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News on Medial
I-T dept detects ₹1,000 crore unaccounted cash sales in Polycab
Livemint
·
1y ago
Medial
The Income Tax department has discovered unaccounted cash sales amounting to approximately ₹1,000 crore after conducting raids on Polycab group, a significant manufacturer of wires, cables, and electrical items. The raids were conducted across multiple locations including Mumbai, Pune, Aurangabad, Nasik, Daman, Halol, and Delhi. The investigation revealed that Polycab India had made cash sales without proper documentation, and incriminating evidence related to tax evasion was seized during the raids. Unaccounted cash and bank lockers were also discovered. Polycab India's share price dropped by over 22% following the news.
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Related News
Income Tax Department raids Surana Jewellers in Nashik
Livemint
·
1y ago
Medial
The Income Tax Department conducted a raid on Surana Jewellers in Nashik following allegations of undisclosed transactions by the proprietor. The raid resulted in the seizure of approximately ₹26 crore in cash and documents indicating unaccounted wealth worth around ₹90 crore. Further updates on the matter are awaited.
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I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates
Money Control
·
1y ago
Medial
Taxpayers who received advance tax payment notices from the income tax (I-T) department can breathe a sigh of relief for now, according to tax experts. The I-T department recently identified errors in the financial transaction data reported by taxpayers for the 2023-24 financial year. As a result, some taxpayers received notices for higher advance tax payments than expected. The department has advised these taxpayers to await further updates on their annual information statements and take no immediate action. The errors were attributed to inconsistencies in securities market data reported by an unnamed entity.
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Polycab share price tanks on reports of over ₹200-crore tax evasion
Livemint
·
1y ago
Medial
Wire and cable manufacturer Polycab is facing allegations of tax evasion, with the Income Tax Department claiming that the company has undisclosed income amounting to ₹200 crore. Polycab denies any wrongdoing and has not received any official communication from the department. The company's stock was down 7.33% following the news. The Income Tax Department conducted searches at Polycab's premises, revealing discrepancies in financial records. The department plans to issue a notice to demand payment of the alleged taxes and penalties.
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ED summons Google, Meta on July 21 in betting app case - The Economic Times
Economic Times
·
20d ago
Medial
India's Enforcement Directorate has summoned Google and Meta over alleged money laundering linked to illegal betting apps. The probe is part of an investigation under the Prevention of Money Laundering Act. Authorities aim to understand the role of these tech firms in promoting such apps and uncover their financial links with hawala operators and white-label platforms. The summons follows raids in Mumbai, where unaccounted cash and luxury items were seized.
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CRED Partners L&T Finance To Offer Unsecured Personal Loans
Inc42
·
11m ago
Medial
CRED, the Indian fintech major, has partnered with L&T Finance to launch a new product called CRED Cash. This product will be disbursed through CRED's NBFC arm, NewTap Finance. The partnership aims to leverage the financial services expertise of L&T Finance and CRED's large customer base. The launch of CRED Cash comes as the Reserve Bank of India has taken measures to regulate the rapid growth of unsecured lending in the country.
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InCred Alts secures $70-mn for maiden special situations fund
VCCircle
·
4m ago
Medial
InCred Alternative Investments Pvt Ltd has raised over Rs 600 crore ($70 million) for its first special situations fund, the InCred Special Opportunities Fund-I (ISOF-I). The fund, targeting old-economy sectors with strong collateral cover, aims to deliver high returns by exploiting dislocated secondary opportunities and flexible debt solutions. InCred Group's diverse financial services, including InCred Finance, Capital, and Money, support this venture, with a final fund close expected at Rs 1,000 crore and a greenshoe option of Rs 500 crore.
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Not built in Delhi, Mumbai, B'luru: Aman Gupta on ₹2,955 cr Minimalist-HUL deal
Inshorts
·
6m ago
Medial
Entrepreneur Aman Gupta lauded HUL's acquisition of a 90.5% stake in Minimalist for ₹2,955 crore, calling it a "big win for entire Indian D2C (direct-to-consumer) ecosystem". "Built NOT from Delhi, Mumbai or Bengaluru but Jaipur," Gupta posted on X about Minimalist. "10x return to investors, largest all-cash D2C acquisition...Founders held stake will make more than ₹1,000 crore," he added.
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Franklin Templeton marks first close of maiden India credit fund
VCCircle
·
3m ago
Medial
Franklin Templeton’s alternative investment arm has announced the first close of its maiden India credit fund, Franklin India Credit AIF – Scheme I, raising Rs 205 crore ($24 million) towards a target corpus of Rs 1,000 crore and an additional Rs 2,000 crore greenshoe option. The fund aims for a 12-13% internal rate of return, investing in secured debt securities through instruments like mezzanine debt, targeting primarily financial services sector companies.
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A23 touches Rs 1,050 Cr revenue in FY23, profits surge 2.8X
Entrackr
·
1y ago
Medial
Online rummy platform A23 has witnessed a rebound in its revenue, crossing Rs 1,000 crore in FY23, according to its consolidated financial statement. The revenue from operations increased by 45.4% to Rs 1,050 crore, and the company's profits grew 2.8 times to Rs 58 crore. With over 5 crore players, A23 offers five games and earned Rs 21.4 crore from non-operating income. The company's expenses increased by 39.2% to Rs 976 crore, while cash inflows from operations rose by 287% to Rs 130 crore.
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Century Real Estate raises ₹450 crore from Edelweiss to buy land and pay debts
Livemint
·
1y ago
Medial
Bengaluru-based developer Century Real Estate has secured ₹450 crore ($60 million) in debt financing from Edelweiss Alternative Asset Advisors. The funds will be used to purchase a 72-acre land parcel near the international airport in Devanahalli, north Bengaluru, for a plotted residential project. The remaining capital will be used to repay existing debt and as working capital for new and existing projects. Century Real Estate achieved ₹1,000 crore in sales in FY24 and aims to double sales to ₹2,000 crore in FY25.
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