Read the latest India business news 14th November 2018:
– Binny Bansal abruptly resigned from Flipkart reportedly after an independent investigation in the allegations of personal misconduct in 2016. Binny Bansal has strongly denied the allegations.
– Walmart has decided to put Myntra and Jabong under Flipkart. Heads of both the companies will now report to Kalyan Krishnamurthy. However, Walmart is still evaluating if Myntra is sufficiently different to continue as an independent company.
– True North will acquire 75% stake of Shree Digvijay Cement from Brazil’s Votorantim Cimentos for Rs.83 Crores. This will be the third acquisition of True North in the construction space after RDC Concrete and Robo Silicon.
– Promoters of Apollo Tyres Onkar S. Kanwar and his son Neeraj Kanwar have agreed to a 30% pay cut for the current fiscal year. During the AGM on 12 September, minority shareholders had rejected Neeraj Kanwar’s reappointment as MD due to high salary amid moderating financial performance.
– Zee Entertainment has decided to divest 50% of Essel Group’s shareholding in the company and is looking for a global strategic partner.
– Jet Airways is planning to sell its six Boeing 777 planes to clear most of its aircraft-related debt of around Rs.1,800 crore.
– Vijaya Bank, Bank of Baroda and Dena Bank have set 15th December deadline to decide on the share swap ratio.
– Vinod Dasari of Ashok Leyland has stepped down as CEO after a 14-year stint. Dheeraj Hinduja will take over as Executive Chairman with immediate effect.
– Supreme Court has attached Amrapali group’s 100-bed multi-specialty hospital, bank accounts, the building which houses its office, certain firms and a “benami” Villa in Goa.
– Amazon.com Inc has selected New York City and Northern Virginia as company’s second and third headquarters.
– NCLT has asked Punj Lloyd to settle the matter with lenders before the next hearing. International Finance Corporation and ICICI Bank have filed insolvency plea against the firm to recover their dues.
– Essar Steel update – Operational creditors of Essar Steel have moved NCLT against its takeover by ArcelorMittal seeking settlement of their dues of over Rs.380 crore.
– IL&FS case – Lenders have opposed the 90-day moratorium against IL&FS. Banks have also asked NCLAT to allow them not to classify IL&FS account as NPA in case of non-payment of loans. IndusInd Bank has called off its deal to acquire IL&FS Securities Services.
– RBI will inject Rs.12,000 crore into the system through the purchase of govt securities under OMO to help ease tight liquidity situation triggered by a series of default by group firms of IL&FS.
News credit: Livemint, Economic Times, Business Standard