QBiz: IndiGo to Buy Jet Engines For $20 BN; More Changes at Wipro

The jet engines are from CFM International, a joint venture of General Electric Co and France’s Safran SA.

4 min read
Indigo is India’s largest domestic airline by market share.

1. Indigo to Buy Jet Engines Worth $20 BN From CFM

Indigo, India’s largest domestic airline by market share, on Monday said it is ordering jet engines worth $20 billion from CFM International, a joint venture of General Electric Co. and France’s Safran SA, to power 280 Airbus A320neo and A321neo aircraft operated by it.

The latest development sees India’s biggest buyer of Airbus’s A320neo planes moving away to a rival engine maker from Pratt & Whitney (P&W), following a series of glitches that grounded several of its planes and delayed aircraft deliveries, disrupting operations.

(Source: Livemint)

2. More Changes at Wipro After Premji’s Adieu as Two Board Members Set to Retire Next Month

Wipro Ltd’s lead independent director Narayanan Vaghul and chairman of the board’s nomination and remuneration panel Ashok Ganguly will retire next month, said a Wipro executive familiar with the development, marking an end to their more than two-decade-long stint with India’s fourth-largest information technology services company.

Both Vaghul and Ganguly were re-appointed for a three-year term in 2016, which ends on 31 July, when Azim Premji too will step down from his role as executive chairman and managing director, after having led the Bengaluru-based company for more than half a century.

(Source: Livemint)

3. Jet Airways Crisis: Banks Give up on Revival; SBI-Led Lender’s Consortium Chooses to Send It to NCLT

State Bank of India-led consortium of lenders Monday decided to send the grounded Jet Airways to the National Company Law of Tribunal (NCLT) as they have not yet received any concrete proposal for the airline. The decision was taken after a meeting of the lenders.

“After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received,” SBI said in a statement.

(Source: Financial Express)

4. Claims Against RCom Swell to Rs 57,382 CR; Reliance ADAG Companies Among Claimants

Claims against Reliance Communications (RCom) have risen to Rs 57,382.5 crore with new entities, including some Reliance Anil Dhirubhai Ambani Group companies, joining the creditors' list, according to a regulatory filing.

Interim Resolution Professional (IRP) Pardeep Kumar Sethi, however, admitted dues of Rs 30 crore out of fresh claims of Rs 8,189 crore, taking admitted claims so far to Rs 49,223.88 crore, RCom said in the filing.

(Source: The Economic Times)

5. From Now, Tax Defaulters Can't Get Away by Just Paying Fine

NEW DELHI: Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person's chances of getting relief in an income tax evasion offence beginning Monday, a latest directive issued by the CBDT said.

The policy-making body for the tax department has issued a revised 32-page guideline for 'compounding of offences under direct tax laws, 2019' which will be executed under the IT Act, 1961.

(Source: The Economic Times)

6. Realty Lenders Stare at Bailouts, Deep Haircuts Amid Liquidity Crisis

Lenders to stressed property developers are looking to sell their loans or take deep haircuts, apart from selling entire projects to stronger developers as a liquidity crisis grips real estate.

With many residential projects stalled or delayed amid weak sales, interest burden has ballooned, prompting banks, non-banking financial companies (NBFCs) and private equity funds to exit with a haircut. The haircuts could range from 20-60% depending on the net asset value of the project, according to industry estimates.

(Source: Livemint)

7. UAE Assures India of Oil, LPG Supplies

The UAE has assured India of crude oil and Liquefied Petroleum Gas (LPG) supplies despite recent supply disruptions, Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said.

In a series of tweets, Pradhan said he spoke to UAE Minister of State and Group CEO of the Adnoc Group, Sultan Ahmed Al Jaber, and discussed ways to collaborate for strengthening hydrocarbon engagement between the two countries.

(Source: BusinessLine)

8. NRIs Need to File Income Tax Return to Get TDS Refund

> We live in Melbourne. We have some fixed deposits in India. Recently the bank informed us that they have matured and that some TDS was deducted. As we are NRIs, would it be possible to get the tax back? What is the procedure and what is the maximum amount we can deposit in FD? – Radhika

Yes, the tax can be refunded if the tax deducted is in excess of your actual tax liability in India. To get the tax refund, you will need to file income tax return for the year in which tax has been deducted. Also, if your taxable income in India is more than the minimum exemption limit (i.e., Rs 2.50 lakh for those aged less than 60, Rs 3 lakh for those aged less than 80 and Rs 5 lakh for those aged 80 or above), you are required to file ITR in India irrespective of the fact you have any tax refund due or any tax payable.

(Source: Financial Express)

9. Private Banks Cut Interest Rates on Deposits by up to 25 BPS

Top private sector lenders have cut their interest rates on deposits by up to 0.25 per cent over the last week, officials said Monday.

Generally, an interest rate cut in deposits is seen as a precursor to a lending rate cut. The moves by lenders including ICICI Bank and Axis Bank come amid easing liquidity conditions and also within days of a rate cut by the Reserve Bank earlier this month.

(Source: BusinessLine)

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