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SAFAR unveiled at Chandni Chowk

SAFAR unveiled at Chandni Chowk
Minister for Science and Technology, Harsh Vardhan has unveiled the 1st of a kind Air Quality and Weather Forecast System, SAFAR at Chandni Chowk in Delhi. The system will measure regular air quality parameters such as PM2.5 & PM10, levels of sulphur dioxide, nitrogen oxides, carbon monoxide & benzene. The station will provide online information about ultrafine particles PM1 & mercury.

India, Japan hold Maritime Affairs Dialogue

India, Japan hold Maritime Affairs Dialogue
India and Japan held the fourth round of Maritime Affairs Dialogue here during which key issues related to the Indo-Pacific region and maritime security. The two sides exchanged views on a range of contemporary disarmament and non-proliferation related issues. The two sides exchanged views on topics of mutual interest including the Indo-Pacific region, maritime security and disaster relief.

BoB inks pacts with ten companies

BoB inks pacts with ten companies
Bank of Baroda signed agreements with 10 companies promote micro and small business entrepreneurs. These companies are from e-commerce, logistics, service providers and traditional small business which contribute 31% to GDP and 45% of exports and employ over 100 million. These MoUs with will help enhance the bank’s footprint in the MSME eco-system.

MCA to review offences under Companies Act

The Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee to review the penal provisions in the Companies Act, 2013. The Committee will review the provisions relating to non-compoundable offenses and recommend whether any such provisions need to be re-categorized as a compoundable offense. The committee is headed by the Secretary of Ministry of Corporate Affairs.

Assam’s first transgender judge Swati Baruah

The court in Guwahati has got the first transgender judge of Assam. Swati Bidhan Baruah has been appointed as a judge to mediate cases in Lok Adalat. She is the third transgender judge in the country and will mediate in pre-litigation cases related to finance companies. Joyita Mondal of West Bengal is India’s first transgender judge.

Money in Swiss banks

India has moved up to 73rd place in terms of money parked by its citizens & companies with Swiss banks. India had slipped to 88th place with a 44% plunge in such funds in 2016, but the latest data shows an increase of over 50% during 2017 to CHF 1.01 billion (about Rs 7,000 cr). UK continued to account for the largest chunk at about CHF 403 billion of the total foreign money with Swiss banks

Aadhaar Virtual ID to be started from July 1

UIDAI has recently declared to accept Virtual ID from their users from 1st July from service providers and agencies like banks and telecom companies. This will give the users the option of not sharing their Aadhaar number at the time of authentication. The Virtual ID will be a temporary and revocable 16 digit random number mapped to a person’s Aadhaar number.

IISc to boost science start-up incubation

The Indian Institute of Science plans to open a research park at its Bengaluru facility within the next three years to incubate sci-tech companies. These parks would include simulators used for endoscopy, microsatellites to access the Internet at lower costs, a medical diagnostic kit. The institute collaborations with companies such as TCS, Volvo, Google, General Motors, Boeing etc.

Govt hikes ethanol price by Rs 3 per litre

The government hiked the price of ethanol, used for doping in petrol, by almost Rs 3 per litre to Rs 43.70. This move is to cut India’s oil import dependence as well as give the higher price for sugarcane to farmers. The govt has approved the mechanism for procurement of ethanol by public sector oil marketing companies to carry out the Ethanol Blended Petrol Programme.

India records highest number of IPOs globally

Indian exchanges recorded the highest IPO activity as the country saw 90 IPO launches that raised $3.9 billion. The exchanges account for 16% of the total issues in the first half of 2018. Out of 90 deals that listed, 15 listed both on NSE & BSE result in 93% of the total proceeds. The financial sector, infrastructure and consumer companies with strong growth continue to boost IPO activity.

Bharat-22 ETF: investors bid worth ` 140 bn

The second tranche of Bharat-22 ETF garnered subscription amounting to Rs 140 billion. Through Bharat-22 Exchange Traded Fund (ETF), comprising shares of 22 companies, the government had targeted to earn Rs 6,000 crore but received nearly 2.3 times of its worth of bids. The government had launched the follow-on fund offer of Bharat-22 ETF, which is managed by ICICI Prudential Mutual Fund.

RBI alters ‘relative’ definition

The Reserve Bank of India (RBI) has narrowed the definition of relatives to check the flow of funds. Hence, funds under the ‘maintenance of close relative’ category can be sent only to immediate relatives such as parents, spouses, children and their spouses. This has brought about by defining ‘relatives’ under the Companies Act, 2013 instead of the same act of 1956.

