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SC sends Amrapali CMD, two Directors back to police custody

The three were set free a day earlier after sealing of seven premises of the company in Noida and Greater Noida where documents relating to the 46 companies are stocked.

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Amrapali Group

New Delhi, Oct 11 : The Supreme Court on Thursday again sent the CMD and two Directors of real estate major Amrapali to police custody till documents of all 46 group companies seized for forensics audit were sorted and catalogued.

Sending CMD Anil Kumar Sharma and Directors Shiv Priya and Ajay Kumar to police custody, a bench of Justice Uday Umesh Lalit and Justice D.Y. Chandrachud said: “We want to know where has Rs 2,600 crore gone? What is the trail of money? Where the money has gone?”

The court said that the three will be present during cataloguing of documents, which CMD Anil Sharma said is likely to take 15 days.

The sorting and cataloguing of documents will be done in one office only at any point of time and not simultaneously in different offices.

On the completion of sorting and cataloguing in one office, the activity will shift to another office.

The three were set free a day earlier after sealing of seven premises of the company in Noida and Greater Noida where documents relating to the 46 companies are stocked.

However, as a relaxation, the bench permitted them to stay at their homes for tonight.

The three were directed to report to Station House Officer of Sector 62 police station before 8 a.m. on Friday, from where they will be taken in police custody to one of the sealed company offices to commence cataloguing of documents.

During the entire process, likely to last 15 days, de-sealed offices will function from 8 a.m. to 6 p.m.

Thereafter, the said office will be resealed by police and CMD Sharma and two others lodged in Park Accent Hotel. They will surrender their mobile phones to police during their hotel stay.

Cataloguing was ordered after forensic auditors Pawan Kumar Aggarwal and Ravi Bhatia told the court that documents relating to 46 companies were stacked in gunny bags in places with no power supply or other facilities.

They told the court that unless these documents are sorted out and catalogued, it will be difficult, if not impossible, to proceed with forensic auditing of the accounts of the group’s 46 companies.

Amrapali CMD was allowed to solicit the assistance of company staff in sorting and cataloguing of documents. But it should not lead to crowding and exceed a maximum of 20 people. Internal and statutory auditors working with Amrapali group too were asked to chip in.

At the outset of the hearing, the court was told that seven offices of the Amrapali group located in Noida and Greater Noida (both in Uttar Pradesh) and two others in Buxar and Rajgir districts of Bihar have been sealed.

The court asked forensic auditors to take a call if they wished to shift the documents kept in Buxar and Rajgir to Delhi to save time.

Meanwhile, the court said that it will hear the suo motu contempt notice issued against the three company officials after four weeks.

On Tuesday, the apex court had sent the three to police custody till they handed over all documents related to their 46 companies to court-appointed forensic auditors.

Business

Flipkart, Amazon claim record online festive sales

World’s retail giant Walmart on August 18 completed acquiring 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 107,662 crore).

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Bengaluru, Oct 18 : India’s leading e-tailer Flipkart and its American rival Amazon on Thursday claimed record online sales ahead of Dusshera and Diwali festivals.

“We made a record-breaking business during the five-day sales festival on October 10-14 in diverse categories, including smartphones, electronic gadgets, home appliances, furniture and fashion,” Flipkart said in a statement on Thursday.

The Indian arm of Amazon also said it had record sales across categories during its great Indian festival celebration from October 10-15, with a 12-hour prime early access to its prime members.

“We had an overwhelming response to the fifth edition of the fest, with sales in the first 36 hours surpassing the first wave of last year and exceeded our plans,” said the city-based Amazon.

Both have, however, admitted that maximum sales were in the smart phones category, followed by televisions, laptops, home appliances and fashion in Gross Merchandise Value (GMV).

“We accounted for half of the e-tailer industry’s GMV, driven by higher sales in mobiles and fashion verticals, which grew 70 per cent and 78 per cent,” said Flipkart.

“Smart-phones had their biggest season, with Xiaomi selling over 1 million devices in a day followed by OnePlus with sales of Rs 400 crore in a day and premium phones sales exceeding a month of all India online sales,” said Amazon India head Amit Agarwal.

On the second day of sales, Flipkart began its offers on mobiles and sold one million in the first hour, ending the day with 3 million units.

“Three-in-four mobiles bought during the fest was on Flipkart,” said the Walmart-owned company.

World’s retail giant Walmart on August 18 completed acquiring 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 107,662 crore).

“We recorded 70 per cent share of the e-tail market in the country to match the scale of marquee retail events and demonstrated our position as market leader,” said Flipkart Chief Executive Kalyan Krishnamurthy.

Flipkart also claimed 85 per cent share of online market in fashion and 75 per cent in large appliances.

Amazon customers from 99 per cent pin codes placed an order in 4 days, with 80 per cent new customers from small towns.

“Large appliances sales in a single day for Amazon exceeded that of first wave for last festive sale; with 50 per cent sales from tier-2 and below towns,” said Agarwal.

One out of 2 Flipkart shoppers used payment options like EMIs and bank offers, driving 60 per cent of its overall sales and enabling customers to upgrade products in categories like mobiles, TVs and laptops.

“Fashion has brought in 40 per cent new customers and enabled us to maintained leadership with 85 per cent share,” added Krishnamurthy.

For Amazon too, fashion was the biggest category in units sold and new customers acquired, with 63 per cent orders from tier-2 and 3 cities.

“Two out of three of our customers benefited from exchange, EMIs and bank offers. New sellers who took part in the fest for the first time saw 300 per cent jump in sales, with 7,000 of them crossing the millionaire mark,” noted Agarwal.

IANS

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Reliance Jio posts Rs 681 crore profit in Q2

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

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Jio puts Mukesh Ambani on top of Forbes' Global Game Changers

Mumbai, Oct 17 : Reliance Jio, a subsidiary of Reliance Industries Limited, on Wednesday said it posted a standalone net profit of Rs 681 crore in the quarter through September on the back of (as yet) highest quarterly subscriber addition of 37 million.

It had posted a net loss of Rs 271 crore in the same quarter a year ago.

The company had recorded a net profit of Rs 612 crore in the first quarter of this fiscal year.

The standalone revenue from operations in the second quarter of this fiscal year ending March 2019 stood at Rs 9,240 crore, a massive on-year jump of 50.3 per cent, Reliance Jio Infocomm Ltd said in a statement.

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

The total wireless data traffic during the quarter was at a record 771 crore GB with per user average data consumption of 11 GB per month. The total voice traffic was 53,379 crore minutes in the quarter.

“Jio was conceived with a mission to connect everyone and everything, everywhere – always at the highest quality and the most affordable price… We have enabled our customers to adopt the digital life, with record consumption of data and use of digital services,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

“We are making rapid progress on the growth of our digital platforms, across new commerce, media and entertainment, agriculture, education, healthcare and financial services, which will further enhance the quality of life and productivity of the people of India,” he added.

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Honda Activa breaches 2 cr sales mark in India

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Honda Activa

New Delhi, Oct 17 : Hondas Activa scooter has breached the 2-crore sales mark in India, Honda Motorcycle and Scooter India said on Wednesday.

According to the company, while it took 15 years to achieve the first one crore sales, the recent addition has come in just three years.

“Over 18 years and 5 generations, Honda 2Wheelers India continuously added value to exceed customers’ expectations and making Activa the most preferred choice of Indian 2 wheeler buyers,” said Minoru Kato, President and CEO, Honda Motorcycle and Scooter India.

“We are delighted that Activa partnered over 2 crore Indian families on the move in realising their dreams.”

Honda Activa was launched in 2001.

IANS

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