On Monday, automaker Tata Motors informed the stock exchanges that the company had secured an arbitral award of Rs 765.78 crore, plus interest as compensation from the West Bengal Industrial Development Corporation (WBIDC) on account of the loss of capital investments with regard to the now scrapped Tata Nano manufacturing facility at Singur in West Bengal. Mamata Banerjee had led the agitation which led to the Tatas abandoning the project and transplanting it to Sanand in Gujarat, whose Chief Minister at the time was Narendra Modi.
The company had been building the facility to manufacture the ambitious Tata Nano, but it was forced to scrap the project in the face of protests by the land losers who had united under the banner of Mamata Banerjee's party.
The second whammy revealed came when it was that the Chatterjee Group, led by Bengali NRI Purnendu Chatterjee, too, had won an arbitration award against the Bengal government in a commercial dispute over the failure to pay financial incentives worth Rs 3,285 crore to Haldia Petrochemicals Ltd (HPL).
An arbitral panel comprising three retired Supreme Court judges, including two former Chief Justices of India, ruled in favour of the claimant Essex-a Chatterjee Group company while rejecting the objections raised by the state government. Even though government sources and Trinamool insiders said that the government would file legal challenges against both the awards, which would help it gain breathing time, it has laid bare the precarious state of the finances of the state.
هذه القصة مأخوذة من طبعة November 05, 2023 من The Sunday Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 05, 2023 من The Sunday Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
IMPACT OF AI ON SOLAR MODULE MANUFACTURING EFFICIENCY
As the world increasingly turns to renewable energy sources, solar power has become a leading solution in the fight against climate change.
OPTIMAL COMMUNICATION IS GOLD STANDARD FOR ALL CENTRAL BANKERS: RBI
MUMBAI Optimal communication is the gold standard for all central bankers, said Reserve Bank of India's Deputy Governor, Michael Debabrata Patra on Friday.
Meeting of ASEAN-India Trade in Goods Agreement committee concludes
NEW DELHI The 6th meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee concluded in New Delhi, with leaders urging an expedited review process to conclude negotiations by 2025.
MILEY ON RELATIONS WITH EX-HUSBAND
LOVE WASHINGTON: Singer-songwriter and actor Miley Cyrus opened up about her realtionship with ex-husband Liam Hemsworth and recalled falling in love with him on the set of the 2010 film 'The Last Song'.
Apathetically yours, yet foes forever
Talk of taking your own sweet time, of paying no heed (actually quite ignoring it) to the calendar! Yes, here I speak of the very late setting in of the much-awaited Delhi winter.
Ola Electric lays off 500 employees amid restructuring efforts
NEW DELHI According to sources familiar with the matter, Ola Electric Mobility is cutting 500 jobs across various verticals and levels as part of an ongoing restructuring process.
Royal Enfield Motoverse 2024 kicks off in Goa
Motorcycling enthusiasts have plenty to celebrate as Royal Enfield’s flagship annual community event, Motoverse 2024, takes center stage in Vagator, Goa.
Seventh generation: The all-new BMW M5 launched in India
GURUGRAM The all-new BMW M5 was launched in India.
HMSI releases teaser of Honda Activa Electric
NEW DELHI Honda Motorcycle and Scooter India (HMSI) has teased its much-awaited electric two-wheeler, the Honda Activa Electric, ahead of its official debut on November 27.
Mahindra reveals sketches of its upcoming cars
CORRESPONDENT NEW DELHI Mahindra has stirred excitement in the automotive world by unveiling teaser sketches of its forthcoming Electric Origin SUVs--the BE 6e and XEV 9e which are unveiling officially on November 26.
