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BusinessToday.In
New Delhi, August 13, 2018
Also to increase capacity of existing stations, Indraprastha Gas Limited (IGL) is installing additional 40 to 50 dispensers by August-end.


BusinessToday.In
August 11, 2018
The Delhi High Court has also asked the former promoters of Fortis Healthcare Limited, popularly known as the Singh brothers, to disclose all their transactions, including gifts, since 2016.


BusinessToday.in
New Delhi, August 10, 2018
Government is working on turnaround plan for Air India; audit panel rejects Jet accounts; board defers Q1 results; Samsung Galaxy Note 9 launched at Unpacked event in New York; Supreme Court sends Jaypee Infratech back to NCLT, bars promoters from bidding. Watch more in this episode of Business Wrap.


BusinessToday.in
New Delhi, August 10, 2018
Govt working on turnaround plan for Air India, may allow airlines to raise external commercial borrowingAs the Civil Aviation Ministry plans Rs 11,000-crore bailout package for ailing Air India, Aviation Secretary RN Choubey on Thursday confirmed that the centre is working on a turnaround plan to make the debt-ridden airline competitive. Also, the centre is working on ways to let all airlines raise external commercial borrowing to meet the rising operational costs. The decision seems to have been taken in wake of private airlines facing loss due to high fuel cost and falling rupee value.Audit panel rejects Jet accounts; board defers Q1 resultsJet Airways deferred announcing their June quarter numbers to an unspecified date. The development came after the company's AGM on Thursday. In a BSE filing late in the evening, the airline, which had its AGM earlier in the day, said the board of directors decided not to review the unaudited financial performance for the June quarter. Amid rising concerns over the airline's financial health and proposed salary cuts, a new committee will be set up to improve public perception and negative publicity about it. GoAir to start international operations in October; to connect Kerala's Kannur to Saudi Arabia's DammamTravelling abroad is going to become a little easier as the fifth Indian carrier is set to take Indian passengers abroad. Starting from October, GoAir is commencing its international operations. The airline has been given permission to start international operations from the new Kannur international airport to Dammam in Saudi Arabia, Civil aviation secretary RN Choubey told reporters. GoAir operates only domestic flights despite meeting the eligibility criteria for flying on international routes as it has a fleet of over 20 aircraft. Samsung Galaxy Note 9 launched at Unpacked event in New YorkThe Samsung Unpacked event in New York saw the launch of several new devices. Samsung launched the Galaxy Note 9, coupled with an improved S Pen, Samsung Galaxy Watch, Samsung Galaxy Home. Out of the amazing line-up Samsung had prepared for the evening, the Galaxy Note 9 remained the showstopper for the event. The new Samsung Galaxy Note 9 comes with diamond cut finish for cleaner design. It will come with 128GB or 512GB of internal storage, which can be further expanded to 1TB among other features.Supreme Court sends Jaypee Infratech back to NCLT, bars promoters from biddingA year after IDBI Bank dragged Jaypee Infratech Limited (JIL) to bankruptcy court for defaulting on Rs 526 crore loan - and after a protracted battle that made the rounds of the NCLAT and the Supreme Court - the ball is back in the National Company Law Tribunal's court. The top court today asked the Allahabad bench of the NCLT to deal with the insolvency proceedings against Jaypee Infratech, allowing a second round of bidding. Significantly, in a major setback to the Jaypee group, the Court barred parent firm Jaiprakash Associates Ltd (JAL) as well as the group's promoters from participating in it. The fresh Committee of Creditors (CoC) that will now have to be set up will include homebuyers. Carry driving license, RC on your phone! Govt validates digital copiesStates have been asked to accept driving licence, registration certificate or other documents in 'electronic form' presented through DigiLocker or mParivahan platforms, the government said today. It also said that impounding of documents will be reflected electronically through 'eChallan' system. This is in response to a number of grievances and RTI applications received in the ministry SFIO arrests Bhushan Steel's former MD Neeraj Singhal for siphoning off Rs 2,000 croreIn its first arrest, the Serious Fraud Investigation Office (SFIO) on Thursday took under its custody the former promoter and managing director of Bhushan Steel Limited, Neeraj Singhal, for siphoning off over Rs 2,000 crore through several loans availed by BSL from the public sector banks using its 80 associate companies. Neeraj Singhal was produced before the court, which sent him to judicial custody till August 14.


