhi High Court has stayed OYO's Rs 1,140 crore tax demand under the angel tax provision. The demand was based on investment from its holding company, Oravel Stays, deemed taxable income. OYO argues the funds are capital in nature. The court's decision offers relief amid claims of unreasonable assessment. Despite angel tax abolition in 2024, older cases face litigation, emphasizing the financial strain on companies due to aggressive tax interpretations.
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