COMPANIES & SECTORS


In yet another reform initiative aimed at streamlining the payment mechanism in the power sector, the power ministry proposes to extend freedom to generating companies to sell power to a third party to the extent of default by discoms and recover their cost.   The Ministry of Power on...

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Moneylife Digital Team/ IANS 19 August 2021
The Enforcement Directorate (ED) has arrested Vuppalapati Satish Kumar, managing director (MD) of Prithvi Information Solutions Ltd (PISL) in connection with a Rs3,316 crore bank fraud case.   An ED official told IANS that it arrested Mr Kumar on 12th August and got his custody for six...

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Sucheta Dalal Sucheta Dalal 17 August 2021
Although e-bikes or two-wheelers have been slowly making their presence felt with active encouragement from the government, the Independence Day launch of Ola Electric’s S1 and S1 Pro at Bengaluru created a buzz reminiscent of the launch of the Nano car 12 years ago. Ratan Tata has a personal...

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Moneylife Digital Team 17 August 2021
Jubilant Pharma Ltd will remain integral to the broader group even after its proposed reorganisation, says S&P Global Ratings.    The ratings agency says Jubilant Pharma will remain highly integrated with the group as it shares the management, name, branding and treasury operations...

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Indiabulls Real Estate and Embassy Group entities, NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd, have sought approval from the National Company Law Tribunal's (NCLT) for their merger.   The proposed merger has already received all other regulatory...

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Moneylife Digital Team 12 August 2021
Billionaire Anil Agarwal-led Vedanta Ltd managed to survive voting during its annual general meeting (AGM) held earlier this week with support from the promoters and votes from public non-institutional shareholders. However, during the AGM, institutional shareholders made their presence felt...

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Pent-up demand, along with base effect and low interest rates, accelerated India's domestic PV (passenger vehicle) sales on a year-on-year (y-o-y) and sequential basis in July.   Accordingly, sales of passenger vehicles increased to 264,442 last month compared to 182,779 units sold...

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Moneylife Digital Team 12 August 2021
Cash losses of power distribution companies (discoms) will remain elevated at around Rs46,000 crore this fiscal, or 40% higher than the Rs33,000 crore seen in the pre-pandemic levels of fiscal 2020, due to limited tariff hikes and high interest outgo, says a research note.    In a...

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The country's apex hospitality body, the Federation of Hotel & Restaurant Associations of India (FHRAI) has expressed disappointment that a Rs 60,000 crore package announced in June by Union Finance Minister Nirmala Sitharaman has yet to be notified by the Centre.   In a...

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Billionaire Mukesh Ambanis Reliance Industries is weighing a bid for Deutsche Telekom AG's Netherlands subsidiary, according to people familiar with the matter, Bloomberg reported.   The Indian conglomerate is working with an adviser to evaluate an offer for T-Mobile Netherlands, the...

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Amazon and Catamaran have decided not to renew their joint venture, Prione Business Services Pvt Ltd beyond May 19, 2022.   The joint venture has been running successfully for the past seven years and is coming up for renewal on May 19, 2022.   "The two partners today...

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Moneylife Digital Team 06 August 2021
In a big win for Amazon, the Supreme Court on Friday ruled that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules can be enforced in India under the Arbitration and Conciliation Act 1996. With this ruling from the SC, the transaction between Future...

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The Enforcement Directorate (ED) has issued notices to Flipkart, its founders and nine others in connection with foreign exchange violation case, officials said on Thursday.   A senior ED official related to probe told IANS, "Yes, a notice has been issued to Flipkart, its founders and...

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Automobile major Maruti Suzuki's production will be partially impacted in August due to semiconductor shortages.   On Wednesday, the auto major, in a regulatory filing to the BSE, said that the company has been informed by its contract manufacturer -- Suzuki Motor Gujarat -- that...

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The Rajya Sabha on Wednesday cleared the 'Limited Liability Partnership Amendment Bill' that aims to accelerate the 'Ease Of Doing Business' campaign of the government and brings regulations for this segment at par with other large companies.   The bill was earlier cleared by the Lok...

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Kumar Mangalam Birla has stepped down as the Non-Executive Director and Non-Executive Chairman of the Board of Vodafone Idea Ltd.   In a regulatory filing, the company said that the company has accepted the request of Birla to step down.   "The Board of Directors of Vodafone...

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Moneylife Digital Team 04 August 2021
While dismissing a special leave petition (SLP), the Supreme Court has upheld that the online fantasy sports format offered by Dream11 is game of skill. The SLP has alleged that the online fantasy sports (OFS) format offered by Dream11 amounted to gambling, wagering and betting and is not a...

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India has till date operationalised 361 air routes under the regional connectivity scheme 'Ude Desh Ka Aam Nagrik' or RCS-Udan.   The scheme was launched in 2016. Under it, airlines are provided with a 'Viability Gap Funding' to keep fares affordable and accessible.   "Till...

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A difficult decision awaits Vodafone Idea after one promoter, Kumar Mangalam Birla offered to give up his stake.   The Modi government, where the matter now rests, will have to take a tough call on a possible merger with BSNL which is already in financial problems or do a fire sale a...

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Moneylife Digital Team 03 August 2021
Crisis-ridden IL&FS has recovered around Rs 33.28 crore by selling assets, including vehicles, furniture, and electrical installations among others.   IL&FS Group had identified a total of 38 luxury vehicles within the group, which had a purchase price value of Rs 25 lakh and...

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