Latest news with #Poddar
India Today
26-06-2025
- Business
- India Today
Mumbai developer alleges Rs 30 crore fraud by underworld don's relatives
The Economic Offences Wing (EOW) of the Mumbai Police has registered a case of cheating, breach of trust, forgery, and other relevant sections of the Bharatiya Nyaya Sanhita (BNS) against relatives of Vasai-Virar strongman Bhai Thakur, also known as Jayendra complaint, filed by Rohit Poddar - promoter of Poddar Developers, a Mumbai-based real estate company - names Bhai Thakur's nephew Mehul Thakur, cousin Deepak Thakur, and two others who were directors in a Viva Group to the FIR, in 2012, Rohit Poddar met Mehul Thakur, who proposed a partnership for constructing a township in Vasai-Virar. Mehul allegedly assured Poddar of political backing and large land parcels in Vasai and Palghar, promising a 300 per cent return on investment. Mehul's father, Deepak Thakur, also backed the plan and showed Poddar potential land parcels. Subsequently, a partnership firm, Poddar Viva Construction Pvt Ltd, was formed. Three directors of a Viva Group company - Radhey Khanolkar, Vinay Vartak, and Vinamra Vartak - retired as part of the the months that followed, Mehul and Deepak allegedly demanded repeated transfers of funds from Poddar to the firm's account, claiming the money was to be paid to farmers. Poddar reportedly transferred around Rs 30 no receipts or acknowledgements were provided, and more funds were demanded. Growing suspicious, Poddar reviewed bank records and found that the Rs 30 crore had been illegally diverted to another Viva Group company account controlled by Mehul assurances that new land parcels were being arranged, no project materialised, and no funds were returned over the following 13 years, as of June FIR was initially filed at NM Joshi Marg police station, and the investigation has now been transferred to the EOW. The complaint also alleges that directors Vinay Vartak and Radhey Khanolkar, despite being retired, illegally passed a resolution appointing Mehul Thakur as the authorised signatory of Poddar Viva Construction Pvt Ltd. This resolution was used to facilitate the transfer of funds from the firm's Mehul Thakur was also arrested by the Enforcement Directorate (ED) in 2021 in connection with the Mackstar money laundering case, involving allegations of defrauding an American investment fund of crores.- Ends
Time of India
13-06-2025
- Business
- Time of India
US firm commits 25cr for IIT-K startups in aerospace, defence
Kanpur: US-based venture capital firm- Foxhog Ventures Corp- announced a Corporate Social Responsibility (CSR) investment of Rs 25 crore to support innovative startups incubated at the Indian Institute of Technology, Kanpur through the institute's Startup Incubation and Innovation Centre (SIIC). Tired of too many ads? go ad free now In addition to the CSR investment, a dedicated CEO Fund, operated by Tarun Poddar, CEO of Foxhog Ventures, will offer research and development grants to newly incubated startups aligned with Foxhog's social impact mission. Recently, Poddar had visited IIT Kanpur on June 11, where he engaged with student entrepreneurs and early-stage ventures and pledged strategic support to bolster India's innovation ecosystem. The visit included an insightful presentation by Deepu Philip, professor-in-charge (Incubation & Innovation), SIIC IIT Kanpur, highlighting SIIC's vision and milestones. Piyush Mishra, COO and CFO of SIIC, was also present during the engagements. As part of the visit, a select group of SIIC-incubated startups presented their products and technologies, showcasing innovations in defence and aerospace, agritech, and sustainability. Speaking on the occasion, Poddar said, "Innovation with purpose has the power to change lives and nations. We see immense potential in India's youth-led startup ecosystem, especially in critical sectors like defence, aerospace, agritech, and sustainability. Our CSR initiative at IIT Kanpur is a step towards nurturing this talent and creating meaningful social impact. I am also proud to announce that our CEO Fund will also offer R&D grants to mission-aligned ventures. Tired of too many ads? go ad free now " The CSR funds will be directed towards startups working in defence and aerospace, agritech, and sustainability. Foxhog Ventures will explore further capital infusion through equity, debt, and convertible notes, forming part of a wider commercial investment strategy. Prof Deepu Philip said, "At SIIC IIT Kanpur, we believe in empowering cutting-edge tech-product oriented startups with the right mentorship, capital, and infrastructure partnership will amplify our efforts to translate breakthrough ideas into scalable product-based solutions that will power our country's rapid growth." A formal Memorandum of Understanding (MoU) between IIT Kanpur and Foxhog Ventures will be prepared, under which IIT Kanpur will play a key role in evaluating, mentoring, and monitoring the startups receiving support, ensuring rigorous technical due diligence and alignment with national priorities.
