Mahadev betting app case: Companies owned by Vikas Garg under ED scanner
The suspicion by the agency is regarding the funds raised for the acquisition of Ebix Inc. by Eraaya Lifespaces. Ebix Inc. was acquired by Eraaya Lifespaces last year through funds raised from multiple channels and companies.ED officials, as per sources, also flagged the meteoric rise in the share prices of Eraaya Lifespaces and asked Bombay Stock Exchange officials to investigate it. The suspicion is over the funds raised and later used for the acquisition.There are multiple such SME listed and unlisted companies, promoted and run by Vikas Garg.Garg's premises were also searched when multiple other companies and linked properties were searched on April 16 by ED officials.Some of Garg's promoted companies which are under investigation are Vikas Lifecare Limited, Vikas Ecotech Limited, Advika Finvest, Advika Capital Limited and others.ED investigations revealed that Tibrewal had, through FPI, made investments in multiple firms owned by Garg.Since then, Garg has been issued multiple summons by ED officials to join investigations in the case. Earlier Garg's companies were under investigation by the Income Tax Investigation Wing, GST and few other agencies.Meanwhile, other companies under investigation in the case have also been asked to join investigations, which include firms like Ease My Trip, IITL, JTL Industries, Gensol and others. The Securities and Exchange Board of India (SEBI) also has been informed by ED officials regarding manipulation of shares and artificial inflation of shares.Garg's proximity to Tibrewal is also being probed by agency officialhttps://www.indiatoday.in/india/story/mahadev-betting-app-case-ed-seizes-cash-freezes-assets-worth-over-rs-573-crore-2712762-2025-04-22s. Acquisition attempts for a club in the United Arab Emirates (UAE) were also under the scanner.The other companies where Tibrewal had invested through FPI, the promoters of many of those companies, are known to Garg personally.ED has so far carried out around 170 raids across the country and several companies, persons and entities in the Mahadev Betting app case and assets worth over rupees 3000 crores in property, cash and movable properties have been attached, including demat accounts and share holdings.- EndsTune InMust Watch
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
Bumper debut! GLEN Industries lists at 62% premium, beats IPO GMP forecasts
GLEN Industries IPO listing, GLEN Industries share price: Shares of eco-friendly food packaging and service products provider GLEN Industries made a strong debut on the BSE SME platform on Tuesday, July 15, following the completion of its initial public offering (IPO). The company's stock listed at ₹157 per share, reflecting a premium of ₹60 or 61.86 per cent over the IPO issue price of ₹97. As a result, investors who were allotted GLEN Industries shares in the IPO made a profit of nearly ₹72,000 per lot (1,200 shares) upon listing. The GLEN Industries IPO listing outperformed grey market expectations. Prior to the debut, its unlisted shares were trading at around ₹152 in the grey market, indicating a grey market premium (GMP) of ₹55, or approximately 56.70 per cent over the issue price, according to sources tracking unofficial market activity. GLEN Industries IPO details The public offering of GLEN Industries comprised an entirely fresh issue of 6.5 million equity shares, aggregating to ₹63.02 crore. It was available for subscription from Tuesday, July 8, to Thursday, July 10, at a price band of ₹92–97 per share, with a lot size of 1,200 shares. The public issue received massive demand from investors, getting oversubscribed by 350.72 times by the end of the subscription period, as per BSE data. The basis of allotment for GLEN Industries IPO shares was finalised on Friday, July 11. The company set the issue price at ₹97 per share. GLEN Industries proposes to utilise the IPO proceeds for setting up a new manufacturing facility at Purba Bardhaman, West Bengal. The company will further use the funds for general corporate purposes. About GLEN Industries GLEN Industries produces eco-friendly food packaging and service products, such as thin-wall containers and compostable straws, catering to the hospitality and beverage industries. With a 90,000 sq. ft. state-of-the-art manufacturing facility in Dhulagarh, the company exports its products to international markets, including Europe, the USA, and Australia. GLEN Industries' product range includes thin-wall food containers and compostable straws, available in various production capacities.
