India business news headlines 29th January 2019
Trai is likely to take a decision on whether to bring OTT services under the regulatory ambit by the end of this month. It plans to organise an open house discussion on the matter.
Millions of mobile wallets may become invalid by the end of Feb.19 due to non-compliance of KYC. E-wallet firms are finding it difficult to do KYC after government’s ban on the use of Aadhaar for KYC.
Sebi has slapped a fine of over Rs.13 Crores on five entities of Gujarat Arth Ltd. for manipulative trading and violating insider trading provisions.
Vedanta shall invest Rs.8500 Crores in South Africa to expand its mining and allied operations.
Tata Steel has sold 70% stake of its Southeast Asian operations to HBIS Group of China for $327 million.
To resolve high-value nine insolvency cases including Essar Steel, Jaypee Infratech, the government has set the deadline of March end.
The four founders of Mindtree are working on plans to stall takeover of the firm. They are said to be working on plans to buy-back shares of VG Siddhartha.
Ajit Dayal and three other former Tata Group executives along with Quantum Advisors have floated a $1-billion PE fund. The fund shall invest only in publicly listed companies promoting environment and ESG values.
RBI has asked all registered P2P lenders to submit details of their financial profiles, exposure to participants and financial health within two weeks.
Paytm Mall is restructuring its top and middle-level management teams to focus on B2B and offline-to-online consumer businesses. Reports have been coming that Paytm is looking to either scale down or completely exit its consumer-facing business.
Reid & Taylor – NCLT has refused access of forensic audit copy to Kasliwals. KPMG audit had found that the promoters Nitin Kasliwal and family had transferred Rs.3,524 crore from Reid & Taylor between Oct 2014 and Apr 2018. NCLT hearing is on Feb. 19.
Fortis case – Supreme Court has sought a response from Fortis Healthcare on the plea of Daiichi seeking a restraining order on transfer of Rs.4,000 crore Fortis received from IHH Healthcare to RHT Health Trust, Singapore.
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News credit: Livemint, Economic Times, Business Standard