Business
Boss jailed over deadly fire at South Korea battery plant
Peter HoskinsBusiness reporter
A South Korean court has handed a 15-year prison sentence to the boss of a lithium battery maker after a deadly fire last year.
In June 2024, a blaze at a plant in Hwaseong city, about 45km (28 miles) south of the capital Seoul, killed 23 people, including 18 foreign workers, and injured eight others.
The court found the blaze was “an anticipated disaster” and that Aricell chief executive Park Soon-kwan and other executives had caused the deaths of the workers.
It is the longest jail term imposed under the country’s industrial safety law, which punishes owners or bosses of firms with at least a year in prison, or fines of up to 1 billion won ($717,000; £530,000), for fatal incidents.
Prosecutors had sought a 20-year term, arguing that company executives had made changes to the plant that meant it was difficult for workers to escape the fire.
Park’s son, who is a senior executive at the company, was also sentenced to 15 years in prison and fined 1 million won.
Investigators have said the firm did not have proper safety measures in place and did not train its workers adequately.
Park the CEO issued an apology after the fire, but denied allegations of safety lapses at the factory.
ReutersAt the time of the fire, the Aricell factory housed an estimated 35,000 battery cells on its second floor, where batteries were inspected and packaged.
As lithium fires can react intensely with water, firefighters had to use dry sand to fight the fire, which took several hours to get under control.
South Korea is a leading producer of lithium batteries, which are used in many items from electric cars to laptops.
The country’s President Lee Jae Myung has said not enough is being done to protect workers from death or injury in South Korean workplaces, and has pledged to increase penalties against businesses where fatal accidents occur.
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Taxpayers facing refund holds due to mismatches must act before December 31.
Knowing revised and belated ITRs can help avoid penalties. (representative image)
The Income Tax Department has recently sent messages and emails to many taxpayers saying their refunds are on hold. The reason given is a mismatch in the income tax return (ITR) details. In these alerts, taxpayers have been asked to take action before December 31, this year, to fix the issue.
This has caused confusion, especially among those who believed they had filed their returns correctly. The department has also stepped up checks on cases where it feels excess refunds may have been claimed. As a result, many taxpayers are now unsure about the right way to respond.
In its email, the department reportedly stated, “As the time limit for filing of revised ITR for A.Y. 2025-26 will expire on 31 December 2025, you are requested to avail this opportunity to file Revised Return within the due date if so required. Alternatively, you may file an updated return w.e.f. 1 January 2026, however, subject to an additional tax liability.”
With the deadline nearing, it is important to understand the options available after the original ITR due date has passed.
What Is A Revised ITR?
A revised ITR allows taxpayers to fix mistakes made in the original return. These errors could include missing income details, wrong deductions, calculation errors, or choosing the wrong ITR form. Under Section 139(5) of the Income Tax Act, 1961, taxpayers can submit a revised return to correct such issues.
A revised ITR can also be filed if the refund amount needs to be increased or reduced based on corrected information.
What Is A Belated ITR?
A belated ITR is filed when a taxpayer misses the original filing deadline. As per Section 139(1) of the Income Tax Act, this return can be submitted until December 31 of the assessment year. However, filing late usually means paying a penalty.
Taxpayers who miss the deadline are advised to file a belated return instead of not filing at all, as non-filing can lead to further trouble.
Why File A Revised ITR?
A revised return is useful when the original ITR has errors. These may include underreported or overstated income, wrong deductions, incorrect refund claims, or other filing mistakes.
As quoted by Livemint, CA, Shefali Mundra, tax expert at ClearTax, says, “There is no penalty for filing a revised return within the prescribed timeframe.”
Revised ITR vs Belated ITR Explained
“A revised return is filed to correct errors or omissions in a previously filed return (either original or belated). It can be filed before 31 December of the relevant assessment year or before the department completes the assessment. The revised return is linked to the original filing, and the taxpayer can make corrections without any penalties, apart from paying any additional taxes and interest,” CA Mundra told Livemint.
She added that a belated ITR is treated differently.
“A belated return is filed after the original due date for submitting the return, which is typically 31 July for individual taxpayers. A belated return is still considered an original return, and it is subject to a late filing fee under Section 234F (up to Rs 5,000, depending on the income) and interest on unpaid tax. Additionally, certain benefits, such as carrying forward losses, may not be available when filing a belated return,” CA Mundra also stated.
