Here are the India Business News Headlines as on 18th August 2017:
- After cracking down on suspected shell companies, the government has now turned its focus on the growing number of LLPs and has started the process of identifying and deregistering inactive LLP firms. In LLPs, partners can’t be held liable for another’s misconduct or negligence.
- Infosys has signed a five-year agreement with Indiana-based Purdue University to provide classes and training for approx.10,000 American employees that Infosys proposed to hire over the next two years. Of the total American employees the company planned to hire, 2000 will be based out of Indiana. Infosys had earlier announced to hire 10,000 local Americans for its centres in US.
- The insolvency regulator has brought in a special provision to protect homebuyers of beleaguered real estate companies such as Jaypee Infratech and Amrapali. IBBI has said that the owner of undelivered properties can become part of the committee of creditors and stake a claim equivalent to the amount they have paid to realtors. Their claims would be treated on par with claims of other financial and operational creditors.
- Volkswagen has submitted a road map to NGT to recall 323,700 vehicles fitted with a ‘defeat device’ meant to fudge emission tests in India. The Company is in the process of recalling several million cars across the globe.
- As per the airline industry, one year notice period for pilots is a disaster. New airlines have termed this as an attempt by the entrenched airlines to create hurdles in their growth plans. Vistara, AirAsia India will struggle to find experienced hands at their cabin.
- Tata Global Beverages has entered ready-to-drink (RTD) segment with a green tea-based drink. RTD tea market in India is pegged at Rs 140 cr, with a 9-10% annual growth rate.
- Infosys co-founder N.R. Narayana Murthy has sent a mail to advisers that at least three independent directors have been complaining about CEO Vishal Sikka that he is more of a CTO material than the CEO. He also went on to criticize the Board for failing to uphold company’s famed governance standards and not creating “checks and balances required in any well-run company”.
- In response to Tata Group’s decision to snap all ties with Shapoorji Pallonji (SP) Group, the SP Group has said that such a decision is detrimental, not to the SP Group, but to the interests of the Tatas as it gives more business to the Tata group of companies than it gets from them.
- Renewable energy company ReNew Power Ventures Pvt. Ltd has raised around $50 million in debt from Yes Bank Ltd to refinance the debt of one of its wind power projects.
- Techstars, a US based global start-up incubator network, is set to make its debut in India and launch new start-up programmes over the coming weeks and months to tap the country’s growing start-up ecosystem. It has entered into a JV with ANSR Consulting, a Bengaluru-based start-up having Accel Partners and Infosys as investors.
- Ola has hired Harish Abhichandani as CFO and Ganesh Subramanian as VP – HR. Abhichandani was working as CFO at eKart, the logistics arm of Flipkart. Subramanian was with Unilever as HR Director – Enterprise and Technology Solutions for around three years.
*News as published in Business Standard, Live Mint and Economic Times.