Vodafone Thought, one of India’s driving media communications organizations, has been conceded an expansion for the reimbursement of its obligation to American Pinnacle Enterprise (ATC). The choice to broaden the obligation reclamation timetable comes in the midst of progressing monetary difficulties looked by the telecom monster.
Vodafone Thought had recently gone into a concurrence with ATC, a worldwide forerunner in remote foundation, for the reimbursement of obligation related with tower rent rentals.
In a proclamation, Vodafone Thought representative, Mr. Rajesh Srivastava, affirmed the expansion, expressing, “We are satisfied to report that we have agreed with ATC to expand the timetable for the reimbursement of our obligation.
The expansion of the obligation reimbursement course of events is viewed as a positive improvement for Vodafone Thought, as it permits the organization to really deal with its monetary commitments more. This move likewise lines up with the more extensive system of the telecom supplier to work on its monetary wellbeing.
Vodafone Thought has been wrestling with a significant obligation trouble and extraordinary rivalry in the Indian media communications market. The expansion allowed by ATC is supposed to give the organization the important adaptability to address its monetary difficulties and investigate likely roads for development.
ATC, a central part in the worldwide broadcast communications framework industry, communicated its obligation to working with Vodafone Thought during these difficult times. A representative for ATC, Mr. Michael Roberts, expressed, “We comprehend the troubles looked by Vodafone Thought, and we stay focused on supporting our accomplices as they explore through these difficulties. Our expansion of the obligation reclamation timetable is a demonstration of our cooperative methodology.”
The expansion of the obligation reimbursement timetable comes after ongoing conversations between Vodafone Thought and ATC with respect to the provisions of the understanding. The particular subtleties of the expansion, including the new reimbursement timetable, have not been unveiled freely.
Vodafone Thought’s stock, which has encountered critical variances as of late, answered decidedly to the insight about the obligation reimbursement expansion. Financial backers and partners are intently observing the organization’s endeavors to balance out its monetary position and guarantee its proceeded with presence in the exceptionally serious Indian broadcast communications area.
As Vodafone Thought keeps on wrestling with its monetary difficulties, the expansion of the obligation reimbursement timetable with ATC gives a life saver to the organization, offering a potential chance to rebuild and arise more grounded in India’s wildly cutthroat telecom market.
Hyderabad: The employees of MSN Laboratories Private Limited sustained severe injuries as the company bus they were travelling in overturned after colliding with a private travel bus on NH-44 near Chegunta on Wednesday morning.
The bus was carrying 25 employees from Siddipet to their unit located at Chandampet, of whom 10 received injuries.
Following the incident, the management of the company rushed all the employees to a nearby hospital. However, Ravi Shankar Reddy who was in critical condition was referred to Hyderabad for better treatment.
Chegunta Police have registered a case in the matter.
wip- Telangana: Foundation laid for expansion of Orient Cement Company in Mancherial
Hyderabad: Foundation stone for the expansion of Orient Cement Company at Devapur village in Kasipet mandal was laid by Telangana IT minister KT Rama Rao on Monday.
Industries Minister @KTRBRS along with Minister @IKReddyAllola laid the foundation stone for the expansion of Orient Cement Limited at Devapur, Mancherial.
Expansion of the existing cement manufacturing unit with an investment of Rs 2,000 Crores will directly and indirectly… pic.twitter.com/zKtMjTGDnZ
— Minister for IT, Industries, MA & UD, Telangana (@MinisterKTR) May 8, 2023
KTR reached the district via chopper and inaugurated the expansion of the cement plant at Devapur Village which would provide direct and indirect employment to 4000 local people.
Minister @KTRBRS garu inaugurated the expansion of Orient Cement at Devapur Village Mancherial District which would provide direct indirect employment to 4000 local people. The cement plant has maintained greenery in and around the village . pic.twitter.com/TGtjoIEia6
Home minister, Mahmood Ali, minister of BC welfare, Koppula Eshwar, forest minister, A Indrakaran Reddy, and government whip Balka Suman accompanied KTR during the ceremony.
Established in 1979, Orient Cement was formerly, a part of Orient Paper & Industries. It was demerged in the year 2012 and since then, it began cement production in the year 1982 at Devapur in Adilabad District, Telangana.
Bellampalli MLA Durgam Chinnaiah, Telangana State Mineral Development Corporation chairman Krishank Manne and BRS leader Pushkar Rammohan Rao were present.
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New Delhi: A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to “pre-occupation”, Adani Total Gas Ltd said.
Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate.
Adani group has repeatedly denied all allegations.
Hindenburg stated that the independent auditor for the group’s flagship firm, Adani Enterprises, and its city gas retailer Adani Total Gas Ltd is a “tiny firm” called Shah Dhandharia.
