Read latest India business news headlines 11th June 2018:
– The merged entity of Vodafone and Idea is proposed to operate as Vodafone Idea Ltd. The new entity has announced the appointment of nine executives, each from their team as circle heads.
– The government has launched a fresh drive against the companies defaulting to file the statutory returns. Under such drive, 225,000 companies and 7,000 LLPs are under the threat of being struck off.
– On firm’s request, NCLT has extended Ruchi Soya for the resolution process by 90 days.
– SEBI and stock exchanges will put additional surveillance in place for the companies going through Insolvency Resolution Process.
– NCLT has restrained Jignesh Shah and nine others from holding directorship in 63 Moons Technologies or in any other company. Shah is among those alleged to have been involved in the Rs5,600-crore payment crisis at the National Spot Exchange.
– West Bengal government has secured registration of the Biswa Bangla Trademark. It will now adapt it for use by various departments.
– Airtel has approached the Advertising Standards Council of India against Reliance Jio for claiming in its ads that it is the ‘world’s largest mobile data network’ and ‘best network’. It has also claimed to offer ‘best postpaid offers’ and ‘best entertainment’.
– SEBI has the power to impose a penalty of maximum 25 crore on Chanda Kochhar in case she is found guilty on the Videocon Loan case, but, it cannot demand her resignation from the post of CEO of ICICI bank.
– The government in order to privatize IDBI bank, is weighing its options, including qualified institutional placement, to bring down its stake in IDBI Bank.
– PNB case update- ‘Financial Times’ report says that Nirav Modi is in London trying to claim political asylum.
– Aye Finance, offering loans to small businesses, has raised ₹145.2 crore in Series C round of funding led by CapitalG. The funding will be used for business operations and technology. Till date, the firm has raised more than ₹200 crore from VC firms, and an additional ₹500 crore from debt and equity funds.
*News as published in Business Standard, Live Mint and Economic Times.