Raids on Illegal Mines in Orissa and Bengal Continue, 482 Trading Licenses Cancelled

CBI In order to keep the CBI from getting involved in the mining scam probe, the State Government has intensified its investigations in areas of Orissa and Bengal. As many as 482 trading licenses were cancelled on Tuesday, while raids on mines continue to happen, the recent being the eight consecutive raid.

After a mining scam was exposed by the state vigilance, which involved crores of rupees, a vigilance task force to look into the matter more deeply was constituted by the State Steel & Mines Department. The vigilance police then, based on the cues garnered earlier, raided mines across the states and discovered illegal mining, Environment and Forest Act violation, tax and royalty evasion and illegal selling and export of minerals including Iron Ore and Manganese.

"We have already registered four criminal cases and have arrested nine officials, out of which, eight are officials of Mining and Forest Department" said, Vigilance Director Anup Patnaik.


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Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.