Read India business news headlines 12th September 2018:
– Niti Aayog chief executive Amitabh Kant has asked to increase limits on loans granted through OTB based KYC verification from 60000 currently to 3.5 Lakhs.
– Lightbox Ventures has raised $178 million for its third fund and is hoping to close at $200 million by the end of the year. It has invested in startups like Furlenco, Faasos, Embibe and Droom from the previous two funds. The new fund is Lightbox’s largest till date.
– Malvinder and Shivinder Singh will now fight separately in the case filed by Daiichi Sankyo to enforce the ₹ 3,500 crore arbitration award against them. Last week, Shivinder had disassociated himself from business dealings of Malvinder.
– Insolvency and Bankruptcy Board of India is in the process of putting in place the norms on group insolvency. It is also working on a framework for cross-border insolvency cases. But no timeframe for completion has been given till date.
– Essar steel update – Supreme Court shall hear today Arcelor’s plea for seeking an extension of time for payment of Rs 7,000 crore to make it eligible for bidding in Essar Steel.
– Samsung has opened its biggest mobile store in the world in Bengaluru in an area of around 33,000 square foot to extend its lead over Apple who doesn’t have any flagship stores in India till now.
– Blaupunkt, the German consumer electronics maker will invest around $300 million in the television business in India over the next 3 to 5 years along with its India partner Trigur Electronics. Currently, Blaupunkt TVs are available in Australia, New Zealand, Europe, Israel and Africa. In India, their products will be sold exclusively on Flipkart.
– To improve loan recoveries, the government has asked state-run banks to explore setting up a common e-auction platform for selling confiscated properties. It has also asked banks to raise minimum loan limit for filing of cases in debt recovery tribunals to Rs 20 lakh from Rs 10 lakh currently.
– Reliance Jio will use Hughes satellite for providing 4G services to connect around 400 rural and remote areas. It has claimed that JioPhones have 80% market share in sub ₹1,500 mobile phone segment.
– FreshMenu has been alleged to have kept under wraps a data breach in 2016 of around 1.10 Lakh users. The revelation was made by HaveIBeenPwned.com, the data breach tracker. The company has not yet released any official statement on the issue.
– Supreme Court has granted interim relief to stressed power firms asking lenders to maintain a status quo on RBI’s circular for banks to resolve these cases within 180 days; the exposure is above ₹ 2,000 crore. No new petition can be filed and the ones already filed cannot move further.