India business news headlines 18th March 2019

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India business news headlines 18th March 2019

Central Vigilance Commission has pointed out several irregularities in transactions involving the sale of NPA loan accounts by banks. It has also asked the government to initiate action against the executives involved.
L&T is set to launch a hostile bid to acquire Mindtree. It will buy out shares of VG Siddhartha and may also send an open offer to public shareholders by today evening.
India business news headlines 18th March 2019
Co-founder of Mindtree, Subroto Bagchi has resigned as Head of Odisha Skill Dev Authority to save Mindtree from being taken over by L&T.
Jet Airways has cancelled all its flights to and from Abu Dhabi. Abu Dhabi is the base to Etihad which holds 24 percent stake in Jet Airways and from which Jet has been requesting the release of funds.
Food safety section of Uttarakhand Health Department has served notices to Zomato and Swiggy for delivering non-veg food in restricted areas in Haridwar.
Warburg Pincus Group has entered into a definitive agreement with Wadhawan Global and Dewan Housing to acquire around 80 percent stake of Avanse Financial Services.
Sebi has slapped a fine of over Rs.10 Crores on Sybly Industries for manipulation of Global Depository Receipts amounting to USD 6.99 million in Luxembourg Stock Exchange in June 2008.
BSNL will approach NLCT to recover dues of around Rs.700 Crores from Reliance Communications.
RBI is not in favour of changing the name of IDBI Bank. The Board of IDBI Bank had proposed last month for a change of name after its takeover by LIC.
Shaktikanta Das, the RBI Governor will hold discussions with the representatives of trade bodies and rating agencies on steps to boost economic activities and the interest rate on 26th March.
DeHaat, an agritech startup, has raised Rs.30 Crore in a funding round led by Omnivore. DeHaat offers agri services to farmers and is reportedly currently working with around 56000 farmers.
Binny Bansal is reportedly considering shifting base to Singapore to take a deeper role in the startup world.
GooglePay is now looking to get the customers of offline Kirana stores by bringing these small kirana stores online.
Xiaomi has infused Rs.3500 Crores in its India entity. The funds will be used to enter into white goods such as Laptops and washing machines.

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