Tag: Ximena

  • Skoda Octavia fourth-generation design sketches out

    first_imgSkoda Auto has given us the maiden glimpse of the fourth-generation Octavia by releasing two design sketches of the premium sedan. The 2020 Skoda Octavia will sport an overall elongated and flowing silhouette along with a roofline resembling that of a coupe.The Czech carmaker claims that the next-generation Octavia will have a much more emotive look while combining compact dimensions with a very generous amount of interior space. The taillights of the next-generation Skoda Octavia will have crystalline elements.The fourth-generation Skoda Octavia will come with several changes to the exterior. The split headlamp setup will make way for a more conventional but neat-looking unit with clearly defined edges. The grille will have a minor change as well. The wheels will be larger and the taillights will have crystalline elements. The Skoda badging will be located in the centre of the taillights, just over the number plate.In its third generation at present, Skoda Octavia is one of the best selling vehicles of the Czech carmaker. More than 6.5 million units of the premium sedan have been sold worldwide since its launch nearly six decades ago.In India, Skoda Octavia is priced in the range of Rs 15.99 lakh (ex-showroom, Delhi) and Rs 25.99 lakh (ex-showroom, Delhi). It competes against the likes of Honda Civic, Toyota Corolla Altis and the recently-launched Hyundai Elantra facelift.Skoda Octavia is available in three engine options in India — 1.4-litre TSI petrol (150 hp), 1.8-litre TSI petrol (179 hp) and 2.0-litre TDI diesel (143 hp). The 1.4-litre TSI petrol mill is offered with a 6-speed manual gearbox, while the 1.8-litre TSI petrol motor comes with a 7-speed automatic DSG. The 2.0-litre TDI diesel engine has two transmission options — 6-speed manual fully synchronised and 6-speed automatic DSG.advertisementALSO READ | Bajaj Chetak electric scooter: Expected price, features, specifications, range, other detailsALSO READ | Ola Drive launched, self-drive car-sharing service to have 20,000 cars by 2020ALSO READ | Volvo XC40 Recharge electric vehicle unveiled, to have 400 km rangelast_img read more

  • Chennai: Raids in premises of spiritual guru leads to big haul of Rs 500 crore

    first_imgSearches in multiple premises spread across the Southern States in firms and trusts founded by spiritual guru ‘Kalki’ Bhagwan has led to the detection of undisclosed income of more than Rs 500 crore, the Income Tax department said on Friday.The undisclosed income covers unaccounted cash receipts of about Rs 409 crore.A total of Rs 43.9 crore in cash and US currency worth Rs 18 crore was seized and the total value of the seizure is about Rs 93 crore, which includes gold and diamonds, a tax department official release said.It was found that the group was investing in tax havens and the tax department is probing “diversion of income taxable in India to offshore entities.”A string of 40 premises connected to a conglomerate of trusts and companies founded by the spiritual guru that ran “wellness courses” were searched on Wednesday.The searches, which are still in progress, has covered premises in Chennai, Hyderabad, Bangalore and Varadaiahpalem in Andhra Pradesh, a stone’s throw from the Tamil Nadu border.The entities founded by the guru, who propounded “oneness philosophy, “offered “wellness courses” and training programmes in philosophy and spirituality at various sprawling residential campuses at Varadaiahpalem, Chennai and Bengaluru.The courses attract residential customers from abroad and the group earns substantial receipts in foreign exchange.The group, with interests in several sectors, including real estate, construction and sports in India and abroad, “is presently managed and controlled by the spiritual leader who laid the foundation of the group, and his son.”Raids were initiated on a tip-off that the group has been suppressing receipts that are ploughed into investments in abroad and landed property in Andhra Pradesh and Tamil Nadu, according to the department. During the searches, evidence was found that the group has been regularly suppressing its receipts at its various centres or ashrams.advertisementEvidence was found with key employees, who maintained a record of cash collections that were kept outside the accounts for use in making investments elsewhere and also for paying for properties over and above documented values.”It is learnt that the group also earned unaccounted income in receiving cash from property sales over and above documented values.A preliminary estimate of such unaccounted cash receipts is Rs 409 crore from Financial Year 2014-15 onwards,” the release added.Such unaccounted cash receipts are also evidenced by huge quantities of cash and other valuables found at the residences of the spiritual guru and his son, and at one of the campuses.A total sum of Rs 43.9 crore in cash was seized by the department during searches.American currency worth about Rs 18 crore and foreign exchange in other currencies were also seized.Undisclosed gold jewellery of about 88 kg valued at over Rs 26 crore, and similarly diamonds (1,271 carats), valued at about Rs five crore, were also seized.”The total value of the seizure so far is approximately Rs 93 crore. The undisclosed income of the group detected so far is estimated at more than Rs 500 crore. The search proceedings are still in progress,” the department said.A key finding of the search is that the group has been investing in a number of companies in India and abroad, including in tax havens.Some of these companies based in China, USA, Singapore, UAE, are found to be receiving payments from foreign clients who attend the various residential “wellness” courses offered in India.The department is probing diversion of income taxable in India to offshore entities by the group in this process.Aspects like receiving donations and returning it under the garb of expenses and receiving a small percentage as a fee, were found.Instances have also been found where the group was not accounting money received from foreign clients in cash in foreign currency and then exchanging the same in the grey market.”All these leads are being pursued and an investigation is in progress.”The tax department, however, refrained from naming Kalki Bhagwan and instead confined itself to describing him as a spiritual guru with “oneness” philosophy.ALSO READ | I-T raid self-styled godman Kalki Bhagwan’s ashram in Andhra PradeshALSO WATCH | Guthka scam: CBI raids 40 locations across Tamil Nadulast_img read more

