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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Sandur Manganese & Iron Ores fixes record date for interim dividend
Mar 31,2017

Sandur Manganese & Iron Ores has fixed 15 April 2017 as record date for payment of interim dividend.

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ICT enabled Real Time Monitoring of ICDS instituted in select Anganwadi Centres of high burden districts
Mar 31,2017

Integrated Child Development Services (ICDS) is the flagship program of Government of India for the holistic development of children. The beneficiaries of the programme are children below six years of age and pregnant women & lactating mothers. With a view to bridge the gaps in the Integrated Child Development Services (ICDS) delivery, Ministry of Women & Child Development is implementing ICDS Systems Strengthening and Nutrition Improvement Project (ISSNIP), in 162 high malnutrition burden districts of 8 States viz. Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh covering 3.68 lakh Aanganwadi Centres. Information and Communication Technology enabled Real Time Monitoring (ICT-RTM) of ICDS has been instituted in the Restructured ISSNIP for improving the service delivery in ICDS and ensuring better monitoring and supervision of ICDS implementation at 1,00,000 Anganwadi Centres. It is based on ICDS-Common Application Software (ICDS-CAS) developed especially for this program thereby equipping Aanganwadi Workers with a Smart Phone preinstalled with ICDS-CAS and Sector Supervisors with a Tablet preinstalled with ICDS-CAS. ICT-RTM would help strengthen the ICDS capacity to deliver nutrition services in a better way.

During 2016-17, 6 complaints (three from State of Uttar Pradesh, one from State of Uttarakhand, one from State of Chandigarh and one from State of Orissa) concerning quality of Take Home Ration (THR) were received by the Government. Since Integrated Child Development Service (ICDS) is a Centrally Sponsored Scheme and the overall management & monitoring of the implementation of the ICDS Scheme is done by the concerned State Government, the complaints have been forwarded to the concerned State Governments for necessary action.

No proposal has been finalised to make conditional cash transfer in place of Take Home Ration.

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Insolvency and Bankruptcy Board of India notifies Corporate Voluntary Liquidation Process Regulations
Mar 31,2017

The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by sections 59, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016, has notified today the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016. The regulations provide the process from initiation of voluntary liquidation of a corporate person - companies, limited liability partnerships and any other persons incorporated with limited liability - till its dissolution.

A corporate person may initiate a voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declaration to the effect that (i) the corporate person has no debt or it will be able to pay its debts in full from the proceeds of the assets to be sold under the proposed liquidation, and (ii) the corporate person is not being liquidated to defraud any person. If the liquidator is of the opinion that the liquidation is being done to defraud a person or the corporate person will not be able to pay its debts in full from the proceeds of assets to be sold in the liquidation, he shall make an application to the Adjudicating Authority to suspend the process of liquidation and pass any such orders as it deems fit.

The regulations prohibit an insolvency professional from acting as a liquidator for a corporate person if he is not independent of the corporate person. These prohibit partners or directors of an insolvency professional entity of which the insolvency professional is a partner or director from representing other stakeholders in the same liquidation process. These oblige the liquidator, and professional(s) assisting him in liquidation to make disclosures - initial and continuing - about pecuniary or personal relationship with any of the stakeholders or the corporate person.

The regulations specify the manner and content of public announcement, receipt and verification of claims of stakeholders, reports and registers to be maintained, preserved and submitted by the liquidator, realisation of assets and distribution of proceeds to stakeholders, distribution of residual assets, and finally dissolution of corporate person. These oblige a liquidator to preserve a physical or an electronic copy of the reports, registers and books of account for at least eight years after the dissolution of the corporate person, either with himself or with an information utility.

The regulations shall come into effect from 1st April, 2017.

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Shree Pacetronix appoints company secretary
Mar 31,2017

Shree Pacetronix has appointed Priya Singh as Company Secretary and one of the Key Managerial Personnel of the Company w.e.f. 31 March 2017.

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Arshiya to hold board meeting
Mar 31,2017

Arshiya will hold a meeting of the Board of Directors of the Company on 4 April 2017.

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Sunstar Realty Development appoints company secretary and compliance officer
Mar 31,2017

Sunstar Realty Development announced that the Board approved the appointment of Prashant Agarwal as Whole Time Secretary and Compliance Officer of the Company with immediate effect.

