India Business News Headlines 23rd March 2018

India business news headlines 23rd March 2018

Here are the India Business News Headlines 23rd March 2018:

 

  • Rajya Sabha has approved Payment of Gratuity (Amendment) Bill, 2018 to enable the government to raise limit of tax-free gratuity for private and public sector employees from existing Rs.10 Lakh to Rs.20 Lakhs and to fix the period of maternity leave qualifying as continuous service period.
  • After PNB, SBI, now Union Bank of India has been hit by the bank fraud. CBI has registered a bank fraud case against Hyderabad-based Totem Infrastructure, its promoters and Directors for Rs.1,394.43 crore. Total outstanding dues from the company are Rs1,394.43 crore and the account became NPA on 30 June 2012.
  • Government’s ambitious health insurance programme, Modicare, got an allocation of Rs10,000 Crore and will be fully functional by October 2018. The program is aimed to provide health insurance to approx. 40% Indians from the premium paid by the government.
  • After the news of Facebook users data being accessed without their consent broke, Indian Government is planning to come up with a long-term strategy to secure data on Indians, focussing more on the people using social media. The draft data protection framework is expected to be released soon by the IT ministry.
  • Binani Cement update : Braj Binani group has asked the Kolkata bench of NCLT to suspend the ongoing resolution process of Binani Cement. After lenders chose Dalmia Bharat to take over Binani Cement, its parent Binani Industries has entered into an agreement with UltraTech Cement to sell 98.43% stake on termination of the resolution process.

 

  • Two top Axis Bank executives, Sidharth Rath – Banking Head and V. Srinivasan – Dy. MD have resigned. In the recent past, there has been a drastic fall in Corporate loans from the bank.
  • Blue Star has said that it will abandon its yet-to-be-built factory for manufacturing room air-conditioners in J&K if it does not receive tax breaks committed earlier by the administration. Blue Star took land on lease in Jammu in 2016 after being told that even after the implementation of the GST, tax concessions will continue in some form.
  • Kottaram Agro Foods, a packaged foods start-up selling its products under the brand ‘Soulfull’, has raised Rs35 crore from Aavishkaar Bharat Fund. Kottaram Agro Foods works with state governments and research institutions catering to the increasing number of Indians shifting to more healthy lifestyles.
  • Oyo Rooms is said to be in early talks with existing investors led by SoftBank and two new investors for fresh funding of $500-800 million for national and international expansion.
  • Kumar Mangalam Birla will lead Vodafone-Idea combine’s leadership team. Vodafone India COO Balesh Sharma will be the CEO of Vodafone-Idea combine, while Idea’s Akshaya Moondra has been named as CFO and Ambrish Jain as COO of the new entity.

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