QBiz: Review Plea in Mistry-Tata Case; Govt on Swiss Accounts
Here are the top business stories of the day.
1. Tata vs Mistry: RoC Moves Review Plea, Seeks Modifications in NCLAT Order
The Registrar of Companies (RoC), Mumbai, has moved a review petition before the National Company Appellate Law Tribunal (NCLAT) in the Tata-Mistry dispute. It has sought the removal of the words "illegal" and “with the help of RoC" in the tribunal’s order pertaining to Tata Sons' transition from a public to private company, in September 2017.
In the order dated 18 December, the NCLAT had passed serious strictures against the RoC, stating that Tata Sons had hurriedly changed its status to a private company from public "with the help of the RoC", which was illegal.
(Source: Business Standard)
2. Govt Refuses to Share Swiss Account Details of Indians, Cites Confidentiality
The Finance Ministry has declined to share Swiss bank accounts details of Indians saying it is covered under "confidentiality provisions" of a tax treaty signed between India and Switzerland.
In reply to an RTI query, the ministry also refused to disclose the details of black money received from other foreign countries.
"Information exchanged under such tax agreements is covered under confidentiality provisions of respective agreements.
(Source: Business Standard)
3. GoAir Halts Flights as DGCA Says Unrested Staff Pose Safety Risks
Wadia Group-owned GoAir was forced to cancel around two dozen domestic flights on Monday as the aviation regulator stepped up pressure on the budget airline to address safety risks arising from overworking its crew, two people with direct knowledge of the developments said.
“GoAir was overstretching its staff, which can potentially cause accidents," one of the two people cited above said, requesting anonymity. “What if a crew becomes so sleepy due to overwork that they are unable to perform evacuation in case of emergencies?"
(Source: Mint)
4. Some Green Shoots Are Sprouting in the Economy, Says RBI Chief
Some green shoots of growth are visible in the economy going by the steady increase in the cost of projects sanctioned by banks and financial institutions, and higher investment in fixed assets by India Inc, according to Reserve Bank of India Governor Shaktikanta Das.
Das emphasised that it is important to wait and see whether these green shoots sustain over a period of two quarters or so before the central bank reaches a conclusion. It would be premature to just see a green shoot and reach a conclusion, he said
(Source: Hindu BusinessLine)
5. Army Invites High-Tech Start-Ups to Meet Defence Equipment Challenges
At the fifth annual Army Technology Seminar (ARTECH 2019) in Delhi on Monday, the army invited ten start-up innovators to describe game-changing, high-technology products that the military could use.
Urging young innovators to develop products for the military, army chief General Bipin Rawat released a "Compendium of Problem Definition Statements", in which the army listed out its specific technology challenges for which it sought innovative indigenous solutions from the industry and academia.
(Source: Business Standard)
6. Worker Unrest Hits Three Coca-Cola Bottling Plants
Unrest by workers has stalled production at three Coca-Cola plants in north India, including one of the country’s largest, in the wake of the company’s decision to divest operations of its bottling subsidiary Hindustan Coca-Cola Beverages Pvt Ltd (HCCB) to existing bottlers, three people with direct knowledge of the matter said.
Production has been disrupted at Dasna and Varanasi in Uttar Pradesh, as well as a plant in Jammu.
(Source: Mint)
7. RBI Allowed Minorities From Bangladesh, Pakistan to Open NRO Bank Accounts in 2018
More than a year before Parliament amended the citizenship law (Citizenship Amendment Act), the Reserve Bank of India amended the Foreign Exchange Management (Deposit) Regulations, 2016, enabling persons belonging to minority communities –Hindus, Sikhs, Buddhists, Jains, Parsis and Christians – from Bangladesh and Pakistan, and residing in India, to open an NRO account (Non-Resident Ordinary Rupee Account Scheme). Such NRO accounts can be converted into a regular bank accounts once they become citizens of India.
However, as in the case of CAA, Muslims from these two countries are excluded from the list of religious communities who can apply for such accounts.
(Source: The Indian Express)
8. Not Paid Salaries Regularly for Past 2-3 Years, Claim Air India Pilots
The Indian Commercial Pilots Association (ICPA) has written to Civil Aviation Minister Hardeep Singh Puri, asking him to clear the pending dues of pilots and commanders of Air India who, the association alleges, have not been paid salaries and flying allowances on time “in the recent past 2-3 years”.
“Flying allowance constitutes of 70 percent of pilots’ pay package and we are facing severe financial constrains due to delay in flying allowance,” the association said in its letter.
Puri had earlier said that the pilots of Air India were very well looked after and that their salaries, in relation to what other air carriers were offering, was very good.
(Source: The Indian Express)
9. Amid Legal Battle, ONGC Takes Over Physical Control of PMT From RIL & Shell
With cloud over the $4.5-billion claim by the government towards profit and royalty from the Panna, Mukta and Tapti (PMT) fields, state-run Oil and Natural Gas Corporation (ONGC) has physically taken over the PMT fields from Reliance Industries (RIL) and Shell.
The government had approached the Delhi High Court seeking to block RIL’s stake sale plans.
This includes the $15-billion deal with Saudi Aramco, citing non-payment of an international arbitral award to the tune of $4.5 billion on PMT.
(Source: Business Standard)
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