ECONOMY & NATION


Hours after the enforcement directorate (ED) seized Rs5,551.27 crore of Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act (FEMA) in connection with the illegal outward remittances made by the company, Xiaomi said that as...

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The Alternative Mechanism, committee empowered by the CCEA, has approved the highest bid of Star 9 Mobility Private Ltd for sale of entire government's 51 per cent of shareholding of Pawan Hans Limited (PHL) and transfer of management control.   PHL is a joint venture of Government of...

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Moneylife Digital Team 29 April 2022
Applauding the colossal work done by COVID warriors like doctors, paramedics, activists, non-government organisations (NGOs) and corporates, BrihanMumbai Municipal Corporation (BMC) commissioner Iqbal Singh Chahal says he would forever be grateful to the 'COVID Warriors'. He was speaking at a...

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Gursimran Kaur Bakshi (The Leaflet) 29 April 2022
A Supreme Court bench comprising Justices Dinesh Maheshwari and Vikram Nath in Kalyani (Dead) Through Lrs. & Ors. vs. The Sulthan Bathery Municipality & Ors, held that the actions of the respondents of acquiring the property of the appellants, all farmers, without paying any compensation was...

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With an aim to document native natural resources and conserve them with the help of the local community that will ensure not just biodiversity conservation but also inclusion of traditional knowledge, the Maharashtra Cabinet on Thursday approved the 'Maharashtra Gene Bank', a...

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Dr TV Gopalakrishnan 28 April 2022
"Many of the economic challenges we face today stem from the neglect of supply side policies over the past decade or more." Augustine Carstens (Times of India).    At 14.55%, March Inflation Hits Four Months (High Business Line)   Price Rise, Geopolitical Woes Offset Gains...

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Reliance and Viacom18 on Wednesday announced a strategic partnership with Bodhi Tree Systems—a platform of James Murdoch's Lupa Systems and Uday Shankar—to form one of the largest TV and digital streaming companies in India.   Bodhi Tree Systems is leading a fund raise with a...

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Moneylife Digital Team 27 April 2022
Ravi Parthasarathy, the man who built Infrastructure Leasing & Financial Services (IL&FS) into a gigantic hydra-headed conglomerate passed away today after suffering from cancer for several years.    He was one of the first employees and chief executive of IL&FS, which was promoted by...

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In the latest action against fin-tech companies controlled by Chinese, who had been providing short-term loans and were allegedly involved in money laundering, the enforcement directorate (ED) on Wednesday said that it has attached assets worth Rs6.17 crore lying in various accounts, merchant...

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Moneylife Digital Team 26 April 2022
Anticipating an inevitable default by Future Retail Ltd on its US$500mn (million) senior secured notes (SSN), S&P Global Ratings lowered its credit ratings to 'CC' from 'CCC-' following the termination of the company's proposed asset sale to Reliance Retail Ventures Ltd (RRVL). The 'CC'...

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Elon Musk, who has just bought Twitter for US$44 billion, will have to manufacture his Tesla cars in India, and not China, if he wants to come and sell the vehicles in the country, union road transport and highways minister Nitin Gadkari said here on Tuesday.   Reiterating that Mr...

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The enforcement directorate (ED) said on Monday that it has attached movable and immovable properties worth Rs65.67 crore belonging to the Ghosh Brothers group of companies and its promoters, directors Pranab Kumar Ghosh, Pratul Kumar Ghosh, Gita Rani Ghosh and others, in connection with a...

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Amazon founder Jeff Bezos on Tuesday took the first test of Elon Musk's commitment to allow free speech on the platform, posting that Tesla's business interests in China could give the government leverage over Twitter via its new owner.   A New York Times reporter tweeted that "After...

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Moneylife Digital Team 25 April 2022
After many twists and turns, including prolonged legal battles up to the Supreme Court (SC) and international arbitration proceedings, Reliance Industries Ltd (RIL) has called off the deal with Future Retail Ltd (FRL) after FRL’s secured creditors voted against the scheme. Earlier this month,...

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Moneylife Digital Team 25 April 2022
Tariff for merchant power sold on exchanges may average more than Rs6 per unit this quarter—the highest for any quarter in the past five fiscals—driven by high prices of imported coal due to the geopolitical uncertainties stemming from the Russia-Ukraine conflict, and healthy growth in power...

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In 2020-21, India produced 3.88mn (million) tonnes of organic fertilisers, a dramatic decrease from 338.72mn tonnes in 2017-18, a new report said adding that a targeted, ambitious, and well-funded nationwide programme is needed to drive the change towards organic and natural...

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Despite internal disagreements, the Twitter board is reportedly inching towards finalising the hostile takeover deal worth US$46.5bn (billion) made by Tesla CEO Elon Musk, and an announcement was expected as early as Monday (US time).   The Washington Post reported, citing people...

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In 2018, the Goel brothers had just begun their war 'officially' over the company, Omaxe Limited, followed by Sunil Goel's move to the National Company Law Tribunal alleging financial mismanagement by his elder brother and founder of the company, Rohtas Goel.   However, it was a...

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Moneylife Digital Team 23 April 2022
The Bombay High Court (HC) held that “the minority/dissenting members cannot act against the will of the majority members of the society and obstruct the redevelopment.”    The HC made the observation while deciding an arbitration petition by a developer against four members of a...

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R Balakrishnan R Balakrishnan 22 April 2022
I have spent the past few days on the road. After being locked indoors and with nowhere to go, people are out on the streets, in force. Traffic is heavy. Trains, buses, hotels, malls, cabs, cinemas are doing business like their busiest season is on. In a tier-2 town, the Ola cab is back to...

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