Bentley-based manufacturer Epichem will be pumping out a new supply of hand sanitiser to cover a shortfall in the local healthcare industry.…
India’s automobile sales dropped by an average 64 percent as all manufacturers shutdown plants due to the lockdown. Auto sales is a primary barometer of the country’s economic health and a sharp drop signals the magnitude of effort required to restart the economic engine post the pandemic health crisis.
Maruti, which sells one in every two cars in India, said it sold 83,792 units in March, down 47 percent from a year earlier, although it said the number was not comparable with 2019 due to the suspension of operations from March 22.
Export sales were down 55 per cent to 4,712 units from 10,463 in the year-ago period.
In the domestic market, light commercial vehicles suffered a blow of 71.5 per cent to 736 units in March 2020 compared to 2,582 units in March 2019.
“Maruti Suzuki remains committed to the safety and well-being of its employees, business partners and customers. The company will continue to support government at the Centre and state levels and follow all
The order came as steelmaker ArcelorMittal looked to enforce a $1.5 billion arbitral award stemming from a soured supply agreement.
In an 81-page judgment, High Court Judge Andrew Henshaw on Monday found no merit in the case being brought by ArcelorMittal to enforce a worldwide freeze on Essar’s assets to protect them from “dissipation” while the former pursues parallel legal remedies.
Reached for comments, ArcelorMittal hinted it may appeal against the judgment while an Essar spokesperson welcomed the decision saying the firm has “consistently argued that the underlying claims of wrongdoing and therefore the applications for the freezing orders were (and continue to be) ill-conceived and without any factual support.”
“We feel vindicated that the English Court has determined in this regard that ArcelorMittal USA LLC (AMUSA) has no good arguable case to bring before the Court. This Judgement has also vindicated Essar and its founders from any wrongdoing with regard to
HMRC’s appeal against a ruling that overturned its student accommodation VAT policy has been rejected in a case bringing benefits for companies involved in the construction of student housing, landlords and universities.
The decision not only provides reassurance to the student housing sector that subcontractors do not have to be paid VAT on new build student accommodation, but has additional implications beyond cash flow for all parties involved.
The main contractor at Primus Place had received a certificate from the developer-landlord claiming relief from VAT because the new building would be used for a relevant residential purpose (RRP) i.e. a communal building for students. Ordinarily sub-contractors working on RRP buildings are not entitled to zero-rate their services; VAT must be charged at 20 per cent which the main contractor must then reclaim on a VAT return.
However, the units were designed as self-contained living accommodation including kitchenettes and en-suite bathrooms. While planning consent restricted use to students, there was no clause preventing each unit from being separately used or sold. Summit argued the zero-rate could be applied as they were working on ‘dwellings’. The relief for dwellings is broader than for RRP buildings and allows both main and