“Shah Dhandharia seems to have no current website. Historical archives of its website show that it had only 4 partners and 11 employees. Records show it pays Rs 32,000 (USD 435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about Rs 640 million (USD 7.8 million),” it had stated.
In a stock exchange filing, Adani Total Gas Ltd said, “We wish to inform that M/s. Shah Dhandharia & Co. LLP, Chartered Accountants, have resigned as the statutory auditors of the company i.e., Adani Total Gas Limited (ATGL) with effect from May 2, 2023.”
It attached the May 2, 2023 resignation letter from the auditor.
In the letter, the auditor said it was given a second term of 5 years on July 26, 2022, and has completed the audit of the company for the financial year ended March 31, 2023.
“We have carefully evaluated and due to increased professional pre-occupation in other assignment, we regrettably propose our resignation,” it said.
“Our resignation does not result from an inability to obtain sufficient appropriate audit evidence,” it added.
It went on to state, “There are no other circumstances connected with our resignation which we consider should be brought to the notice of the Board.”
“In view of the above and as discussed and agreed with the management, we express our inability to continue as the statutory auditors for the company. Please accept our resignation with immediate effect,” it said.
It is not known if the chartered accountancy firm would also step down at Adani Enterprises. The board of directors of the group’s flagship, which houses businesses such as airports and data centres, is due to meet on May 4 to consider its financial results.
The Adani Group has been under siege since allegations of fraud, corruption, stock manipulation and money laundering were levelled by Hindenburg. The US short seller also charged the group with using a vast network of shell companies in opaque financial transactions.
The report led to at one stage wiping out almost USD 140 billion of the Adani group’s market capitalisation.
Adani group has denied all allegations.
Hindenburg had questioned the Adani group’s decision to give such a big audit mandate to a virtually unknown firm and claimed that the audit partner who signed off on ATGL audits was only 23 years old when he was first appointed.
It also claimed that the audit partner at Shah Dhandharia who signed off on the audits of Adani Enterprises was only 24 years old when he started. Both are now just 28 years old.
Shubham Rohatgi, who signed off the ATGL’s audit for the 2022-23 fiscal on May 2, 2023, on behalf of Shah Dhandharia & Co LLP was also red-flagged by proxy advisory firm Institutional Investor Advisory Services (IiAS) in July 2022.
Advising shareholders of four Adani group firms to vote against a number of resolutions including the reappointment of Gautam Adani as managing director of Adani Ports & Special Economic Zone (APSEZ), IiAS had stated that Rohatgi did not have “the requisite experience to audit” a top company.
“We raise concerns over the quality of the audit conducted since the signing partner of FY22 – Shubham Rohatgi – became an associate member of ICAI (Institute of Chartered Accountants of India) in 2018. We believe he does not have the requisite experience to audit the financial statements of a NIFTY 100 company,” it had said.
While rebutting the Hindenburg charges, the Adani group had on January 29 stated that it followed a “stated policy of having the global Big Six or regional leaders as statutory auditors”.
The reference was to Arthur Andersen, Coopers & Lybrand, Deloitte and Touche, Ernst & Young, KPMG and Price Waterhouse. They have since telescoped into the Big 4 with the creation of PricewaterhouseCoopers in 1998 following a merger and the collapse of Arthur Andersen in 2002 after the Enron scandal.
Amaravati: The Andhra Pradesh Police’s CID on Sunday arrested former Telugu Desam Party (TDP) MLC Adireddy Appa Rao and his son and TDP state Executive Secretary Adireddy Srinivasa Rao in a case relating to financial irregularities in a chit fund company.
The CID sleuths arrested the father-son duo from their residence in Rajamahendravaram and shifted them to the CID office. Appa Rao, who is the husband of TDP Rajahmundry MLA Adireddy Bhavani and their son Srinivasa Rao are said to be directors in Jagajjanani Chit Funds Private Ltd.
The main opposition party condemned the arrests. Several party leaders and workers reached the party office in Rajamahendravaram and voiced their protest over the arrests.
Meanwhile, TDP national President and former Chief Minister N. Chandrababu Naidu spoke to Bhavani over phone and expressed solidarity with her.
Naidu said that the political harassment and vendetta by the YSR Congress Party (YSRCP) government is increasing by the day. He lamented that there is no change in the ruling party’s behavior.
The TDP President said the YSRCP government believed only in illegal cases and illegal arrests. He said the arrest of Appa Rao and Srinivasa Rao is another example of the YSRCP government’s politics of vendetta.
Naidu alleged that Chief Minister Y.S. Jagan Mohan Reddy does not want anybody to do business in the state. “Is CID a government investigation agency or YSRCP threatening agency,” he asked
The TDP chief said despite courts reprimanding the government on many occasions, the Jagan government has not mend its ways.
