Here are the India Business News Headlines as on 25th August 2017:
- Nandan Nilekani has been appointed non-executive chairman of the company, marking the return of founders and ending a short-lived experiment of an independent board and a professional chief executive at Infosys. Nilekani’s return has also forced exit of Chairman R Seshasayee and former CEO Vishal Sikka, who quit along with two other independent board members — Jeffrey Lehman and John Etchemendy. Ravi Venkatesan, co-chairman, remains an independent director.
- McLeod Russel, the world’s largest tea producer, has sold one of its loss making gardens in the Dooars area in West Bengal, the first in the company’s history, to reduce the firm’s debt burden. The loss-making Bhatpara Tea Estate, which churns around Rs 15.53 crore annually was sold to Voom Food Industries, part of the Siliguri-based Chandanbari Tea Group for about Rs. 13.21 crore.
- Sebi has written to LinkedIn Corp. asking if its social networking service provides a platform for people or start-ups to raise money publicly in violation of the Companies Act. LinkedIn has said it is not involved in any activities related to securities markets. Under existing private placement norms of the Companies Act, no entity can raise investments from more than 200 investors without making a public issue of the securities offered in lieu of such investments and listing such securities on a recognized stock exchange.
- The civil aviation ministry has relaxed the norms for its flagship regional flying scheme UDAN to allow for greater connectivity. The relaxations include dilution of exclusivity clause mandating that only one airline may fly on one route in the initial years and restricted of two airports in close proximity from participating in the bidding.
- Jio Phone pre-booking rush crashed Reliance Jio website within half an hour from the start of booking.
- Just Buy Live, an online distribution platform connecting brands with retailers and small and medium enterprises, has raised a Series-B round of $100 million from Ali Cloud Investments, a Dubai-based boutique investment firm. The money will be used mostly for expansion into international markets that have high SME density and fragmented distribution as well as consolidating and growing the existing Indian operations.
- Tiger Global is in advanced talks to lead $10-15 million round of funding in its portfolio company, InShorts, a news media startup.
*News as published in Business Standard, Live Mint and Economic Times.