New Delhi, May 22 (IANS) Ashok P. Hinduja, Chairman, IndusInd International Holdings Limited (IIHL) which is the promoter of IndusInd Bank, went into damage-control mode on Thursday following the announcement of the fraud in the bank that has plunged the lender into a Rs 2, 236 crore loss for the January-March quarter.“Though the capital adequacy of the Bank is quite healthy, for business growth, should any further equity be required, IIHL, as the promoter of IBL, remains committed to supporting the Bank, as it has done over the past 30 years,” Hinduja said in a statement.The RBI has launched investigations into the accounting discrepancies at IndusInd Bank.The Securities and Exchange Board of India (SEBI) is also investigating possible violations in the IndusInd Bank case, following the bank’s disclosure of suspected fraud and concerns over insider trading, SEBI Chairman Tuhin Kanta Pandey said on Thursday.IndusInd Bank said on Wednesday that its Board suspects a fraud involving certain employees, who played a significant role in the lender’s accounting and financial reporting, and has directed all necessary actions to be taken under applicable laws, including reporting the matter to regulatory authorities and investigative agencies.IndusInd Bank’s internal audit department found on May 20 that Rs 172.58 crore had been incorrectly recorded as fee income in the Microfinance (MFI) business over three quarters ending the December quarter, which has since been reversed in the fourth quarter of FY25.The disclosure follows the abrupt sacking of the IndusInd Bank CEO last month after widespread irregularities were discovered in its foreign exchange derivatives and microfinance portfolio.Meanwhile Hinduja said, “The stance of the Regulator in addressing the issues in a very orderly manner with suitable guidance, as demonstrated by them in past for the banking sector, is commendable.”He also expressed “continued, unequivocal trust in the Chairman & Board of Directors of the Bank for their appropriate, swift actions in order to address discrepancies and attendant areas of concern.”This would lead to higher standards of transparency and governance, leading to rebuilding trust in the Bank. The coordinated efforts of current management under the guidance and monitoring of the Board and other stakeholders have ensured that the bank’s business remains healthy, with robust capital adequacy, he said“The continued confidence of the customers in the Bank shows their trust in the institution, which has always been upheld. This shall be a new dawn with a sanitised slate to regain the position the Bank enjoyed for many decades,” Hinduja added.–IANSsps/na

Mumbai, May 22 (IANS) Real estate firm Emami Realty Limited on Thursday reported a sharp fall in its financial performance for the March quarter (Q4 FY25), as its consolidated net loss widened more than four times to Rs 79.68 crore, compared to a loss of Rs 19.47 crore in the previous quarter (Q3 FY25).The loss also deepened on a year-on-year (YoY) basis, with the company posting an annual net loss of Rs 126.25 crore in FY25, slightly higher than the Rs 123.10 crore loss in FY24, according to its stock exchange filing.Revenue from operations fell by 76.12 per cent to Rs 13.66 crore in Q4 FY25, down from Rs 57.22 crore in the preceding quarter.Compared to the same period last year (Q4 FY24), when revenue stood at Rs 17.45 crore, the decline was 21.72 per cent.Total income of the company also saw a significant dip, falling 61.2 per cent to Rs 27.14 crore in Q4 FY25 from Rs 69.96 crore in Q3.Additionally, expenses continued to rise. Total expenses in Q4 climbed to Rs 112.16 crore, a 16.9 per cent increase from Rs 95.94 crore in Q3.On a full financial year basis, expenses went up by 5.5 per cent, reaching Rs 282.16 crore in FY25 from Rs 267.44 crore in FY24.A major contributor to the rising costs was the project expenses, which jumped 78.12 per cent quarter-on-quarter (QoQ) to Rs 50.46 crore.Other expenses also surged massively to Rs 66.44 crore in Q4, from just Rs 1.47 crore in the previous quarter — a staggering rise of over 4,420 per cent.The company, which is a part of the Emami Group, develops residential, commercial, and mixed-use properties across Indian cities including Mumbai, Kolkata, Chennai, Bhubaneswar, and Jhansi.Meanwhile, the Board of Directors at its meeting held on May 22 also approved the appointment of MKB and Associates, a Kolkata-based firm of Practicing Company Secretaries, as Secretarial Auditors for a period of five years starting FY 2025-26.“The appointment is subject to shareholder approval at the upcoming Annual General Meeting (AGM),” the company said in its regulatory filing.–IANSpk/na

