Daily News Podcast: Samara-Amazon bags Aditya Birla Group's retail chain : Bulletin: Business Today
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News Podcast: Samara-Amazon bags Aditya Birla Group's retail chain

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September 20, 2018

Income tax officials inspect books of Jet Airways in Mumbai, Delhi offices

The Income Tax Department on Wednesday swooped down on the premises of Jet Airways in Mumbai and Delhi to carry out an inspection of the books of the crisis-ridden airline for alleged falsification of accounts and siphoning of funds. As many as 50 tax officials are reported to have been pressed into action for the survey operation under Section 133A of the Income Tax Act at the Naresh Goyal-led airline's Andheri and Nariman Point offices in Mumbai. Two of the airline's offices in Delhi are also being covered in the survey which would continue for two days, officials said.
 
Rana Kapoor to retire as Yes Bank MD and CEO by January 2019

Rana Kapoor will complete his tenure as the Managing Director and Chief Executive Officer of Yes Bank early next year. The Reserve Bank of India (RBI) has reportedly asked the private lender to look for a replacement as it extended Kapoor's tenure to January 31, 2019. The Yes Bank board will convene next week to take further decisions in this regard.
 
AgustaWestland deal: No UAE court order for Christian Michel's extradition to India

There is no order by any UAE court to extradite Christian Michel, the alleged middleman in the AgustaWestland chopper deal, to India, it is learnt, in a twist to the issue of getting the British national to face probe by Indian investigation agencies. Official sources last night said that a Dubai court has ordered for the extradition of Michel in the Rs 3,600-crore AgustaWestland VVIP choppers deal case. The CBI on Wednesday said it was awaiting confirmation from the Ministry of External Affairs (MEA) on reports about extradition of Michel from the UAE. It is learnt that there was no court order on extradition of Michel to India as reported.
 
Samara-Amazon bags Aditya Birla Group's retail chain

About 11 years after it set up the food and grocery retail business, Aditya Birla Group has signed a deal to sell Aditya Birla Retail (ABRL) to home-grown private equity fund Samara Capital and global e-commerce giant Amazon. The Group did not disclose the value of the deal, but sources said it was around Rs 42 billion. The Birlas are likely to end up with losses amounting to Rs 70 billion in the venture. More is the fourth-largest supermarket chain in the country and runs 490 supermarkets and 20 hypermarkets.
 
Gujarat Assembly increases MLAs' salary by at least Rs 45,000

The Gujarat Assembly passed a bill on Wednesday by which the salaries of the MLAs, ministers, speaker, deputy speaker and leader of opposition will go up by at least Rs 45,000 a month. Accordingly, the monthly salary of the MLAs will be hiked to Rs 1.16 lakh as against the existing Rs 70,727, a rise of about 64 per cent, while those of the ministers, Assembly speaker, deputy speaker and leader of opposition will go up to Rs 1.32 lakh from Rs 86,000, an increase of about 54 per cent.
 
Global tech firms all set to fight India's planned data law

According to a Reuters report, global tech companies are gearing up to oppose new legislation in India that would require Facebook, PayPal and others to store user data in the country. They fear it will hurt investment and the business models of foreign and domestic firms. In July, a government panel recommended that all "critical personal data" should be processed in India, and presented a draft bill that could affect how global firms store customer data. Their concerns are to be taken up by lobby groups planning a joint effort to pressure New Delhi to reconsider.

Nitin Gadkari blames banks for delaying infrastructure projects

Risk-averse bankers are slowing construction of infrastructure projects in India, Nitin Gadkari, the country's minister for road transport and highways, said while addressing the Bloomberg India Economic Forum. Loans to road contractors and bank guarantees for projects have dried up, threatening to stall India's plans to build more than 84,000 kilometers (52,195 miles) of roads by 2022, Gadkari said.

Alibaba's Jack Ma warns US-China trade war could drag for 20 years

Cautioning businesses in China to be ready for a long drawn trade war with US, Alibaba Group founder Jack Ma said the dispute could drag for 20 years, extending far beyond the presidency of Donald Trump. China needs to strengthen its economy to deal with the conflict and shift trade relations from the US to regions like Southeast Asia and Africa, Ma said during a speech at the company's investor day conference in Hangzhou.

Compiled by Rashi Bisaria
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