Unlisted firms to dematerialise share

The government is planning to make it compulsory for unlisted companies to get their shares dematerialised by September 2018. Additionally, corporate affairs ministry has instructed all unlisted companies with paid-up capital of more than Rs 50 million to digitalise shares by June 2018. The aim is to make transactions in more than 70000 unlisted companies more transparent.

SEBI panel to study direct overseas listing

The Securities and Exchange Board of India (SEBI) has constituted an expert committee to examine the possibillity of allowing unlisted Indian companies to do a direct equity listing overseas. The expert committee will comprise 9 members. Currently, Indian companies can only use the depository receipts route to list on the overseas exchanges.

FinMin may transfer 5 sick CPSE shares

The Finance Ministry is planning to transfer shares of five sick Central Public Sector Enterprises (CPSEs) to the SNIF fund to meet Sebi’s minimum 25 per cent public shareholding. These companies have time till August 21 to meet the 25% public share holding norm. Shares would be transferred on a proportionate basis to the fund to bring down government stake in these CPSEs to 75 per cent.

Indian government sent notice to Facebook

The Indian government has sent a notice to Facebook, demanding an explanation to reports that claimed the platform shared users’ personal data with 60 companies including Apple and Samsung. “The Government of India is deeply concerned about reports of such lapses/violations,” an official statement said. The company has been given time till June 20 to respond to the notice.

2.25 lakh shell firms to struck off

Centre said it has identified 2,25,910 companies whose names are to be struck off from the register of companies during the current financial year 2018-19. This comes on the top of the removal of 2,26,166 companies from the register during the previous financial year. Task Force on Shell Companies, which had, so far, met eight times, was set up in February 2017 by the Prime Minister’s Office

Permits key to claim insurance: SC

Insurance companies are not liable to compensate accident claims for public transport vehicles plying without permits, the Supreme Court said. ‘Permits’ are authorisation given by State authorities to use motor vehicles as transport vehicles. The verdict came on an accident involving a truck which fatally hit a two-wheeler rider in February 2013 at Pathankot.

SEBI moves to ease corporate insolvency

SEBI amended its ‘Takeover Code’ to remove capital infusion hurdles in companies with approved resolution plans under the Insolvency and Bankruptcy Code (IBC). The SEBI move is expected to smoothen the implementation of successful resolution plans. The ‘Takeover Code’ barred acquirers of shares in a company from entering into any transaction.

Instant e-PAN based on Aadhaar launched

The govt has launched e-PAN that will have the same name, date of birth, gender, mobile number and address as in the Aadhaar. The e-PAN facility is only for resident individuals and not for Hindu Undivided Family, firms, trusts and companies. According to Section 139 AA (2) of the Income Tax Act, every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar.

Manufacturing PMI growth slows in May

Activity in India’s manufacturing sector grew at a weaker pace in May according to the Nikkei India Manufacturing Purchasing Managers’ Index (PMI). This index is based on the survey conducted among purchasing executives in over 400 companies. The report also mentioned that the latest upturn signalled a marginal improvement in the manufacturing sector.

SEBI to implement system-driven disclosures

Markets regulator SEBI will soon put in place system-driven disclosures for non-promoters, directors and certain class of employees of listed companies. The system-driven disclosures in securities market was introduced in December 2015 and is being implemented in a phased manner. It has already been put in place with respect to disclosures of promoter/ promoter group.

Finance Ministry ties with 40 entities

In order to extend loans under the Mudra scheme, Finance Ministry has tied up with 40 entities including Amul & Flipkart.These companies will identify people who need loans under Mudra Yojana, underwrite them and we will extend loans under the scheme. Pradhan Mantri Mudra Yojana was launched in 2015, for providing loans of up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises.

Listed companies to disclose payment delays

SEBI proposed that listed companies have to disclose any delay or expected delay in payment related to their debt securities within 24 hours. The proposal comes against the backdrop of various instances regarding non-compliance with listing norms by issuers of non-convertible debt securities.The regulator has sought public comments till June 11 on the proposals.

SEBI asks listed firms to split CMD post

SEBI has asked listed companies to split the post of Chairman and Managing Director by April 2020. SEBI has also made it compulsory for them to have six independent directors on board, including a women director. The changes, which were first recommended by Kotak Bank chief Uday Kotak-led committee on corporate governance in 2017, have now been accepted and notified by SEBI.

