GST cess: Honda hikes prices of mod­els by up to ₹89,069

Millennium Post - - BUSINESS -

NEW DELHI: Honda Cars In­dia on Thurs­day said it has hiked the prices of its mod­els – City, BR-V and CR-V mod­els, rang­ing be­tween Rs 7,003 and Rs 89,069.

The re­vised prices be­came ef­fec­tive from Septem­ber 11, due to the ad­di­tional com­pen­sa­tion cess in GST rang­ing be­tween 2-7 per cent, Honda Cars In­dia Ltd (HCIL) said in a state­ment.

The com­pany has in­creased the price of its mid-sized sedan City be­tween Rs 7,003 and Rs 18,791 de­pend­ing on var­i­ous vari­ants. The prices of SUV BR-V have been hiked rang- ing be­tween Rs 12,490 and Rs 18,242.

Sim­i­larly, the com­pany has raised prices of its pre­mium SUV CR-V rang­ing be­tween Rs 75,304 and Rs 89,069.

Ear­lier, this week Toy­ota Kir­loskar Mo­tor (TKM) had an­nounced hike in prices of se­lect mod­els, in­clud­ing In­nova Crysta and pre­mium SUV For­tuner, rang­ing from Rs 13,000 to Rs 1.6 lakh.

The com­pany has in­creased the price of In­nova Crysta by around Rs 78,000, Corolla Altis by Rs 72,000, Etios Plat­inum by Rs 13,000 and For­tuner by Rs 1.6 lakh. NEW DELHI: The Lon­don­court of in­ter­na­tional ar­bi­tra­tion has di­rected ap­point­ment of ex­perts to de­ter­mine a fair value of the joint ven­ture be­tween Mcdon­ald's In­dia and Vikram Bak­shi so that the US fast food chain can buy out its es­tranged part­ner.

The part­ners had re­sorted to ar­bi­tra­tion af­ter Mcdon­ald's in Novem­ber 2013 is­sued a no­tice to ter­mi­nate part­ner­ship with Bak­shi for set­ting up and oper­at­ing its popular fast food out­lets in north­ern and east­ern In­dia.

A three-mem­ber ar­bi­tra­tion tri­bunal on Septem­ber 12 di­rected de­ter­mi­na­tion of a fair mar­ket value and pur­chase price of share of Vikram Bak­shi and Bak­shi Hold­ing Pvt Ltd in Con­naught Plaza Restau­rants Ltd (CPRL) for trans­fer to joint ven­ture part­ner Mcdon­ald's In­dia Pvt Lt (MIPL), per­sons fa­mil­iar with the or­der said.

The value so de­ter­mined will be placed be­fore the tri­bunal, which asked Bak­shi to pro­vide nec­es­sary co­op­er­a­tion and as­sis­tance in such de­ter­mi­na­tion, they said. Mcdon­ald's ap­pointed Lon­don-based judge Ian Hunter on the panel while Bak­shi had ap­pointed Jus­tice Vikra­ma­jit Sen.

Sen did not sign the award, the per­sons said, adding that the 2:1 ma­jor­ity award asked Bak­shi and the hold­ing firm not to ex­er­cise any vot­ing rights in the 1,45,600 shares held by them in CPRL.

The in­ter­na­tional ar­bi­tra­tion tri­bunal in Lon­don has also rejected Bak­shi's claim that Mcdon­ald's In­dia did not validly ter­mi­nate the JV.

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