Here are the Business Headlines as on 19th May 2017:
- GST Update : GST Council approved all eight rules, clearing the ground for the rollover of GST giving clarity on valuation of goods between related parties, how to arrive at the value of assets repossessed by banks and how to deal with cases where input tax credit has been claimed but later reversed due to non-payment to the vendor.
- Banks to whom Jaypee group owns around Rs.13,000 have decided to take control of the company’s vast land bank to recover their loans. The land bank will be liquidated at a later date.
- After details of over 17 million users were stolen and sold online, Zomato has vowed to beef up security measures.Cyber security experts says that there was lack of enough security measures at Zomato which led to data theft.
- Pink Slips : HUL will reduce its workforce after combining its 2 main businesses of food and refreshment.
- Job Cuts : 250 employees of Shopclues, which amount to nearly 20% of its workforce, have resigned since February till date. Though majority of them cite personal reasons and no termination letters have been issued, it is being linked to “performance appriasal” just like recently done at Wipro, Infosys, Tech Mahindra and IBM.
- Vijay Mallaya-Kingfisher : After sale of Goa Bungalow of Vijay Mallaya to recover loans, ED has seized his Mumbai farmhouse, said to be around Rs.100 Crores.
- Flipkart-Snapdeal merger : In response to a letter by AIOVA to Ministry of Corporate Affairs, Snapdeal management said that it does not owe any money to the sellers.
- Ikea is planning to offer its products via e-commerce and will provide home delivery and at-home assembly services for customers of its upcoming stores in Mumbai and Hyderabad.
- LG is going online with exclusive product line on its e-commerce portal. LG’s exclusive brand stores, about 680, will also be integrated in the e-commerce portal. LG has also tied up with Flipkart, Amazon and Paytm for sale of Smartphones.
- SoftBank has pumped in $1.4 billion (over Rs 9,079 crore) in Paytm, marking the largest fund infusion by a single investor in an Indian start-up. The funding will help Paytm in fast expanding its soon-to-be launched payments bank operations being launched on May 23. With the new infusion, valuation of Paytm has jumped nearly 50% to $9 billion.
- EzCred, a consumer lending startup, has raised $1 million from a clutch angel investor in its first round of funding.