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Govt asks Delhi HC to dismiss Havells, LG, Samsung, Voltas pleas against e-waste rules

Govt asks Delhi HC to dismiss Havells, LG, Samsung, Voltas pleas against e-waste rules

Time of India12 hours ago
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The government has asked the Delhi High Court to dismiss the batch of petitions filed by electronic manufacturers including Havells India , LG Electronics India, Samsung India and Voltas , against the waste management policy that increased payouts to electronic-waste recyclers.The environment ministry said that the manufacturers have not produced any evidence of arbitrariness in the government's decision-making process and even they have been part of stakeholder discussions on the issue since 2021.As new rules mandate a minimum payment of Rs 22 per kg to recycle consumer electronics, the companies have claimed that it will triple their costs and benefit recyclers at their expense, as the new prices were 5-15 times higher than the current prices. They have sought setting aside of the electronic waste management rules which increased payouts to electronic-waste recyclers among other issues.Stating that fixation of lowest and highest price by the environment ministry was not unreasonable and was a measure to ensure that environmentally sound management of waste takes place, the government in its reply said that the Central Government has full powers and competency to bring in measures as required to fulfil the objective of the Environment Protection Act in order to protect and improve quality of environment.The environment ministry told the court that the market-based mechanism was put in place in order to have uniform framework for fulfilment of EPR obligations and also to mobilize resources and operation of sustainable waste management infrastructure at a scale which can reduce the unmanaged waste in the environment using market efficiencies. Simultaneously allowing for full transparency and accountability in generation and procurement of EPR certificates as transactions are through EPR portals. Hence, producers are effectively paying for end-of-life disposal of wastes, which is done by recyclers. This regime is well established and successfully running. 'The imposition of Environmental Compensation (EC) makes the producer financially liable for covering the cost for environmentally sound management of the un-managed waste left in the environment due to non-fulfilment of EPR targets, based upon the Polluter Pays Principle (PPP),' it said."...the present petitions are purely driven by commercial considerations related to cost rather than any legitimate legal grievances," said the government. There is no presumption of violation, and environmental compensation will only be levied in cases where non-compliance is detected through audits or inspections. The environmental compensation is not automatic; rather a due procedure of law will be followed before its imposition, said the government.It further submitted that, EC is not a punitive measure, neither is a penalty or fine, but is rather levied to ensure compliance of the waste management rules and to recover cost of unmanaged waste in case of non compliance. EC is not a penalty but cost of environmentally sound management of waste.The high court was hearing petitions against rules relating to imposition of environmental compensation for non-fulfillment of the E-Waste Management Rules, 2022 and Plastic Waste Management Rules, 2016. It has posted the matter for hearing on August 1.The companies have challenged rules 15(9) and 15(10) of the E-Waste Management Rules, 2022, which were amended in 2024. These rules establish a mechanism for producers to fulfil their extended producer responsibility obligations through the purchase and sale of certificates, with the Central Pollution Control Board ensuring that the value of these certificates reflects the environmental impact of e-waste management.
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More tariffs & warning to BRICS (including India): Key takeaways from Trump's new threats
More tariffs & warning to BRICS (including India): Key takeaways from Trump's new threats

Time of India

time28 minutes ago

  • Time of India

More tariffs & warning to BRICS (including India): Key takeaways from Trump's new threats

Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump on Tuesday made some major announcements, ranging from more tariffs on imported copper to additional tariffs on BRICS During the cabinet meeting on July 8, 2025, Trump announced a 50% tariff on imported copper. The new duty is part of a broader effort to expand tariffs across several sectors and trading partners. 'Today we're doing copper,' Trump said during the meeting, pointing to progress in the administration's probe into copper the announcement, US copper futures surged over 10%. Copper is widely used in electric vehicles, defense equipment, the power grid, and consumer also warned of fresh duties on imported pharmaceuticals. However, the administration plans to allow time for companies to relocate operations back to the US before enforcement.'We're going to give people about a year, a year and a half to come in, and after that, they're going to be tariffed,' Trump said. 'They're going to be tariffed at a very, very high rate, like 200 percent.'Beyond copper and pharma, the administration has launched investigations into imports of semiconductors, critical minerals, and lumber. These probes may lead to further duties in the coming months. Earlier this year, tariffs were already placed on steel, aluminum, and automobile imports, reported confirmed that his administration plans to impose a 10% tariff on imports from BRICS nations, which include Brazil, Russia, India, China, and South Africa, along with newer members like Iran and Indonesia. 'Anybody that's in BRICS is getting a 10% charge pretty soon,' he said. 'If they're a member of BRICS, they're going to have to pay a 10% tariff ... and they won't be a member long.'Responding to a question on India's position, Trump said there would be no exemption for New Delhi. 'They (India) have to pay 10 per cent if they're in BRICS because BRICS was set up to hurt us; BRICS was set up to degenerate our dollar,' he said. Trump repeated his claim that BRICS is 'trying to destroy the dollar,' though he added that he does not view the bloc as a serious threat to the USTrump said trade talks with the European Union and China were progressing but added that he could soon send a tariff letter to the EU. 'Probably' within two days, he said, the EU would be informed of the new tariff rate for its exports to the US Despite calling the trade discussions positive, Trump criticized the EU for previously taking advantage of the US on markets had a muted response to the announcements. However, US pharmaceutical stocks dipped from their day's highs, while copper prices climbed sharply. According to the Yale Budget Lab, the latest actions raise the effective US tariff rate to 17.6%—the highest since 1934. Goldman Sachs estimated the Monday tariff wave added 1.4 percentage points to the overall response, several US trade partners began urgent efforts to negotiate. Japan and South Korea, both facing a potential 25% tariff, are pushing for sector-specific concessions. According to a Reuters report, Japanese negotiator Ryosei Akazawa said Tokyo would not compromise its agricultural sector. South Korea confirmed plans to accelerate talks 'to reach a mutually beneficial result.'The European Union, the US's largest bilateral trade partner, is working toward an agreement before August 1, reported Reuters, citing EU sources. German Finance Minister Lars Klingbeil warned of possible retaliation. 'If we don't reach a fair trade deal with the US, the EU is ready to take counter measures,' he told the Trump administration also unveiled tariff hikes on a range of other countries: 25% on Tunisia, Malaysia, and Kazakhstan; 30% on South Africa, Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand; and 40% on Laos and called the reduction of its previous 49% tariff rate to 36% a 'big success,' while Bangladesh, a major apparel exporter to the US, expressed concern. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said: 'This is absolutely shocking news for us. We were really hoping the tariffs would be somewhere between 10–20%. This will hurt our industry badly.'Trump previously promised '90 deals in 90 days' following his April rollout of country-specific tariffs. As of now, only two agreements—with the United Kingdom and Vietnam—have been finalized. Trump said talks with India are also nearing completion. 'It's about time the United States of America started collecting money from countries that were ripping us off … and laughing behind our back at how stupid we were,' he more announcements expected before August 1, including a potential deal with the EU, the global trade landscape could shift and trade officials are watching closely to see if new levies provoke retaliation or fast-track negotiations.

ICICI Prudential AMC files for IPO; entirely an offer for sale by Prudential Corp
ICICI Prudential AMC files for IPO; entirely an offer for sale by Prudential Corp

Economic Times

time29 minutes ago

  • Economic Times

ICICI Prudential AMC files for IPO; entirely an offer for sale by Prudential Corp

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ICICI Prudential AMC files for IPO; entirely an offer for sale by Prudential Corp
ICICI Prudential AMC files for IPO; entirely an offer for sale by Prudential Corp

Time of India

time29 minutes ago

  • Time of India

ICICI Prudential AMC files for IPO; entirely an offer for sale by Prudential Corp

The proposed IPO is structured entirely as an offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings, the UK-based joint venture partner. As there is no fresh issue involved, all proceeds from the offering will go directly to the selling shareholder, with ICICI Prudential AMC receiving no capital infusion from the issue. Formed in 1998, ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Corporation Holdings, with ICICI Bank holding a 51% stake and the remaining 49% owned by its British partner. As of March 2025, the AMC held a 13% market share in quarterly average assets under management (QAAUM), serving a customer base of 14.6 million across India. With over three decades of experience in the asset management sector, it stands as a major player in the Indian mutual fund landscape. If successful, the IPO will make ICICI Prudential AMC the fifth company from the ICICI Group to be publicly listed, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities. It will also become the fifth asset management firm to go public, following HDFC AMC , UTI AMC , Nippon Life India AMC, Aditya Birla Sun Life AMC , and Shriram AMC. The AMC is led by Nimesh Vipinbabu Shah as Managing Director and CEO, and Sankaran Naren as Executive Director and CIO. In FY25, the company reported a 29.3% year-on-year increase in net profit to Rs 2,650.7 crore, while revenue jumped 38.7% to Rs 4,682.8 crore. The IPO is being managed by an unprecedented 18 merchant bankers — the highest ever for an Indian IPO. These include global and domestic firms such as Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Capital, ICICI Securities, Goldman Sachs, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama Wealth, and UBS Securities India. Also read: Why are investors flocking to money market funds amid falling interest rates? This marks the first time in Indian capital markets that such a large consortium of bankers has been engaged for a single IPO. ICICI Bank, in a board meeting held on June 27, approved the acquisition of an additional 2% stake in ICICI Prudential AMC. The bank noted that the move was intended to preserve its majority shareholding in the event of stock-based compensation being granted by the AMC. Earlier this year, on February 12, Prudential PLC announced its plan to partially divest its holding in ICICI Prudential AMC through a potential IPO. On the same day, ICICI Bank reaffirmed its commitment to maintaining majority control of the AMC as part of its long-term strategic vision. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) ETMarkets WhatsApp channel )

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