Here are the India Business News Headlines as on 7th September 2017:
- Ahead of the festive season, Amazon India has plans to open 45 offline kiosks or ‘Seller Cafés’ in 20 cities, mostly in tier-II and III cities. This will also bring them more sellers and help its existing seller base with various issues they are facing. As of now, Amazon India has about 225,000 vendors and selling over 160 million products on its platform.
- Government has decided to bar around 300,000 directors of companies that have defaulted on statutory compliance from serving on the boards of other firms to improve corporate governance and check financial irregularities done through shell companies. Ministry of corporate affairs has also decided to track down beneficial owners of suspected shell companies and take penal action against those who divert funds from companies that are struck off the records of RoC.
- ITC has filed a defamation suit against proxy advisory firm IiAS at the Calcutta High Court claiming about Rs 1,000-crore for making ‘defamatory’ statements against the company and its directors for publishing two false reports on its website in July 2017 just before the AGM of ITC.
- Trai has not yet been able to convince Apple to allow DND app on its platform. The discussions which are going on for over a year now have not yielded any result.
- To meet its planned growth plans, Amazon India is working on to increase its office space by more than double across Bengaluru, Hyderabad, Pune and Chennai.
- Ibibo founder Ashish Kashyap has resigned from MakeMyTrip as President. He had joined MakeMyTrip after the merger of the two MakeMyTrip and Ibibo about 10 months ago. Issues related to integration and different working styles are said to be the main reasons for his resignation.
- Sequoia Capital-backed Prataap Snacks, which sells potato chips and other spicy savouries under the brand Yellow Diamond, has raised Rs50 crore in a pre-IPO round from Malabar Investments.
- CreditVidya, a fin-tech start-up using traditional and alternative data sources to provide customer profiling, has raised $5 million in series-B round of funding from Matrix Partners. Funds will be used to add more fraud verification services and risk assessment means to its existing big data underwriting platform.