MUMBAI: About 3000 companies are likely to face action for not submitting the annual returns of provident fund, according to Regional Provident Fund Commissioner Jagmohan. The commissionerate would soon launch prosecution against the companies for not complying with rules under Employees' Provident Fund Act (EPF), he told PTI. The companies had failed to submit the annual PF returns within one month after the deadline ended on April 30, he added. The offence attracts imprisonment upto one year with fine extending to Rs 4000 under Section 76 of EPF Act of 1952. By the end of next fortnight, a list of all the erring employers would be ready for launching prosecution, Jagmohan added.

Nirma ties up funds for two projects

MUMBAI: Soaps and detergents major Nirma Ltd has achieved financial closure for two projects with its Rs 100-crore debt issue, which opened today, getting oversubscribed. The company, which had the green shoe option for Rs 50 crore, has decided toutilise the option taking the total debt raised to Rs 150 crore, the company said in a statement here. Nirma issued 18-month debentures with two options - one with regular return of 11.60 per cent payable semi-annually and the other, zero coupon debenture with annual yield of 11.95 per cent - to part-finance its backward integration projects to manufacture soda ash and n-paraffin, it added. Internal accruals of over Rs 900 crore have been committed to the project costing Rs 1,500 crore.

Voltas expands Dadra AC project

MUMBAI: Voltas, India's major engineering and air-conditioning company has crossed a significant milestone with the completion of its ambitious Rs 110 million expansion project for room airconditioners at its Dadra plant. The company's new room airconditioner manufacturing facility is India's first fully automated plant in the airconditioner industry.