Tag: 20K

  • Hyderabad: Restaurant fined 20K fine after cockroach crawls out of biryani

    Hyderabad: Restaurant fined 20K fine after cockroach crawls out of biryani

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    Hyderabad: Captain Cook Restaurant at Ameerpet was asked to pay Rs 20,000 as compensation to one of their customer after he found a cockroach crawling out of the biryani from in a takeaway box.

    Telangana State Consumer Disputes Redressal Commission heard the complaint filed by M Arun against the manager of the restaurant.

    In September 2021, Arun ordered a Chicken Biryani takeaway parcel from the restaurant. He then reached his workplace and sat to eat the meal.

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    But to his disgust, he saw the insect crawling out of the food, seeing which he threw up. The incident killed his appetite for days.

    He immediately took a video of the same, called the restaurant and informed them about it. But to his surprise, he heard an apology from the manager of the restaurant stating that pest control recently was underway at the place and had led insects to hide in places and one such roach might have landed in his box.

    However, Arun refused to accept the apology stating that seeing the insect crawling in
    the food killed his appetite for days.

    He further said that he won’t order anything from the place in the future and the manager of the restaurant repaid an amount of Rs 240 to him.

    Arun then took the matter to the forum where the opposition party denied allegations made by him stating that the meal in the takeaway box was fresh and hot and there is merely any chance of an insect staying alive at that temperature.

    After hearing the details, the commission found the restaurant owners guilty and pointed out that they failed to maintain standards of cleanliness and hygiene and also it was evident from the videos that a cockroach had indeed crawled out.

    “The OP acted in a negligent manner in providing hygienic food,” stated the commission adding that it was a basic right of every consumer to have a quality product or service for the charges paid.

    The restaurant failed to maintain basic safety precautions in providing hygienic food to its consumers, they said.

    “Mere refunding the transaction amounts to the consumers whenever such incident happens should not relieve the opposite parties from their liability of being responsible and cautious,” the commission stated.

    An additional Rs 10,000 was slapped on the restaurant for the costs incurred while the commission directed the guilty to pay the fine within a period of 45 days.

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    ( With inputs from www.siasat.com )

  • Gautam Adani addresses investors after calling off Rs 20K cr FPO

    Gautam Adani addresses investors after calling off Rs 20K cr FPO

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    New Delhi: A day after deciding not to go-ahead with the fully subscribed Follow-on Public Offer (FPO), Adani Enterprises Ltd chairman Gautam Adani on Thursday said it would not be “morally correct” to go ahead with the Rs 20,000-crore share in the current market condition.

    “After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said in his address to investors after withdrawal of the fully subscribed FPO.

    Adani said in his humble journey of over four decades as an entrepreneur, “I have been blessed to receive overwhelming support from all stakeholders, particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them. I owe all my success to them.”

    “For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO,” he said.

    This decision, he said “will not have any impact on our existing operations and future plans. We will continue to focus on timely execution and delivery of projects.”

    “The fundamentals of our company are strong. Our balance sheet is healthy and assets, robust. Our EBIDTA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long term value creation and growth will be managed by internal accruals,” Adani said.

    “Once the market stabilizes, we will review our capital market strategy,” he said.

    “We have a strong focus on ESG and every business of ours will continue to create value in a responsible way. The strongest validation of our governance principles, comes from several international partnerships we have built across our different entities,” Adani said.

    “I take this opportunity to thank our investment bankers, institutional investors and shareholders from within and outside the country for giving unflinching support to the FPO.”

    Thanking investors, he said, “Despite the volatility in the stock over the last week your faith and belief in the company, its business and its management has been extremely reassuring and humbling.”

    Shares of Adani Enterprises nosedived sharply on Wednesday, a day after its follow-on public offer closed for the subscription. The shares of Adani Group flagship company closed at Rs 2,179.75 with a sharp decline of 26.70 per cent. Its intraday low was Rs 1,941.2, over 30 per cent lower than Tuesday’s settlement price. On Tuesday, the last day for subscription, the follow-on public offer (FPO) issued by Adani Enterprises was fully subscribed.

    A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings.

    Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times. The portion for institutional investors was also oversubscribed.

    On Monday, an Abu Dhabi-based diversified conglomerate International Holding Company announced that it will invest about USD 400 million (AED 1.4 billion) into the Adani Enterprises’ follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited.

    Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the Rs 20,000 crore follow-on public offer (FPO), the largest ever in India. There were concerns that the FPO may not receive a strong response from investors amid a report by a US-based Hindenburg Research that surfaced on January 24, which claimed the Adani Group of having weak business fundamentals among others.

    The US-based firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. In response, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions. It added the report was “nothing but a lie”.

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    ( With inputs from www.siasat.com )