Read latest India business news headlines 02nd July 2018:
- The Bank Boards Bureau has recommended Anshula Kant, deputy managing director of SBI for the post of MD in the bank. It has further recommended names of 15 officials for the posts of managing director and chief executive officers in several public sector banks.
- The Government will soon come out with a definition for shell companies. Although it has an action plan ready to fight the black money menace, the absence of a definition for shell companies under the legal framework is hampering investigations.
- GST collections rose to Rs 95,610 crore in June. The collections in the previous month were Rs94,016 crore. Hasmukh Adhia, the Finance Secretary says if fake bills are not issued, then GST revenues would improve further.
- Walmart has set a target of June 7, 2019 to complete the Flipkart deal. The share purchase pact completion deadline has been put as March 9, 2019.
- Tata Motors has edged out Mahindra & Mahindra to become No.3 passenger vehicle maker in India in June. Tata Motors sold 18,213 units against 18,137 units sold by M&M.
- The signing of long due JV between Tata Steel Europe and Thyssenkrupp of Germany will bring relief for Tata Steel in India as this would result in offloading of debt of around Rs.20,000 Crore from its books.
- ATM Industry has sought immediate intervention to correct the fee structure in loss-making ATM deployer industry. The latest RBI directions to reconfigure cash vending machines will increase the cost by around 25%.
- PNB scam- Sunil Mehta, MD of PNB bank has said that there are positive developments in Bank’s favour and if it is proved that the fraud money was used to run the operations of Firestar Diamond, then PNB will be able to get something out of insolvency proceedings.
- Vijay Mallya case – In a more to recover some amount from the asset sale, India’s service tax authorities, after four failed attempts, have succeeded in selling the private luxury jet of Vijay Mallya for Rs.38.4 Crore to US-based Aviation Management Sales.
*News as published in Business Standard, Live Mint and Economic Times.