Latest India Business News Headlines 13th July 2018

Read latest India business news headlines 13th July 2018:

india business news headlines 13th july 2018

  • Cipla’s subsidiary has signed an agreement to acquire Mirren of South Africa for Rs 228 crore which will help to strengthen its market position and accelerate its growth within OTC space.

 

  • Reliance Communication has alleged discrimination by DoT, which has demanded bank guarantee from them against the disputed one-time spectrum charges but approved Vodafone-Idea Cellular merger without making such a demand.

 

  • Piyush Goyal, Finance Minister, said that the new higher threshold for filing appeals in tax disputes will eliminate a lot of pending tax disputes (approx. Rs.5,600 Crores), which only clogs the judicial system but accounts for a very small part of tax dues.

 

  • NCLAT rejected the appeal of Liberty House to temporarily halt the bankruptcy resolution process of Bhushan Power and Steel Ltd.

 

  • NCLT dismissed all the allegations against Ratan Tata and Tata Sons filed by Cyrus Mistry, saying that it did not find merit in any of the issues raised.

 

  • Temasek has invested $1.5 billion in India in the first three months of the latest financial year and is expected to increase its exposure. Firm’s India portfolio stands at around $10 billion, with an average yearly investment of $1 billion in the last five years.

 

  • As a big relief to Bharti Airtel, it has received approval from the RBI and UIDAI to resume enrolment of customers for its payments bank. The penalty was imposed after RBI found that Airtel is opening accounts without any specific/clear consent from customers.

 

  • Fortis Healthcare has accepted investment offer from IHH Healthcare. IHH will invest Rs 4,000 crore in the company that operates about 30 private hospitals in India.

 

  • The official liquidator for Sahara Group’s Aamby Valley has told Supreme Court that auction process had failed as the advertisement calling bids for the property received no response.

 

  • AION Capital-JSW Steel consortium has agreed to pay small operational creditors of Monnet Ispat after NCLT observed that there is nothing for small vendors in the resolution plan. It has agreed to set aside around ₹25 crore for MSME vendors.

 

  • Twitter has started to remove all accounts locked for suspicious activities from showing in the follower counts across profiles. It has been locking fictitious accounts for bulk tweeting, posting a large number of unsolicited replies, or sharing links with misleading information for some time. Users with large follower counts may see a huge drop in the numbers.

 

  • CCI has rejected allegations made against Google in 2014 of unfair business practices on its advertising platform, saying its actions did not infringe provisions of the competition law. The complaints were filed by Vishal Gupta and Albion InfoTel, both of which are into remote technology support business.

 

  • GE Grid Solutions has commissioned the first leg of mega grid stabilization system of Power Grid Corporation. Once completed, it will be world’s largest Wide Area Monitoring System entailing monitoring and controlling of electricity supply across India.

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