Rupert Murdoch’s Twenty-First Century Fox said on Thursday it had agreed to buy European pay-tv firm Sky for $14.6 billion, sticking to its earlier offer despite complaints from some investors. Fox is the founding shareholder in Sky and currently owns approximately 39.1 percent of Sky’s shares and this deal would[Read More…]
Baba Ramdev Patanjali Ayurveda’s five production units slapped a fine of ₹11 lakh for “misbranding and putting up misleading advertisements” of their products, a court in Haridwar has ruled. Patanjali have to pay the fine within a month. Patanjali Ayurved was found guilty of misbranding. The products being shown by[Read More…]
Mobikwik founder and chief executive officer Bipin Preet Singh on Tuesday said, Paytm has been “dumping capital” to gain customers even as demonetisation is throwing up opportunities for e-wallets and the competition in the sector is stiffening. Singh launched a scathing attack on the largest player in the sector on[Read More…]
Nusli Wadia criticized Ratan Tata for ‘destroying’ the tradition built by JRD Tata and working to protect British Steel in a letter to Tata Steel shareholders. Wadia also claimed that Tata Steel was set up by Tata Group founder Jamshetji Tata to fight British Steel. “Ratan Tata is trying to[Read More…]
Former Tata Sons chairman Cyrus Mistry on Sunday accused Vijay Singh, Tata Sons nominee director, of playing a key role in the AgustaWestland VVIP Choppers scam. Mistry’s office said, “As defence secretary, Singh was a key official involved in award of Rs 3600 crore VVIP helicopter contract to AugustaWestland in[Read More…]
Tata Sons on Sunday alleged that its former chairman Cyrus Mistry misled the selection committee setup in 2001 for selecting a chairman to succeed Ratan Tata. “Cyrus Mistry misled the Selection Committee set up in 2011 for selecting a Chairman of Tata Sons to succeed Mr. Ratan Tata, by making[Read More…]
Digital payments and commerce platform Paytm’s founder and CEO Vijay Shekhar Sharma has sold 1% of his holding in One97 Communications to raise about Rs 325 crore. This money will be pumped into the group’s proposed payments bank. Sharma has sold the stake to one of the shareholders of One97[Read More…]
Black money was the main reason given by the government for demonetising high value notes. The estimates showed the amount of black money is around ₹ 3 lakh crore to ₹ 5 lakh crore. This figure was not anticipated to be deposited in the banks. But the cash deposited in[Read More…]
Reliance Jio Chairman Mukhesh Ambani announced a new Happy New Year offer for customers on Thursday, extending the benefits of the original Welcome Offer which gives Reliance Jio customers unlimited voice calling, text messages and data for free. The Chairman began his announcement by claiming that Reliance Jio has touched[Read More…]
Considering the current cash crunch situations at banks and ATMs, the government increased the printing of ₹ 500 notes. The officials are hopeful that the new stock of the elusive currency will ease the situation in the next few days. Banks across the nation continued to face cash scarcity with[Read More…]
Unable to get the right price in the recently-held third auction of luxury personal jet of the businessman Vijay Mallya, the Service Tax Department is now planning to go for yet another round in the next couple of months, a senior department official said. The Service Tax Department is looking[Read More…]
In the wake of demonetisation move, car dealers are saying that sales of used car have been hit hard by the cash crunch in market. The demand for used car has been dropped by 30 percent after the announcement of demonetisation, Times of India reported. As the user car market[Read More…]
With everyone from local vendors and foreign tourists to devotees and the poor queuing up for food, the rush for langar at the popular gurdwara brings no surprise. But, post the demonetisation move, the lunch rush at the langar halls has been more hectic than usual. Actually, the typical lunch[Read More…]
Just weeks after Reserve Bank of India released new notes of ₹ 2,000; six people were detained by Rachakonda police for allegedly producing the fake high denomination note at Ibrahimpatnam on city suburbs. Apart for the notes of ₹ 2,000, police also seized fake notes of Rs 100, Rs 50,[Read More…]
Prime Minister Narendra Modi’s demonetisation move has affected people from all walks of life, including the Indian soldiers as they are deployed in remote areas and finding it difficult to exchange or deposit the scrapped notes. Consequently, the Indian Army is planning to request the government to allow more time[Read More…]
Larsen & Toubro (L&T) laid off 14,000 employees across businesses during April-September this year. The company called it a “strategic decision.” “It was a strategic decision that if a business is not in good shape, we are trying to resize it. If there is time to get the business back[Read More…]
Hero Cycles introduced four e-cycles with electric pedal assisted technology (EPAC) under the brand name Lectro on Thursday. The company launched the brand earlier this year in Birmingham. And now, it is planning to expand EPAC portfolio in India to more than 20 products over the next few months. “EPAC[Read More…]
Around 59 airports have been alerted by the Central Industrial Security Force (CISF) after a businessman was caught carrying ₹ 3.5 crore in cash and detained at the Dimapur airport in Nagaland. After reports surfaced that many people are using the tax exemptions to tribals in the Northeast to transfer[Read More…]
Anil Ambani-led Reliance Capital Ltd has decided to sell a 49% stake in its radio business and its entire TV business to Zee Group entities on Wednesday. Reliance Broadcast Network Ltd (RBNL) – part of the Anil Ambani group, has entered into a definitive and binding agreements with Zee Media[Read More…]
With people being reluctant to shell out the cash they stood hours in line for, digital payments company Paytm said on Monday it witnessed over seven million transactions worth Rs 120 crore on Saturday. Paytm has crossed $5 billion GMV sales, four months ahead of its target, reports PTI. Gross[Read More…]
The Cyrus Mistry and Ratan Tata war broke out almost a month back and the bitterness for each other has only increased with each passing day as both the camps indulge in allegations and counter allegations. According to this article in The Economist, Ratan Tata needs to get his act[Read More…]
Former Goldman Sachs director Rajat Gupta has assumed the role of a US-based non-profit organisations’ chairman. Gupta had spent the last two years in jail on charges of insider trading. Gupta has taken over as chairman of WHEELS Global Foundation (WGF). Launched in 2013 by IIT alumni, WGF is a[Read More…]
SBI chairman, Arundharti Bhattacharya, on Wednesday said there has been no write offs and no let off of wilful defaulters will happen. “It is only accounting entry. That does not change anything. To impute otherwise is to unnecessarily malign the banks,” Further, Bhattacharya explained this in the following points: First,[Read More…]
Former global managing director of McKinsey and Co and Goldman Sachs board member Rajat Gupta returned to India last week after completing his two-year prison term in the US. Jailed in June 2014 in Devens, Massachusetts, Gupta was freed after receiving credit for good behavior against his 30-month sentence, according[Read More…]
Prime Minister Narender Modi’s decision to scrap old currency ₹500 and ₹1,000 notes had an immediate impact on luxury shopping. A senior official associated with DLF Emporio told The Luxe Cafe that footfall in the mall has taken an 80 per cent hit from the usual working day crowd in[Read More…]
