OfBusiness co-founders and management allegedly assaulted an employee, says FIR
Published by: The Morning ContextRead full story here: Main Article
News, The Morning Context
The Morning Context
News, The Morning Context
Sailesh Hiranandani’s SRAM & MRAM Group is running a global con
Published by: The Morning ContextRead full story here: Main Article
Swiss court ruling an indictment of SEBI, Indian courts in Adani affair
A Swiss Federal Criminal Court ruling is seen as an indictment of SEBI and Indian courts in the Adani affair. The verdict is based on an appeal to unfreeze an entity’s bank accounts, which indirectly weighed on allegations that the Adani group’s promoters had sold/bought more shares than legally permissible, to inflate share prices. The alleged proxy is Sanilion, linked to Chang Chung-Ling. The court documents reference money laundering and embezzlement suspicions.
Why do so many OfBusiness employees run other companies?
The article asks why so many OfBusiness employees run other companies. It focuses on three companies, Zarielle Projects and Services LLP, Lendcierge Estate Pvt. Ltd, and Strike Infracon LLP, with links to employees. The existence of these related entities raises questions about whether they are used to overcount revenue or as a way to avoid or save on Goods and Services Tax (GST). This corporate structure is also linked to the company’s credit business.
Is India’s celebrated startup OfBusiness a real business?
The company is aiming for an IPO by August next year. But what exactly is this firm—a financing operation, a tech business, an overvalued minefield of round-tripping or something else entirely? In an efficient physical world, a company like OfBusiness would have no reason to exist. Today, OfBusiness trades both almonds and steel bars on the same platform. These are just two out of the many products it deals in.
Madhabi Puri-Buch’s Blackstone connection deserves a closer look
The SEBI chairperson seems to have been economical with the truth in her responses to the Hindenburg allegations on conflicts of interest, especially to do with her Blackstone ties. What could prove far more problematic for Puri-Buch than her name appearing alongside an entity she is overseeing the investigation of is her close connection with American private equity major Blackstone. The Blackstone connection has ensured that Hindenburg’s allegations aren’t another blip in the news cycle.
India goes after companies with a big tax stick
A wave of demands for payment of GST on intra-company transactions has opened up a new front between corporates and the government. A dent to the ease-of-doing-business rankings the likely first casualty. Early in August, it emerged that India’s Goods and Services Tax authorities had slapped IT services company Infosys with a whopping Rs 32,000 crore demand for unpaid taxes. The demands were centred around taxes payable on intra-group transactions—between subsidiaries and parent companies, between branch offices and head offices.
Adani’s ties with Adi group make convenient business sense
Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out. An investigation by The Morning Context lays out how the lines between client, supplier, investor, associate and proxy blur. The Adi group’s businesses range from coal and commodity trading to real estate development. Its founder, Utkarsh Shah, is described as a friend of Adani group chairman Gautam Adani for over 30 years.
Multi-crore duty evasion behind alleged silver import scam at GIFT City
There’s more to the accusations of irregularities in silver imports than meets the eye. For starters, dubious links have emerged between some importers and exporters. A large-scale silver imports scam has possibly been brewing in India. A back-of-the-envelope calculation shows that import duty to the tune of at least $105 million (around Rs 880 crore) may have been evaded on $1.6 billion (Rs 13,600 crore) worth of silver imports from the UAE.