  • Telus files complaint with BC securities regulator over New York hedge fund

    Telus files complaint with B.C. securities regulator over New York hedge fund by LuAnn LaSalle, The Canadian Press Posted May 2, 2012 5:05 pm MDT Telus Corp. (TSX:T) has filed a complaint with the B.C. securities regulator about a New York hedge fund’s opposition to the telecom company’s plan to have one class of common shares.Telus has asked the British Columbia Securities Commission to require Mason Capital Management to issue a press release to provide more information on why it acquired a large voting position in the telecom company.“Telus shareholders have the right to know about Mason’s holdings and intentions,” Telus lawyer Robert Yalden said in a letter to the regulator.The Vancouver telecom company also wants Mason to publicly say when it purchased or sold common and non-voting shares since Telus announced in late February that it planned to have only common shares.“Mason must also disclose that, as a result of its trading strategy, its interests are different from those of other holders of common shares,” said the letter, dated April 30.“Telus shareholders will only be able to make a reasoned judgment about Mason’s opposition to the proposal if they are provided with this information.”Shareholders will vote on the proposal to create a single class of common shares at the company’s annual meeting on May 9 in Edmonton. Telus said a single class will provide better liquidity and benefit all shareholders.“We would like to see Mason put forward more complete information about their holdings and intentions,” Telus spokesman Shawn Hall said Wednesday. “We are simply seeking clarity from the commission in this regard.”Mason Capital Management said Wednesday that it has made its position clear and questioned why Telus was turning to the B.C. securities regulator.“We question Telus’ motivations in submitting a complaint to regulators shortly before its proposal is to be voted upon and making its complaint public before the regulators have had the opportunity to even consider or respond,” Mason said in a statement.Mason said it intends to vote against the Telus proposal to convert all of its non-voting shares into noting shares on a one-to-one basis.“Mason believes Telus’ proposal does not reflect the superior value of the voting shares for which shareholders have historically paid a premium.”Mason has urged Telus shareholders to vote against the plan and has also said one class of common shares would hurt liquidity and reduce the allowed level of foreign investment.Telus said Mason stands to profit by increasing the spread between the common shares and the non-voting shares and has created a credible threat that the proposal may be defeated, which has caused the spread to widen.Telus has said Mason owns 33 million voting shares, or 19 per cent, and shorted almost the same amount in non-voting shares.“All Mason needs to do is create enough uncertainty in the market to cause the spread to widen and then close out some or all of its short position to lock in its profits.”A short-seller profits when the price of a stock falls.Telus has said share gains could fall if shareholders vote against creating a single class of common shares.Telus chief financial officer Robert McFarlane has said that as of last week the company’s common shares were up 5.5 per cent and its non-voting shares up 7.2 per cent since the plan was announced in late February. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more