Latest news with #CyrilAmarchandMangaldas
Economic Times
2 days ago
- Business
- Economic Times
LIC ups stake in SBI to 9.49% via QIP route, buys over 6.1 crore shares worth Rs 5,000 crore
Life Insurance Corporation of India (LIC) has increased its stake in State Bank of India (SBI) from 9.21% to 9.49% by participating in the bank's recently completed qualified institutional placement (QIP). LIC acquired over 6.1 crore shares at Rs 817 each, amounting to a total investment of ₹5,000 crore. ADVERTISEMENT SBI on Monday allotted over 30.59 crore equity shares to institutional investors at an issue price of Rs 817 apiece, the largest Indian lender informed exchanges via a company filing. Shares of LIC today ended at Rs 928.95 on the NSE, gaining by Rs 5.80 or 0.63% over the Friday closing price while those of SBI ended with minor gains of 0.15% at Rs 824.60. SBI's record Rs 25,000-crore institutional share sale was bid more than four times the stock on offer, with marquee names such as the $11-trillion asset manager BlackRock Group and London hedge fund Marshall Wace joining in to buy into the mass lender's first such capital-raising in eight years, ET reported on Friday citing people familiar with the Rs 25,000 crore of stock SBI offered in India's biggest qualified institutional placement (QIP) to date, the most-valued government asset drew bids worth Rs 1.10 lakh crore from about 120 interested parties. Market sources said aggressive bids came from both local and overseas funds as an SBI share sale - especially of this magnitude - is relatively rare. ADVERTISEMENT Cyril Amarchand Mangaldas and Linklaters were advisors to SBI on its QIP, which is the largest ever in Indian history. S&R Associates and Allen Overy Shearman Sterling advised the book running lead managers to the book running lead managers comprise Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup. ADVERTISEMENT The QIP was above Coal India's Rs 22,560 crore issue from 2015, making it the largest of its kind on India's bourses. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
15-07-2025
- Business
- Time of India
PropShare Titania SM REIT files ₹473 crore issue
NEW DELHI: Property Share Investment Trust (SM REIT) has filed the key information of the trust and key information of the scheme for PropShare Titania , their second scheme under the trust aggregating to up to ₹473 crore. The bid/issue will open on July 21, 2025 and close on July 25, 2025. The price band for the issue is ₹10 lakh to ₹10.6 lakh per Titania unit. The minimum bid size is ₹10,00,000 the minimum investment amount. Bids can be made for a minimum of one Titania unit and in multiples of one Titania unit thereafter by bidders. The IPO comprises of a fresh issue of Titania units with no offer for sale component. Property Share will also invest a minimum 5% of the Titania units of the scheme from its capital into the offering as the investment manager contribution. PropShare Titania comprises of a 4,37,973 sq ft Grade A+ office space in G Corp Tech Park located in Thane, Mumbai Metropolitan Region. The asset is 100% occupied by a diversified tenant portfolio including Billdesk (Razorpay), Control Risks, Aptara, and Piramal Pharma Solutions, with a Weighted Average Lease Expiry (WALE) of 5.6 years as of June 2025. The scheme projects a distribution yield of 9% annually for FY26, FY27, and FY28, and 8.7% in FY29. Distributions will include interest income, dividends, and capital repayment, with investors expected to receive approximately ₹42–45 lakh per unit over four years. The investment manager to the trust is Property Share Investment Manager . The net proceeds are proposed to be utilized to the extent of ₹217 crore for acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the share purchase agreement; ₹232.94 crore for providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest); and general corporate purposes. Kotak Mahindra Capital Company is the sole lead manager (BRLM) to the issue and KFin Technologies is the registrar to the issue. Cyril Amarchand Mangaldas is the domestic legal counsel for the Trust and investment manager in relation to the issue and Trilegal is the domestic legal counsel for the sole lead manager in relation to the Issue. Axis Trustee Services is the trustee for the issue.