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Future Lifestyle Fashions announces cessation of subsidiaries
Mar 31,2017

Future Lifestyle Fashions announced that its subsidiary, FLFL Lifestyle Brands raised funds by way of issue of equity shares to the Investors. Post such issue of equity shares by FLBL to the Investors, the Companys equity stake in the FLBL has been diluted to 49% of the paid up equity capital of FLBL and hence it has ceased to be a subsidiary of the Company.

Consequently, Future Style Lab, Rachika Trading, Mineral Fashions, Elisir Lifestyle and Indus-Leaque Clothing (subsidiaries of FLBL and hence, step down subsidiaries of the Company) also ceased to be subsidiaries of the Company.

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Eight core industries output up 1% in February 2017
Mar 31,2017

The output of eight Core Industries comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP) rose at moderated pace of 1.0% in February 2017, compared with 3.4% growth recorded in January 2017. The cumulative output growth stood at 4.4% in April to February 2016-17.

Coal production (weight: 4.38%) increased by 7.1% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 increased by 2.8% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) declined by 3.4% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 declined by 2.8% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) declined by 1.7% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 declined by 1.9% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) declined by 2.3% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 increased by 5.9% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) declined by 5.3% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 increased by 2.1% over the corresponding period of previous year.

Steel production (weight: 6.68%) increased by 8.7% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 increased by 9.1% over the corresponding period of previous year.

Cement production (weight: 2.41%) declined by 15.8% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 declined by 0.7% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 1.5% in February, 2017 over February, 2016. Its cumulative index during April to February, 2016-17 increased by 5.0% over the corresponding period of previous year.

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Interglobe Aviation announced incorporation of subsidiary - Agile Airport Services
Mar 31,2017

Interglobe Aviation has incorporate a wholly owned subsidiary - Agile Airport Services.

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Interglobe Aviation announces incorporation of subsidiary - Agile Airport Services
Mar 31,2017

Interglobe Aviation has incorporate a wholly owned subsidiary - Agile Airport Services.

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Board of Starcom Information Technology appoints CFO and Director
Mar 31,2017

Starcom Information Technology announced that the Board of Directors of the Company at its meeting held on 31 March 2017 have inter-alia transacted the following business -

1.Approved the appointment of Mukhtar Ahmad as the Chief Financial Officer (CFO) of the Company with effect from 31 March 2017.

2.Approved the Appointment of MY khan as the Independent Director(Additional Director), with effect from 31 March 2017.

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CBDT notifies new Income Tax Return Forms for AY 2017-18
Mar 31,2017

The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1 (Sahaj). This ITR Form-1 (Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.

Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an individual of the age of 80 years or more at any time during the previous year; or

(ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.

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Heritage Foods director resigns
Mar 31,2017

Heritage Foods announced the resignation of N Lokesh as Director in the Board of Directors of the Company with effect from 31 March 2017.

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Buffer stock of pulses crosses 16.88 lakh tonnes
Mar 31,2017

Government has procured around 16.88 lakh tonnes including 3.79 lakh tonnes of imports towards building the buffer stock of pulses of upto 20 lakh tonnes as on 28 March 2017.

Government has approved creation of a buffer stock of upto 20 lakh tonnes of pulses under the Price Stabilization Fund (PSF). The domestic procurement of the pulses is from farmers/farmers association at farm gate/Mandi through designated agencies like NAFED, FCI and SFAC. Government procured Arhar and Moong during KMS 2016-17 to extend MSP support to farmers and simultaneously build the buffer.

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Hinduja Ventures provides update on subsidiary - IndusInd Media & Communications
Mar 31,2017

Hinduja Ventures announced that its subsidiary, IndusInd Media & Communications (IMCL) has completed the issue of 36,953,438 equity shares of face value of Rs. 10/- each for cash at a premium of Rs. 195/- per share and has received an aggregate Rs 757.55 crore from existing shareholders/ renouncees in whose favour the shares were renounced. The infusion of the funds has resulted in IMCL being able to redeem the entire Redeemable Preference Shares of Rs. 270.36 crore, repay its ICDs of Rs. 370 crore and have a balance of over Rs. 120 crore to fund its expansion in Phases 3 and 4 of digitization programme of the Government of India.

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