Business News: Raymond Board Greenlights Real Estate Demerger and More

Raymond's board has approved the demerger plan of its real estate business declared on Thursday. One share of Raymond Realty was to be credited in lieu of every share of Raymond shareholders. Necessary approvals are to be sought from NCLT, shareholders, creditors, central government, and other authority that may be relevant in relation to the above scheme. Based on a statement by the company, the board decision was taken in the 4 July 2024 meeting: "This demerger will be for facilitating focused business entities to grow the business opportunities.

LIC, on Thursday, announced that it had hiked stake in IDFC First Bank by 0.2 percent with shareholding at 2.68 percent.LIC invested Rs 80.63 crore through a private placement offer on June 30. This move raised LIC's shares from 1,42,01,484 to 20,02,36,384 in IDFC First Bank. Later on, the studies at the Bombay Stock Exchange revealed that the shares of LIC increased by 2.25 percent to close at Rs 1,010.05, while those of IDFC First Bank rose by 0.40 percent to Rs 81.

A 44-year-old woman from Navi Mumbai lost more than Rs 36 lakh in a cryptocurrency scam, the police said on Thursday in an official statement. There the complainant, a share trader by profession, lodged a complaint against the two persons following which a case under the Bharatiya Nyaya Sanhita and Information Technology Act was registered at Kharghar police station on July 3. The accused lured the complainant into cryptocurrency trading in April and persuaded her to invest Rs 36,80,151. But when she demanded the returns, which were never returned, she discovered that she had been fleeced. So she promptly went to the police.

Buying under-construction property has stakes that are alluring but dangerous; the five mantras to have a safe investment at one's doorstep are: credibility of the developer, verification of legal clearances, financial health of the project, understanding the sale agreement, and regular site visits. Look at the record of execution; check with RERA for transparency. Check all the legal documents; take help of some legal expert in case of requirement. Also check on the funding status of the project and the timeline; go in for construction-linked payment plans. Thus, regular site visits and updates help in monitoring progress and keeping communication with the developer right on track.

Chief Justice of India D Y Chandrachud, on Saturday, advised the markets regulator SEBI and the Securities Appellate Tribunal (SAT) to be cautious during the boom in equity markets and also urged the SAT to have more benches to handle work that has seen an uptick enormously in the last couple of years. He was addressing an event at the inauguration of the new premises of the SAT and said a predictable investment regime can be achieved only through a stable regulation regime and effective dispute resolution. Pointing out the increased market activity and consequently conflicts, he urged timely steps and felt it necessary to fill even the existing vacancies at SAT. The CJI also inaugurated the new website of SAT and highlighted his use of technology to bring in more access to justice.

Following the above system, an Indian citizen needs to file the appropriate ITR before the 31st day of July 2024 so as to avert being slapped with any form of penalty as well as interest charges under Section 234F. Not only that, submission on or before the due date is indispensable for a prompt process of refund, timely rectification of errors, and compliance with legal obligation. Further, filing the correct returns on time will facilitate financial transactions through loss carry-forwards in future periods and ensure national development through taxes paid. Filing early is also encouraged to allow the taxpayers to properly manage their finances and to have a good financial record.

The much-awaited Budget 2024 is likely to be hugely positive for the insurance industry in India, further major reforms ensuring people ramp up the insurance penetration to help the economy grow. Key proposals include: reconsidering taxes on annuities to ensure better retirement planning; incentivizing health insurance for MSMEs by rationalizing the GST burden; increasing tax deductibles under Section 80C to make comprehensive term insurance plans popular. Such steps are aimed at not only adopting an insurance environment that is more inclusive but also assuring the financial security of people as well as businesses.

Star Health Insurance has shifted its services to 'Home Health Care' in 50 cities and towns to take its well-regarded health solutions to the doorsteps of customers. Star has tied up with service providers like Care24 and Portea for hassle-free claim settlement and treatment through the mobile application for infectious diseases. The venture is to make medical problems a bit more bearable through this cashless medicine to cure fever and urinary tract infections with giving convenience and cost efficiency through the overall conventional trips to the hospital.