India business news headlines weekly roundup 15th to 19th July
Here is India business news headlines weekly roundup 15th to 19th July. News on Corporates, policies, budget, start-up world, funds, funding.
- NCLT has allowed the government to prosecute Deloitte, BSR Associates and 21 other entities for their failure in not detecting and reporting the scams in IL&FS Group after a finding of the probe was conducted by the SFIO (Serious Fraud Investigation Office).
- Ikea, a Swedish furniture chain is planning to launch an online shopping service in Mumbai before opening physical stores.
- Reliance Communications was asked to compensate for Rs 12.2 lakh bank fraud after issuing a duplicate SIM card.
- Amazon is changing its terms of services in India to resolve the German anti-trust authority which will also strengthen seller rights.
- The used car market has hit 4.8 million units with $90 billion rises in the 2018-19FY.
- The government has asked Tiktok to respond to questions regarding unlawful usage by children to the carriage of content which is anti-national.
- The E-commerce platform, ShopClues has laid off nearly 200 employees while they were struggling to rein in costs in the competitive online shopping segment.
- Promoters of India’s largest hospital chain, Apollo Hospitals Enterprises Ltd have raised nearly Rs 1000 crores from the Credit Suisse to meet with the near-term debt repayment obligations of the promoters group.
- Sebi has proposed strict norms to tighten the audit processing and to curb abrupt resignations for listed companies.
There’s more in India business news headlines weekly roundup 15th to 19th July
- The L&T CEO, S N Subramanian and said that Mindtree will continue to run as an independent entity and will operate distinctly from the other tech entities.
- Monthly wagers of North Bengal Tea estates have threatened to go on strike if their demands for a salary hike and arrears of payments are not met immediately.
- A majority of large enterprises have said that they are leading by implementing L&D programs, especially for women.
- A group of homebuyers approached the Supreme Court to challenge the NCLAT against the violation of the Insolvency and Bankruptcy Code after their order being passed on the 2nd of July.
- Paytm Mall is expanding its Paytm Mall World Store that will make international brands available to Indian buyers from the US, Spain and other countries.
- As saturation grows hits the internet market of China, they are now looking to plan a replica of ByteDance in India.
- Indus is planning to host charging units all across its vast networks of telecom towers for Electric Vehicles to charge.
- A woman on twitter pointed out the plastic bottles at the boardroom meeting in a picture from the chairman of Mahindra Group, Anand Mahindra. He now plans to ban plastic bottles from corporate boardrooms.
There’s more in India business news headlines weekly roundup
- RBI has imposed a penalty of Rs.7 crores on SBI for non-compliance with various RBI issued regulatory guidelines.
- Greaves Cotton has increased its stake in EVs maker Ampere Vehicles to 81.23%.
- JSW Steel has told NCLT that despite reports of alleged fraud by former promoters, it is not backing out from the ongoing resolution process of Bhushan Power & Steel.
- Sebi issued 47 warning letters to MF house in fy 18-19.
- India and Australia have finalized a new vet health protocol for sheep export to India to boost the textile industry and fine wool sector.
- DGCA took 20 pilots off duty during July 2019 after a series of incidents. The pilots have been barred from flying for 3-6 months.
- Dewan Housing has reportedly warned that it may not survive as the company is undergoing substantial financial stress.
- Federal authorities reportedly arrested Dinesh Maheshwari, ED & CFO of the Future Group on alleged customs fraud charges of more than $2 million in unpaid customs duties on garment imports.
- The government reportedly wants ONGC to sell its golf courses in Ahmedabad and Vadodara. One of them has two producing oil wells. Department of Investment and Public Asset Management has deemed golf courses and sports clubs owned by CPSE as ‘non-core’ assets and wants to monetize them.
- Trai is reportedly not in a position to modify its previously recommended penalty on Vodafone, Idea, and Airtel due to the provisions of the Trai Act.
- RBI will come out with a mobile app that will help visually challenged people to identify currency notes.
- DPIIT will soon float draft national retail policy to seek stakeholders’ views.
- Canada’s Public Sector Pension Investment Board is joining Abu Dhabi Investment Authority to buy a stake of around 49 percent in GVK Airport Holdings for around Rs.6000 Crores.
- Bengaluru and Delhi courier terminals have stopped clearing parcels being received as ‘gifts’. Mumbai customs had also taken a similar action around six months back.
- Some of the top consumer companies are reportedly advertising on WhatsApp through GIFs and stickers.
Start-up world, funds, funding and investments
- The government has been forced to infuse funds after PM Modi’s PSU banks reported a loss of 1, 64,474 crores in the financial year 2016-19.
- Dewan Housing needs around Rs.2, 500-3,000 crores of fresh equity investments to sustain its operations.
- National Investment and Infrastructure Fund is reportedly considering to invest $100 million in the third fund of Multiples Alternate Asset Management, which is targeting to raise around $900 Million.
- Abu Dhabi Capital Group has invested $10 Million in Grofers.
- Swiggy is reportedly in talks with South Korean funds to raise up to $500 million.
- Unicorn India Ventures has launched its third VC fund of Rs.400 crores to back companies at pre-Series and Series a stage of funding. The fund has received commitments worth Rs.50 crores till now and aims to invest exclusively in B2B tech startups.
- Shriram Transport Finance is looking to raise around Rs.10, 000 crores NCDs.
- Aditya Birla Fashion has acquired a 51 percent stake in Finesse International Design that retails clothing under the brand ‘Shantanu and Nikhil’ for Rs.60 crores.
- Unicorn India Ventures will launch an equity fund of Rs.400 Crores to invest in early-stage startups, majorly in health-tech, robotics, gaming, and fintech sectors.
- Koovs, the online E-commerce shopping store has reported an increase of 8.6% in their revenue to almost Rs 59 crores in the financial year 2018-19. Their total comprehensive loss widened to Rs 137.9 crores from Rs 134.27 crores in the previous FY.
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- Cleartrip has appointed Rajiv Thondanoor as its chief product officer. Rajiv was previously with Ola as VP (product).
- In the last AGM of Wipro, the chairman, Azim Premji announced his retirement after working for almost 5 decades. He will be passing on the baton to his son at the end of July 2019.
- Jet Airways out of 16,643 of their claims have admitted to 33 of them which is worth Rs 8,462 crores from its financial creditors.
- Air India has a debt of around Rs.60000 crores and will not be able to pay salaries to its employees after October 2019 which is why the Government is making a second attempt to sell it off.
- The Government is planning to launch a portal to find jobs for the Jet Airways staff that is now unemployed.
- As per reports, IndiGo’s decision to drop P&W in favor of CFM International for a $20 billion jet engine contract was driven more by commercial considerations than performance or technical criteria.
- IndiGo reportedly secured a credit facility of around Rs.2, 577.75 crores since April to meet its working capital requirements.
- Justifying wider powers with him to run IndiGo, Rahul Bhatia has claimed that he bore most of the financial risk to grow the airline and that Rakesh Gangwal invested less than Rs.15 crores.
- DGCA has sent show-cause notices to SpiceJet and IndiGo over safety concerns.
- Amit Shah will head a reconstituted group of ministers on Air India disinvestment after Nitin Gadkari, the Road Transport Minister was dropped from the panel.
- Bhushan Power update – After PNB, now Allahabad Bank has reported fraud of over Rs.1774 Crores.