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Biz EOD: Shivinder Singh arrested; TCS profit up 2%; govt to look into GST shortfall

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Biz EOD: Shivinder Singh arrested; TCS profit up 2%; govt to look into GST shortfall
Top stories from the world of business and economy.

Former Religare promoter Shivinder Singh and former Religare CMD Sunil Godhwani have been arrested by Economic Offences Wing (EOW) of Delhi Police. Tata Consultancy Services has kicked-off earnings season on a subdued note, posting lower-than-expected numbers for the second quarter ended September 30, 2019. The government has set up a high-level committee of officers to look into revenue shortfall being faced by the states and suggest measures for augmenting collections. Read for more top stories from the world of business and economy:

1. Former Religare promoter Shivinder Singh, CMD Sunil Godhwani among 4 arrested by EOW, Delhi Police

The EOW said in a statement, "The alleged persons systematically siphoned off and diverted money of general public in a clandestine manner for their own benefit."

2. TCS Q2 profit up 2% at Rs 8,042 crore, misses estimates

TCS Q2 results: Revenue for the July-September quarter climbed 5.8 per cent YoY to Rs 38,997 crore from Rs 36,854 crore in the same period last year.

3. Govt sets up committee to look into GST revenue shortfall

The 12-member committee has been tasked with suggesting measures to boost GST collections, to make businesses comply with GST voluntarily, ways to better administrative coordination.

4. FM Sitharaman forms group to look into PMC Bank case; assures necessary steps

PMC Bank case: Finance Minister Nirmala Sitharaman says the group will have two secretaries of the finance ministry and deputy governor-level officials from the RBI.

5. Why independent directors are resigning in droves?

There have been 412 resignations during the first six months of calendar year 2019 compared to 606 for the 2018, shows NSE data.

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