Latest India Business News Headlines 31st August 2018

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Read latest India business news headlines 31st August 2018

India business news headlines 31st August 2018

– Paytm Mall is looking to tie up with BigBasket to compete with Flipkart and Amazon India. Paytm had earlier entered into a revenue sharing agreement with Future Retail.

 

– M.K. Surana, the CMD of HPCL said that the company will invest ₹75000 crore over five years across its business segments, in order to grow and expand.

Must Read: 5 Successful travel and transport Indian startups in India

– Binani Cement update – After concluding hearing various appeals, NCLAT has reserved its judgment on the Binani insolvency matter. It has further asked all the parties, including Rajputana Properties and UltraTech Cement, to submit written responses, in case they have any, by 4th September.

 

– NCLT has admitted the insolvency plea of Lavasa Corp., which owes about ₹3,000 crore to lenders and has around 20,000 acres in Maharashtra. Lavasa is a subsidiary of Hindustan Construction.

 

– NCLT has approved the merger between Idea Cellular and the Indian unit of Vodafone Group. The merger was announced in March 2017 and together both the companies will have around 438.8 million subscribers.

 

– RBI has approved the re-appointment of Rana Kapoor as the MD & CEO of YES Bank till further notice. The approval came after RBI has asked the board to reconsider the appointment of Rana Kapoor for a tenure of another 3 years.

 

– The CFO of Fortis Healthcare, Gagandeep Singh Bedi has resigned effective 30th September 2018 citing personal reasons. The resignation has been accepted by the Board of Directors.

 

– Confederation of All India Traders has filed a petition with the Delhi High Court to investigate the business model of Flipkart. It had previously filed a complaint with the ED against the ‘malpractices’ of Flipkart but to no avail.

 

– The Government has ordered a formal inspection of accounts of Jet Airways to ascertain if there was any siphoning of funds. The move is the result of a preliminary scrutiny by ROC.

 

– UIDAI has withdrawn the e-KYC facility of 13 banks and some Aadhaar authentication agencies for failing to meet the targets on enrolment updation.

 

–  The Government is set to infuse Rs.980 Crore into Air India by the next week after it received an SOS from the airlines that it does not have funds to service debt.

 

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