New Delhi, June 29 (IANS) Government-owned power giant NTPC said on Saturday that its board has cleared a proposal to raise up to Rs 12,000 crore through the issuance of bonds and non-convertible debentures (NCDs).

NTPC said in a regulatory filing, “The Board of Directors of the company has, in its meeting held on Saturday, June 29, subject to approval of shareholders, approved the issue of secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures (‘Bonds/NCDs’) up to Rs 12,000 crore in one or more tranches/series not exceeding 12, through private placement in the domestic market during the period commencing from the date of passing of special resolution till completion of one year thereof or the date of next Annual General Meeting in the financial year 2025-26, whichever is earlier.”

“The size, tenure, listing details (BSE and/or NSE), coupon, security (if applicable), and other details as applicable will be decided at the time of issuance of each tranche/series,” it added.

NTPC is also going for the world’s first and largest 4G ethanol project at its Lara Thermal Plant in Chattisgarh. Jakson Green Pvt., the renewable energy arm of Jakson Group, earlier this month announced that it has tied up with NTPC to set up the project.

NTPC posted a net profit of Rs 21,332 crore for the financial year ended March 31, 2024, which represented a close to 25 per cent increase over the corresponding figures of the previous year.

The stock price of the company closed 0.62 per cent higher at Rs 379.50 on the BSE on Friday.

–IANS

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Kochi, June 29 (IANS) The Enforcement Directorate (ED) has reiterated that the Kochi-based mining company Cochin Minerals and Rutile Ltd (CMRL) had paid Rs 1.72 crore to Exalogic Solutions — the IT firm owned by Kerala Chief Minister Pinarayi Vijayan’s daughter, Veena — in the name of software services without rendering any service.

The ED made this disclosure in a recent statement filed in the Kerala High Court against the CMRL of having committed cognizable offences under the money laundering act, and this was one such payment.

The issue of Veena Vijayan’s IT firm receiving a hefty amount first surfaced last year in a media report which attributed the findings to a statement of the Income Tax Department.

The matter was then actively and aggressively taken up by Congress legislator Mathew Kuzhalnadan.

Eventually, the top brass of the Communist Party of India-Marxist (CPI-M) dismissed all allegations as baseless, terming the entire matter ‘a business deal between two professional companies’.

However, Kuzhalnadan continued sticking to his position. The Congress MLA was later also accused of usurping government land, and a case was registered against him.

The ED made these remarks after some officials of CMRL approached the court to quash the proceedings that had been initiated.

The court will take up the matter for a hearing again on Monday.

Besides ED, the Serious Fraud Investigation Office and the Registrar of Companies have also been looking into the matter.

Political observers believe that things are getting tough for both the Kerala Chief Minister and his daughter, with the ED once again saying it has “evidence” in the matter.

–IANS

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Mumbai, June 29 (IANS) Amid verbal duel among MahaYuti partners over claims on seats for the upcoming Maharashtra Assembly elections, state unit NCP president Sunil Tatkare on Saturday said that the BJP, Shiv Sena and the NCP will contest the polls under the collective leadership of Chief Minister Eknath Shinde and two Deputy Chief Ministers, Devendra Fadnavis and Ajit Pawar.

He also scoffed at the reports of the exclusion of the NCP from the MahaYuti, saying that BJP’s top leadership, including Prime Minister Narendra Modi, Home Minister Amit Shah and party’s national president J.P. Nadda, have clarified that the NCP will be an integral part of the grand alliance in Maharashtra, and the seat sharing (discussions) among three parties will take place amicably.

Tatkare, however, said that there is no hurry in declaring MahaYuti’s CM face after it comes to power again.

“I have asked the party spokespersons not to make any public statement on seat sharing among MahaYuti partners as it will be done at the level of senior leaders of three parties. I have also directed party spokespersons and cadres to neglect any statement or video against NCP demanding the party be kept away from the MahaYuti.

“In fact, the bonhomie between the BJP and the NCP has increased, and it will further strengthen. Our national president, Ajit Pawar, is known for his administrative skills and command over the party. He will play a crucial role in the MahaYuti during the upcoming assembly elections,” said Tatkare.

–IANS

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Jammu, June 29 (IANS) A brief firing exchange was reported at a forward Line of Control (LoC) outpost in J&K’s Poonch district, officials said on Saturday.

Officials said that a brief firing exchange was reported at a forward LoC outpost in the Krishna Ghati sector late Friday evening.

Officials said that the Army promptly and effectively retaliated. “No casualty was reported on our side in the firing exchange,” an official said.

Surveillance and vigil has been increased around the area to ensure that no infiltration was attempted during these firing exchanges, officials added.

–IANS

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Kolkata, June 29 (IANS) An inspector along with a sub-inspector and a head constable of the Railway Protection Force (RPF), South Eastern Railway (SER), have been suspended for pilferage of railway property worth Rs 17,65,456 over the last two years from a store.

An official said that department proceedings have also been initiated against the accused. In addition to this, a criminal case has also been lodged against them that may land them behind bars.

“The crime came to light after the handover of store charge between two inspectors recently. The officer who took over noticed discrepancies in the distribution of UPS units and their accessories. These were procured in 2022. The inspector who had taken over immediately brought this to the attention of the RPF administration of SER and an inquiry was initiated by the Internal Vigilance Wing (IVW) of the RPF,” an SER Spokesperson said.

He said that the report prepared by the IVW on June 20, 2024, substantiated the allegations and found primary facie evidence of involvement of the three accused.

He said that the department proceedings were immediately initiated and a criminal case under the Railway Property (Unlawful Possession) Act, 1966, was registered against the trio at the RPF Post at Garden Reach in Kolkata.

Further inquiry is in progress and appropriate action will be taken if the three are found guilty, he said.

–IANS

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