Time of India
18 minutes ago
- Time of India
Tesla opens first showroom in India after years of negotiations marking strategic entry starting with Rs 60 lakh
Source: Tesla Tesla is finally accelerating into India's electric vehicle (EV) market with the launch of its first official showroom in Mumbai. The much-anticipated debut marks a significant step for Elon Musk's company as it tests Indian consumer appetite for premium EVs. The showroom is located at Maker Maxity Mall in Bandra Kurla Complex (BKC) and is set to open on Tuesday morning. This launch comes after years of speculation and signals Tesla's entry into one of the world's fastest-growing automobile markets, albeit cautiously, without local manufacturing, for now. Elon Musk's Tesla debuts in Mumbai embracing retail-first entry strategy Tesla's India debut will be marked by the inauguration of its first showroom at Maker Maxity Mall, a prime location in Mumbai's upscale BKC district as reported by ANI . The company teased the announcement on its India-focused X (formerly Twitter) account last Friday, posting 'Coming soon' with a graphic hinting at a July 2025 launch. This move confirms Tesla's long-anticipated plan to begin operations in India initially via imported models, without committing to local production yet. Despite the buzz, Union Minister for Heavy Industries, H.D. Kumaraswamy, clarified in June that Tesla currently has no plans to manufacture vehicles in India. 'They want to sell their cars in India. There's no further development,' he said during a media interaction. This indicates Tesla is adopting a retail-first strategy, starting with showrooms to gauge demand before making deeper investments like setting up gigafactories or assembly plants. Tesla launches Model Y in India with premium pricing Tesla has officially launched the Model Y in India, with prices starting at Rs 60 lakh, as per the company's updated price catalog released on Tuesday. The electric vehicle giant is offering two variants for Indian buyers: Model Y Rear-Wheel Drive (RWD): Rs 60 lakh Model Y Long Range RWD: Rs 68 lakh These prices apply to outright cash purchases only, as Tesla has not yet introduced any leasing or financing options in the Indian market. When compared globally, the Indian pricing of the Model Y is significantly higher. For reference, the same model starts at $44,990 in the US, 263,500 yuan in China, and €45,970 in Germany. This price gap is largely due to India's steep import duties and associated logistics costs. According to Bloomberg News , five units of the Model Y have already arrived in Mumbai from Tesla's Shanghai plant. These imported vehicles reportedly attracted over Rs 21 lakh in import duties per unit, in line with India's 70% tariff on fully built EVs priced under $40,000. The launch underlines Tesla's retail-first strategy, as the company continues to import vehicles directly while it assesses the Indian market before committing to local manufacturing or assembly. India's revised EV policy could accelerate Tesla's expansion plans Tesla's India plans have historically been hampered by high import duties—a concern Elon Musk has raised multiple times. However, this may soon change. India's newly launched EV policy offers reduced import taxes and attractive incentives for foreign EV manufacturers, potentially smoothing the path for Tesla's expansion. Earlier this year, Tesla also began hiring for roles in India, signaling early operational groundwork. The government's outreach, including Prime Minister Narendra Modi's phone conversation with Elon Musk in April and an earlier meeting during his US visit, hints at growing bilateral cooperation in technology and innovation. What Tesla's launch means for India's EV landscape With the Mumbai showroom launch, Tesla aims to test Indian market readiness for its premium EV lineup, including the Model 3 and Model Y. While price-sensitive Indian buyers may find Tesla's vehicles on the higher end, the brand's arrival adds prestige and momentum to India's growing EV ecosystem. India is already witnessing a surge in electric two-wheelers and budget EVs, but Tesla's entry could redefine consumer expectations in the luxury electric segment, potentially opening doors for competitors like BYD and Mercedes-Benz EQ series to step up their game. While the absence of local manufacturing signals a cautious approach, Tesla's presence in India could be a prelude to larger ambitions. If the new EV policy proves effective, and if demand meets expectations, Tesla might reconsider setting up a manufacturing hub, especially as India offers a large workforce and strategic location for export. Discover everything about the automotive world at Times of India .
Mint
19 minutes ago
- Mint
India bonds yields steady around key levels as RBI to mop up liquidity
MUMBAI, July 15 (Reuters) - Indian government bond yields were largely steady after rising in opening trades on Tuesday, as traders cool their heels around key levels, and eye the response to the central bank's liquidity withdrawal operation. The yield on the benchmark 10-year bond was at 6.3173% as of 10:00 a.m. IST after closing at 6.3163% on Monday. The Reserve Bank of India will conduct a three-day variable rate reverse repo auction for 1 trillion rupees ($11.6 billion). This would be in addition to 1.52 trillion rupees that it withdrew from the banking system on Friday via a seven-day operation. This is the second straight week that the RBI is conducting a shorter duration cash withdrawal operation, after doing a seven-day equivalent. "The market will start absorbing such reverse repos and will not react much going ahead, like we are seeing today," a trader with a private bank said. India's weighted average interbank call money rate as well as weighted average tri-party repo rate eased on Monday, with the latter moving below the RBI's standing deposit facility rate of 5.25%. The facility acts as a floor for the monetary policy corridor. Meanwhile, India's annual retail inflation slowed to a more than six-year low of 2.10% in June, lower than the 2.5% estimated by economists in a Reuters poll and the 2.82% reading in May. This has led to economists trimming down their full-year inflation forecasts and expecting at least one more rate cut. Core inflation, which excludes volatile items such as food and energy and is an indicator of domestic demand, however, accelerated to 4.4%-4.5% in June, from 4.17%-4.20% in May, according to economists. India's overnight index swap rates were little changed with traders awaiting U.S. inflation data. The one-year OIS rate was at 5.54% and the two-year OIS rate was at 5.53%. The liquid five-year was at 5.71%. ($1 = 85.9290 Indian rupees) (Reporting by Dharamraj Dhutia)
