India Business News Headlines 1st December 2017 –

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Here are the India Business News Headlines 1st December 2017:

  • PM Narendra Modi has indicated broadening the scope of Aadhaar to crack down on benami properties. It is being reported that the government may not just insist on linking Aadhaar with the registration of new properties but even existing properties may have to be re-registered.
  • 31 lenders, both domestic and foreign banks, to Rel Com have decided to oppose China Development Bank’s insolvency petition against the firm. Rel Com, with a total debt of Rs44,345 crore at the end of fiscal 2016-17, owes close to $2 billion in syndicated loans to China Development Bank.
  • Income Tax officials are using ‘80:20 rule’ to spare small taxpayers and going after the big fish. ‘80:20 rule’ helps to ease compliance burden of small taxpayers and allows tax officials to make quality assessments of large taxpayers.
  • Competition Commission of India has imposed a penalty of Rs.50 lakh each on Monsanto Co. and three of its units for failing to comply with an ongoing probe against its officials.  CCI had ordered a detailed probe in 2016 against Monsanto based on prima facie evidence of violating competition norms.
  • Special Opportunities Fund of Asset management firm India Infoline Finance Ltd’s has acquired a minority stake worth Rs.330 crore in mobile game developer and distributor Nazara Technologies. Indian gaming industry is expected to touch $801 million by 2022 from $543.08 million in 2016.
  • AEON Learning Pvt. Ltd, parent company of education technology platform Avagmah, has bought Bengaluru-based education start-up Acadgild for $10 million in an all-stock deal. Avagmah is focused on online degrees and skill development programs and claims to have 22,000 students across 66 countries.
  • John Chambers, executive chairman of Cisco Inc. has picked up 10% stake in speech recognition solutions company Uniphore Software Systems in his personal capacity. Uniphore made it to the list of winners in the 2016 India edition of “Innovators Under 35”.
  • As per indications, compliance norms may be eased for companies facing insolvency. A panel comprising members of Sebi and IBBI has recommended not suspending trading in shares of listed companies undergoing insolvency resolution.
  • NCLT has ordered a status quo on converting Tata Sons Ltd from public to a private company till 16 January. It was hearing an amended petition filed by Cyrus Mistry family firms alleging oppression of minority shareholders and mismanagement at Tata Sons.
  • Walmart Foundation has announced nearly$2 million grant to non-profit consulting firm, Agribusiness Systems International to help small farmers in India diversify markets for their produce. Funding is aimed at providing financial support for implementation of Farmer Market Readiness Project in Andhra Pradesh.
  • Piramal Enterprises has acquired Digeplex and its associated brands from Shreya Lifesciences for an undisclosed sum to expand its consumer products business. The acquisition will help the company expand its gastro-intestinal product portfolio.
  • Microsoft is likely to offer the highest pay package to IIT students in the final placement rounds starting from today. Uber and Samsung Korea are among other companies offering international roles to lure the best of the lot.
  • Niti Aayog is setting up a cell focussed on offering financial support and mentorship to women entrepreneurs. The cell would be headed by Anna Roy and will offer financial support through Rs.10000 Crore fund of Funds and Mudra scheme.
  • Telangana Government has announced setting up of India’s first government backed venture fund to support women startups. The fund will have an initial corpus of Rs.15 Crore.
  • Media startup ScoopWhoop, backed by Kalaari Capital, has laid off around 20 employees while it had stopped hiring in May this year for news media coverage.

*News as published in Business Standard, Live Mint and Economic Times.
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