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Delhi, India, India
December 27, 2025, 10:31 IST
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A rejected critical illness claim may not be the final word if the policy clearly covers the condition.
Policyholders can successfully challenge unfair decisions.(Representative Image)
A policyholder recently faced trouble after his/her spouse was diagnosed with a serious brain-related illness. The condition was identified as bacterial meningitis with encephalitis. Believing the illness was covered, the family filed a critical illness claim with their insurer.
However, the insurance company turned down the request. The reason given was that the illness did not fall under the list of covered conditions. This left the family confused and unsure about the next step, especially at a time when medical stress and costs were already high.
Why A Rejected Claim May Still Be Valid
A claim rejection does not always mean the insurer is right. The first step is to read the policy document carefully. Most critical illness plans clearly list the illnesses they cover. In many policies, bacterial meningitis is included, but only if certain medical conditions are met.
In a similar case, a close review of the policy showed that the illness was listed among 32 covered conditions. The medical records also clearly confirmed the diagnosis and seriousness of the disease. When both the policy terms and medical proof match, the rejection can be questioned.
How To Raise The Issue With The Insurer
The next step is to approach the insurer’s grievance team. This means sending a clear written request that explains why the claim should be accepted. It is important to point out the exact policy clauses and attach all medical reports.
In the case mentioned, the policyholder shared hospital records, diagnosis details, and proof of treatment. Despite this, the insurer stuck to its earlier decision and did not provide any new explanation. This is when many people give up, but there is still another option available.
When The Insurance Ombudsman Can Help
If the insurer does not resolve the issue, the policyholder can approach the insurance ombudsman. Filing a complaint here does not cost anything. The ombudsman reviews both the policy terms and the medical evidence.
During the hearing in this case, the policyholder submitted hospital documents and a doctor’s certificate. The records confirmed that the patient had a lasting brain-related problem for over six weeks, which is an important requirement in many critical illness policies. The insurer failed to provide proof to challenge these findings.
What This Case Teaches Policyholders
After reviewing all details, the ombudsman ruled in favour of the policyholder and asked the insurer to pay the claim amount to the nominee. This shows that unfair claim rejections can be overturned if the policy terms are clear and the documents are in order.
It is always wise to read your policy closely, keep complete medical records, and use the grievance and ombudsman process when needed. Many rejected claims can be resolved because the facts and the policy are on the customer’s side.
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December 27, 2025, 09:33 IST
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Business
India’s Forex Reserves Surge $4.36 Billion To $693 Billion, Gold Holding Rises $2.6 Billion
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India’s Latest Forex Reserves: The value of the gold reserves jumps $2.623 billion to $110.365 billion during the week ended December 19.
India’s Latest Forex Reserves.
India’s foreign exchange (forex) reserves surged $4.368 billion to $693.318 billion during the week ended December 19, according to the latest data from the Reserve Bank of India (RBI). The value of the gold reserves jumped $2.623 billion to $110.365 billion during the week.
The overall kitty had increased by $1.689 billion to $688.949 billion in the previous week.
For the week ended December 19, foreign currency assets, a major component of the reserves, increased by $1.641 billion to $559.428 billion, according to the Reserve Bank of India’s latest ‘Weekly Statistical Supplement’ data.
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
The special drawing rights (SDRs) were up by $8 million to $18.744 billion.
India’s reserve position with the IMF was up by $95 million to $4.782 billion in the week, according to the RBI data.
The price of the safe-haven asset gold has been on a sharp uptrend over recent months, perhaps amid heightened global uncertainties and robust investment demand.
After the last monetary policy review meeting, the RBI had said that the country’s foreign exchange reserves were sufficient to cover more than 11 months of merchandise imports. Overall, India’s external sector remains resilient, and the RBI is confident it can comfortably meet external financing requirements.
In 2023, India added around $58 billion to its foreign exchange reserves, contrasting with a cumulative decline of $71 billion in 2022. In 2024, reserves rose by just over $20 billion. So far in 2025, the forex kitty has increased by about $47-48 billion, according to data.
Foreign exchange reserves, or FX reserves, are assets held by a nation’s central bank or monetary authority, primarily in reserve currencies such as the US dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling.
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December 27, 2025, 08:17 IST
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