News Podcast: SC says Unitech directors' assets to be sold to repay home buyers : Bulletin: Business Today
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News Podcast: SC says Unitech directors' personal assets to be sold

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August 22, 2018

Flood hit Kerala seeks hike in borrowing limit to 4.5% to raise Rs 10,500 crore

Battling its worst flood in nearly a century, Kerala is planning to raise an additional Rs 10,500 crore debt for rehabilitation and rebuilding. To achieve this, the Chief Minister Pinarayi Vijayan today said that his government will ask Centre to raise the ceiling on borrowing for the state to 4.5 per cent of the GDP. The borrowing limit is currently capped at 3 per cent.
 
GSK seeks mid-September bids for $4 billion Indian Horlicks unit

GlaxoSmithKline is seeking initial bids by mid-September for its India-focused Horlicks health nutrition business, which is expected to fetch more than $4 billion as reported by Reuters. The British drugmaker started a review of Horlicks and some smaller products, after buying Novartis out of their consumer healthcare venture for $13 billion in March. Potential acquirers are likely to include major food and consumer products groups, such as Nestle, Pepsico and Reckitt Benckiser, the sources said.

Promoter holding in 15 Tata companies valued at $100 bn; Ambani family's wealth at $53 bn


The aggregate value of promoter holdings in 15 top Tata group companies has crossed $100 billion (Rs 7.03 lakh cr), thanks to the recent surge in TCS and Titan stocks and the depreciation witnessed in the Indian rupee.  TCS value by Monday's closing stood at Rs 7.7 lakh crore, as compared to Rs 7.83 lakh crore of RIL. Titan is the second most valued company (Rs 81,889 crore) in Tata group, followed by Tata Motors (Rs 77,828 crore) and Tata Steel (Rs 67,521 crore). RIL's share price jumped by 2.61 per cent to Rs 1235.15 on Monday and it catapulted the wealth of Ambani family to Rs 3.7 lakh crore ($53 billion).
 
Govt tells state oil firm ONGC to list overseas unit

The government has asked its biggest state-owned firm Oil and Natural Gas Corporation to list its overseas unit ONGC Videsh on the stock exchanges as part of the push to raise more resources through disinvestment of shares.
Department of Investment and Public Asset Management has written a letter to ONGC stating that a listing would also help unlock value in the unit by improving its corporate governance and efficiency. The letter, sent last week, did not state how much of ONGC should be offered to outside investors.
 
Govt plans to transfer Air India's non-core assets to special purpose vehicle

The government is looking at transferring Air India's non-core assets and "unsustainable debt" to a special purpose vehicle (SPV) as part of measures to revive the national carrier. After the proposed strategic disinvestment of Air India failed to take off in May, the government has been looking at ways to bolster the carrier. Against this backdrop, the official at the Finance Ministry said that efforts are on to sell non-core assets of Air India.
 
SC says Unitech Directors' Assets To Be Sold To Repay Home Buyers

The Supreme Court has directed a panel to go ahead with sale of unencumbered assets of the directors of real estate major Unitech Ltd to refund money to troubled home buyers. A bench headed by Chief Justice Dipak Misra asked the panel to start with the sale of the firm's properties in Kolkata. The bench, also comprising Justices AM Khanwilkar and DY Chandrachud, directed the committee to disburse Rs. 25 crore to home buyers on pro rata basis.

Paytm launches its own AI cloud for India

One97 Communications Limited has partnered Alibaba to launch artificial intellingence-based cloud computing platform 'Paytm AI Cloud for India' for developers, startups and enterprises.  The platform offers business-centric apps for organisations that need high-quality solutions for cloud computing, ready-to-use services to automate workflow, easy to integrate payments, among others. The company said Paytm AI Cloud processes and stores all their consumer data locally in servers located only in India while conforming to the highest security and privacy standards. Paytm plans to soon offer an enterprise-messaging solution in partnership with DingTalk
 
Fake messages: Govt lists its wishlist for WhatsApp, company agrees to Govt demand

The Government on Tuesday told WhatsApp to appoint a grievance officer, set up a corporate entity in India and find a mechanism to check on the origin of fake messages at the earliest. After this high level meeting in Delhi, the Union IT Minister, Ravi Shankar Prasad informed that the Facebook-owned company has agreed to the Government's demands. WhatsApp CEO Chris Daniels is in India this week as the company is trying to address concerns around fake news on its messaging platform which have led to horrific crimes like mob-lynching. According to sources, Daniels will be in India for 4-5 days and meet business and Government officials during his visit.
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