Read the latest India business news 23rd November 2018:
– As per a Red Seer report called ‘Festive Sale Month Performance’ around 24 million people shopped online during the one-month 2018 festive season. Mobile phones and electronics goods contributed to 80% of the total gross merchandise value.
– The government has now authorized CEOs of PSBs to make a request for issuance of look-out circulars against wilful defaulters and fraudsters to stop them from fleeing the country.
– IT department shall scan the accounts of restaurants to ensure that service charges, if not being passed on to the employees, are taxed as income. The move comes after the ministry of consumer affairs flagged its concerns.
– NBFCs have recorded fivefold growth in loan sanctions in fy 17-18 from the previous year. They sanctioned over Rs.27,000 Crores of loans against their target of Rs.9050 Crore.
– Sebi has released new rules for re-classification of a promoter as a public investor. An outgoing promoter will have to relinquish special rights and control over affairs of the listed firm. He will not be allowed to hold over 10% stake or have any representation on the board of directors or act as a key managerial person in the listed entity.
– Sebi has levied a penalty of Rs 6.5 million on Apollo Tyres for violation of buy-back regulations in a matter pertaining to 2003.
– To stop dilution of brand equity, companies are taking steps to stop sale of their products online at deep discounted prices by making direct selling arrangements with the online marketplaces.
– MagicPin, a discovery and rewards platform, has raised $20 Million in the latest funding round led by LightSpeed Ventures. The latest round has valued the firm at $100 million.
– Ranjan Mathai has become the second independent Director of Jet Airways to quit the board of Jet Airways in the last few days.
– Uber Eats has appointed Alia Bhatt as its brand ambassador in India.
– Binny Bansal filed a police complaint against the woman whose allegations led to his sudden ouster from Flipkart but later withdrew it after she apologized for making these allegations to Walmart.
– Vijay Mallya case – Bombay high court has dismissed Vijay Mallya’s plea seeking a stay on the ED’s request to declare him a fugitive economic offender.
News credit: Livemint, Economic Times, Business Standard