Newsmakers: Kingfisher Airlines under SFIO probe, Vitara Brezza launched and more

Key business news events for the day

• 1/5

Govt withdraws proposal to impose tax on EPFFacing all-round attack, Finance Minister Arun Jaitley withdrew his Budget proposal to tax employees' provident fund (EPF) at the time of withdrawal. Jaitley had in his Budget for 2016-17 proposed to tax withdrawal of 60 per cent of accumulations in the employee provident fund after April 1, 2016. This was criticised by all employees unions as well as political parties.

• 2/5

SFIO probes Kingfisher Airlines for suspected fund diversion In further trouble for beleaguered businessman Vijay Mallya, white collar crime probe agency SFIO has launched an investigation into alleged fund diversion and financial irregularities at long-grounded Kingfisher Airlines. Mallya, widely known as 'King of Good Times' for his flamboyance and lavish lifestyle, is facing heat from lenders over loan defaults, while Enforcement Directorate has registered a money laundering case against him and others.

• 3/5

Govt to sell up to 5% in state-run Container Corp The government will sell an up to 5 per cent stake in state-run Container Corp as part of the government's asset sales programme, in a deal that could fetch about $170 million. The government, which owns 61.8 per cent of Container Corp, is selling up to 9.75 million shares starting Wednesday at a floor price of Rs 1,195 ($17.76) per share, according to a regulatory filing.

• 4/5

Sensex ends the day flat; Nifty below 7,500-markExtending gains, albeit marginally, for the fifth consecutive session, the S&P BSE Sensex ended in green, however, broader CNX Nifty closed in red to quote below its key 7,500-mark. The headline indices scuttled between red and green as investors booked profits in banking shares such as State Bank of India amid cautious trading ahead of major central bank meetings.

• 5/5

Maruti launches Vitara Brezza at Rs 6.99 lakh Maruti Suzuki on Tuesday launched Vitara Brezza-its most awaited SUV this year- at Rs 6.99 lakh. The SUV was introduced during Auto Expo 2016 held in Greater Noida this year. The Vitara Brezza sports a masculine slated front grille and a chrome finish.