Read latest India business news headlines 17th May 2018 :
- PNB fraud case – CBI has filed its supplementary chargesheet against Nirav Modi and Mehul Choksi, in connection with over $2 billion scam in the PNB. The MD of PNB, Mr. Anathasubramanian and two serving Executive Directors, Mr. Sanjiv Sharan and Mr. K. V. Brahmaji Rao were also named in the chargesheet. They have been charged under Section 409 and Section 420 of Indian Penal code.
- Binani Cement case – Binani Cement has told NCLAT that it shall pay off its dues, amounting to over Rs 6500 crore, to the creditors in the next two weeks.
- As per Frank Kwok, co-head of Asia Pacific at Macquarie Infrastructure and Real Assets, Asia’s biggest infrastructure investors are seeing plenty of opportunity in India instead of China’s mammoth Belt-and-Road initiatives. As per Asian Development Bank, Asia’s developing economies may spend around $22.6 trillion on projects like roads, bridges, ports and railways over the next 15 years to maintain economic growth and reduce poverty.
- West Bengal Chief Minister, Mamata Banerjee has written a letter to Prime Minister, Mr. Narendra Modi, requesting him to consider the contribution of business houses to the Chief Minister Relief Fund, as money spent on Corporate Social Responsibility activities.
- Infosys has set up a blockchain based finance network partnership with 7 private sector banks, which shall allow the transactions at all stages to be securely shared between network members, enhancing the efficiency in the banking sector and strengthening its product offerings.
- To ensure refund of money to hassled home buyers, Supreme court has ordered Jaiprakash Associates to deposit an additional Rs 1,000 crore by 15th June. On submission of this amount the liquidation proceedings against JIL, shall remain stayed.
- Microsoft plans to launch a low cost tablet, priced at around $400, with a 10 inch screen, in the second half of the year, which shall compete with i-pads. The tablet may have multiple models e.g. 64 GB, 128 GB storage.
- Godrej Agrovet has made a bid through NCLT to acquire Ruchi Soya’s oil palm business, which has a debt of Rs 10,000 crore and is going through the process of Corporate insolvency.
- The Union Ministry has ordered to suspend security operations in J&K, during the month of Ramzan, to help muslims observe the festival in peace.
- Vijay Mallya case- SEBI is of a view that logical conclusion cannot be drawn against a company against liquidation and has closed adjudicating process against three group firms of Vijay Mallya.
- Airtel has declared that after its merger with Telenor India, a section of staff will lay off. Airtel said “not all people from Telenor India will find meaningful roles within Airtel”.
- Britannia Industries has re- appointed its Managing Director, Mr. Varun Berry for a period of five years, subject to shareholders approval.
*News as published in Business Standard, Live Mint and Economic Times.