Latest India Business News Headlines 26th July 2018

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Read latest India business news headlines 26th July 2018:

india business news headlines 26th july 2018

  • Johnson and Johnson has been asked by India’s drug regulator, Central Drugs Standard Control Organisation,  to reveal the composition of its talcum powder. This move came after J&J’s parent company was asked to pay $4.7 billion to 22 women who claimed they got ovarian cancer by using the talc.

 

  • NCLAT has dismissed plea of the cement firms challenging the penalty imposed by CCI. CCI had imposed a penalty of ₹ 6,700 crores on 11 cement companies including ACC, Ambuja Cement, JK Cement, UltraTech Cement, and Ramco Cements for alleged cartelization in August 2016.

 

  • PNB fraud case- CBI has asked Antigua to provide details of Choksi’s whereabouts. As per the latest revelation to CBI, Mehul Choksi has fled to Antigua after securing a local passport, which will now prevent the Indian investigating agencies from closing in on him as India does not have an extradition treaty with Antigua.

 

  • Sergio Marchionne, Ex-Fiat Chrysler CEO and a supporter of Ratan Tata, died on Wednesday, from complications arising out of his shoulder surgery.

 

  • Bharti Airtel, Infratel has received clearance from SEBI for its merger with Indus Towers. It has now approached NCLT for approval. Post the deal, Bharti Airtel and Vodafone shall be in joint control of the company and the transaction will close by the end of 2018-19, subject to statutory approvals.

 

  • NCLT has approved the bid of Liberty House to acquire the assets of debt-laden Amtek Auto Ltd. Amtek auto lenders had initiated insolvency proceedings last July whom the firm owed more than ₹12,300 crore. The company was among the first 12 large bad loan accounts, identified by RBI.

 

  • The US market regulator SEC has intensified the investigation into ICICI bank’s alleged wrongdoings. SEC, which started the probe in June 2016, sought details about the bank’s accounting practices, especially those related to loans disbursed between 2010 and 2016.

 

  • Nagarjuna Oil Corporation may be heading towards liquidation in spite of NCLT giving it a second chance for revival.

 

  • Aye Finance, a small business loan provider, has raised $10 million in debt funding from Triple Jump BV and MicroVest Funds. The firm has cumulatively raised ₹255 crore of debt since January.

 

  • Kishlay Foods, a Guwahati-based snack maker, has raised $15 million from Norwest Venture Partners and D.K. Surana, promoter of Intensive Software Services. The large organized snacks market in India is estimated to be $8 billion, growing at 20% CAGR.

 

  • NCLT Mumbai bench has rejected Jyoti Structures’ debt resolution plan and ordered the firm to file a liquidation report. Jyoti Structures is among the first 12 large corporate defaulters identified by RBI.

 

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