Stanford University to partner with UP

10 : Uttar Pradesh Health Minister Sidharth Singh has said that the Stanford University in the United States will partner with UP to combat diseases like Japanese encephalitis and acute encephalitis syndrome. Companies like Boeing, Lockheed Martin also want to set up their plants in India, Singh added. Singh had led a delegation to the US to get investments from the country.

SEBI proposes changes to public issue norms

SEBI has proposed some changes in public issue norms, including shorter time period for price band announcement & lesser disclosures about group companies at time of IPO. The time period for announcing price band for Initial public offerings (IPO) will be reduced to 2 working days from current 5 days. These proposals are based on suggestions made by SEBI’s Primary Market Advisory Committee.

RBI asks FPI data from listed companies

The Reserve Bank asked all listed companies to provide information on Foreign Portfolio Investors (FPI) investments to depositories before May 15. Currently, the RBI receives data on the investment made by FPIs and Non-Resident Indians on Stock Exchanges from banks. Depositories have to provide the necessary infrastructure and systems for operationalising the monitoring mechanism.

RBI liberalized ECB norms

RBI has further liberalized norms for external commercial borrowing that will allow Indian companies to access cheaper funds from overseas markets.According to new norms, RBI has stipulated a uniform all in cost ceiling of 450 bps over benchmark rate.RBI also decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign equity holder under automatic route to 7:1.

Maharashtra government to hold Startup Week

The Maharashtra government announced the launch of ‘Startup Week 2018’ in June this year, with a view to encourage and enable the entrepreneurial eco-system. The startup week will provide the new companies a platform to showcase their innovative products and services to the state government. Top 100 ventures will be selected to present their solutions to a selected panel.

Ex-foreign secretary Jaishankar to join Tata

23 : Tata Sons has announced appointment of S Jaishankar as the Tata Group’s President, Global Corporate Affairs. Jaishankar joined the IFS in 1977 holding key roles during his career including stints as High Commissioner to Singapore, Ambassador to China and US. Jaishankar will work with Tata Companies to help them strengthen their business presence in their respective geographies globally.

RBI makes Aadhaar key to KYC compliance

Reserve Bank of India has amended its ‘Know Your Customer’ guidelines, making Aadhaar compulsory by banks & finance companies.RBI has also done away with sections relating to use of other “officially valid documents” by lenders for address and identity proof. The norms have been revised because the government had amended laws on prevention of money laundering.

Delhi to host third annual 5G India Congress

The 3rd edition of the Annual 5G India Congress 2018 will be held on April 20 in New Delhi.5G Indian Congress 2018 will focus more on understanding and analysing current Network infrastructure and its developments, 5G market condition and requirements. The Indian Government has plans to roll out 5G by 2020. 5G will enable individuals, govts & companies to remain in sync in real time.

IISL launches Nifty 200 Quality 30 index

IISL has launched Nifty 200 Quality 30 index, which will track the performance of select firms based on profitability and earnings growth variability.Index includes top 30 companies from its parent Nifty 200 index, selected on the basis of their ‘quality’ scores. Weight of each stock in the index will be based on a combination of stock’s quality score & its free float market capitalization.

States allowed to set up crop insurance firms

2 : The Centre has allowed states to set up their own insurance companies for implementing Pradhan Mantri Fasal Bima Yojana (PMFBY).Launched in April 2016, PMFBY provides comprehensive crop insurance from pre-sowing to post-harvest against non-preventable natural risks. Presently, five public sector insurers and 13 private insurance companies are empanelled for implementation of the scheme.

Tata group Chief Ethics Officer Rajan quits

Tata Son‘s Chief Ethics Officer Mukund Rajan will leave the group to evaluate entrepreneurial pursuits in the coming months. Rajan, who was the former MD of Tata Teleservices, was appointed as the group spokesperson and brand custodian in Feb 2013. Rajan who is also the brother of ex-RBI Governor Raghuram Rajan was the youngest director to be appointed on the boards of major Tata companies.

National e-Mobility Programme launched

The objective of the National e-Mobility Programme is to provide an impetus to the entire e-mobility ecosystem including vehicle manufacturers, charging infrastructure companies, fleet operators etc. The Programme will be implemented by Energy Efficiency Services Limited (EESL) which will procure electric cars. The electric cars will replace existing diesel and petrol vehicles.

