Latest India Business News headlines 13th May 2019:
- Etihad Airways has said that it can invest only Rs.1700 Crores in the Jet Airways. Its bid for a minority stake in Jet is reportedly subject to fulfillment of certain conditions by airlines’ lenders and is non-binding.
- Accor Hotels group is reportedly in talks with Treebo Hotels to invest around $50 million.
- NCLAT has dismissed a plea of Ramco Systems for the initiation of insolvency proceedings against Spicejet for want of proof of debt and default. Ramco Systems had created an ‘Aviation Software Solutions’ for Spicejet in 2014.
- NCLT has dismissed a petition of ICICI Bank to begin insolvency proceedings against Era Infrastructure on the grounds that the bank was already claiming its dues of Rs.200 Crores in insolvency proceedings against EIIL’s parent company.
- Veeba Foods has entered into the child nutrition segment and has set up a facility in Rajasthan to produce health beverages for children.
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- Paytm Mall has appointed E&Y to investigate an alleged cashback fraud involving the firm’s own employees. Fake list of vendors, customers and orders were said to be created to siphon off funds.
- The Competition Commission of India has ordered an investigation into alleged abuse of the dominant position by Google of its popular Android mobile operating systems to block rivals.
- HYPE Technologies, a luxury car rental startup, is in early talks to raise around $25-30 million in funding, from VCs and car makers including BMW and Mercedes. Reportedly it had gross revenue of $400,000 in fy 18.
- After the demise of Mr.Y.C.Deveshwar, Sanjiv Puri, current MD of ITC, is likely to take over the role of the Chairman of ITC Group.
- Lenders of RCom are likely to claim their dues of around Rs.90,000 Crores. The amount is almost double what is said to be in the books of RCom.
- Hinduja brothers have been named as the wealthiest people in the UK for a third time with a net worth of 22 billion pounds.