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Proposed stake sale: Provision for IT dept to file civil suit, says NDTV
MUMBAI: NDTV, in reply to an email from the NSE and the BSE, says there is no power vested with the Income Tax Department to issue advisories/letters under Section 281 or 281B of the Income Tax Act. If the Income Tax Department is of the view that provisions of Section 281 have been violated, then the recourse is to file a Civil Suit with the Civil Court and not to issue advisory or letters.
Accordingly, the letter dated 16.6.2017 issued by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi has no relevance or applicability in the proposed transaction.
NDTV refers to a letter dated 16.6.2017 issued by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi, to New Delhi Television Ltd. in respect of the proposed sale of equity interest by certain subsidiaries of M/s NDTV Ltd.,a copy of which was also marked to the BSE and NSE.
The NDTV reply signed by the company secretary Navneet Raghuvanshi, says it is pertinent to point out that an order under Section 281B of the Income-tax Act, 1961 (“Act”) was passed in the case of NDTV Ltd. (not the subsidiaries of NDTV Ltd. which are separate taxable entities) on 14.9.2015 whereby the following three genre of assets of NDTV Ltd. were provisionally attached by the Deputy Commissioner of Income Tax.
A. All rights in respect of all the immoveable properties including land and building as reflected in the Balance Sheet of NDTV Ltd. as on 31.03.2015 declared at Rs. 6.83 crore.
B. All non-current investments made by NDTV Ltd. as appearing in the Balance Sheet and reflected at Rs. 299.03 crore.
C. The refund of Rs. 19.88 crore determined after giving appeal effect for the assessment year 2008-09.
This order was challenged before the Delhi High Court wherein the Court, on 23.09.2015 passed, inter alia, the following Order: “In the meanwhile, there shall be stay of operation of the impugned order dated 14.09.2015 subject to the petitioner’s undertaking that the petitioner will not alienate any asset or create any third party rights without the leave of the court except in the ordinary course of business.”
The subject matter of the writ petition and the order passed by the Delhi High Court extends to only those assets which were provisionally attached by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi vide its order dated 14.09.2015 and nothing beyond that. Admittedly, the shares being transferred by the subsidiaries of the NDTV Ltd. do not fall in the aforesaid three genre of assets, which were subject matter of attachment by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi vide its order dated 14.09.2015. The assets held by the subsidiaries of NDTV Ltd., in the form of investment in downstream subsidiaries which are subject matter of the present sale are clearly not assets which were either part of provisional attachment order of 14.09.2015 or the High Court’s order of 23.09.2015. Therefore, there is no violation of any order by NDTV Ltd. in the present transaction.
That apart, the present transaction contemplated by the subsidiaries of NDTV Ltd. is being done at a price which represents the fair value of the shares which has been certified by M/s. Duff & Phelps, a SEBI Registered Category I Merchant Banker Therefore, , there is no loss to the revenue from the said transaction and hence, Section 281 of the Act has no application.
News Broadcasting
Induction cooktop demand spikes 30× amid LPG supply concerns
Supply worries linked to West Asia tensions push households and restaurants to turn to electric cooking alternatives
MUMBAI: As geopolitical tensions in West Asia ripple through global energy supply chains, the familiar blue flame in Indian kitchens is facing an unexpected challenger: electricity.
What began as concerns over the availability of liquefied petroleum gas (LPG) has quickly evolved into a technology-driven shift in cooking habits. Households across India are increasingly turning to induction cooktops and other electric appliances, initially as a backup but now, for many, a necessity.
A sudden surge in demand
Recent data from quick-commerce and grocery platform BigBasket highlights the scale of the shift. According to Seshu Kumar Tirumala, the company’s chief buying and merchandising officer, demand for induction cooktops has risen dramatically.
“Induction cooktops have seen a significant surge in demand, recording a fivefold jump on 10 March and a thirtyfold spike on 11 March,” Tirumala said.
The increase stands out sharply when compared with broader kitchen appliance trends. Most appliance categories are growing within 10 per cent of their typical demand levels, while induction cooktops have witnessed explosive growth as households rush to secure an alternative cooking option.
Major e-commerce platforms including Amazon and Flipkart have reported rising searches and orders for induction stoves. Quick-commerce apps such as Blinkit and Zepto have also witnessed stock shortages in major metropolitan areas including Delhi, Mumbai and Bengaluru.
What was once considered a convenient appliance for hostels, small kitchens or occasional use has suddenly become an essential addition in many homes.
A crisis thousands of miles away
The trigger for this shift lies far beyond India’s kitchens.
Escalating conflict in the Middle East has disrupted shipping routes through the Strait of Hormuz, one of the world’s most critical energy corridors. Nearly 85 to 90 per cent of India’s LPG imports pass through this narrow waterway, making the country particularly vulnerable to supply disruptions.
The ripple effects have been swift.
India currently meets roughly 60 per cent of its LPG demand through imports, and tightening global supply has already begun to affect domestic availability and prices.
Earlier this month, the price of domestic LPG cylinders increased by Rs 60, while commercial cylinders rose by more than Rs 114.
To discourage panic buying and hoarding, the government has also extended the mandatory waiting period between domestic refill bookings from 21 days to 25 days.
Restaurants feel the pressure
The strain is not limited to households. Restaurants, hotels and roadside eateries are also grappling with supply constraints as commercial LPG availability tightens under restrictions imposed through the Essential Commodities Act.
In cities such as Bengaluru and Chennai, restaurant associations report that commercial LPG availability has dropped by as much as 75 per cent, forcing many establishments to rethink their kitchen operations.
Some restaurants have reduced menu offerings, while others are rapidly installing high-efficiency induction systems, creating hybrid kitchens where electricity now shares the workload with gas.
For smaller eateries and roadside dhabas, the shift is less about sustainability and more about survival.
A potential structural shift
The government has maintained that there is no nationwide LPG crisis and has directed refineries to increase production to stabilise supply.
Nevertheless, the developments of March 2026 may already be triggering a longer-term behavioural shift.
For decades, LPG has been the backbone of cooking in Indian households. However, recent disruptions have highlighted the risks of relying on a single fuel source.
Increasingly, households appear to be hedging against uncertainty by adopting electric cooking options to guard against price volatility and delivery delays.
If the current trend continues, the induction cooktop, once viewed as a niche appliance, could emerge as a quiet symbol of India’s evolving kitchen economy.