India to join multilateral lender EBRD

European Bank of Reconstruction and Development(EBRD) shareholders approve India‘s entry as its 69th member.It will enable Indian companies to undertake joint investments in regions in which the EBRD operates. The EBRD works with the private sector and also local governments in the provision of services and infrastructure across 38 nations.

Net neutrality preserved by Washington

Washington State has signed a law that bars service providers from blocking websites or offering fast lane net access to companies willing to pay. Net neutrality is the principle that all internet traffic should be treated equally. At least 20 other states are considering similar legislation.

New regulators to oversee auditors: Cabinet

Union Cabinet has approved the establishment of National Financial Reporting Authority (NFRA). NFRA will act as an independent regulator for the auditing profession which was one of the key changes brought in by the Companies Act 2013. The Cabinet also gave nod to the Fugitive Economic Offenders Bill – 2018 to deal with those escaping overseas to avoid getting caught.

Paytm Launches Two Insurance Companies

Digital payments startup Paytm has launched two insurance companies, Paytm Life Insurance and Paytm General Insurance.Paytm Founder Vijay Shekhar Sharma, CFO Madhur Deora, and Shankar Prasad Nath are the three signatory stakeholders in both the companies. In January this year, Paytm announced that it has set up Paytm Money Limited, a wholly owned subsidiary of One97 Communications.

US tightens H-1B visa rules

The Donald Trump has just made it more difficult for companies and individuals to get H-1B work visas.Indians and Indian IT companies will feel the impact the most because they are the biggest users of this visa. The H-1B is a visa in the US under the Immigration and Nationality Act, section 101(a)(15)(H) which allows U.S. employers to employ foreign workers in speciality occupations.

‘Largest-ever’ sanctions against North Korea

The US announced the largest-ever sanctions on North Korea as claimed by President Donald Trump. The sanctions will target more than 50 vessels, shipping companies, and trade businesses assisting North Korea in evading sanctions. The US has been imposing sanctions to put pressure on North Korea over its nuclear and ballistic missile programme.

Niti Aayog making new list of sick PSUs

Government think-tank NITI Aayog is preparing another list of sick PSUs that can be privatised.PMO had asked the think- tank to look into the viability of sick state-run companies.The Aayog has already recommended strategic divestment of 40 sick public sector units.

Private companies to bid for coal mines

The cabinet has approved a plan to allow private companies to bid for coal mines for commercial production.It is the most awaited reform in the coal sector that will bring updated foreign mining technologies, investments into the country while rising output and saving forex. Coal accounts for 70% of India’s power generation, and the country has a target to produce 1 billion tonnes by 2022.

RIL plans digitial industrial area in Mah

Reliance Industries along with global firms, is planning to invest more than ?60,000 crore in Maharashtra in the next 10 years for establishing an integrated digital industrial area.Once built, it will be the first integrated digital industrial area in the country. More than 20 global companies including Cisco, HP, Dell, Nokia& Nvidia among others have already agreed to invest in it.

Wipro among 135 most ethical comp in world

Tata Steel and Wipro are the two Indian companies that have been named by US-based Ethisphere Institute in the list of World’s Most Ethical Companies for 2018.The think tank has honoured 135 companies from 23 countries and 57 industries. Notably, Tata Steel and Wipro are receiving the award for the sixth and seventh time respectively.

Manchester-India Partnership launched

A new Manchester-India Partnership aimed at connecting Indian companies with northern regions of England has been set up.It aims to further enhance the trade, investment, science & innovation ties between India & Britain.This public-private initiative between India & Manchester is backed by Confederation of Indian Industry.

FY19 revenue loss estimated at 7K cr

In a big boost to the small and medium enterprises, Arun Jaitley announced a reduction in corporate tax rate from existing 30% to 25%, for companies with turnover of up to Rs 250 crore.The decision will benefit the entire class of MSME that account for almost 99% of companies filing their tax returns.But it will lead to an estimated revenue loss of Rs 7,000 cr in the financial year 2018-19

Mauritius Largest Source of FDI in India

Mauritius was the largest source of foreign investment in India (21.8% share), followed by the US and the UK, according to a census by the Reserve Bank of India.It is according to the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI. Total sales, including exports, of foreign subsidiaries in India increased by 18.7% during 2016-17.

Public register against money laundering

19 : Britain has announced the world’s first public register that requires overseas companies that own or buy property in the country to provide details of their ultimate owners.The government is set to publish relevant draft laws and the register will go live by early 2021. The register is the government’s move to crack down on criminals who launder money through the British property market.

