Top 10 business headlines: Battle for Essar Steel, angel tax row, and more
Essar Steel insolvency case: SC clears decks for ArcelorMittal's bid
The Supreme Court (SC) on Monday dismissed a plea by 28 operational creditors of Essar Steel seeking to be heard by the National Company Law Tribunal (NCLT) before any decision was taken on ArcelorMittal’s bid for the company. The court also rejected their plea seeking a stay on the National Company Law Appellate Tribunal’s (NCLAT’s) order asking the NCLT Ahmedabad Bench to take a decision on ArcelorMittal’s bid by February 11. Read on
Angel tax row: Genuine start-ups can breathe easy, says FM Piyush Goyal
Finance Minister Piyush Goyal said on Monday said the government would not go after start-ups raising funds through legitimate means, responding to the criticism over the “angel tax”. Read on
NCLAT allows 22 IL&FS group companies to service debt obligations
The National Company Law Appellate Tribunal (NCLAT) on Monday allowed 22 companies placed under the “green” category by the new board of Infrastructure Leasing & Financial Services (IL&FS) and the government to start servicing routine debt obligations, according to schedule. Read on
Sebi cloud on Etihad open offer waiver for Jet Airways shareholders
The Securities and Exchange Board of India (Sebi) has expressed reservations over granting exemption to Etihad Airways in connection with an open offer to the minority shareholders of Jet Airways, sources in the know said. Exemption for making an open offer was among the key conditions set by Etihad to offer a lifeline to the debt-laden domestic carrier. Read on
Govt to begin a special audit of telcos in March; DoT selects 7 auditors
The Union government will, in March, begin a special audit of telecom companies for alleged understating of revenues, causing a loss to the exchequer, it is learnt. The Department of Telecommunications (DoT) has selected seven auditors to examine the books of mobile phone operators from 2011 to 2018, according to two persons privy to the development. Read on
Bajaj Auto, Hero MotoCorp quietly begin a war for two-wheeler market
The country’s two biggest two-wheeler makers have quietly begun a price war and are banking on aggressive discounts and schemes, even in a month that typically sees low or no discounts, to claw market bike share in a period. This, when inventory has been piling up with dealers. Read on
Govt to raise Rs 5,300 cr from selling SUUTI's 3% stake in Axis Bank
The government on Tuesday plans to hit the market with an offer for sale (OFS) for offloading its stake in Axis Bank that it holds through the Specified Undertaking of Unit Trust of India (SUUTI). Read on
BlueStone Jewellery eyes up to $25 million to expand offline stores
Online jeweller BlueStone Jewellery and Lifestyle Pvt. Ltd is looking to raise up to $25 million in fresh funding to expand its offline presence, a top company executive said. The BlueStone website sells gold, diamond and pearl pendants, necklaces, earrings and nose rings, among others. It also has six stores in Mumbai, Chennai, Hyderabad, Chandigarh and New Delhi, according to a Livemint report.
‘Chaos cost’ skews Metro rail economics
India could have had more metro rail networks if people followed traffic rules, according to The Hindu BusinessLine report. This is because metro networks cost less if they are built at the same level as roads, quite like trams. But, given the Indian road users’ scant regard for traffic rules, it is unsafe to build rail tracks on the road, say experts.
SBI alerts customers of card skimming fraud; sends out a list of dos and don'ts
State Bank of India, the largest lender in India, sent out an alert to its cardholders about card skimming, advising them to take cautionary measures, according tomoneycontrol report.