INX Media: CBI may file chargesheet in September, to name P Chidambaram as accused
After questioning former finance minister P Chidambaram in custody, the Central Bureau of Investigation (CBI) is likely to file a chargesheet in the INX Media case by end of this month. Sources reportedly said the chargesheet will be filed against 10 accused, including few companies, which were allegedly involved in the case. The chargesheet is likely to reduce Chidambaram's chances of getting bail.
'Even I paid for speeding': Nitin Gadkari defends hefty traffic fines
Union Transport Minister Nitin Gadkari on Monday defended hefty fines under new Motor Vehicle Act, saying that even he has been fined for over-speeding on the Bandra-Worli sea link in Mumbai. "People are complaining about the higher penalties, even I have been fined for over speeding on the Bandra-Worli sea link in Mumbai, as the car was registered under my name," news agency ANI quoted the Union Minister for Road, Transport and Highways as saying this.
India to spend Rs 13,000 crore for military modernisation in next 5-7 years
As India faces complex security threats, the government has firmed up a mega plan to spend 13,000 crore to bolster combat capability of the armed forces in the next five to seven years, according to an official document. Official sources said the government has decided on a broad plan to speed up modernisation of the Army, Navy and the Air Force under which a range of critical weapons, missiles, fighter jets, submarines and warships will be procured in the next few years.
Paytm's losses double to Rs 4,217 crore in FY19
Paytm's parent company One97 Communications Ltd reported a significant loss and a marginal increase in revenue in the last financial year. On a consolidated basis that includes businesses like Paytm Money, Paytm Financial Services, Paytm Entertainment Services and others, the company reported a net loss of Rs 4,217 crore from Rs 1,604.34 crore a year ago, as per the company's annual report. Losses in this period increased more than double.
Automobile sales crash 23.5% in August, worst decline in a month since 1997-98
Sale of automobiles in India crashed by 23.5 per cent in August, the worst ever decline in a month on a year-on-year basis since the time industry body Society of Indian Automobile Manufacturers (SIAM) has been collating data from 1997-98. The worst hit has been passenger vehicle segment that saw its 10th straight monthly decline and in 13 of the last 14 months.
Tata Sons to invest Rs 750 crore for expansion of Croma stores
Tata Group's Infiniti Retail, which owns and runs the Croma electronics retail chain, plans to raise Rs 750 crore from the holding company - Tata Sons - over the next two years to finance its expansion plans. In a bid to raise funds, Infiniti Retail last month increased its authorised share capital to Rs 2,000 crore from Rs 1,000 crore to issue fresh equity to the parent company.