Mumbai: The Mumbai police’s economic offences wing (EOW) has searched the residence of New India Cooperative Bank’s former chairman Hiren Bhanu in connection with the embezzlement of Rs 122 crore at the lender, officials said on Wednesday.

EOW Recovers Several Documents

During the search, EOW recovered several documents, which police are examining, an official said.

The house search was conducted in the Malabar Hill area of south Mumbai, where Hiren Bhanu and his wife Gauri Bhanu stayed in a rented flat, an official said. Gauri previously held the position of vice chairman at the bank.

The couple also own a flat at Nepean Sea Road which they have rented out, an official said. Both are wanted accused in the Rs 122-crore embezzlement case.

The EOW team is identifying the couple’s properties and also ascertaining whether they were acquired with the proceeds of the crime, he said.

About The Lie Detector Test

Meanwhile, the agency will conduct a lie detector test on Hitesh Mehta, former general manager and head of the accounts of the bank, on March 11, the official said.

Mehta is not cooperating and is hiding some important facts concerning the case, due to which he has not given his consent for the test, he said. But the court has permitted the police to conduct the forensic psychological test on Mehta, the official said.

The EOW is probing what prompted the Reserve Bank of India’s inspection team to visit the bank in February 2025.

As per the balance sheets of the bank, as of March 31, 2019, it had Rs 33.71 crore in cash which rose to Rs 99 crore on March 31, 2020. It’s almost a three-fold jump, he said.

On March 31, 2021, the figure further increased to 194 crore and it was Rs 105 crore in 2022. At some point in the current financial year, the amount rose to even Rs 152 crore. Police are examining why the RBI team conducted an inspection last month and not in some of the previous years, the official said.

So far, police have arrested four persons in connection with the embezzlement, and four accused are still at large, he added.

Mumbai: The Bombay High Court is set to decide whether donuts and cakes should be classified under restaurant services, attracting 5% GST, or as bakery products, which could be taxed up to 18%.

A bench of Justices BP Colabawalla and Firdosh Pooniwalla was hearing a plea by Mad Over Donuts (Himesh Foods) against a show-cause notice (SCN) issued by the Directorate General of GST Intelligence (DGGI).

The Court recorded the DGGI’s assurance that no coercive recovery action would be taken against the petitioner while the case is pending. It also clarified that the petitioner could seek a stay if any recovery notice is issued.

The DGGI has demanded nearly Rs100 crore in tax dues from Mad Over Donuts and other bakery chains, arguing that donuts should be taxed as bakery products rather than under restaurant services.

The petitioner’s counsel, Abhishek Rastogi, contended that the supply of food, whether consumed on-site or taken away, qualifies as a composite supply of services under the CGST Act. He cited GST notifications that include restaurant, canteen, and takeaway services under the 5% tax bracket. He also referred to a government circular that supports classifying takeaway food under restaurant services.

Additionally, the petitioner raised procedural concerns regarding the DGGI’s issuance of a centralised SCN covering multiple GST registrations. He argued that separate notices should be issued for each jurisdiction to ensure clarity and fairness.

The DGGI’s counsel, Jitendra Mishra, clarified that no recovery notice had been issued so far, and the Court accepted this as an undertaking. The HC has directed the tax authorities to file their replies by March 17 and scheduled the matter for hearing on March 24.

New Delhi, March 5: India will play a key role as a manufacturing hub in achieving Hyundai Motor Company’s aim of selling 20 lakh electric vehicles in the global market by 2030, according to the company’s president and CEO Jose Munoz.

Addressing Hyundai Motor India employees at a town hall meeting in the company’s headquarters in Gurugram on the outskirts of Delhi, he said the company’s new factory that is coming up at Talegaon in Maharashtra would not only help meet domestic demand but also position HMIL as a global manufacturing hub.

HMIL aims to reach a total annual production capacity of 1.1 million vehicles when its facility at Talegaon becomes fully operational. The company HMC will continue to support HMIL to expand its EV offering and invest in the necessary infrastructure to support this shift, he added.

To meet the growing demand for vehicles, HMIL’s upcoming manufacturing facility in Talegaon will play an important role in improving local manufacturing capabilities. HMIL is dedicated to making EVs more accessible and suited to Indian consumers’ needs, aligning with the country’s push for green and eco-friendly vehicles. mobility solutions.

Munoz said, “India is the third-largest market in Hyundai’s global operations. HMIL’s IPO has helped HMC to invest and expand in new products and additional production capacity in India. HMIL has emerged as a world-class automotive manufacturing and regional export hub and is integral to Hyundai’s global vision.”

In a statement, HMIL said, “Muñoz’s visit reinforced HMC’s commitment to HMIL while highlighting the overarching strategic goals, exploring new opportunities and fostering a culture of collaboration, innovation, and excellence. He also emphasized the importance of Hyundai’s customer-centric philosophy and achieving the highest standards of quality and customer care to ensure sustainable success amid the rapidly evolving business environment.

He reinforced HMC’s unwavering support to HMIL’s commitment towards India by continuing to contribute actively towards building a ‘Viksit Bharat’, the statement added.