First Indian bank to cross Rs5 trillion

India’s most-valued bank HDFC Bank has crossed Rs5 trillion market capitalisation for the first time, making it the 1st Indian bank to achieve this milestone.TCS & RIL are the other two companies which have crossed market capitalisation of Rs5 trillion. HDFC Bank’s steady 20% profit growth quarter-after-quarter, as well as its immunity to bad loans crises, has helped it achieve this feat.

FB’s, Twitter’s bosses to leave Disney

Facebook’s Chief Operating Officer Sheryl Sandberg and Twitter’s Chief Executive Jack Dorsey will not seek re-election to Walt Disney Co’s board.This is because of growing conflicts of interest between the media giant and the technology companies. The departures will take effect in March at Disney’s annual meeting, when shareholders will be asked to re-elect 10 other board members.

CBDT relaxes norms for MAT on insolvents

The Income Tax Department has relaxed norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings.As per Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or unabsorbed depreciation, whichever is less. This has been done to minimise the genuine hardships faced by such companies.

Organic food company to have certificate

The Food Safety and Standards Authority has issued regulations that required food companies selling organic produce to get certified with one of the two authorities – National Prog. for Organic Production or the Participatory Guarantee System for India.Companies could also get a voluntary logo from the FSSAI. FSSAI is an autonomous body established under the Mi. of Health & Family Welfare.

Iceland to Legalise Equal Pay

Iceland has become the first country in the world to legalise equal pay between men and women.In Iceland now it will be illegal to pay men more than women for the work. Under the new rules, companies and government agencies employing at least 25 people will have to obtain government certification of their equal-pay policies.

Typhoid vaccine gets WHO qualification

Bharat Biotech, a vaccine company, has received Pre-Qualification tag from the World Health Organisation (WHO) for Typbar TCV or Typhoid Conjugate Vaccine.The WHO tag would allow the firm to access global public vaccination programmes. WHO has recommended usage of typhoid conjugate vaccines on infants between 6 and 23 months of age and for children between 2 and 15 years of age.

` 14,500 cr generated through BHARAT 22

The government revealed that an amount of ` 14,500 crore has been raised through its BHARAT 22 Exchange Traded Fund.ETF is created to benefit long-term and retail investors by providing an opportunity to purchase equity stocks of government-run companies.The objective of BHARAT 22 ETF is to invest in constituents (22 companies) of S&P BSE Bharat 22 Index.

Govt Bank’s NPA hits Rs 7.34 lakh crore

According to Reserve Bank data, Bad loans of Public sector banks stood at Rs 7.34 lakh crore by the end of second quarter this fiscal.Leading corporate houses & companies accounted for approximately 77% of the total gross NPAs from domestic operations for the banks. Among the major public sector banks, SBI had the highest amount of NPAs at over Rs 1.86 lakh crore followed by PNB.

Highways Investment Promotion Cell

The NHAI has created a National Highways Investment Promotion Cell for attracting domestic & foreign investment for highways projects.The cell will focus on engaging with global institution investors, construction companies for building investor participation in road infrastructure projects.The primary focus of NHIPC will be to promote foreign and domestic investment in road infrastructure

Parliament passes companies amend. bill

A bill to amend the companies law to strengthen corporate governance standards, initiate strict action against defaulting companies was passed by Parliament.The Rajya Sabha passed the Companies (Amendment) Bill, 2017 by a voice vote. Certain classes of profitable companies are required to shell out at least 2 percent of their 3-year annual average net profit towards CSR.

ICRA launches fixed income indices

With an aim to create more depth in the Indian debt market, ICRA Management Consulting Services, an arm of ICRA, launched a set of four fixed income indices.The four indices launched are ICRA Gilt Indices, ICRA Liquid Indices, ICRA Corporate Bond Indices and ICRA Composite Debt Indices. It would help asset managers and financial services companies make the objective analysis.

Fino becomes business correspondent

Fino Payments Bank has signed up Rajasthan govt’s Rajcomp as its corporate business correspondent to give banking services to people in the state.Under the agreement, all 55,000 e-Mitra points of Rajcomp will act as banking points of Fino Payments Bank.Company expects increase in customer engagement at e-Mitra points & transactions at these points will grow by over 400% from existing level

Deepak Parekh as first Intl Ambassador

Mayor of London, Sadiq Khan has named Indian businessman, Deepak Parekh, as International Ambassador who will be tasked with championing UK capital across the globe.Parekh is the chairman of HDFC Ltd and also sits on the boards of a number of companies across diverse sectors.Parekh is also a member of the City of Londons Advisory Council for India which guides City’s engagement with India.

