Latest India Business News 10th June 2019
- Pioneering Ventures, a Zurich and India-based agri-food investor, has launched a $70 million PE fund to offer growth capital to five companies incubated by it in India. These companies are India’s largest exporter of bananas.
- As per a report by TRA Research, “Brand Trust Report 2019”, Amazon is the most trusted among the Internet brands in India followed by Google and Facebook.
- Akatsuki Entertainment Technology Fund, a Japanese VC fund, is planning five more early-stage investments in the vernacular segment in India with an average ticket size of $500,000. The fund has made 10 early-stage investments in India in startups such as Doubtnut, Planet Superheroes, LBB, and Mech Mocha. The fund has a corpus of $50 million for investments in India and the US.
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- Commerce and Industry Minister Piyush Goyal has said in a meeting of G20 trade ministers that India is not ready for global rules on e-comm till issues around data flow and welfare of the poor are addressed.
- Margento, a Netherland based firm, has filed its objection to block patent applications of data-over-voice filed by ToneTag, a Bengaluru based startup. The patents relate to the contactless mobile payment solutions.
- Dewan Housing has said that it is confident to honor its repayment obligation by 13th June. Out of Rs.961.95 Crores due, it has already paid Rs.276.05 Crores.
- The government may soon start charging tax on withdrawal of more than Rs.10 Lakh cash in a year. It may also make Aadhaar authentication mandatory for all high-value cash withdrawals to track individuals and tally tax returns.
- Sebi is planning to tougher norms for debt instruments issued by companies with promoters’ shares as collateral.
- Todd Combs, one of the top executives of Berkshire Hathways, may join the Board of Paytm soon.
- Two Jet airways suppliers, Shaman Wheels and Gaggar Enterprises, have approached NCLT to file bankruptcy proceedings against the airline.
- The government-appointed board of IL&FS is likely to file contempt proceedings against nine large banks including SBI, BoB, PNB, etc.for unauthorized withdrawals of around Rs.800 crore during the moratorium period and may seek refunds.
- The restaurant industry body has written to the Government to get the option to choose higher GST than the current one with the right to claim refund of input credit. The current rate of GST is 5 percent.
- Google is looking to expand its Marketing team to increase the number of enterprises on its cloud platform.
- As part of its monetization strategy, TikTok is planning to grow its content creator base in India. It has launched a campaign #MyTikTokStory to encourage more Indians to create their short videos on various topics.