India Business News Headlines – 6th September 2017 –

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Here are the India Business News Headlines as on 6th September 2017:

  • Sebi is planning to split roles of chairman and managing director at listed companies. The idea behind this is to prevent a potential conflict of interest due to one person playing both the roles. Sebi is also considering tougher norms for scrutiny of royalty payments by Indian arms of MNCs to their foreign parents.
  • Bank accounts of 209,032 suspected shell companies have been frozen by the government. To operate these accounts, the companies will have to get a restoration order from NCLT. The Government has also advised banks to be cautious with the companies not filing statutory returns.
  • NCLT has issued a show-cause notice to McDonald’s for not following its earlier order which stated that McDonald’s should not interfere in running of outlets given on franchise but still McDonald’s terminated the franchise licensing agreement with CPRL.
  • If IndiGo does not succeed in acquiring a stake in Air India, it may consider investing in Jet Airways. IndiGo was the first company to show interest in buying stake in Air India.
  • To augment its long term capital, HDFC is raising Rs2,000 crore by issuing bonds on private placement basis in a one day offer.
  • Though Dixon Technologies’ IPO opens today, it has raised about Rs179.79 crore by selling shares to institutional investors from anchor book allocation, which is a part of IPO that bankers can allot to institutional investors on a discretionary basis.
  • OncoStem Diagnostics, a Bengaluru-based oncology-focused start-up, has raised $6 million from Sequoia Capital India. It had earlier raised $3million from Artiman Ventures in 2011.
  • ZDream Ventures, an India-focused venture capital firm based in Beijing, has launched its start-up incubator ZDream Labs in Gurugram. The company will initially invite early-stage start-ups in content and media, education and logistics and warehousing verticals.
  • Amazon India has been working on ways to reduce losses by cutting costs and reducing discounts to meet its target to turn profitable by 2019.
  • Lendingkart is working on to raise about Rs.70 Crore to increase loan book, strengthen technology and analytics capabilities. The company has already raised $10.5m.
  • Paytm has infused another Rs.60 Crore in Paytm Payments Bank. It had earlier invested around Rs.220 Crore in the Bank.
  • Tencent, the Chinese internet giant, is in talks to invest about $30-40m in is in discussions with many investors to raise funds.

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