Business Buzz 24

Sawhneys - the contractors Mohali : Himanshu Kapoor, a resident of Kharrar, has alleged that Arvindera Electricals, an electrical contracting firm based in Chandigarh, has multiple FIRs filed against them. The firm, owned by father Kulbir and son Gurasees Sawhney, has a track record of cheating and fraud and not paying its vendors, alleged Kapoor. Kapoor said that in August 2020, the Haryana Government filed an FIR against the firm, and recently one more FIR has come to light lodged at SAS Nagar (Mohali) Phase 1, where the duo committed fraud worth Rs 5.25 cr, and their bail was rejected by the District Court. It may be noted that the contractor firm, Arvindera Electricals is owned by the father-son duo - Kulbir and Gurasses Sawhney, residents of Sector 44, Chandigarh. They had purchased electrical goods from Hartek Power Pvt Ltd, one of India’s leading power companies, in the Industrial Area, Phase 8B, Mohali, to supply various GMADA sites. Himanshu Kapoor had lodged the complai

  Chandigarh : Sanjeev Chadha, Chairman, Yield Group of Companies, a premier provider of financial instruments in trade transactions, has been accepted into the Forbes Business Council, the foremost growth and networking organization for successful business owners and leaders worldwide. Chadha was vetted and selected by a review committee based on the depth and diversity of his experience. Criteria for acceptance include a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors. “We are honored to welcome Sanjeev Chadha into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes the Forbes Business Council. “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.” As an accepted member of the Council,

A view of the Oxford Street   Chandigarh : There is good news for business owners and startups who can now own their office or outlet in the region’s iconic  Oxford Street , developed by Royale Estate Group(REG)  on the Chandigarh-Ambala Expressway. REG has unveiled a unique campaign 'Apna Office Celebration' for those desirous of owning their own office spaces.   Neeraj Kansal, MD, Royale Estate Group (REG) said, “The whole idea of the campaign is in sync with the dream of Prime Minister Narendra Modi to empower people, particularly entrepreneurs by making them self-reliant. We have unveiled 'Apna Office Celebration'  to coincide with the '75th Azadi Ka Amrit Mahotsav', as the initiative launched by us also gives freedom from rentals to businessmen. Under the campaign, one can have his/ her own office or shop for as low as  Rs 20,000 monthly EMI.”  Spread in 4.5 acres of land,  Oxford Street  is the region’s only fully operational low-rise high-street market.

  Chandigarh : In a bid to build an investment ecosystem for startups of the region, Punjab Angels Network (PAN) held the ‘Start-up Investment Summit’ here at Hotel JW Marriot in which around 250 investors, startups, bureaucrats and top businessmen participated. “An ecosystem and uniquely designed investment model is the need of the hour for the region. Startups are fast emerging as major job providers. They are the real cushion of the economy. They need to be helped. Due to knowledge gaps about emerging technologies and the way these are being harnessed by startups, funding of startups remains a challenge,” said Sahil Makkar, Chairman and CEO (CCEO) of Punjab Angels Network. Makkar, who is also a  chartered accountant, alumnus of Indian School of Business (ISB) and Executive Education from the Indian Institute of Management (IIM), Bangalore, said that the major problem which is creating hurdles in the growth of startups in the region is the fact that MSMEs, which are not abreast

Somany Home Innovation Limited (SHIL), the Consumer Appliances and Building Products Company, today announced its financial results for the quarter ended December 31st, 2021. SHIL reported consolidated revenue from operations of Rs 649 crore, registering a growth of 26% on a Y-o-Y basis compared to Rs 517 crore in the same quarter last year. EBITDA recorded a growth of 6% Y-o-Y and increased to Rs 62 crore in Q3 FY22. PBT grew by 5% Y-o-Y during the quarter. The Building Products Division continues to move from strength to strength, on the back of the strong performance of its businesses i.e. Sanitaryware, faucets, and plastic pipes and fittings businesses. The Building Products Segment delivered another robust quarter with Revenue from Operations and EBIT coming in at Rs.496 crore and Rs.46 crore respectively. Both Sanitaryware and Faucets businesses saw significant growth in their respective market shares, on the back of product and design leadership, brand salience, wide product p