FSSAI issues guidelines for food recall

The Food Safety and Standards Authority of India has asked companies to put in place a proper plan to recall food products from markets, if found unsafe. FSSAI also said it may review the license of the concerned food company if the recall is related to serious health issues. The new guidelines come more than two years after the controversial recall of Maggi noodles.

Amazon India launches “Startup C-Cube”

Amazon India collaborated with hardware accelerator “HAX” and crowd-funding community “Kickstarter” to announce “Startup C-Cube” – a multi-level challenge for the startups in Bengaluru. This move is expected to bring companies together to work towards building the product startup ecosystem. The announcement was made at the first anniversary of Amazon’s flagship programme “Launchpad”.

RBI relaxes 26% debt-equity conversion

The Reserve Bank has issued a notification which relaxed norms capping asset reconstruction companies shareholdings at 26% in the borrower firm under reconstruction. However, this relaxation is subject to the condition that the net-owned funds are maintained at Rs 100 crore on an ongoing basis. RBI has asked the boards of ARCs to frame a policy for converting debt into equity.

World’s first fully electric cargo ship

China has launched the world’s first all-electric ship, which can travel up to 80 km with 2000-tonnes cargo after a two-hour charge. The ship is 70.5-metre-long and weighs about 600 tonnes. It was launched in Guangzhou in South China’s Guangdong Province. The ship has been manufactured by the Guangzhou Shipyard International Company Ltd.

Karnataka inks pacts with Chinese firms

Karnataka Chief Minister Siddaramaiah has inaugurated the sixth China-India Forum meet. It is jointly hosted by the Government of China, Chinese People’s Association for Friendship with Foreign Countries, China-India Friendship Association (CIFA), and Podar Enterprise in Bengaluru. India sees big opportunities to attract Chinese companies to Make in India, besides attracting investments.

Cabinet approves SBA for subsidy

Cabinet Committee on Economic Affairs has given ex-post facto approval for implementation of Special Banking Arrangement (SBA). Rs. 10,000 crore SBA is for payment of outstanding claims on account of fertilizer subsidy in the year 2016-17. This SBA has been implemented to overcome the liquidity problems of fertilizer companies.

Petroleum ministry’s fund for Start-up

Union Petroleum Minister, Dharmendra Pradhan launched Start-up Programme for entrepreneurs in Oil and Gas sector. It launched Rs. 320 crore startup fund for entrepreneurs. 10 public sector oil and gas companies have setup venture capital fund to encourage start-ups based on innovative ideas in the oil and gas sector.

CII Industrial Innovation 2017

L&T Technology Services has been honored with the CII Industrial Innovation Award, 2017 in New Delhi. This award is referred as one of the most innovative Indian companies in the services category at the CII Industrial Innovation Awards ceremony in New Delhi The Confederation of Indian Industry praised LTTS’ efforts to create a collaborative ecosystem comprising of global technology firms.

RBI to make LEI must for companies

Reserve Bank of India (RBI) is set to make Legal Entity Identifier (LEI) compulsory for companies having aggregate fund-based and non-fund based exposure over Rs 5 crore. LEI is a unique 20 digit alphanumeric code that will be assigned to corporate borrowers. Fetching loan details on basis of LEI, will prevent banks from extending multiple loans to companies against the same collateral.

Indian companies top CSR reporting list

According to 10th KPMG Survey of Corporate Responsibility Reporting, India has emerged as the top country for reporting corporate social responsibility information. The survey was carried out by studying annual financial reports and corporate responsibility reports. 95 of the 100 Indian companies in the survey acknowledged human rights as an issue to their business.

Indian entrepreneur wins business award

A Ghana-based Indian entrepreneur has won a prestigious business award in UK for his efforts to bring innovative IT solutions to Africa. Birendra Sasmal, CEO of Subah, bagged International Business Person of the Year at Asian Achievers Awards in London. Under Sasmal’s leadership, Subah Group’s revenues increased by 3000% & has been named among one of Africa’s fastest growing tech companies.

India launches Access India Programme

India has launched a new initiative to attract investments from small & medium enterprises in the UK. Access India Programme will work as a market entry support system for smaller companies with a potential to expand into the Indian market. The new AIP initiative will be geared towards implementing ‘Make in India’ concept by facilitating investments from the UK.

