India business news headlines 6th March 2019

India business news headlines 6th March 2019

  • Icra has downgraded the rating of Reliance Capital to A1 due to delay in monetizing non-core investments.
  • Jio Internet and Jio TV are seeking to raise Rs.2,000 crores each via rights issues for general corporate purpose.
  • Jet Airways has pledged its FDs of ₹1,500 crores from various banks to SBI for borrowing ₹225 crores.

India business news headlines 6th March 2019

  • Jet Airways has assured its staff to resolve salary payment issues within the next 30 days. Around 43 aircraft of Jet Airways are reportedly grounded for various reasons.
  • ICICI-Videocon case: MCA has found 25 violations of the Companies Act by Videocon Industries and NuPower Renewables. Chanda Kochhar was part of the panel that approved Videocon loans, which in turn funded NuPower.

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  • Former IL&FS heads Ravi Parthasarathy and Hari Sankaran, two subsidiaries and 18 others are being probed by ED for alleged siphoning off approx. Rs.10000 Crores from IL&FS books.
  • Spotify has reportedly hit 1 million user base in India within just a few days of its launch.
  • UB group has opposed the plea of a consortium of banks, led by SBI, to sell properties of Vijay Mallya as the claim for restoration can only be considered during the trial of the case.
  • Uber has appointed Manisha Lath Gupta as Head of India Marketing. She will take over from Sanjay Gupta who will move to Uber Canada and the US in a new role.
  • Canadian fund manager CDPQ will invest Rs.1800 Crores in an NBFC company of Edelweiss group.
  • Internet activists are concerned on rising instances of websites being blocked by ISPs and the government allegedly without citing any reason. 2799 urls were reported to be blocked in 2018 by Ministry of Electronics and IT on account of hosting malicious content.
  • SoftBank has completed its investment commitment of $350 million in Delivery.
  • The World Bank will provide a loan of $250 million for National Rural Economic Transformation Project to help women in rural households.
  • DCGI has issued a show-cause notice to J&J for advertising that the baby powder is pure and gentle, based on a govt test report which mentioned that the product is of “standard quality”.

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