Biz Updates: 6 million tones of wheat procured so far this season; 1,979 crore discrepancies at IndusInd Bank

New Delhi| The central government has purchased 6 million tones of wheat till 14 April in the marketing season which started from 1 April. Most of the procurement has been done from Uttar Pradesh and Madhya Pradesh. According to information received from the Ministry of Food, a target of procurement of 31 million tones has been set in this session. In this, two crore tones of wheat will be purchased from Punjab and Haryana and other parts of the rest of the country. The Ministry of Agriculture’s crop year 2024-25 July to June estimates a record wheat production of 115 million tones. The government has set a target of less procurement. This is because due to good prices in the last years, most of the producers had sold wheat as per their wish. This time also the yield is expected to be bumper. The target for government procurement in 2024-25 was set at 3 to 32 million tones. Whereas only 26.6 million tones had been procured. In 2023-24, procurement was 2.62 crore tones compared to the target of 3.41 crore tones. Only 38 per cent of the 3.2 million hectares of wheat estimated to have been harvested so far from farmers. In this also, the harvesting situation in Uttar Pradesh, Madhya Pradesh, Punjab, Haryana and Bihar is much better.

Discrepancies of 1,979 crore in IndusInd Bank
The external agency has submitted reports of discrepancies in IndusInd Bank’s derivatives portfolio. It is estimated to have an impact of Rs 1,979 crore on the net worth of the bank as of 30 June 2024. After the market closed on Tuesday, the bank said, it has received the report.

SEBI bans Gensol and promoters in case of fund embezzlement
Market regulator SEBI has taken action against Gensol Engineering and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi in the case of financial mismanagement and fund embezzlement. The regulator has banned Gensol and other entities from trading in the securities market until further notice. SEBI has given this order after complaints of share price manipulation and default in loan payment. According to this, as a listed company, the rules of internal control and corporate governance in Gensol have completely collapsed. Gensol had taken a loan loan of Rs 975 crore from institutions like IREDA and PFC to buy e-vehicles. However, only a part of this money was used for this purpose. The investigation has revealed that more than Rs 200 crore was sent back through a car dealer to the entities linked to the promoters.