India business news headlines 25th January 2019
The government may offer an additional 50% stake in Gujarat State Petroleum Corp. to Adani Group after Indian Oil decided to opt out of the race. Adani group currently holds a 25% stake in the company so this will give Adanis’ a controlling stake in Mundra LNG terminal.
Tata Motors has indicated to stop production and sales of Tata Nano would from April 2020.
InterGlobe has appointed M. Damodaran, former Sebi chairman, as chairman of the company’s board. His appointment comes two months after the death of M.D. Mallya previous chairman.
InterGlobe has also appointed Ronojoy Dutta as the CEO. Dutta was President of United Airlines as also an advisor to the restructuring of Air Canada and US Airways.
Videocon case – CBI has booked Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot for criminal conspiracy and cheating.
Yes Bank has named Ravneet Singh Gill as the new MD & CEO succeeding Rana Kapoor. Gill is currently chief of India operations of Deutsche Bank.
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Reliance Entertainment has elevated Shibasish Sarkar as group CEO. Sarkar joined Reliance Entertainment in 2007 as CFO and pushed JV business model with Bollywood filmmakers.
US govt is said to have shown its concern on the revised e-comm norms as this may affect Indian investment plans of Amazon and Walmart.
After Trai’s show-cause notice, Tata Sky has agreed to follow the new broadcast tariff rules and is said to have initiated the process.
Sebi has banned Reliable Multi Managerial Services and its Directors from trading for four years and has ordered to refund Rs.477 Crores to investors within the next three months.
NCLT has rejected EPFO’s petition to allow higher priority to clear PF dues of employees of companies facing insolvency proceedings.
Co-founders of Mindtree are trying to increase their stake to avoid a possible takeover by the buyer of VG Siddhartha’s 21% stake.
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Vijay Shekhar, Paytm founder, has denied that the company is planning to sell its online marketplace.
DIPP has called for a round table meeting on Feb.4 to discuss concerns on angel fund taxation. The meeting will include representatives of startups, angel investors, income tax deptt and DIPP along with revenue secretary.
WhatsApp has claimed that it has around 5 million users on its business platform within a year of launch.
News credit: Livemint, Economic Times, Business Standard