Read latest India business news headlines 18th May 2018 :
– With Government, all set to spend trillions of dollars on the expanding infrastructure on domestic consumption, JSW Steel and Tata Steel are planning to raise their output to meet the anticipated surge.
– Trump is now planning to put an end to the rule of allowing the spouses of H1B visa holders to work legally in the US. It would bring a devastating impact to the 70,000 H-4 visa holders, with their work permit.
– The Supreme Court has ordered for the finalisation of the Cauvery Management Scheme which will deal with the smooth distribution of water share of four riparian states of Karnataka, Tamil Nadu, Kerala and Puducherry under different circumstances like normal and deficient water years.
– PNB scam- SEBI has warned PNB against delay in making disclosure to the stock exchange pertaining to filing of reports/copies of complaints under consideration with RBI and CBI. It has further asked PNB to comply with all the provisions of SEBI (LODR) Regulations.
– Piyush Goyal, who has temporarily been given the charge of the finance ministry, has vowed to clean up the entire banking sector and quickly get it back on its feet.
– Vedanta Plant- After the Tamil Nadu Board rejected the license of Vedanta Plant for non-compliance with the local environmental laws, the plant is to remain closed at least till June 2018.
– Vedanta case- NCLAT has accepted the appeal made by Renaissance Steel against the order made by NCLT on 17th April, approving Vedanta Ltd’s Rs 5320 crore resolution plan for debt-ridden Electrosteel. Renaissance Steel contended that Vedanta was ineligible to bid under Section 29A of the Insolvency and Bankruptcy Code as one of Vedanta’s affiliates in Zambia was guilty of criminal misconduct, that is punishable with two or more years in jail.
– Bharti Airtel has urged Delhi high court to dismiss the suit of Reliance Jio against its IPL advertisements so that Bharti Airtel can resume “live and free access” to IPL 2018.
– Tata Powers is working towards reviving its 4000MW, Mundra Power Plant and has dropped the plan of selling it for a token Re1. It is negotiating with five states to allow the surplus power generated to be sold in the open market.
– Numetal made a bid of Rs 37,000 crore in the second round of auction after Essar Steel defaulted the payment of Rs 49,000 crore to the lenders.
– Sameer Maheshwary, who is currently the CFO at GE South Asia will join Zomato as CFO.
– Tata Steel is seeking loan of Rs 11,500 crore to fund its purchase of assets from Bhushan Steel.
– After the merger of GiveIndia and Letzchange, GiveIndia plans to invest about Rs 15 crore on the combined platform which will focus on the subscription-based giving and scaling crowd-funding offerings.
– Discom in MP sets up a virtual office app called “smart bijlee” which will allow the users to make payments, submit complaints and apply for a new connection, online.
– Rcom had suggested out-of-court settlement and had pled NCLT to hold the insolvency orders. The plea was further dismissed by NCLT.
– 11 state banks namely, Dena Bank, Allahabad Bank, Central Bank of India, Corporation Bank, IDBI Bank, UCO Bank, United Bank of India, Indian Overseas Bank, Oriental Bank of Commerce and Bank of Maharashtra are put under the RBI’s prompt corrective action framework after failing to meet the requirements for capital adequacy and non-performing loans.
*News as published in Business Standard, Live Mint and Economic Times.