TDP’s Andhra Pradesh unit chief Atchanaidu said the party was not afraid of illegal cases and arrests. He alleged that there is no difference between YSRCP ‘goondas’ and CID officials. The former minister said while on one hand, YSRCP leaders were resorting to physical attacks on TDP workers, the CID, on the other, is raiding the houses of TDP leaders in the name of searches.
Riyadh: Saudi oil giant Aramco has displaced American technology giant Microsoft to become the world’s second-largest company by market value at 7.92 trillion Saudi Riyals (2.11 trillion dollars) as the company’s stock prices hit 36 Saudi Riyals (9.60 dollars) on Wednesday, local media reported.
Apple still holds the top of the ranking, with a market value of approximately 2.6 trillion dollars, followed by Aramco at 2.11 trillion dollars, then Microsoft at 2.05 trillion dollars.
According to Arabic daily Al-Arabiya.net, the rise in Saudi Aramco’s shares came after Crown Prince Mohammed bin Salman announced, this month, the transfer of 4 per cent of its shares to Sanabel Investment Company, which is wholly owned by the Public Investment Fund (PIF).
Aramco achieved, in 2022, the highest profits since the listing, up by 46.5 per cent, to reach 604 billion Saudi riyals, compared to 412.4 billion Saudi Riyals in 2021.
It is noteworthy that “Aramco” is the most profitable company in the world, as its profits for the year 2022 exceed the profits of “Apple”, “Microsoft” and “ExxonMobil” combined, according to the classification of the “companies market cap” website.
The rise of Aramco’s shares also coincided with the rise in crude oil prices, the increase in the company’s sales volumes, the significant increase in profit margins from the refining and chemicals business, as well as the decline in US crude stocks, despite the pessimistic global economic outlook.
A UK company has been set up in the name of one of Vladimir Putin’s top officials in Russian-occupied eastern Ukraine despite him being under sanctions.
Volodymyr Saldo, a notorious puppet of the Kremlin in the southern Ukrainian city of Kherson, is listed as the owner of a UK company registered in November, five months after his name was added to the sanctions list.
The UK government has made economic pressure a central part of its attempts to undermine Putin’s war in Ukraine. But more than a year after the invasion, proposals that would make it a crime for people under sanctions to set up UK companies have yet to become law.
In June 2022 the government imposed a freeze on any UK assets Saldo owns and banned him from entering the country. British officials accuse him of “promoting policies and actions which destabilise Ukraine and undermine or threaten the territorial integrity, sovereignty or independence of Ukraine”.
Yet since November he has been listed as the proprietor of a British company with an address in the Hatton Garden district of central London.
Companies House, the UK corporate registry, does not require proof of identity when people form companies. Saldo did not respond to questions about his involvement in the company, Grainholding Ltd.
But his entry on the sanctions list has been updated since Grainholding was registered, to draw in details from the company’s incorporation documents, suggesting that the UK authorities were aware of its existence and regarded the paperwork as genuine.
A government spokesperson declined to say whether any action had been taken against Grainholding, which remains listed as an active company. “We do not comment on individual cases,” he said.
Margaret Hodge, a Labour MP pushing to strengthen sanctions enforcement, said: “Does this company make money? We don’t know. Does it have a UK bank account? We don’t know. Does law enforcement know about this? We don’t know. And have they frozen this asset? We don’t know that either. This system is a mess from start to finish.”
The company documents say Grainholding has £1m in capital, with Saldo owning half the shares and another Ukrainian the rest. According to the independent news site Meduza, Saldo is the “most influential regional politician to support Russia’s occupation of southern Ukraine”.
A gaunt man in his 60s, he had been Kherson’s mayor for 10 years before being elected in 2012 to the national parliament for the party of the pro-Russian president Viktor Yanukovych. Saldo’s political career later waned. In 2016 he was accused of having cut deals with Russian intelligence but no charges resulted.
When Russian troops surged into Ukraine in February 2022, Kherson was a prize. It formed part of the “land bridge” linking Russia to Crimea. Within weeks, Saldo had been named head of the region’s “military-civilian administration”. He has presided over rampant looting.
When he became one of the first Ukrainians in occupied territory to accept Putin’s offer of a Russian passport, Saldo declared: “I have always thought that we are one country and one people.”
After falling ill – his aides denied reports he had been poisoned – Saldo resumed his duties. But late last year a Ukrainian counteroffensive forced Russian forces to withdraw from Kherson to the far bank of the Dnipro river.
Before the city fell, Saldo responded by shepherding civilians to the area still under Russian control, where he has announced the construction of a new town. The house he left behind was searched by Ukrainian police. He has been charged with treason in Ukraine.
Saldo’s personal business interests are reported to range from construction to the manufacture of yoga kit. The entry on the official UK registry for Grainholding, the company founded with Saldo as a listed owner, suggests he may have expanded into Ukraine’s lucrative trade in agricultural commodities.
