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Biz EOD: NCLAT reinstates Cyrus Mistry; Debroy predicts lacklustre Budget 2020; sugar production declines 35%

BusinessToday.In     December 18, 2019

The National Company Law Appellate Tribunal has asked Tata Sons to reinstate former chairman Cyrus Mistry, who was unceremoniously removed from the company's board in October 2016. PM-EAC Chairman Bibek Debroy has set very low expectations from Budget 2020 given that the Centre neither has the leeway to cut taxes to stoke demand, nor can it hike GST rates to increase revenue. India's sugar production this season has registered a decline of nearly 35 per cent at 45.81 lakh tonnes against 70.54 lakh tonnes as on December 15, 2019. Read for more top stories from the world of business and economy:

1. Setback for Ratan Tata! NCLAT reinstates Cyrus Mistry, says N Chandrasekaran should step down

NCLAT restores Cyrus Mistry as Executive Chairman: Tata Group plans to approach the SC to stay the order immediately before the Court goes on leave during Christmas and New Year vacation.

2. NCLAT strips private company status of Tata Sons

In September 2017, Tata Sons had received shareholder approval to convert itself into a private limited company from a public limited company.

3. No Big Bang in Budget 2020, says PM-EAC Chairman Bibek Debroy

Centre's hands are tied as it does not have the fiscal leeway to cut personal income tax; This is not the right time to hike GST rates when (GDP) growth rates are very low as it could slow down the economy further.

4. Aditya Birla, Reliance Capital, Credit Suisse among big names investing in RBL Bank's equity offering

RBL Bank needs capital for growth, expansion of retail franchise and as a cushion for any provisioning against bad loans.

5. Sugar production sees 35% decline this season so far

Higher production in Uttar Pradesh, country's largest sugar producing state, which has so far produced 21.25 lakh tonnes (12.2 percent more than last year), is the main reason for the decline in deficit.

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