As per Income tax rules, when a person dies, his/her legal representative shall be liable to pay the tax dues and file the income tax return. The legal heir would need to register himself as a representative on the income-tax portal along with valid documents. Once the request is approved by the department, the person can file the return as legal heir of the deceased. To surrender PAN, an application to the assessing officer (AO) has to be submitted with details such as reasons for surrender (i.e. death of the holder), name, PAN and copy of death certificate.
Founded by former e-Bay executives Ambareesh Murty and Ashish Shah in 2011, Pepperfry has so far raised about $197 million. Being early investors, Goldman Sachs PE, Norwest Venture Partners and Bertelsmann India may further invest $100 million to help Pepperfry diversify and expand its offline presence. Norwest Venture Partners and Bertelsmann India had invested $15 million in 2014 and Goldman Sachs led a $100-million round along with Norwest and Bertelsmann in 2015, followed on by an additional Rs 210 crore in 2016. In May last year, Pepperfry also raised Rs 250 crore from State Street Global Advisors.
As per Karan Virwani, CEO WeWork India, all buildings of the shared workspace provider WeWork have over 90% occupancy and are profitable along with a positive cash flow within six months. However, the New York-headquartered company’s Indian arm posted a net loss of Rs 76 crore in FY18. Revenues stood at Rs 58.2 crore as per financials. With 8,800 desks until March last year, a back calculation shows that each desk earned revenues of about Rs 66,000 but lost Rs 88,000 per desk on an average. WeWork plans to reach a desk count of 1.15 lakh by 2019-20.
Kerala chief minister Pinarayi Vijayan launched the country’s largest startup ecosystem in Kochi at the technology innovation zone (TIZ) on Sunday with 1.8 lakh sq.ft facility of housing incubation infrastructure spread across a variety of sectors in technology. This complex has been opened under the Kerala Startup Mission (KSUM) consisting of ultra modern facilities of Maker Village that promotes hardware startups, the Bionest that promotes medical technologies, BRINC, the country's first international accelerator for hardware startups; BRIC which aids developing solutions for cancer diagnosis and care, and a centre of excellence set up by industry majors such as UNITY.
Bharat Petroleum Corp. Ltd (BPCL), India’s second largest refiner and fuel retailer, will raise capital through the sale of foreign currency convertible bonds (FCCBs) to meet its capital expenditure, sources said. They added that BPCL is expanding its refining and petrochemicals operations and the fundraising will help the company meet the capex requirements for its expansion plans.
Flipkart co-founder Sachin Bansal has invested $21 million in India’s largest cab-aggregator platform Ola, owned by ANI Technologies Pvt Ltd. Bansal was allotted 70,588 series J preference shares at a price of Rs 21,250 per share, according to RoC documents filed. Bansal is expected to infuse further capital into Ola. This is Bansal’s first investment after he quit Flipkart following his stake sale to Walmart. In the same round of funding, Ola received $74 million from existing backer Steadview Capital which pegged Ola’s valuation at $5.7 billion.
Shares of YES Bank surged nearly 5% on Monday as the bank appointed Brahm Dutt as its non-executive chairman. Dutt has been on the board of the bank since July 2013 as an independent director and has contributed to almost all the sub-committees of the board over the past 5 years and a half, YES Bank said in a regulatory filing. According to PTI sources, the private lender has shortlisted its top executive Rajat Monga and CEO of a foreign bank to succeed long-serving MD and CEO Rana Kapoor.
Shares of Federal Bank fell 7% to Rs 89 per share on the National Stock Exchange (NSE) in intra-day trade on Monday, after Ganesh Sankaran, the executive director of the bank, announced that he will step down with effect from February 15, 2019. The stock was the largest loser among the Nifty Bank index.
Amazon India is gearing up to launch its 4-day long ‘Amazon Great Indian Sale’ starting from January 20. The e-tailer is promising deals on consumer electronics, fashion, home & kitchen, large appliances, daily essentials and smartphone brands like Apple, OnePlus, Xiaomi, Honor, Realme and Samsung. Amazon said it would offer discounts on brands like Puma, Red Tape, Bata, MotherCare, Vero Moda, Fastrack, among others. The new FDI policy on e-commerce would kick in from February 1 which could restrict the steep online discounts offered by e-tailers. Amazon will also be promoting handloom and handicraft products from across the country.
Maruti Suzuki India (MSI) Monday announced the opening of bookings for its upcoming version of WagonR. Besides the online booking, customers can book the third generation WagonR at its authorized dealer network across the country at an initial payment of Rs 11,000, the company said. The new car will be launched on January 23. The 'Big New WagonR' will be available with a new 1.2-litre petrol engine option along with another choice of 1-litre engine. It will also be offered in automatic gear shift variant, the company said.
Benchmark 30-share Sensex was down over 200 points on Monday morning trade, tracking cues from other Asian markets which were also trading lower. The market also witnessed heavy selling by foreign investors dragging the index down. The 30-share index fell 219 points 35,790.81 in early trade. NSE Nifty also shed 67 points to 10,727. According to analysts the market may expect volatility this week, driven by announcement of macroeconomic data points and quarterly earnings by various companies, including bluechips RIL and Wipro. The government is scheduled to release consumer price index (CPI) data later in the day.
The share price of DMart-parent Avenue Supermarts Ltd fell over 9%, eroding nearly $1 billion in market cap after the company reported a 1.99% y-o-y drop in EBITDA from 10.3% to 8.3% in its third-quarter earnings. Net profit rose 2.1% at Rs 257 crore from Rs 252 crore a year ago. Growth in net profit in the December quarter (Q3) was the slowest in eight quarters. Revenue grew by 33.2% y-o-y to Rs 5,451 crore. Brokerage firm Prabhudas Lilladher has cut FY19 and FY20 EPS estimates by 10.7% and 5% respectively while Kotak Institutional Equities cut FY2019-20E earnings by 1-4%.
Infosys share price today surged as much as 3% to Rs 705 after India’s second-largest software exporter raised its sales forecast for the year ending March 2019. The company raised its revenue forecast to 9% from the earlier estimated 8%. Infosys also announced its second share buyback programme for 10.32 crore shares at Rs 800 per share. The first buyback was held in December 2017. A company can hold a share repurchase programme only once in 12 months. Infosys also declared a special dividend of Rs 4 per share.
The government had budgeted fiscal deficit of Rs 6.24 lakh crore, i.e 3.3% of the GDP, for FY19. Fiscal deficit for April-November stood at Rs 7.16 lakh crore, or 114.8% of the target. Shortfall in GST collections, rising expenditure, slowing factory output and expected populist announcements given general elections in 2019 are likely to cause the fiscal deficit target breach. Experts estimate the actual deficit to rise to 3.5% of the GDP for 2018-2019.
The National Company Law Tribunal (NCLT) has given its approval to initiate the corporate insolvency proceedings against realty firm Parsvnath Landmark Developers, a subsidiary of Parsvnath Developers Ltd. The NCLT has directed the Registrar of Companies to update the status of ‘corporate debtor. It has also directed the resolution professional to make appropriate application before the tribunal in case any violation committed or illegal transaction entered into by the ex-management is identified. The realtor failed to handover flats to the buyers even after 9 years of commencing the construction against the stipulated 36 months as per the agreement.