Nirmala Sitharaman calls for global excellence of auditors
Finance Minister Nirmala Sitharaman lauded the contributions made by the Society of Auditors at their 90th anniversary event. The occasion celebrated the society’s unwavering commitment to the field of auditing and accounting. Sitharaman began her address by extending her wishes to the organisation for its remarkable journey spanning nine decades. The finance minister emphasised the indispensable role of chartered accountants and auditors in bolstering India’s economic growth. She stressed on the need to constantly upgrade their skills and urged members of the society not only to adhere to compliance but also to actively contribute to nation-building through their expertise.
The event highlighted the Society of Auditors’ proactive engagement with the government across various sectors, including taxation, GST implementation, and regulatory reforms. Sitharaman urged the members to mentor small businesses and emerging professionals, guiding them to harness new opportunities in an increasingly globalised and digital world. Trust, transparency and a high standard of ethics were cornerstones of Sitharaman’s address. The minister commended the society’s unwavering commitment to maintaining stringent auditing standards and rallied the members to take on more proactive roles in raising auditing and accounting practices to international standards.
INOX Files DRHP for IPO
INOX India Limited files DRHP for IPOINOX India Limited, a key player in the industrial gases sector and renowned for its INOXCVA brand. The Initial Public Offering (IPO), encompasses an offer for sale of up to 2,21,10,955 equity shares with a face value of Rs 2 each. The offer for sale includes shares from various shareholders, including the promoter shareholders Siddharth Jain, Pavan Kumar Jain, Nayantara Jain and Ishita Jain. Other shareholders, namely Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera and Rajni Mohatta, are also part of the offering.
Leading the IPO are book running lead managers ICICI Securities Limited and Axis Capital Limited. The equity shares from this offering are slated to be listed on both the Bombay Stock Exchange and the National Stock Exchange.
INOX India Limited’s product portfolio encompasses a range equipment and solutions, including standard cryogenic tanks, beverage kegs, bespoke technology and equipment. Their offerings find applications in diverse sectors, such as industrial gases, liquefied natural gas, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction. The company’s involvement extends to manufacturing cryogenic equipment for global scientific research projects. It’s worth noting that INOX India Limited was the top exporter of cryogenic tanks, based on revenue, in the fiscal year 2022.
The company operates through three divisions: Industrial gas division, responsible for producing, supplying, and installing cryogenic tanks and systems for various gases; the LNG Division, which focuses on manufacturing equipment for LNG storage, distribution and transportation; and the Cryo Scientific Division, catering to technology-driven applications and cryogenic distribution in research settings.
INOX India Limited has also achieved notable milestones, including the production and delivery of liquid hydrogen storage tanks and the development of a trailer-mounted hydrogen transport tank in collaboration with ISRO.
