Read latest India business news headlines 27th June 2018:
- Airtel Paytm bank has been asked by RBI to stop registration of new customers. The action is the result of an investigation by RBI into Airtel’s affairs after it was caught signing up subscribers without their consent.
- Sebi has ordered Vishvapradhan Commercial (VCPL) to make an open offer for NDTV within 45 days, which it failed to do after it indirectly acquired majority control of NDTV in 2009 after advancing Rs 350-crore convertible loan to the promoters of NDTV.
- FSSAI has recommended amendment in the present state food safety law to curb food adulteration and introduced imprisonment and penalty up to Rs 10 lakh for the same.
- The board of PNB Housing Finance has approved the proposal to raise Rs.10,000 Crores by way of public issue of secured and /or unsecured non-convertible debentures.
- Go Air said that it would like to pursue the case against Wolfgang Prock-Schauer, the former CEO, as he has taken away confidential data along with him.
- PNB Fraud- Belgium Ambassador has assured cooperation in extraditing Nirav Modi.
- ITC group shall extend the tenure of Y C Deveshwar by two years. He was earlier appointed as non-exec chairman until 2020.
- Australian asset manager Macquarie has moved NCLT to start insolvency proceedings against Ind-Barath. Macquarie had given a loan of Rs780 crore to Ind-Bharat against convertible bonds to build a 700-megawatt thermal plant in Odisha and help existing investors exit. Macquarie now owns more than 99% stake in the firm.
- Idea Cellular’s shareholders have approved a change in the name of the company and issue of non-convertible securities.
- IndusInd Bank has signed a Share purchase agreement with Infrastructure Leasing and Financial Services and other minority shareholders to acquire 100% of IL&FS Securities Services Limited. This will help IndusInd Bank increase its capital market business and bring new specialized products.
- DBS bank of Singapore will launch its subsidiary in India this October. It is further looking to add 50 branches and 70 banking outlets over the next one year.
- Government officials have refused to use electric cars made by Mahindra, Tata Motors as it failed to run even 80-82km on a single charge within the city.
- Google has announced the rebranding of its advertising software by retiring DoubleClick and AdWords brands in order to streamline entry points for advertisers and ad sellers. The basic tool for buying ads will now be called Google Ads.
- Infosys, in connection to the whistleblower complaint, said that it has sufficient time to file the key US regulatory documents and the filing shall be done within “stipulated time”. It further said that the “speculations” are “baseless and incorrect”.
- Fortis Healthcare has once again deferred the approval of Annual Financial Results for the period ending 31st March 2018 saying that the issue requires more deliberation.
*News as published in Business Standard, Live Mint and Economic Times.