Biz Updates: Government to sell 2.5 million metric tons of wheat through e-auction, initiative to control flour prices
New Delhi| The Government of India has decided to sell wheat in the open market to control the rising prices of flour in the market. For this, Food Corporation of India (FCI) will e-auction 25 lakh metric tonnes of wheat in the open market. With this, the price of wheat in the open market can be controlled. The Department of Food and Public Distribution, Government of India in its OMSS (D) Policy for 2024 for sale to private parties through e-auction March 31, Fixes a reserve price of Rs 2325 per quintal for wheat (FAQ) and Rs 2300 per quintal for wheat (URS) for all crops including RMS 2024-25 as of 2025.
A legal notice has been sent to RBI stating conflict of interest in Tata Sons IPO. Suresh Patilkhede has sent the notice to RBI, Governor and Deputy Governor through Access Legal partner Mohit Reddy.
The notice claims that as long as Venu Srinivasan is in the RBI, he will continue to have conflicts of interest with Tata Sons, as he is also in the Tata Trust. If a person from a corporate family is on the board of the regulator, it is not possible that the regulator will take an impartial decision. Venu has been appointed director for 2022 to 2026 in RBI. The central bank had said in the Right to Information Act that it was considering Tata Sons’ application to cancel the CIC. 15 companies were placed in the upper tier in the scale based regulation.
Former Chief Economic Advisor Arvind Subramanian believes that the China Plus One strategy of foreign companies is creating opportunities for India. Tamil Nadu is trying to bring this foreign investment. Like China, Taiwan and Vietnam, India is not able to attract foreign direct investment. This has prevented domestic companies from integrating with the global value chain. Not being part of the global value chain has adversely affected India’s export and labor sectors.
Sun Pharma and its executives have been fined Rs 36 lakh by the Ministry of Corporate Affairs. This matter pertains to not taking the approval of the board and shareholders for the related party transactions. It stars Dilip Sanghvi, Sudhir Walia, Shailesh Desai etc.
Cipla Limited has been fined Rs 53.1 lakh by the Uttar Pradesh GST Department. This includes both fines and interest. On Thursday, the company termed this decision as unfair and said that it will file an appeal with the appellate authority.
