17 liquor shops in Indore district fined Rs 43.75 lakh for MRP violations
A probe headed by Assistant Excise Commissioner Abhishek Tiwari found that some shops were selling liquor at prices higher or lower than the MRP, he said.
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Economic Times
16 minutes ago
- Economic Times
Travel Food Services shares tumble 5% from peak after listing on premium
The shares of Travel Food Services, which got listed on the exchanges earlier today, has fallen by 5% from its intraday high of Rs 1,128.90 on the BSE after listing at a gain of 2.6% over the issue price of Rs 1,110. ADVERTISEMENT From its issue price, the stock has fallen by 2.12%. Travel Food Services, a prominent operator of airport-based quick service restaurants (QSRs) and lounges, made its stock market debut on Monday with a 2.38% premium on the BSE. The shares opened at Rs 1,126.20 on the BSE and Rs 1,125 on the NSE, against the issue price of Rs 1,100. The IPO saw a moderate response from investors, closing with an overall subscription of 3.03 times. The Qualified Institutional Buyer (QIB) category recorded the highest demand at 8.10 times, while retail investor participation remained subdued at just 0.73 times. The Non-Institutional Investor (NII) segment was subscribed 1.67 times, indicating cautious interest from high-net-worth investors. Travel Food Services, backed by UK-based SSP Group, operates 397 quick service restaurant outlets and lounges across 14 airports in India and three airports in Malaysia, covering major hubs such as Mumbai, Delhi, Bengaluru, and Chennai. ADVERTISEMENT The company offers a diverse food and beverage portfolio comprising 117 partner and in-house brands, serving the rising demand for food and travel services at high-traffic transit locations. Financially, the company reported stable earnings growth in FY25, supported by robust EBITDA margins of 40% and a return on equity (ROE) of 35.47%. However, concerns have been raised over the IPO's valuation, priced at a P/E multiple of 48.6 times, particularly since the offer is entirely secondary with no fresh capital being raised. ADVERTISEMENT Also read: Jane Street complies with Sebi, deposits Rs 4,843 crore in escrow account (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
The Print
16 minutes ago
- The Print
Young Indian was engaged in money laundering: ASG Raju tells court in National Herald case
The ASG also cited the individual's statement, according to which, he was asked to arrange Rs 50 lakh and credit it to the bank account of Young India, for which the same amount would be returned to him in cash. Raju started his rejoinder arguments before Special Judge Vishal Gogne, citing a statement from the prosecution complaint where the person had alleged that arranging funds for Young Indian could help in securing a ticket to contest the general elections in April-May 2019. New Delhi, Jul 12 (PTI) Additional Solicitor General S V Raju on Saturday told a court hearing the National Herald case that Young Indian Ltd was engaged in money laundering, and donating to it helped people secure tickets from the Congress party to contest elections. According to the statement cited by the ASG, the person credited Rs 20 lakh in Young Indian's account and received the same amount in cash. 'Young Indian was engaged in money laundering. Anybody giving donation was given a ticket,' Raju said. He also cited portions of the prosecution complaint where, as per the investigation, some donors made payments to Young Indian on instructions from senior Congress leaders to secure their position in the 'party politics', and that many of these donors were not aware of the objectives of Young Indian. 'Some of the people gave donations on the instructions of senior Congress leaders. They were neither aware of Young Indian nor its objective. Substantial donations were received by Young Indian when its charitable status had been cancelled by the Income Tax department,' Raju said. The Enforcement Directorate (ED) has accused Sonia and Rahul Gandhi, late Congress leaders Motilal Vora and Oscar Fernandes, as well as Suman Dubey, Sam Pitroda and a private company, Young Indian, of conspiracy and money laundering over the fraudulent takeover of properties valued at over Rs 2,000 crore belonging to Associated Journals Limited (AJL), which published the National Herald newspaper. The ED alleges that the Gandhis held the majority 76 per cent shares in Young Indian, which fraudulently usurped the assets of AJL in exchange for a Rs 90 crore loan. Its chargesheet names Sonia and Rahul Gandhi, Sam Pitroda, Young Indian, Suman Dubey, Sunil Bhandari and Dotex Merchandise Pvt Ltd. ASG Raju questioned why Dotex would provide a Rs one crore loan to Young Indian, which was running into losses. 'No valuable asset, no collateral was taken before a loan was given. You (Dotex) are giving a loan to an entity from which the loan is non-recoverable. No security, mortgage, nothing is taken. Dotex is not as clean as projected. Assisting is also an offence,' Raju said. He also said that the All India Congress Committee (AICC) had transferred the Rs 90 crore loan to AJL in a clandestine manner and that the 'debt was a facade.' After Raju completed his rebuttal, the court posted the matter for further proceedings on Monday. PTI MNR RT This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Indian Express
18 minutes ago
- Indian Express
Run ends for Delhi auto driver who staged breakdowns to rob passengers
The Delhi Police Saturday arrested an autorickshaw driver who allegedly operated a robbery scheme by staging a breakdown of his vehicle while on a trip and stealing valuables from the passengers with the help of other auto drivers. According to the police, the accused, Wasim, 49, would pick up passengers from the Sarai Kale Khan bus stand and then pretend that his auto rickshaw had broken down halfway through the journey. A couple of other auto drivers would follow closely behind, said Sanjeev Yadav, Deputy Commissioner of Police, Crime. The auto drivers would offer Wasim's passengers help, and squeeze them between the fake passengers, said the police. In the meantime, Wasim would allegedly steal things from their bags as they shifted from one auto to another. They would realise they had been robbed only after reaching their destinations, the police said. Wasim's activities came to light after he allegedly robbed a couple of jewellery worth Rs 20 lakh. 'A couple boarded the auto of the accused from the Sarai Kale Khan Bus Terminal on the morning of June 27. He stopped his auto midway on the pretext of a breakdown and called his associates, who were already following him in another auto, with two of them sitting behind posing as passengers,' DCP Yadav said. As the couple moved to the other auto, Wasim allegedly opened their bag and stole jewellery worth Rs 20 lakh. The couple, realising they had been cheated, approached the police. On July 12, a team led by Arvind Kumar, Assistant Commissioner of Police, Anti Robbery and Snatching Cell, Crime Branch, received a tip-off that Wasim, who has eight cases against him, was in Sarai Kale Khan, looking to execute a similar robbery. The team acted swiftly and arrested him. Although the police recovered Rs 11,000 from him, interrogation is ongoing to find the couple's jewellery. Wasim's associates are in hiding, and efforts are being made to locate them, the police said. 'Wasim is an active member of a gang that targets passengers from the different bus terminals of Delhi during the early hours. He is a declared bad character at the Gandhi Nagar police station,' DCP Yadav said.
