Three Infosys employees with IT dept held for taking bribes from taxpayers

Three employees, attached to the Income Tax department’s Centralised Processing Centre here, were arrested for allegedly taking bribes from tax-payers for speedy processing of their refund, police said on Sunday.

According to police, the key accused among the three was attached to the CPC’s data division and had demanded and collected money through his friends from some major taxpayers with whom he had contact over phone for processing their I-T refund claims at the earliest.

He would allegedly charge them four per cent of the refund money as his commission, they added.

Recently, one of the taxpayers refused to pay the money and shared the audio recording of his conversation with the accused with Income Tax officials who held an internal enquiry and then approached the police.

The Electronics City police have registered a case of cheating and criminal breach of trust against them.

The police suspected the trio might have made about Rs 15 lakh so far as commission from taxpayers.

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Tight pollution norms to hit power generation, harden prices in 2020: Study

Failure to meet the revised pollution norms set for power projects located in critically polluted areas has cast fears of shortfall in generation.

A sectoral report on power by Axis Capital sees 2020 as the year of large scale disruptions, leading to either partial or full shutdowns of the impacted power plants and levy of severe penalties.

“We expect supply disruptions to push power prices up. It will benefit volume growth for power exchanges and producers like (Energy) and Torrent (Power) with merchant capacities. But, there will be lesser impact on NTPC as most of the FGD (Flue Gas Desulphurisation) orders for 24.6 Gw capacity were placed in 2018”, the report noted.

New emission norms for thermal power projects are scheduled to kick in by March 2022 in a phased manner. The Central Pollution Control Board (CPCB) had accelerated compliance deadlines for power stations in Punjab, Haryana and western Uttar Pradesh to December 2019, factoring in air pollution woes in region. Few other power projects concentrated in urban centres had also been assigned swifter timelines to ensure compliance.

Power projects of capacity totalling 163 Gw

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VW says on track to sell over 100,000 cars By 2024 as it bets big on SUVs

The Tiguan Allspace, a seven-seater SUV that is the biggest new car in Volkswagen’s line up for the present year, was launched Friday. The vehicle is part of the German company’s strategy in which SUVs form the core of the company’s product line-up said Steffen Knapp, director for Passenger Cars.

The launch happens barely two weeks before the introduction of the company’s second SUV for the year which will be the 5-seater SUV the T-Roc and will hit the markets on the 18th of March.

While Knappe says that the Coronavirus disruption to economies which originated in China won’t upset the company’s middle-term stated goal of crossing 100,000 unit sales in the next four years, there have been minor hiccups for the roll-out of some models. For example, the BS VI versions of the Polo and Vento TSI (petrol) engines are currently only available in manual transmissions. The automatics are delayed by around two months, VW officials added.

Exports have also been under pressure. Mexico, which is a big market for VW India, is a little shaky because of exchange rates and other economic fluctuations and is thus

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NTPC to commission second 800-Mw unit at Darlipalli in Q2 of FY21

Ltd, the country’s largest power generator, aims to commission the second 800-Mw unit of its super thermal power station at Darlipalli in Odisha in the second quarter of the next financial year.

The maharatna power producer commercialised the first 800-Mw unit on March 1 this year.

“Odisha is entitled to 470-Mw power from Darlipalli. We have tied up purchase agreements with Meghalaya, Assam and Tripura. Some power will also be fed to Bihar and Chhattisgarh,” said Sanjeev Kishore, Regional Executive Director (Eastern Region II), Ltd.

NTPC’s power plants under the jurisdiction of Eastern Region II have an average Plant Load Factor (PLF) of 75 per cent, bettering the power producer’s pan-India average of 67.13 per cent. Average PLF of all power plants across the country stood at 55.84 per cent.

“Load at thermal power plants has dipped owing to sagging power demand and disruption in coal supplies. Besides, there is increasing generation from renewables and hydro power,” kishore told reporters in Bhubaneswar.

Eastern Region II has an installed capacity of 5,020 Mw. The portfolio of power projects includes Talcher Thermal Power Station

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Tata Power’s Mundra UMPP to snap power supply to five states on March 11

Tata Power’s ultra mega power plant in Mundra will stop supplying power to five states from March 11 onwards, said Praveer Sinha, CEO and managing director of the company. “We will gradually start shutting units if a resolution is not reached with states,” said Sinha.

The decision was taken after buyer states did not agree to a tariff hike for the power coming from the UMPP. Mundra supplies power to Gujarat, Haryana, Rajasthan, Punjab and Maharashtra.

The Gujarat-based UMPP has been in the middle of a regulatory tussle for the past seven years over the pass through of escalated cost of imported coal.

In an April 2017 judgement, the Supreme Court denied compensation to for increased coal cost, and directed the Central Electricity Regulatory Commission (CERC) to formulate any possible relief for Mundra under the power purchase agreement between and procuring states.

The Gujarat government formed a committee which formulated a revised tariff and haircut for the company and the lenders to help the project stay afloat. The committee decided to increase the rate of power from Mundra. However, no other state has

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SC sets aside NCLAT order on Dhanuka’s resolution plan for Orchid Pharma

The of India has set aside a National Company Law Appellate Tribunal’s (NCLAT) order rejecting the resolution plan of Gurgaon-based Dhanuka Laboratories for the debt-ridden Chennai-based The latest order, in an appeal filed by State Bank of India (SBI), is a green signal to Dhanuka Laboratories’ resolution plan, which was approved by the National Company Law Tribunal (NCLT) in June 2019, legal sources said.

The NCLAT, in November, 2019, had set aside the NCLT’s order, which approved the resolution plan of Dhanuka, observing that the resolution plan is less than the liquidation value, which is against the provisions of the Insolvency and Bankruptcy Code. Besides, it is against the principle of maximisation of assets of the corporate debtor, the Appellate Tribunal said in a petition filed by Accord Life Spec Pvt Ltd, an unsuccessful bidder for

The division bench consisting of Justice Rohinton Fali Nariman and Justice S Ravindra Bhat, in the latest order observed that the NCLAT’s judgement has to be set aside in view of a recent Judgement where it was categorically held that no provision in the Insolvency and

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