The Ministry of Corporate Affairs and the Income Tax Department have begun separate probes on the books of United Spirits following an admission by the company that huge sums of money was diverted from the company to other UB group entities under the previous management led by its chairman Vijay Mallya.

In its notes to the accounts for the fiscal year 2015, the company said it has received a notice from the MCA for inspection of its books and other papers of the company. The company said it has also received a notice under the Section 131 of the Income Tax Act from the I-T Department and is fully cooperating with the authorities on this matter.

Former Prime Minister Manmohan Singh on Wednesday attacked NDA government and said that he has not used public office to enrich himself.

Singh's remarks come a day after former TRAI Chairman Pradip Baijal alleged that the former Prime Minister had warned him of harm if he did not cooperate on 2G telecom licenses.

SBI General Insurance posted a 33% growth in premium income for FY15. The insurer collected premiums of Rs 1,577 crore for the year ended March 31, 2015.

Bhaskar J Sarma, MD & CEO of SBI General Insurance, said that in the last financial year the insurer has emerged as the fastest growing company amongst major private general insurance companies.

The sizzling heat wave sweeping many parts of the country claimed over 1,000 lives, with 852 death being reported in Andhra Pradesh and Telangana.

Besides Andhra Pradesh and Telangana, sweltering conditions persisted in Delhi, Maharashtra, Rajasthan, Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Odisha and West Bengal with temperature hovering around 45 degree celsius in most places in these states.

Industrialist Yash Birla and son-in-law of late realty and liquor baron Ponty Chadha are among seven Indians with Swiss bank accounts whose names have been made public in Switzerland’s official gazette with regard to ongoing tax probes against them in India.

Two Mumbai-based individuals named in the famous City Limousines scam, a Delhi-based businesswoman Ritika Sharma and two others — Sneh Lata Sawhney and Sangita Sawhney– are the other Indians whose names have been made public.

Continuing its weakness for the third straight day, the rupee dropped below the 64 mark, falling 17 paise, to quote at 64.15 against the dollar in early trade today at the Interbank Foreign Exchange as the American currency firmed up overseas on strong economic data.

Besides, increased demand for the dollar from importers and a lower opening in the domestic equity market weighed on the local currency, forex dealers said.

Shares of Tech Mahindra have tanked 13.4% to Rs 554, the sharpest intra-day fall since February 2011 on the NSE, after the company reported a nearly 500 basis points (bps) decline in EBITDA margins at 15.2% for the fourth quarter ended March 31, 2015 (Q4) against 20.2% in the December 2014 quarter.

Meanwhile, the company had reported a 39% sequential fall in consolidated net profit (prior to special adjustments) to Rs 472 crore, due to higher employee expenses and cross-currency fluctuations. The company had posted a profit of Rs 777 crore in the previous quarter.

After close to doubling their headcount in the past few years, leading private sector lenders ICICI Bank and Axis Bank have reduced their employee counts.

At the end of March this year, the employee base of ICICI Bank, India’s largest private lender, was 67,857, against 72,226 a year earlier. During 2010-2014, the bank’s employee base more than doubled from 35,256 to 72,226.

Consolidated net profit of Tata Motors, India’s biggest automobile company, dipped by a whopping 56 per cent in the final quarter of last financial year as China, Jaguar Land Rover’s biggest market, slowed down considerably.

The Mumbai-based company posted Rs 1,717-crore net profit for the quarter ended March, against Rs 3,918 crore in the corresponding quarter last year. Bloomberg had estimated Tata Motors to report a net profit of Rs 4,092 crore for the quarter.

Bharat Heavy Electricals (BHEL), the country’s largest power equipment manufacturer, has posted a 52 per cent drop in net profit during the fourth quarter ended March on slowdown in project execution. The company reported net profit of Rs 888.35 crore during the quarter against Rs 1,844 crore in the corresponding quarter in the previous financial year.

The major decline in profit came despite a 10.2 per cent cut in expenses to Rs 11,286 crore during the quarter. The company managed to pull down employee benefit expense by 31 per cent to Rs 915 crore from 1,320 crore in the corresponding quarter in the previous financial year.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.