Mint
15-07-2025
- Business
- Mint
India Inc steps up defences as sophisticated corporate frauds surge
A surge in white-collar crimes over the past two years is prompting Indian companies to tighten internal controls and seek legal counsel to protect against potential liabilities, experts told Mint. Firms in high-risk sectors like financial services, including Mahindra Finance, are proactively working with law firms to strengthen compliance and flag anomalies early, as tech-enabled fraud and remote work increase vulnerabilities. 'There has been a 50-70% rise in white-collar crimes and corporate frauds over the last two years," said Sahil Kanuga, partner at law firm Cyril Amarchand Mangaldas, who tracks white-collar crimes. An employee emailing an official document to himself, sanctioning funds approved by the chief executive officer over email, or a spurt in transactions at odd hours could trigger scrutiny for white-collar crimes. Companies are increasingly disclosing potential internal lapses to their legal counsel, relying on the confidentiality of the client-lawyer relationship. Law firms say clients trust them to not just assess potential legal exposure but also to deploy in-house forensic teams to investigate any breach, identify gaps in controls, and proactively weave in safeguards such as tighter employment clauses or vendor contracts. India Inc on alert Consulting and audit firm PwC found that 59% of the Indian companies it had surveyed for a study, published in December, had encountered financial or economic fraud in the past 24 months, surpassing the global average of 41%. Grant Thornton attributed the rise in fraud cases in recent years to the impact of Covid-19. In its 'Financial and Cyber Fraud Report 2024', the business advisory noted a significant increase in fraud incidents post-pandemic driven by factors such as the shift from on-site to remote work, insufficient internal controls to keep pace with organisational changes, and various technology-related challenges. Last year, Mahindra Finance uncovered a ₹150 crore fraud involving forged customer verification, or know-your-customer (KYC), documents in retail vehicle loans. Since then, it has introduced stricter controls, including surprise 5-day mandatory leaves for executives in sensitive roles like treasury, underwriting, and branch operations. 'During this period, the executive will not have access to their official e-mail/approval authority… and all sanctions will be given by the next in command," Manish Sinha, chief human resources officer at Mahindra Finance, said in an email reply to Mint. The firm also rotates key staff every 4-5 years to curb risks tied to long stints in the same role or location. In another case, according to Cyril's Kanuga, the India finance head of a global pharma firm wired lakhs of rupees within hours of what seemed like an urgent payment request from the parent company's CEO, only to realise it was fake. Since then, the firm has mandated multi-factor authentication, requiring a second approval or a one-time password sent to an authorised device to prevent solo approvals. 'The detection of such financial fraud can damage a company's reputation. For publicly traded companies, fraud discoveries almost invariably lead to sharp declines in stock price," said Avik Biswas, partner at law firm Khaitan and Co. Indian companies are also ramping up employee awareness, bringing in lawyers to highlight how seemingly harmless actions can raise red flags. Apeksha Mattoo, partner at Trilegal, warned employees against emailing official documents to personal accounts, noting that during white-collar crime audits every email is scrutinised. 'We have seen employees in large ad agencies and insurance firms email things like Form 16 to themselves, which can trigger suspicion, even though it's publicly available," she said. In one case, a CEO who had emailed his son's school fee details to his office email faced corruption allegations during his exit checks when he was leaving the company, according to Mattoo. Mohammad Kamran, leader, international disputes and investigations, at Nishith Desai Associates, cited another recent instance of fraud. 'In this case, instead of email, it was the parties' Whatsapp/Telegram group that was compromised. A group was created between the buyer and seller. A hacker created a similar group with similar names and display pictures, and added the parties to the fake group where the parties shared crucial information, leading to financial losses," said Kamran. AI in fraud detection Biswas of Khaitan and Co. warned that for startups or early-stage firms, a single fraud incident can threaten survival by eroding investor confidence overnight. To avoid such fallout, companies like Peak XV-backed lending fintech CASHe are strengthening their internal controls and response systems with artificial intelligence, apart from aligning with the Reserve Bank of India's baseline governance frameworks. 'We're also piloting AI-based fraud detection tools, including behavioural biometrics, to further reinforce our risk framework," said CASHe CEO Yashoraj Tyagi. Apart from using artificial intelligence and data analytics for real-time alerts and anomaly detection systems, companies are also using AI and machine learning tools to see if sensitive files are being accessed at odd hours or in unfamiliar locations. Major fraud detection tools and platforms including IBM Safer Payments, FICO Falcon, DataVisor, Sift Science, and Palantir Foundry use AI, machine learning, and advanced analytics to detect anomalies, prevent transaction fraud, verify identities, and analyse large data sets across sectors such as banking, insurance, and e-commerce. Indian regulators, too, are turning to AI. The RBI Innovation Hub's uses AI and machine learning to analyse transactions and identify mule accounts faster and more accurately than traditional methods, with pilots at two major public sector banks showing promising results.