BusinessToday.In
August 10, 2018
The Walmart-Flipkart deal is expected to help the government rake in up to Rs 13,700 crore.


BusinessToday.In
August 9, 2018
The Supreme Court today asked the Allahabad bench of the NCLT to deal with the insolvency proceedings against Jaypee Infratech, allowing a second round of bidding.


PB Jayakumar
New Delhi, August 7, 2018
6,000 medicine brands worth about Rs 2,500-odd crore are likely to be banned soon.


PTI
New Delhi, August 7, 2018
On the HSBC list, the minister said that undisclosed income of Rs 8,448 crore was detected with a tax demand of Rs 5,447 crore.


BusinessToday.In
New Delhi, August 7, 2018
The Tribunal pushed back the deadline to August 13 on the plea of Tata Steel, which had been declared the highest bidder in July - for the second time


Goutam Das
New Delhi, August 6, 2018
Green shoots emerge for residential real estate, but it isn't out of the woods.


Anand Adhikari
New Delhi, August 6, 2018
The government has given signal to banks to try out yet another resolution approach, including AMC-AIF, for dealing with growing stressed assets. Will it work?


BusinessToday.in
New Delhi, August 6, 2018
Banks collect Rs 5,000 cr as minimum balance penalty in FY 2017-18As many as 21 public sector banks (PSBs) and three major private sector lenders have collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18. Among the PSBs, the State Bank of India emerged the highest earner with Rs 2433 crore penalty - nearly half of the total collection.PM Modi to inaugurate India Post Payments Bank on August 21Prime Minister Narendra Modi on August 21 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural area.Govt panel wants localisation of cloud storage data in possible blow to big tech firmsA panel working on the government's cloud computing policy wants data generated in India to be stored within the country, according to its draft report seen by Reuters, a proposal that could deal a blow to global technology giants such as Amazon and Microsoft who offer such services. It could not only raise their costs because they will need to ramp up the number and size of data storage centers in India, where power costs remain high, but at least some of those increases are likely to be passed onto customers who include everyone from small start-ups to large Indian corporations.US-China trade war can make Indian products competitiveWith the US imposing additional 25 per cent duty on imports worth USD 34 billion from China, certain Indian products may become more competitive, CII has said. An analysis by the industry chamber revealed that India should focus on the US market for items in the categories of machinery, electrical equipment, vehicles and transport parts, chemicals, plastics and rubber products.Top corporates prepare to split CMD postLarge corporates like HUL and RIL have started making arrangements to comply with regulator Sebi's directive to split the roles of chairman and managing director by April 1, 2020, but several smaller companies are still giving their CMDs tenures beyond the deadline. Sebi is keen to extend this requirement to all listed companies eventually. For now, it is keeping an eye on top 500 firms which are appointing CMDs beyond the given deadline and will start sending them notices a few months in advance.Indian Oil to invest Rs 1.75 lakh cr for expansion: Chairman Sanjiv SinghIndian Oil Corporation, the country's leading firm on the Fortune 500 list, has drawn up an ambitious Rs 1.75 lakh crore investment plan to expand its production capacity. In the company's latest annual report, IOC chairman Sanjiv Singh said that the refining capacity will be enhanced to 150 million tonnes of petroleum products per annum by 2030 from the current 80.7 million tonnes.Wipro to move workforce to a new 50-acre campusIn the next two years Wipro wants to move its workforce from its electronic city unit and hired facilities in Bengaluru to a new 50-acre campus. Wipro calls it an \"agile workspace aimed at the digital worker\". The move to shift thousands of workers to the new campus prompted chairman Azim Premji to meet Karnataka chief minister HD Kumaraswamy last week to seek his help in upgrading the Sarjapur Road so that it reduces traffic congestion as reported by the Economic TimesNBCC has said Amrapali's Noida projects will need 4 yearsThe National Buildings Construction Company or NBCC has said that Amrapali's unfinished projects in Noida and Greater Noida will take up to 4 years for completion while the remaining ones will need a year.NBCC will have to submit details on revival of projects to the Supreme Court.Jobs for freshers! Tech Mahindra hints at hiring 4,000 graduates in next three quartersTech Mahindra indicated at hiring around 4,000 freshers over the next three quarters as the IT services major focuses more on \"demand-based\" hiring instead of creating an inventory. The company has already hired about 1,800 fresh graduates in the first quarter of the ongoing fiscal