Rajiv Sabharwal to take charge

Tata Capital has announced the appointment of Rajiv Sabharwal as Managing Director & CEO designate of the company. Sabharwal would be taking over from the company’s current Managing Director & CEO Praveen P Kadle, who will be assuming other responsibilities in the Tata Group. Sabharwal is currently a partner at True North Managers LLP, formerly India Value Fund Advisors.

Indian Internet firms create lobby group

India’s top Internet companies led by Flipkart have created a lobby group called Indiatech.org that will represent the interests of Indian Internet start-ups to fight their international rivals. Co-founder and executive chairman Sachin Bansal will lead the lobby group. Apart from Flipkart, Ola, Hike and some other Indian Internet companies will be part of the lobby group.

Mobile towers to come up in cantonments

Union Cabinet has approved installation of telecom towers in all army cantonments to improve mobile phone connectivity in the Cantonments and Military Stations. The revised policy will cover allotment of defence land on lease and grant of permission in defence areas to companies registered with DoT. The move will improve the quality of communication services in cantonment and military areas.

Flipkart acquires F1 Info Solutions

E-commerce major Flipkart has acquired mobiles and IT products repair services company, F1 Info Solutions for an undisclosed amount. F1 is a service partner of brands like Apple, Samsung, HP, Lenovo, Sony and Asus among others. The company will be a part of Jeeves, a Flipkart firm that provides third party service for large and small home appliances and furniture.

RIL becomes world’s 3rd largest

Reliance Industries has jumped 5 places to rank as world’s 3rd-biggest energy company behind Russian gas firm Gazrpom & German utility E.ON, according to Platts Top 250 Global Energy Company Rankings. Reliance, the owner of world’s biggest refinery complex, was ranked at 7th position last year. Russia’s Gazprom snagged the number 1 spot, ending ExxonMobil’s 12-year reign at top of the list.

Acko gets final IRDA license

Indian insurance sector regulator IRDAI has given the final nod to online non-life insurer Acko General Insurance. The company is looking to start operations by Dec selling mostly auto, travel & health insurance products to retail customers through an online channel. The company backed by Narayana Murthy’s Catamaran, Accel Partners among others are starting with an initial capital of Rs. 200 Cr.

Mobile phone ban on Rohingya refugees

Bangladesh has banned telecom companies from selling mobile phone connections to Rohingya refugees, citing security concerns for the latest restrictions. Bangladesh’s 4 mobile phone providers were threatened with fines if they provide any of the nearly 4,30,000 newly-arrived refugees from Myanmar with phone plans Ban could be lifted once biometric identity cards were issued to these refugees

First LPG Panchayat in Gandhinagar

Union Minister for Petroleum & Natural Gas Dharmendra Pradhan will inaugurate LPG Panchayat, aimed at encouraging rural communities to turn to clean fuel. The first LPG Panchayat will be held in Gandhinagar, where Pradhan will preside over interaction b/w women using LPG under PMUY & the companies. The Centre plans to organise one lakh LPG Panchayats across the country.

Dabur India joins hand with Amazon

Dabur India has tied up with e-commerce major Amazon for an online ayurveda marketplace which will house all ayurvedic brands and products of the country. The exclusive ayurveda e-marketplace has been hosted by Amazon India and the content is developed by Dabur India. Products of other ayurvedic manufacturing companies like Patanjali and Himalaya would also feature on the marketplace.

Balraj Joshi appointed CMD of NHPC

Balraj Joshi has been appointed as the Chairman-cum-Managing Director of NHPC, the country’s premier hydro power utility. The Appointments Committee of the Cabinet has approved his appointment to the post till December 31, 2019. Joshi is at present Director (Technical) in the organisation. NHPC is among the TOP TEN companies in the country in terms of investment.

Uber loses its licence

London’s transport authority has decided not renew Uber’s license, saying the company is not “fit and proper” to operate in the city. According TfL Uber’s approach and conduct demonstrated a lack of corporate responsibility which could have potential public safety and security implication. Some 3.5 million passengers and 40,000 drivers use the Uber app in London.

Tata Steel, Thyssenkrupp Sign MoU

Tata Steel and Thyssenkrupp AG have signed MoU to create Europe’s second-largest steel enterprise by combining the flat steel businesses of the two companies. The proposed 50:50 joint venture would be focused on quality and technology leadership, and the supply of premium and differentiated products to customers. The new company is likely to be headquartered in Amsterdam region.

