The Enforcement Directorate (ED) has registered a money laundering case against S K Jain (pictured), former chairman and managing director of Syndicate Bank, and others who were arrested by the Central Bureau of Investigation (CBI) last year, in a bribery and corruption case.

Sources said the agency slapped charges under the Prevention of Money Laundering Act, taking cognisance of the CBI FIR, which accused Jain of receiving a Rs 50-lakh bribe through conduits and abusing his official position to enhance the credit limits of some companies, in violation of procedures.

After the recent round of restructuring at Wipro, the company has said it has inducted four new members into its group executive council. The new members include Abid Ali Neemuchwala, the newly-appointed group president and chief operating officer (COO); and Anand Padmanabhan, chief executive and president of the energy & utilities business unit.

The group executive council is a forum comprising Wipro’s core group of senior leaders. It deliberates and frames strategies in line with the company’s long-term vision.

GMR Infrastructure has come out with a rights issue to mobilise Rs 1,400 crore consisting of 934.5 million fully paid-up equity shares of with a face value of Re 1 each. The equity shares are being offered on a rights basis in the ratio of three equity shares for every 14 shares held on the record date of March 12.

Opened on March 24, the rights issue is set to close on April 8, 2015. The issue is set to bring the company back on track by reducing debt at the corporate level and thereby improving the company’s balance sheet.

NEW DELHI: A record 13.45 lakh rail tickets were booked online on the first day yesterday when the new rule of the railways came into force, allowing passengers to book tickets 120 days in advance rather than 60 days.

Railways have extended the advance reservation period to 120 days to deal with the malaise of touts cornering bulk tickets.

NEW DELHI: German luxury carmaker Mercedes-Benz today reported 40 per cent jump in sales in January-March quarter at 3,566 units in India, as compared to 2,554 units sold in the same period of last year.

Besides, the company posted its highest ever sales in a fiscal year in India at 11,213 units in 2014-15, up 17.5 per cent, from 9,548 units sold in the previous year.

PUNE: The International Institute of Information Technology-Bangalore (IIIT-Bangalore) and Peesh Venture Capital (PVC), a NASSCOM investment partner, have entered into a strategic partnership to accelerate and fund India's Internet of Things and Mobile App start-ups. The goal of this public-private partnership is to produce successful Indian mobile app companies from India.

The initiative will seek to combine IIIT-Bangalore Innovation Centre's incubation facilities and knowledge ecosystem with PVC India-focused Rs 310 crore venture capital fund that invests in entrepreneurs with disruptive ideas.

BSE Sensex, NSE Nifty are closed on Thursday and Friday due to public holidays. Trading will resume on Monday.

The benchmark BSE Sensex on Wednesday began the new fiscal year on a promising note by gaining more than 300 points to settle the day at 28,260.14, recording first weekly gain in three weeks while Sun Pharmaceutical Industries and Ranbaxy Laboratories surged ahead of a planned merger.

Mahindra & Mahindra Ltd has stopped selling pick-up trucks and sports utility vehicles in Brazil, seven years after it entered the market, due to factors including changes in local regulations, an executive said.

India’s top utility vehicle maker will continue to service customers in Brazil through its local partner and will also still sell tractors in the country, Pravin Shah, CEO of the group’s automotive division and international operations, told Reuters.

After two consecutive months of decline, the manufacturing sector output rose in March amid stronger increase in new orders that led firms to boost production levels, but payroll levels remained unchanged. The headline HSBC India Purchasing Managers’ Index (PMI), compiled by Markit, improved from 51.2 in February to 52.1 in March.

A figure above 50 indicates that the sector is expanding, while a figure below that level means contraction.

Bharat Heavy Electricals Limited (BHEL) has commissioned the second 800 MW supercritical boiler at Sri Damodaram Sanjeevaiah Thermal Power Plant (SDSTPP) at Krishnapatnam in Nellore District of Andhra Pradesh. The first 800 MW boiler was commissioned earlier by BHEL at the same project on August 28, 2014.

“The commissioning of the two 800 MW boilers at Krishnapatnam is an important development for the country seeking to achieve self-reliance in the field of contemporary, state-of-the-art supercritical technology and demonstrates BHEL's capability in the area of supercritical technology. Supercritical technology is expected to lower coal consumption and eco-friendly and efficient power generation,” said BHEL in a press release.

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