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Business Standard
14-07-2025
- Business
- Business Standard
Fake tax deductions: What taxpayers must know as I-T Dept launches raids
The Income Tax (I-T) Department has launched nationwide raids at over 200 locations to crack down on fraudulent tax deduction claims, targeting individuals and intermediaries allegedly helping taxpayers inflate deductions under the old tax regime, including bogus political donations, tuition fees, and medical expenses, news agency ANI reported on Monday. 'The Income Tax Department is conducting raids in connection with false deductions of political donations. This action comes after the Department found several bogus bills claimed by several intermediaries under 80GGC,' ANI posted on its X handle. 'Searches were also underway in connection with bogus medical expenses and tuition fees. Raids were underway on more than 200 locations,' ANI reported, quoting sources. Misuse of paperless filing flagged Authorities pointed out that the shift to paperless filing of income tax returns has made it easier for some taxpayers to inflate deductions, assuming they would escape scrutiny. However, recent initiatives such as the I-T Department's 'NUDGE' campaign flagged suspicious claims and encouraged taxpayers to revise their returns before facing penalties. Why political donations are under scrutiny Tax deductions for political donations, allowed under Section 80GGC of the Income Tax Act, are a key focus. These deductions enable individuals to reduce their taxable income if contributions are made to registered political parties or electoral trusts. 'The Income Tax Department flags political donations to ensure transparency and prevent misuse of tax benefits,' said SR Patnaik, partner (head – taxation), Cyril Amarchand Mangaldas. 'Taxpayers are required to submit valid proofs of payments and receipts to substantiate donations. In case of unsubstantiated claims, it may lead to further scrutiny and penalties.' Should you rely on AI tools? The department's recently launched TaxAssist AI tool has also been in focus, but experts caution against over-relying on it. 'The tool is new and its performance hasn't been tested extensively. Taxpayers may still need to consult a professional, especially in complex cases.' said Patnaik What should taxpayers do? Experts suggest to- Maintain proper records: Bank statements, transaction proofs, and receipts are critical. Avoid cash contributions: Only digital or banking channels qualify for deductions. Be cautious of intermediaries: Don't engage agents who offer to 'arrange' deductions. Respond to notices promptly: Use TaxAssist for guidance, but seek professional advice if needed. Tax experts advise taxpayers to file honest returns and avoid taking shortcuts that could lead to prosecution.
Economic Times
13-07-2025
- Business
- Economic Times
ITR-2 and ITR-3 excel utility released by Income Tax Department; Taxpayers with capital gains, crypto, other incomes can now file ITR
ET Online Attention Taxpayers! Excel Utilities of ITR-2 and ITR-3 for AY 2025-26 are now live and available for filing. The Income Tax Department has made available the excel utilities for ITR-2 and 3 forms. This allows those with taxable capital gains, crypto income, and more to begin filing their income tax returns (ITRs) starting today. The extended ITR filing deadline for FY 2024-25 (AY 2025-26) is September 15, 2025. Previously only ITR-1 and ITR-4 were released (both online and excel utility) which enabled a limited set of taxpayers with specified income classifications to file their ITR. Do note that only the excel utilities have been released. That means taxpayers who plan to file their ITRs through the online e-filing portal will have to wait. The online filing mechanism is yet to be enabled. Soon this facility is likely to be enabled by income tax department which will be separately notified. Also Read | ITR-1 vs ITR-2 vs ITR-3 vs ITR-4: Which form applies to your income? The Income Tax Department said on X (formerly Twitter) on July 11, 2025: 'Attention Taxpayers! Excel Utilities of ITR-2 and ITR-3 for AY 2025-26 are now live and available for filing.' Read below to know more about ITR-2 and ITR-3 excel utilities. What is an Excel based ITR utility? In the download section of the income tax department's e-filing ITR portal, you can find the ITR-2 and ITR-3 utilities to download. After downloading, you will receive a Windows zip file. Extract this zip file and open the Excel file. The Excel file contains various schedules and options where you should enter your information as per requirements and declarations. After completing this, log in to the