Time of India
09-06-2025
- Business
- Time of India
Summer 2025 footfall at Kol restos and bars beats pre-pandemic high
1 2 Kolkata: Footfall across Kolkata restaurants is the highest this summer since the pandemic, with most eateries across south and central Kolkata seeing a full house during lunch and dinner. Online orders saw a major spike over the last fortnight. The rise in footfall was around 20% compared to last summer, according to Hotel and Restaurants' Association of Eastern India (HRAEI) president Sudesh Poddar. While the summer vacation is on, the weather, though warm, was better than last summer when the city was gripped by a heatwave. These factors may have contributed to a footfall spurt, felt Poddar. "While footfall rise every summer, this year it was around 20% more compared to last May-June. Unlike 2024, it rained more often this time, making it a comfortable to dine out. It also helped that the IPL playoffs were played till this week. It always attracts the young who love to couple cricket with eating out," said Poddar. Oudh 1590 and Chapter 2 have seen steady growth in footfall since the beginning of May. "It has been rising steadily, and it helped that we had our biryani festival on throughout last month. Summers are usually good for sales, but this year it was even better, possibly due to the improved weather. Despite the occasional scorching period, people have been gorging on biryani and other north Indian fare. At Chapter 2, sales have been moderately higher than last summer's as well," said Shiladitya Chaudhury, co-founder and owner of Oudh and Chapter 2. Park Street has seen a larger crowd during both lunch and dining hours since mid-May, said restaurateurs. Peter Hu has seen a waiting crowd every evening over the last month. "This has been the best summer since the pandemic, and the footfall was 15% higher. We've had people waiting to get in even on weekdays. One reason could be the weather, which has been more bearable than the last two summers. Secondly, along with the younger generation, the elders, too, are now more into eating out. Online orders, too, have increased," said Siddharth Kothari of Peter Hu. At Mocambo and Peter Cat, waiting crowds have gotten progressively bigger over the last fortnight. "We had full attendance throughout the day since the beginning of May. It has really been a good summer so far, easily the most crowded since the pandemic across all our outlets, including Peter Cat," said Mocambo and Peter Cat owner Nitin Kothari. "We had a near-full attendance even during weekdays since last Sunday. Food sales have jumped appreciably. Liquor sales have dipped since we have more families coming in now. But that has been more than made up by the higher footfall and larger food orders," said Pratap Daryanani, owner of Oasis on Park Street. Footfall has been driven by a bigger family crowd, said Poddar, who owns Songhai, MS Bar & Lounge, and Manthan.
Economic Times
08-06-2025
- Business
- Economic Times
Earnings growth likely to bottom out in Q2 FY26: Motilal Oswal's Sneha Poddar
Market to consolidate as earnings recovery seen only in H2FY26: Sneha Poddar. Synopsis Markets may enter a consolidation phase despite a better-than-expected Q4, says Sneha Poddar of Motilal Oswal. She expects real earnings momentum to emerge only in H2FY26, with Q2 likely marking the bottom. Time correction may continue as fresh triggers remain limited. Meanwhile, downgrade pressures may ease as global cues, including China and trade tensions, show signs of stabilizing. After a better-than-expected Q4 showing, the market may be entering a period of consolidation, says Sneha Poddar, VP of Research at Wealth Management, Motilal Oswal Financial Services. ADVERTISEMENT According to her, real earnings momentum is likely to take hold in the second half of FY26, with Q2 expected to mark the bottom. Until then, markets may see limited upside as they wait for fresh triggers to emerge. Sneha Poddar: It's difficult to pinpoint exactly, but stock-specific performance has stood out in a few pockets where numbers were better than expected. Broadly speaking, compared to the Nifty, the broader market has performed relatively better. There could be multiple reasons—overall demand wasn't as weak as feared, and companies made efforts to improve profitability. Even raw material prices remained relatively stable. Pricing pressure wasn't as visible either, which helped metal companies outperform. Overall, demand held up, and earnings were marginally better than anticipated. The stock reaction is influenced by more than just earnings. Earlier, sentiment was negative both domestically and globally, but the backdrop has now turned more positive. After such a sharp correction, a pullback was Poddar: Yes, I believe it's going to last longer. Most of the recovery that had to happen has already taken place. From here, there's limited upside, and the market is likely to consolidate until new triggers emerge—and those will take time. While earnings were better, H1FY26 is expected to remain along similar lines. It's largely from H2 that we expect the base effect to kick in, leading to stronger recovery numbers. ADVERTISEMENT Regarding the trade war, it's likely to continue for at least another three months. No bilateral deal has been reached yet. Things will take time to settle, and that's why the time correction phase will continue. The market is expected to consolidate around current levels. Sneha Poddar: Yes, Q1 is expected to be similar to Q4. Then in Q2, we may see a bottom, and from there, the recovery should begin. However, the main growth will likely be seen in H2. Sneha Poddar: Hopefully, yes. If you look at global trends, the Chinese economy has shown some improvement, and the government's support through stimulus measures has helped stabilise the situation. The tariff war appears to be on hold for now. Otherwise, companies would have had to revise their logistics strategies and seek new markets, which could have disrupted their entire cost from that perspective, nothing has drastically changed for companies. We believe the ratio of downgrades to upgrades will remain more or less stable. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Time of India
03-06-2025
- Health
- Time of India
On World Bicycle Day, enthusiasts rue lack of key infra to promote cycling
Ranchi: While various groups held various events and cycle tours in different parts of the state capital in the run up to Tuesday's World Bicycle Day, cycle enthusiasts said lack of proper facilities are posing challenges to promote the cause. Tired of too many ads? go ad free now Ranchi's Bicycle Mayor, Kanishka Poddar, who in collaboration with FIT India, spearheaded a cycling event on Sunday from Kanke Road to Pithoria Chowk stressed on wider adoption of cycling for daily commute. "During our cycling event, many participants also carried placards not just to create awareness about cycling but to force govt attention on the infrastructural gaps here," he said. "The state govt must prioritise the development of cycling-friendly infrastructure and promote bicycle use through campaigns such as #NoCarShanivar," Poddar said. He added that creation of dedicated bicycle parking stations at all govt buildings, shopping malls, and places of public interest is a need of the hour. Another cyclist Chandrashekhar Kinger, said, "Cycling is a simple, affordable, and environment-friendly commute that can be adopted by every citizen. We request to the govt to designate a few places a no vehicle zones, develop a dedicated bicycle track in the Morabadi area and promote a cycle-to-work culture among public sector units and large corporations among others." International cyclist Gautam Kumar said World Bicycle Day must be celebrated daily as it directly benefits humans and nature by improving fitness and cutting down on carbon emissions .
