Here are the India Business News Headlines 20th Feb 2018:
- Star India, which holds media rights of IPL, have also won the audio-visual production rights of BCCI’s domestic circuit for the 2018-19 season. Deal amount has not been disclosed yet.
- Walmart-Flipkart stake deal may include a proposal to open a retail chain in India. Walmart has been wanting to buy more than 30% stake in Flipkart, but due to objections raised by SoftBank which holds 20.8%, it may end up getting only 20%.
- Serious Fraud Investigation Office (SFIO), which mainly probes white collar crimes, will be probing the alleged financial irregularities at Fortis Healthcare and Religare Enterprises.
- CBI has filed a FIR against Vikram Kothari, promoter of Rotomac Pens, for allegedly defaulting on loans worth Rs3,695 crore to seven nationalized banks. Rotomac allegedly cheated a consortium of seven banks by siphoning off bank loans of Rs2,919 crore; after adding interest, the amount comes to Rs3,695 crore.
- CFO, VP and a board member of Gitanjali Gems have quit their jobs. Geetanjali Gems is embroiled in the Rs.11,400 crore PNB.
- PNB fraud : The government has ordered Serious Fraud Investigation Office (SFIO) to probe over 50 firms linked to Nirav Modi and Mehul Choksi. SFIO will also check three complaints received in 2015 and 2016, to establish the extent of fraud. These firms are different from the 200 shell firms and benami assets being probed by the income tax department and ED. SFIO is the sixth agency to investigate the PNB scam. RBI, Sebi, ED, Institute of Chartered Accountants of India and Chief Vigilance Commission are already conducting their own investigations.
- Two senior executives of Myntra – Ambarish Kenghe, CPO and Naresh Krishnaswamy, CRO have quit the firm. The sudden departure has come at a time when Myntra is focusing on profitability and increasing exposure in offline retail.
*News as published in Business Standard, Live Mint and Economic Times.