English हिन्दी
Connect with us

Latest business news

Cadbury fined Rs 50,000 for mould in chocolate bars

Published

on

Cadbury fined Rs 50,000 for mould in chocolate bars

Apart from a penalty of Rs 50,000, Mondelez has also been directed to pay a fine of Rs 5,000 to the complainant.

The confectionary and food giant Mondelez India Foods Private Ltd, the parent company of Cadbury India, has been slapped a fine of Rs 50,000 by the Consumer Forum of Guntur, Andhra Pradesh for supplying bacteria-contaminated chocolates to consumers. This comes after a complaint was lodged with the consumer forum on August 6, 2016, seeking settlement for the mental agony caused by the company.

Apart from a penalty of Rs 50,000, Mondelez has also been directed to pay a fine of Rs 5,000 to the complainant, Darla Anupama. A resident of Guntur district, Anupama, on July 17, 2016, purchased two Cadbury Dairy Milk (roast almond) chocolates from a local shop. When her family members tried one chocolate, they found it to be unfit for consumption due to its bitter taste. On peeling open second chocolate, Anupama was shocked to find mould in the confectionary.

Anupama lodged a complaint to Mondelez through an e-mail and attached the relevant pictures. A Cadbury spokesman immediately got in touch with her regarding the issue and urged her not to push the matter further. He also took the samples of the chocolates, as reported by The Times of India.

Anupama, however, felt betrayed regarding the whole issue and went ahead to lodge a complaint with the consumer forum on August 6 last year, seeking a relief of Rs 5 lakh for the mental agony caused to her. The retailer, when summoned by the forum, argued that he had no role in the quality of the product as he sold a sealed product.

Advocate for the manufacturer, on the other hand, argued that Anupama’s complaint is not maintainable as she did not deposit samples of the spoilt chocolates. The company, though, conceded that the issue had been raised by the complainant on its website and its representatives had visited her house and taken away the samples.

After looking into all versions, the forum held Mondelez responsible for deficiency in service and directed it to pay a sum of Rs 50, 000. The forum also ordered the firm to pay Rs 5,000 towards costs of the complainant and Rs 90 for the cost of two chocolates.

Cadbury had earlier found itself in the eye of a storm when a few instances of worms in its Dairy Milk bars were reported in Maharashtra. Thanks to its PR campaign and its equity with the consumers, Cadbury won back consumer confidence, despite a severe hit on sales.

Latest business news

Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

Published

on

The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

Continue Reading

India News

PayTm share price slips 2 per cent over SEBI warning

Published

on

Paytm

The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

Continue Reading

Latest business news

Zomato, Swiggy hike platform fee by 6% 

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order.

Published

on

The food delivery majors, Zomato and Swiggy, have recently increased their platform fee by 6 per cent for food orders initially in Delhi and Bengaluru.

The food giant is currently charging in the national capital and IT hub, Bengaluru, the platform fee is distinct from delivery fee, goods and services GST, handling charge and restaurant charges.

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order. Gradually, the higher platform fee is expected to roll out to other cities as well.

Notably, this fee is applicable universally to all food orders, irrespective of customer enrollment in loyalty programmes offered by both food giants. The charges directly contribute to the companies’ revenue streams and cost management efforts. The platform fee goes to the food aggregators to apparently control costs and increase revenues.

In April, they charged Rs 5 per order, but now it’s been increased by Rs 6 per order. That’s a 20% increase in fees for food delivery. This change in their strategy to adjust the price in a market as they expand their services.

Increase in platform fees, impacting how much customers pay for their food deliveries across the board. When customers order food using the app, they will notice different charges, besides the platform fees. These include delivery fees, handling fees, GST (Goods and Services Tax), and charges from the restaurant.

The charges earned by the platform, directly go to the food delivery app, helping to manage all expenses and boost their wages. The food delivery platform aimed to make between Rs 1.25 to Rs 1.5 crore per day through the fee, the app charges.

In August last year, Zomato introduced platform fees of Rs 2 per order for the first time. In October, they raised their platform fees from Rs 2 to Rs 3 in most and in major cities. Additionally,  Zomato is a quick commerce platform.

According to reports, Zomato stock reached its highest price of Rs 232 on the Bombay Stock Exchange. This achievement has made Zomato founder and CEO, Deepinder Goyal, a billionaire. The company has experienced a strong upward trend over the past years, driven largely by the expansion and success of its quick commerce subsidiary in Blinkit.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com