Harish V Nair
August 4, 2018
The Centre's plan to set up the hubs for monitoring online data got into serious trouble as the bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud on July 13 warned that it amounted to nothing but creating a \"surveillance state\" and \"sheer intrusion into privacy\".


BusinessToday.In
August 3, 2018
The court asked RCom to pay Rs 550 crore to Ericsson by October 1. It also directed Anil Ambani to give an undertaking to pay the amount to Ericsson.


BusinessToday.In
August 2, 2018
The Delhi High Court yesterday directed the erstwhile promoters of Fortis Healthcare (FHL), the Singh brothers, to appear in person for the next hearing of case filed by Daiichi Sankyo.


BusinessToday.In
August 2, 2018
RBI increases repo rate by 25 basis points to 6.5%, maintains 'neutral' stanceThe RBI's Monetary Policy Committee, during its by-monthly meeting on Wednesday, increased the repo rate by 25 basis points to 6.5 per cent from the previous rate of 6.25 per cent. This is the second hike in the interest rate after four years of continuous halt by the central bank. This time too, the MPC again maintained the neutral stance to achieve the medium-term target for inflation of 4 per cent in a band of +/- 2 per cent.The MPC has noted that uncertainty around domestic inflation needs to be carefully monitored in the coming months. What caused the rate hike? \"The main reason for increasing of the repo rate has been done to maintain the 4 per cent inflation target, a target from which we have been away for several months,\" said the RBI Governor.Supreme Court comes down heavily on the Amrapali GroupThe Supreme Court has come down heavily on the Amrapali group for \"defrauding investors\" and playing \"dirty games\". The apex court has directed the attachment of all bank accounts and movable properties of 40 companies of the Amrapali real estate group. It has frozen all the bank account of all directors of the 40 companies and also restrained them from selling their personal properties without the permission of the court. The apex court is hearing petitions filed by flat buyers who have demanded reversing of the September 4, 2017, NCLT order.LIC-IDBI deal: Cabinet approves LIC's acquisition of 51% stake in IDBI BankUnion Cabinet, chaired by Prime Minister Narendra Modi, has cleared the Life Insurance Corporation's acquisition of 51 per cent stake in the debt-ridden IDBI Bank. The approval of the deal means LIC will raise its stake in the bank from the current 8 per cent to 51 per cent, which makes makes it a majority holder. As per the proposal, IDBI Bank will issue preferential shares to LIC to raise money. The LIC stake buy will help the bank get capital support of Rs 10,000-13,000 crore.TRAI Announces 5G Spectrum PricingTelecom regulator TRAI has recommended rules and prices for the next round of spectrum auction which will include radiowaves for 5G mobile services. The regulator has recommended that base price for bidding should be higher of the two figures - 80 percent of the average valuation of spectrum band in the licensed service area or the price realised in the October 2016 auction. The government is yet to finalise the timing of the next round of auction. RBI asks Paytm Payments Bank to stop enrolling new customers on its platform Days after Paytm Payments Bank CEO Renu Satti stepped down from her role to lead company's new retail initiative, a Livemint report said that the Vijay Shekhar Sharma-led mobile-first bank has stopped onboarding new users on its platform following observations made by the RBI. Paytm stopped enrolling new customers on June 20 following an audit by RBI. Paytm Payments Bank allows customers to open zero balance accounts without any transaction charges. It is part of a new set of differentiated banks which were given licence by the RBI Mukesh Ambani's Reliance Industries jumps 55 spots in Fortune 500 companies Mukesh Ambani-helmed Reliance Industries has made one of the biggest jumps in the Fortune 500 rankings of the world's biggest companies. Reliance Industries moved up on the list by 55 slots to be ranked at 148. It was previously ranked 203rd. According to Fortune, Reliance Industries saw an upward trend in profits by 25.5% in the last fiscal. In 2017-18, RIL saw a revenue of $62.3 billion. However, state-owned Indian Oil Corporation (IOC) is the top-ranked Indian company. It is ranked 137, a significant rise from the previous 168.


