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QBiz: CBI Issues Lookout Notice Against Chanda Kochhar & More

Here are the top business stories of the day.

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1. ICICI Bank Case: CBI Issues Lookout Notice Against Chanda Kochhar

The Central Bureau of Investigation (CBI) has issued lookout notices against former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon Group managing director Venugopal Dhoot, officials said in New Delhi Friday, 22 February. The move was taken nearly a week after a case was registered against Chanda Kocchar, Deepak Kochhar and Dhoot, they said.

The move is to ensure that none of the accused in the case related to alleged corruption in clearing loans worth Rs 1,875 crore to the Videocon Group were able to leave the country, the officials said.

(Source: Livemint)

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2. Jet Airways Lenders Considering Interim Funding of Rs 500 Crore: PNB MD

A consortium of banks is considering an interim funding of Rs 500 crore for debt-laden Jet Airways (India) Ltd, but a final decision is yet to be taken, Punjab National Bank managing director Sunil Mehta said on Friday. PNB is part of the lenders' consortium, led by State Bank of India (SBI), that has extended loans to the airline.

The consortium is looking at the entire process and something is being worked out.

"Of course, (the) consortium is in favour (of interim funding). It is a going concern and we would like to preserve its (airline's) value," Mehta said. "It is too premature to tell you about that plan (interim funding)", bankers are already working on it, he added.

(Source: Livemint)

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3. Uber Eats Close to Selling Indian Food Delivery Business to Swiggy: Report

Uber Eats, the food delivery arm of ride-hailing app Uber Technologies Inc, is close to a deal to sell its Indian business to Bengaluru-based Swiggy, The Economic Times reported on Friday, 22 February.

The share-swap deal is expected to close by next month and will give Uber a 10 percent stake in food delivery service Swiggy, the paper said, citing people privy to the development.

Separately, The Times of India reported that Uber was considering the sale of its food delivery arm in India and has been in talks with Swiggy and Gurugram-based Zomato.

(Source: Livemint)

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4. Google to Stop Forced Arbitration for Employees

After months of worker protests, Alphabet Inc’s Google will stop making its employees sign away their right to bring claims against it in court.

Google stopped so-called forced arbitration in cases of sexual harassment and assault last year after 20,000 workers walked out to oppose how the search giant handles internal complaints. That wasn’t enough for some of the employees, who kept pressing the company to end the practice altogether. Google will do that on 21 March, a spokeswoman said on Thursday. The company will also cease enforcing agreements that waived workers’ right to bring their claims as class actions.

Google’s decision was reported earlier by Axios.

(Source: Livemint)

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5. ING Group Exits Kotak Mahindra Bank, Sells 1.2% Stake

Private sector lender Kotak Mahindra Bank Ltd said that ING Group has exited as investor by selling its entire stake in the bank. ING Group held around 1.20 percent stake in Kotak Mahindra Bank.

It is estimated that the stake would have fetched Rs 2,800 crore to the global financial institution of Dutch origin.

Following the stake sale, Mark Newman, a non-executive director of the bank has resigned from the board. Newman was nominee director of ING Group.

(Source: BloombergQuint)

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6. India Seeks More Details From Firms to Weed Out Shell Companies

To keep a check on shell companies, the government has mandated firms to share details of their statutory auditors and pictures of registered offices.

The government has notified Companies (Incorporation) Amendment Rules, 2019, which require all firms incorporated on or before 31 December 2017 to fill e-form ACTIVE (Active Company Tagging Identities and Verification) on or before 25 April 2019.

(Source: BloombergQuint)

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7. Railways Set to Launch Massive Recruitment Drive to Fill up 131,000 Posts

Indian Railways is set to come out with an "Indicative Notice" on Saturday, 23 February, initiating the process for filling up 131,000 vacancies. The national transporter had recently faced criticism over the timing of the announcement of these vacancies, as the Election Commission expected to come out with a notification for Lok Sabha polls early next month.

The new set of job notification include recruitment of 100,000 staff in Level-1 (erstwhile Group-DCategories) for which online registration would open on 12 March. The registration for remaining 30,000 will happen in three tranches. The eligible candidates for the first tranche of recruitments in Non-Technical Popular Categories can do registration of online applications from 28 February.

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8. Rate Cuts Possible in April, Inflation May Remain Low in 1 Year: Economists

Minutes of the monetary policy committee (MPC) meeting indicate that there would be more rate cuts in the coming days and the dovish stance would continue for long, economists say. Disseminating the minutes, released on Thursday, economists are keying in another 25 basis points cut in the April policy.

MPC member Ravindra Dholakia had suggested cuts of 50-60 basis points to spur growth, minutes showed. The members believe that inflation would remain low in the next 12 months.

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9. #MeToo: 50 Sexual Harassment Complaints at RBI Till Date

The Reserve Bank of India has seen 50 sexual harassment complaints to date. The number was revealed following an application filed by Business Standard under the Right to Information (RTI) Act. The central bank did not reveal a year-wise break-up on these complaints.

However, an analysis of annual reports over the last five years shows two complaints. One for 2017 and the other for 2016. Additional complaints were from earlier years, according to an RBI spokesperson in an emailed statement.

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