BT Podcast: ICICI Bank board expresses faith in Chanda Kochhar : Bulletin: Business Today
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BT Podcast: ICICI Bank board expresses faith in Chanda Kochhar

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March 29, 2018

ICICI Bank board expresses faith in MD and CEO Chanda Kochhar
ICICI Bank board has come out in support of its Managing Director and CEO Chanda Kochhar, saying it has full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as "malicious and unfounded rumours". ICICI Bank board also reviewed the bank's internal processes for credit approval and found them robust, the private sector lender said in a statement, as reported by PTI.

Government seeks bids to sell 76% stake in Air India
The government has invited bids for the disinvestment process of the state-owned national carrier Air India. In the preliminary information memorandum about the divestment process, government has invited Expressions of Interest for sale of 76 per cent stake in Air India. Professional services firm Ernst & Young LLP India has been appointed as transaction adviser for the strategic disinvestment process. Air India's buyer will have to take on at least a mammoth Rs 33,392 crore or close to 70% of the beleaguered carrier's debt on its books

PNB to honour LoUs worth Rs 6500 cr due to 7 lenders
Punjab National Bank has decided to honour LoUs worth Rs 6,500 crore, issued fraudulently to 7 lenders in favour of Nirav Modi and associates in connivance with bank officials.Putting an end to confusion over the payment obligation towards other lenders, PNB also assured that it will honour all subsequent maturing LoUs and FLCs as and when they are due as reported by PTI.

Amazon in trouble with Trump?
President Donald Trump reportedly wants to take on Amazon and the internet retail giant's tax treatment as reported by CNBC. The president has long argued that Amazon gets unfair tax treatment relative to brick-and-mortar retailers. Trump is "obsessed" with Amazon and wants to "go after" the company, the report stated.The president's reported stance on the company isn't new. In several tweets in recent years, Trump has argued for changes in how Amazon purchases get taxed. In a tweet some months back, Trump had posted, "Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!"

Cambridge Analytica whistleblower names JD(U) as client, reveals location of India offices
Cambridge Analytica whistle-blower, Christopher Wylie, has shared the details about the political consulting firm's India operations on micro-blogging site Twitter. Wylie revealed Cambridge Analytica's parent SCL group role in elections in various Indian states. The document names the Janata Dal (United) as one of its clients.One of the pictures shared by Wylie had a list Cambridge Analytica's regional offices in India and its head office in Indirapuram-Ghaziabad.

GlaxoSmithKline may sell Horlicks brand to fund its $13 bn Novartis deal
Britain's biggest drugs company GlaxoSmithKline (GSK) has announced that it will buy the 36.5 per cent stake that Novartis AG owns in their Consumer Healthcare Joint Venture for $13 billion. This will give Glaxo complete control over a product portfolio that includes best-sellers like Sensodyne toothpaste and Panadol tablets for pain relief. But to fund this buyout, GSK is considering putting up its iconic 145-year-old malted drink Horlicks for sale. The majority of the sales of Horlicks and other nutrition products are generated in India, where these products are sold by GlaxoSmithKline Consumer Healthcare Ltd (GSKCH). In fact, according to the latter's annual report for 2016-17, malt-based foods contributed a whopping 95% to its total turnover.
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