Mudit Kapoor
New Delhi, August 1, 2018
Before he became Prime Minister, Narendra Modi vowed to bring all illicit money stashed away in foreign countries, and promised that poor people in the country would get Rs 15 lakh each.


BusinessToday.In
New Delhi, August 1, 2018
On November 4, 2016, the oil ministry had slapped a demand of $1.47 billion on the RIL-BP-Niko consortium for \"unfairly\" producing natural gas belonging to ONGC.


BusinessToday.In
New Delhi, July 31, 2018
Vijay Mallya 'devastated' to lose control of Force India F1 team Liquor barron Vijay Mallya is 'devastated' to have lost control of the Force India Formula One team but the embattled tycoon should still have a say in what happens next, according to his right-hand man Bob Fernley. The Briton, who was deputy team principal until a court-appointed administrator took charge last Friday, told Reuters that Mallya would act in the best interests of a team he acquired in 2007. Mallya has a 42.5 percent stake in the Silverstone-based team, with a similar shareholding in the hands of the Sahara Group and the remainder owned by Dutch businessman Michiel Mol. Dabba trading sees an upsurge in wake of RBI's cryptocurrency ban Ever since the Reserve Bank of India (RBI) banned banks from dealing with digital currencies, other ways of trading in major virtual currencies like Bitcoin or Ethereum have emerged, one of which is Dabba trading. Dabba trading is a process used by brokers to use a client's trade outside the official platforms. The illegal method, mostly used for trading in stocks, has seen an upsurge as traditional Dabba operators are accepting bets on Bitcoin too, giving a boost to their overall earning. The recent positive fluctuation in Bitcoin, which saw its price plunge from $20,000 in December 2017 to $5,800 in June end and then $8,000 in July, has also led to a flurry of activity in its trading, a Business Standard report said. New car, bike buyers will have to shell out more from Sept 1 A recent ruling by a Supreme Court bench headed by Justice MB Lokur and Deepak Gupta has mandated third-party insurance for four and two-wheeler vehicles from September 1 for a term of 3 and 5 years respectively. The Supreme Court had earlier appointed a committee, headed by a former Supreme Court Judge Justice KS Radhakrishnan, to suggest measures on road safety. The committee had recommended having a long-term third party insurance cover. Cheap online deals might have their days numberedIf you are looking for cheap online deals, it may soon not be so easy to get one. The government is trying to tighten the noose around deep discounts. The draft e-commerce policy, shared with stakeholders on Monday for consultations has proposed that such pricing policy be discontinued from a specified date to regulate the sector. The policy has proposed legislation that will also cover food delivery sites, online service aggregators and payment products.Indigo sees decline in profits in Q1InterGlobe Aviation Ltd's shares have fallen 33% in the past three months. One of the reasons was the unexpected resignation of Aditya Ghosh, a key executive. Another was the sharp drop in profits in the March quarter. InterGlobe runs IndiGo, India's largest domestic airline. In the June quarter, things became far worse, with the company's profits declining even further. IndiGo's pre-tax profit fell 97% to ?31.3 crore, or 0.5% of revenue. A year ago, pre-tax profit stood at nearly 20% of revenue.


BusinessToday.In
July 30, 2018
A recent ruling by a Supreme Court bench headed by Justice MB Lokur and Deepak Gupta has mandated third-party insurance for four and two-wheeler vehicles from September 1 for a term of 3 and 5 years respectively.


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