Here are the India Business News Headlines 10th January 2018:
- In an effort to weed out so-called penny stocks, Sebi is planning to impose a free-float market capitalization limit of Rs.10 crore for companies to remain listed. Free-float market cap is value of the publicly traded shares.
- Paytm has set up a new entity called Paytm Money and is in the process of seeking approval from Sebi to offer investment and wealth management products. It may offer mutual fund products to users to start with.
- Delhi high court has dismissed McDonald’s India’s plea challenging NCLT’s right to issue a contempt notice. McDonald’s India’s plea was against a showcause notice issued by NCLT to its US parent McDonald’s Corp. in September 2017, in a contempt application filed by Vikram Bakshi. NCLT can now resume the stalled contempt proceedings against McDonald’s Corp..
- Warburg Pincus India MD and co-head of India, Niten Malhan is quitting to start his own investment firm. This is the second top level exit within a week.
- ICICI Bank has moved NCLT against Essar Power Jharkhand Ltd for recovery of a default amount of over Rs.3,068 crore.
- SBI has filed an insolvency application against Shakti Bhog Foods for recovery of a default amount of Rs.2,045 crore. Shakti Bhog is in RBI’s second defaulter list.
- NCLT has approved proposed demerger of Emaar MGF Land Ltd. and now the JV partners Dubai’s Emaar Properties and India’s MGF Development can go their separate ways. Emaar Properties, entered India in 2005 with largest FDI in the realty sector and has invested about Rs.8,500 crore in the Indian real estate market through the joint venture.
- NiYO Solutions, a fintech start-up providing software to manage employee benefits and reimbursements, has raised $13.2 million in a Series A round from investors including JS Capital Llc, Social Capital, Prime Ventures India and Horizon Ventures. The fresh funds will be used to strengthen and expand product suite, hire new talent and expand into tier 2 and tier 3 towns. NiYO provides two kinds of products. Its ‘Benefits’ product allows an employer to disburse reimbursements using a mobile app. The ‘Payroll’ product allows the employer to credit salaries to a digital bank account managed by NiYO.
- Lendingkart has raised Rs.30 crore in non-convertible debentures from a Dutch development bank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), that invests in growth and frontier markets. The new debt funds will be used for growing the loan book and expanding the reach across SME industries.