ITR e-filing portal to upload the file and submit your ITR. Remember to verify the filed ITR within 30 days of submission. Also read: ITR filing for AY 2025-26: 7 prominent changes in ITR excel utilities for FY 2024-25, which taxpayers including salaried should know Who can file ITR-2? According to the income tax department website as of July 11, 2025, ITR-2 can be filed by individuals or HUFs who: Are not eligible to file ITR-1 (Sahaj) Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of: interest salary bonus commission or remuneration, by whatever name called, due to, or received by him from a partnership firm Have the income of another person like spouse, minor child, etc., to be clubbed with their income – if income to be clubbed falls in any of the above categories. SR Patnaik, Partner (head - taxation), Cyril Amarchand Mangaldas, says: "The Form ITR-2 needs to be filed by individuals and Hindu Undivided Families ('HUF') who do not have any income from profits and gains of business or profession. Any individual who is eligible to file ITR-1 (which is applicable on individuals having income under the head of salaries, income from house property to the extent of one house property, and income from other sources, except winnings from lottery or race horses) is ineligible to file ITR-2." Also read: Income Tax: Changing these details on e-Filing website? Here's are the ways you can e-verify it What are the key updates to ITR-2 for FY 2024-25 (AY 2025-26)? The key updates to ITR-2 form include the following: Schedule-Capital Gain split for gains before/ after July 23, 2024 (post changes in Finance Act, 2024) Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024) Asset & liability reporting limit raised to Rs 1 crore of total income Enhanced reporting for deductions [80C,10(13A)], etc. TDS section code to be reported in Schedule-TDS. Aseem Mowar, Tax Partner, EY India told ET Wealth Online earlier: "The new ITR-2 form simplifies filing for taxpayers earning between Rs 50 lakh and Rs 1 crore by removing the need to report assets and liabilities. Additionally, the form now mandates specifying the section under which TDS has been deducted, enhancing transparency. Furthermore, the reporting of capital gains has been refined, requiring taxpayers to indicate whether asset transfers occurred before or after July 23, 2024, ensuring accurate tax rate application. Overall, the new ITR-2 Form streamlines the reporting requirements and may help reduce return processing errors/defects." Also read: ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25? Who needs to file ITR-3? Chartered Accountant Pranesh Jain says: ITR-3 is required for individuals and HUFs with income from business or profession, plus possibly other income sources. This includes: Business/professional income (other than presumptive basis taxation income), partnership income (non-LLP), derivatives trading, unlisted shares, capital gains (long term capital gain of shares upto 1,25,000 can be covered in ITR4 ), plus other simple terms, ITR - 3 is filed for both Individual and HUF but when the taxpayer has income from Business and Professions. For Example, if the taxpayer has business income as well as income from any other source such as capital gains or income from transactions of digital assets (crypto) or income from a partnership firm etc. then the taxpayer will have to file his return in ITR 3. What are the key updates to ITR-3 for FY 2024-25 (AY 2025-26)? The key updates to ITR-3 form include the following: Schedule-Capital Gain split for gains before/ after 23.07.2024 (post changes in Finance Act, 2024) Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024) Asset & liability reporting limit raised to ₹1 crore of total income Reference of sec 44BBC (cruise biz) added Enhanced reporting for deductions [80C,10(13A)] etc. TDS section code to be reported in Schedule-TDS Ankit Jain, Partner, Ved Jain and Associates, says: "ITR-3 also includes provisions for Section 44BBC, requiring specific disclosures for taxpayers engaged in the business of operating ships or cruises." Chartered Accountant Gopal Bohra, Partner, Direct Tax, N. A. Shah Associates LLP, says, "The significant change in ITR-3 is the increased threshold monetary limit of total income from Rs 50 lakh to Rs 1 crore to report the Asset & Liabilities under 'Schedule AL' of ITR. Now, individual taxpayers will be required to furnish the details of specified Assets & Liabilities in Schedule AL only if total income for the FY 2024-25 (AY 2025-26) exceeds Rs 1 crore and this move will make tax filing simpler for such an additional number of taxpayers whose total income is in the range of Rs 50 lakh to 1 crore."