New Delhi, May 22 (IANS) Uber’s new ‘Advance tip’ feature has sparked a massive backlash on social media, with users accusing the ride-hailing company of forcing them to pay extra money just to get their rides accepted faster.Now, the Central Consumer Protection Authority (CCPA) has sent a formal notice to Uber on the issue.Union Consumer Affairs Minister Pralhad Joshi also slammed the move, calling it “unethical and exploitative”.He said on social media that this kind of feature falls under unfair trade practices and ordered a full investigation.Under this feature, the Uber app asks users to add a tip of Rs 50, Rs 75, or Rs 100 while booking a ride.The app tells users that adding a tip could improve the chances of a driver accepting the trip.It also clearly says that the tip amount cannot be changed once added and assures that the entire tip goes to the driver.However, many users are not happy. People have compared this to giving a waiter money before even being served.One user wrote that drivers are now refusing to accept rides at the regular fare, and customers are being forced to tip more than Rs 100 just to get picked up.Another user sarcastically commented that Uber now expects customers to pay extra just to get someone to respond to a ride request.”Great move,” the user added, with clear frustration.Many users pointed out that a tip should be a way to thank someone after good service, not something paid in advance, even to receive a service.A user shared that they had to use Uber recently and were shocked to find that drivers were demanding a tip even before arriving.Another user called the feature a “bad practice” and said it feels like being forced to pay a waiter to be served in a restaurant.Some even called it a form of bribery, not tipping, saying Uber is now asking users to “bribe” drivers just to get a timely pickup.This is not the first time Uber has been in trouble with the consumer protection authority.Earlier in January, the CCPA had sent notices to both Uber and Ola over complaints that they were charging different fares depending on whether customers used an Android or an iPhone device.–IANSpk/vd

New Delhi, May 22 (IANS) The Securities and Exchange Board of India (SEBI) Chairman, Tuhin Kanta Pandey, on Thursday said that the pending issues surrounding the National Stock Exchange (NSE) initial public offering (IPO) will be resolved soon, and the regulator will move forward with the process.Speaking to the media on the sidelines of Assocham’s event here, Pandey said, “We will soon go ahead with it. NSE and SEBI are in discussions. They are resolving the issues. I am very hopeful that it will be done soon and we will move forward.”When asked about a specific timeline, the SEBI chief said he couldn’t commit to a date but added, “All the outstanding issues will be resolved, and we will move forward. Can’t give you the timeline, but I think we should soon be doing it.”He also mentioned that SEBI and NSE are working closely to address regulatory concerns and ensure a smooth IPO process.At the Assocham event, NSE Managing Director and CEO, Ashish Kumar Chauhan, highlighted the strong performance of India’s capital markets, saying they reflect the broader economic strength and resilience of the country.Chauhan noted that India has now become the fourth-largest equity market in the world.“India’s market capitalisation has grown more than 120 times since 1994 when NSE began operations. Today, it stands at approximately Rs 440 lakh crore or $5.1 trillion,” he told the gathering.He added that the market capitalisation of NSE-listed companies has increased nearly six-fold in the last 11 years, and the market cap-to-GDP ratio has doubled from 60 per cent in FY14 to 124 per cent in FY25.This, according to Chauhan, shows the deepening of India’s capital market and rising investor confidence.Chauhan also pointed out that despite global uncertainties — such as trade tensions, slowdowns in developed markets, and geopolitical risks — India has stood out as a ‘beacon of stability and opportunity.’–IANSpk/na

New Delhi, May 22 (IANS) The Securities and Exchange Board of India (SEBI) is investigating possible violations in the IndusInd Bank case, following the bank’s disclosure of suspected fraud and concerns over insider trading, SEBI Chairman Tuhin Kanta Pandey said here on Thursday.He said that while the Reserve Bank of India (RBI) is looking into the accounting discrepancies, SEBI is also doing its part as per its authority.While addressing the media on the sidelines of Assocham’s ‘16th Capital Market Conference’ here, Pandey said, “It is RBI’s remit, but if there are any serious violations by anyone, SEBI is looking into it.”These developments come after IndusInd Bank revealed a suspected fraud involving some of its own employees. The bank reported a net loss of Rs 2,328.92 crore for the fourth quarter of the financial year 2024–25 (Q4 FY25).This is the bank’s first financial result since uncovering serious accounting irregularities. The issue has led to high-level resignations, regulatory investigations, and multiple audits.During a post-earnings call, the bank’s board said it suspects that certain employees involved in financial reporting and accounting may have committed fraud.The board has reported the matter to regulatory and investigative agencies and is following all legal procedures.According to the internal audit committee, the initial investigation suggests that some senior officials, including former Key Managerial Personnel (KMP), may have bypassed internal controls and hid wrongful accounting practices from the board and auditors over a period of time.The audit department revealed on May 21 that Rs 172.58 crore had been wrongly recorded as fee income in the bank’s microfinance division across three quarters ending December 2024.This error was corrected in the fourth quarter, contributing to the huge loss reported. IndusInd Bank chairman Sunil Mehta said the board is taking the issue very seriously.He added that steps are being taken to avoid such lapses in the future, and that improving the bank’s governance culture is now a top priority.The bank is also reviewing the roles and responsibilities of employees involved and will take strict action as per its internal code of conduct.Mehta also informed that the bank’s board will send its recommendation for the appointment of a new CEO to the RBI by June 30.–IANSpk/na

