Life Insurance Corporation of India: The insurer disclosed on March 15 that it has secured the government’s approval for a salary revision for its employees, to be implemented from August 1, 2022. According to an LIC press release, the government has sanctioned a 17% hike in salary. invoice This development is set to benefit more than 110,000 employees throughout the organization, according to LIC. The contribution to the National Pension System (NPS) was increased from 10% to 14% for about 24,000 employees who joined LIC after April 1, 2010. In addition, a one-time ex-gratia payment was distributed to more than 30,000 LICs. pensioners and family pensioners.
Dr. Lal PathLabs: The diagnostics company has announced the appointment of Shankha Banerjee as its new Chief Executive Officer (CEO) and Key Management Personnel. This change will take effect from May 21, 2024, according to a stock exchange statement on March 17. Banerjee, a graduate of Delhi College of Engineering and SP Jain Institute of Management and Research, Mumbai, brings over two decades of corporate experience to the role. Before joining Dr. Lal PathLabs in 2014, he held key positions at Castrol India Limited, BP Lubricants, and Pidilite Industries Limited, where he served as the President of Sales and Marketing for the Middle East and Africa regions.
Crompton Greaves Consumer Electricals: The company received a patent for its innovative linear nodal tubular lighting system. The patent, which is valid for 20 years, officially came into effect on August 14, 2020. On the other hand, Sachin Phartiyal has stepped down from his position as head of the domestic power unit due to personal and professional circumstances, effective from April. 9. His responsibilities will be taken over by Rajat Chopra, who currently heads the pump division, from April 10.
Zee Entertainment Enterprises: The company, in the process of restructuring its operations after a failed merger with Sony, implemented changes in its technology and data sector. Nitin Mittal, who held the position of President, Technology and Data at Zee, resigned, a decision that was accepted by the company’s MD and CEO, Punit Goenka. In the meantime, Amrit Thomas (Data Science), Kishore Krishnamurthy (Engineering), Bhushan Kolleri (Product), and Vishal Somani (Enterprise and Content Technology) will report to Amit Goenka, President – Digital Businesses and Platforms, as stated in a company statement. press release March 15.
Zomato: The online food delivery platform has received a GST penalty notice from the Deputy Commissioner of State Tax in Gujarat for the financial year 2018-19. According to a regulatory filing with the stock exchanges, the demand order relates to over-claiming of input tax credit and underpayment of GST. Zomato disclosed in its exchange filing that it has received a GST claim ₹4.12 crore for FY 2018-19, together with applicable interest and penalty, amounting to a total of ₹8.58 crores. In response to the show cause notice, Zomato clarified all the issues and provided relevant documents and circular. However, the company believes that these explanations were not fully considered by the authorities when the order was passed.
PTC Indian Financial Service: On March 15, PTC India Financial Service (PFS) informed the stock market that their CFO, Mahendra Lodha, had withdrawn his resignation. PFS has been under regulatory scrutiny due to issues related to corporate governance and mismanagement. Lodha, who assumed the role of Director (Finance) in June 2020, was additionally given the responsibilities of MD and CEO following the departure of the previous CEO, Pawan Singh, following a directive from the Reserve Bank of India (RBI). PFS is looking for a new MD and CEO due to increased regulatory scrutiny after a failed appointment attempt in 2023. The company also tried to retain Lodha beyond his planned exit date of March 15, the company said in an exchange. filing recently.
RailTel Corporation of India: The company has secured a work order from the State Project Director (SPD) of the Bihar Education Project Council (BEPC). The order, which includes a supply contract worth ₹130 crore (including taxes), was announced to the stock exchanges by the PSU. This follows the company’s recent acquisition of a contract valued at over ₹113.46 crore from the Odisha Computer Application Center (OCAC).
NHPC: The company announced on Friday that it has been awarded the contract to build a 200 MW solar power project in the 1,125 MW RE Park of the Gujarat State Electricity Corporation Ltd (GSECL) in Khavda, Kachchh district, Gujarat. The project is expected to produce about 473 million units of electricity in its first year of operation. Over a period of 25 years, the total energy production of the project is projected to be approximately 10,850 million units. The company will undertake the project development on a build-own-and-operate basis, with an estimated development cost of ₹847 crores.
DroneAcharya Aerial Innovations Ltd.: The company specializing in drone technology solutions has announced that it has won a contract to provide IT equipment for the Indian Army’s Drone Laboratory in Jammu and Kashmir (J&K). The contract includes the supply of key IT equipment, including CPUs, monitors, keyboards and mice, which are essential to set up and operate the Drone Lab, according to the company’s regulatory filing. The company further stated that this advanced facility will enable crucial training and research activities for defense personnel, thereby enhancing their capabilities in unmanned aerial systems.
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Published: 18 Mar 2024, 07:54 IST