Robbins as Executive Chairman

Cisco has announced that its CEO Chuck Robbins will be appointed as the Executive Chairman of the company. The announcement came after John Chambers, present Executive Chairman, notified the Board of Directors that he will not stand for re-election. Robbins had joined Cisco in 1997 & assumed the role of CEO in July, 2015. Chambers will be given the honorary title of Chairman Emeritus.

M&M enters into alliance with Ford

Mahindra & Mahindra has entered into a strategic alliance with Ford Motor to explore cooperation in the sphere of products, technologies and electrification of cars amongst other areas. Both companies will collaborate and work together for a period of up to three years. The tie-up could facilitate Mahindra’s expansion into other global emerging markets.

Indian start-up wins award in Israel

An Indian startup has won a prestigious award in Israel for developing an affordable modular greenhouse that aims to give farmers steady & dependable income Kheyti, was chosen among 10 finalists in MassChallenge Israel contest that saw participation from over 500 companies. Kheyti design, adapt & implement low-cost farming solutions that help farmers increase yield & predictability of produce

Abanti Sankaranarayanan as Chairman

The Advertising Standards Council of India has appointed Abanti Sankara-narayanan as the chairman of its board. Sankaranarayanan, former Vice-chairman of Confederation of Indian Alcoholic Beverage Companies, has been a member of the Board of Governors for four years. She is also the Chief Strategy and Corporate Affairs Officer at Diageo India.

Brian Acton leaves company

Brian Acton, the co-founder of WhatsApp which was later acquired by Facebook has announced that he is leaving the company to start a non-profit venture of his own. Acton had co-founded WhatsApp with Jan Koum in 2009 and agreed to sell it to Facebook in 2014 for approximately $19 billion in cash and stock. The duo worked at Yahoo before starting WhatsApp. Acton had spent 8 years with WhatsApp

Adviser for bullet train project

Sanjeev Sinha, former Tata executive in Tokyo & the first IIT-ian from Barmer, Rajasthan, has been appointed as adviser for Ahmedabad-Mumbai High-Speed Rail project by Japan Railways. The project, largely funded by low-cost financing from Japan, is planned to be built based on Japanese technology by a consortium of six rail companies. He will be the interface between govt of India & Japan.

Johnson & Johnson’s paternity leave

Johnson & Johnson India has rolled out a new global parental leave for its Indian workforce. As part of this new initiative, new and adoptive fathers will now be entitled to 8 weeks of paid leave during the first year to bond with the newborn or newly adopted child. The company has been offering up to 26 weeks of maternity leave for the last six years.

Reliance General Insurance Receives Nod

Reliance General Insurance, a wholly owned subsidiary of Reliance Capital, has received in-principle approval from IRDA for the process of its proposed IPO. The company offers a wide range of general insurance products like fire, motor, health, home, crop, travel etc. Listing of Reliance General Insurance is expected to be completed in FY18, subject to necessary approvals.

ICICI Lombard gets SEBI nod for IPO

ICICI Lombard General Insurance Company has got SEBI’s go-ahead for its estimated Rs. 6,000 cr IPO, which could be the first by a general insurer in the country. ICICI Lombard, which is India’s largest private sector non-life insurance firm, had filed its draft proposal on 14 July. IPO is an offer for sale of 86.24 mn shares by promoter entity ICICI Bank & joint venture partner FAL Corporation.

Petronet to set up LNG terminal

Sri Lankan govt has decided to go ahead with the setting up of an LNG terminal near Colombo with Indian & Japanese companies. It is part of MoU for cooperation in economic projects signed between the 2 countries this year. Indian company Petro net LNG will form the joint venture meant to provide re-gasified natural gas to various power plants, domestic & transport sectors in Sri Lanka.

US starts probe into steel flanges

US Department of Commerce has began an investigation into possible dumping & subsidization of stainless steel flanges from China & India. In 2016 imports of stainless steel flanges from China & India were valued at an estimated $16.3 million & $32.1 million, respectively. Probe followed petitions by 2 privately held companies, Core Pipe Products Inc of Illinois & Maass Flange Corp of Texas.

Star India Bag IPL Media Rights

Star India has piped 23 top companies participating in the auction to win the Indian Premier League media rights for a period of five years from 2018-2022. Star India bagged the IPL media rights for a whopping Rs. 16347.5 cr making it the biggest deal in the history of Indian television. Star now hold the both TV and digital rights for IPL all over the world.