New Delhi, May 22 (IANS) realme, the most popular smartphone brand among Indian youth, on Thursday announced its groundbreaking three-year strategic partnership with the Aston Martin Formula One Team.As a milestone in this collaboration, realme is set to launch an exciting co-branded edition: the realme GT 7 Dream Edition.realme has been committed to providing young users with tech experiences that exceed expectations. By partnering with Aston Martin Formula One — a legendary name renowned for precision engineering, high performance, and iconic design — realme is taking bold strides to deliver an unparalleled tech experience to the next generation.“Collaborating with a legendary racing team like Aston Martin Aramco is a crucial step for us to push the boundaries of innovation. Only our most perfect products get the ‘scarab wings’ and take flight, so we are excited to use our new platform with the team to continue to bring stand-out designs and premium craftsmanship to users across the globe,” said Sky Li, CEO of realme“It’s a pleasure to welcome realme to the team, with the launch of our first-ever co-branded phone. The GT 7 Dream Edition combines high performance with innovative design, and we look forward to working together on the collaboration of future models,” added Matt Chapman, Head of Licensing and Merchandise, Aston Martin Aramco Formula One Team.The collaboration has unveiled an exciting co-branded series: the realme GT 7 Dream Edition. This smartphone not only continues the flagship performance tradition of the realme GT series but also incorporates the iconic two-wing design and the custom Aston Martin Green. Furthermore, as part of this collaboration, the two parties plan to jointly develop two models annually, making the partnership even more exciting and highly anticipated.The realme GT 7 Series Global Launch Event will take place on May 27 in Paris, France, where more thrilling details about the GT 7 series and the Dream Edition are expected to be unveiled!–IANSrvt/

Mumbai, May 22 (IANS) As Mumbai’s energy demand grows rapidly, Adani Electricity has taken a major step toward enhancing power reliability by equipping its frontline teams — “Power Warriors” — with advanced mobile infrared (IR) imaging tools.These compact, smartphone-enabled devices are transforming how power infrastructure is monitored and maintained across the city.Mumbai’s fast-paced redevelopment and climate shifts place growing pressure on power assets like transformers, switchgear, and distribution panels.To stay ahead of potential faults, Adani Electricity has rolled out mobile thermal imaging devices that allow on-the-spot detection of equipment stress or overheating—often before any outward sign of failure appears.“Our field teams can now identify and address developing issues during their first site visit — preventing power interruptions before they happen,” said the company.With this innovation, the teams can detect and act on faults instantly and there is no need for return visits or delays.Potential failures are caught early, ensuring power remains stable even during peak loads. Consumers experience fewer unplanned outages and faster resolution of service issues. Field decisions are data-driven, visual, and shared in real-time across teams.An Adani Electricity spokesperson said, “This shift marks a transition from reactive maintenance to a predictive model. The new IR tools are being fully integrated into Adani Electricity’s digital operations platform”.“Soon, every thermal image captured in the field will trigger intelligent workflows, using AI and machine learning to flag issues, allocate resources, and track trends across the grid. This creates a virtuous loop — smarter diagnostics, faster interventions, and stronger system resilience,” the spokesperson added.Adani Electricity’s vision is to deliver a power supply that’s not just reliable but anticipates challenges before they reach your doorstep.By giving field teams cutting-edge tools to act faster and smarter, we’re reinforcing our promise to every Mumbaikar — a city that stays switched on, no matter what, the company said.—IANSna/