This month, Saldo travelled to Moscow for an audience with Putin at the Kremlin. According to an official transcript of their meeting, Saldo asked for assistance with gas supplies and 25bn roubles, or about $300m, for a warehouse to help Kherson supply Russia with vegetables. “We will certainly help you,” Putin replied. Days later, Putin visited parts of the Kherson region still under Russian control.
There is no suggestion that Saldo or Grainholding have been involved in corruption or money laundering. However, the fact that the firm was created in the name of a Putin official under sanctions raises wider questions about the lack of oversight of UK companies.
Vladimir Putin with Saldo at the Kremlin this month. Photograph: Sputnik/Reuters
Shortly before Russia invaded Ukraine, Graeme Biggar, then head of economic crime at the National Crime Agency, gave evidence to MPs about so-called “laundromat” techniques for moving dirty money out of the former Soviet Union. He said “a disturbing proportion of the money that comes out of those laundromats – not much shy of 50% in one case – were laundered through UK corporate structures”.
UK companies were used in 52 of the biggest corruption and money laundering schemes that have come to light worldwide, cumulatively involving about £80bn in illicit wealth, Transparency International found in 2017.
So lax are the controls at Companies House that the incorporation documents alone are not confirmation that Saldo actually formed Grainholding. The government has proposed obliging people forming companies to prove their identity. But because the proposals are yet to be enacted, a new venture’s named owners do not have to prove they are who they say they are.
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Grainholding has no connection with the Hatton Garden office block given as its address in the incorporation documents, a representative of the corporate services firm that runs the building told the Guardian.
She said the corporate services firm had alerted Companies House to what she said was the unauthorised use of its address shortly after Grainholding appeared in the registry in November. Only five months later, when the Guardian began to make inquiries in April, was the address altered in a public filing by the registrar.
Even if Saldo’s Grainholding stake or its assets were frozen, simply possessing a UK company could have benefits for foreign owners, said Tom Mayne, a research fellow at the University of Oxford who specialises in the former Soviet Union. “It confers a sense of legitimacy, having a UK company, that can be used elsewhere to move money. It gives you the keys to the getaway car by allowing you access to our company registration system.”
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( With inputs from : www.theguardian.com )
The Walt Disney Company has appointed Asad Ayaz as its first-ever Chief Brand Officer, a newly created role aimed at stewarding and elevating the Disney brand globally. Prior to his new position, Ayaz served as the President of Marketing for The Walt Disney Studios.
As the Chief Brand Officer, Ayaz will be responsible for developing and executing brand marketing campaigns for the Walt Disney Company. He will report directly to recently returned CEO Bob Iger and oversee the Disney100 campaign as the company celebrates its 100th year.
Ayaz will also continue his duties as the President of Marketing for Walt Disney Studios. In this role, he will oversee all aspects of marketing and publicity for the Studios’ films and series as well as for Disney+ globally. Ayaz will report to Disney Entertainment co-chairman Alan Bergman.
Ayaz has been with the Walt Disney Company for 18 years and has developed and led marketing campaigns for some of the most successful film releases, including Star Wars: The Force Awakens, Black Panther, and Avatar: The Way of Water. Other feature film campaigns include Disney’s live-action hits Aladdin and The Lion King, Frozen 2, Encanto, Turning Red, and Free Guy.
Ayaz’s appointment as the first Chief Brand Officer will also be seen as a test to see whether he could be the company’s next CEO. Current CEO Iger is set to serve as CEO for two more years.
New Delhi: The Enforcement Directorate (ED) on Wednesday said that they have frozen Rs 18.79 crore held in 18 bank accounts of a Hyderabad-based company Multyjet Trade Pvt Ltd, its promoter director Tekula Mukthiraj and others in a PMLA case.
The ED initiated investigation under PMLA on the basis of an FIR registered by Central Crime Station, Hyderabad against Multyjet Trade Pvt Ltd, Tekula Mukthiraj and others for indulging in fraudulent multi-level marketing and investment schemes.
“Investigation under PMLA revealed that Multyjet Trade Pvt Ltd, Tekula Mukthiraj and others duped general public in the guise of an investment scheme. For this, a website by the name www.multyjettrade.com was created on which the victims were shown their virtual accounts to give an impression that they were earning profits from commodity trading.
In this manner, Multyjet Trade Pvt Ltd collected more than Rs 100 crore from general public in a short span of 3-4 months between August 2022 and November 2022 in Ponzi scheme,” the ED said.
Initially, Multyjet Trade Pvt Ltd provided returns on the money invested by the public. However, over a period of time, they stopped responding to the investors and eventually closed their operations.
Tekula Mukthiraj, in connivance with his associates, routed the proceeds of crime in his and his wife’s bank accounts as well as the bank accounts of firms controlled by him namely, TMR Infra and Developers, Real Life Infra and Developers and Radhe Radhe Krishna Infra and Developers.