Seoul, May 22 (IANS) Google may launch a cheaper version of YouTube Premium without its music streaming component in South Korea in a move aimed at addressing concerns over alleged anti-competitive practices, the country’s antitrust watchdog said on Thursday.The self-proposed measure is part of negotiations between the U.S. tech giant and the Fair Trade Commission (FTC), which has been investigating Google over suspicions that it violated fair trade rules by bundling YouTube Music to its premium subscription service.In July last year, the FTC issued a report equivalent to a formal prosecution complaint, accusing Google Korea of unfairly bundling YouTube Music with YouTube Premium, thereby restricting consumer choice and abusing its market dominance, reports Yonhap news agency.The regulator claims Google’s practice effectively forced consumers to subscribe to both services, limiting options for those who may have only wanted access to ad-free video streaming.Rather than pursuing a prolonged legal battle, Google has submitted a corrective action plan under the FTC’s procedure known as a “consent decision.” The mechanism allows the FTC to suspend its investigation if the company voluntarily proposes measures that address the alleged consumer harm.”The FTC will review the validity and appropriateness of Google’s proposed corrective actions and will draw up a final consent decision plan,” the FTC said Thursday, without disclosing when a final decision would be made.In South Korea, YouTube Premium currently costs 14,900 won (US$10.79) per month, while YouTube Music is offered separately for 11,990 won ($8.38) per month.In the United States, YouTube recently announced it is expanding its Premium Lite pilot program to local users. The Premium Lite plan costs $7.99 per month, significantly lower than the full YouTube Premium subscription at $13.99.In July last year, the US tech giant was accused of providing the YouTube Music streaming service to users of the ad-free YouTube premium program without additional charges in violation of the fair transaction law, and the Fair Trade Commission (FTC) has carried out an on-site probe since February last year.Officials have said the probe was focused on whether Google has abused its market dominance for implementing such a practice and that it has restricted fair competition in the industry.—IANSna/

Seoul, May 22 (IANS) South Korea’s space agency has launched a dedicated task force to explore participation in future Mars missions through cooperation with the US, the head of the Korea AeroSpace Administration (KASA) said.The comments were made at a press briefing marking the agency’s first anniversary held in Sacheon, 290 kilometers south of Seoul, where the agency is headquartered, Yonhap news agency reported.”The US budget for space exploration is increasingly focused on Mars, with concrete plans to send humans and establish a presence there. In Korea, we have only recently begun to consider what actions we should take at this point,” KASA Administrator Yoon Young-bin said.”We have recently launched a task force,” Young-bin added.”We need to devise exploration plans that are not only scientific but also economically viable so that private companies can play a more ambitious role,” added Yoon.The administrator noted such plans “could lead to the development of creative and innovative technologies that even advanced countries have yet to achieve,” explaining that the task force was created to advance to Mars exploration.Yoon also shared his hope to strengthen South Korea’s satellite ecosystem by developing a variety of models, including low Earth orbit (LEO) and ultra-high-resolution satellites.His vision also included establishing a solar observation station at the unexplored L4 Lagrange point and developing a proprietary lunar lander, as well as securing leadership in next-generation aviation technologies.In addition, Yoon said a contract to transfer technology of the Nuri, the country’s homegrown space rocket, to Hanwha Aerospace is expected to be finalised within the year, saying that related parties reached a “broad consensus” on the matter.”With the transfer fees and scope of the technology now defined, the transfer will proceed in phases. After three launches, Hanwha Aerospace is expected to fully acquire the necessary technology and operational capabilities,” Yoon said.–IANSrvt/

Seoul, May 22 (IANS) The South Korean consortium has a competitive advantage in technology transfer over its Chinese rival as it vies to win the United Arab Emirates’ (UAE) high-speed railway project, estimated to cost $13.6 billion, Seoul’s transport minister said.Transport Minister Park Sang-woo said that the Korean consortium, consisting of the Korea National Railway, Korea Railroad Corp., Hyundai Rotem Co. and POSCO E&C Co., has passed the pre-qualification procedure to enter the official bid for the Middle Eastern country’s railway project.Park was in the eastern German city of Leipzig to attend the three-day International Transport Forum (ITF) Summit.”Our primary focus is on technology transfer on top of product quality, while China appears to focus on the price dimension,” Park told Yonhap News Agency.Earlier this year, the UAE opened two separate bids for the project — roadbed and railway vehicle constructions. It aims to build a new 150-kilometer-long high-speed train line linking Abu Dhabi and Dubai with a goal of beginning operations in 2030.Compared to other competitors in the race for the bid, Seoul’s strength lies in its localisation and on-time capabilities, including technology transfer, Park said.South Korea’s potential win in the UAE project could pave the way for the country to expand its foothold in the overseas construction market, especially considering that Seoul proposed a European high-speed railway model to the Middle Eastern country, he added.Vietnam, Egypt and Peru are reportedly among the countries pushing for their own high-speed railway project in the near future.In February, South Korea’s Hyundai Rotem won a 2.2 trillion-won (U.S. $1.6 billion) deal from Morocco to supply advanced trains. Last year, it also signed a 270 billion won contract to supply high-speed trains to Uzbekistan.The minister also said South Korea will work to develop hydrogen-powered trains in line with the international community’s push for decarbonisation of the transport sector.Earlier this month, Seoul’s transport ministry announced a plan to develop and commercialise hydrogen-fueled trains by 2028 to help the local industry secure global leadership in the field.The value of the global hydrogen train market is projected to grow to $26.4 billion by 2035 from the current value of $2.67 billion, according to the ministry.—IANSna/