1. Shivinder Withdraws Petition in NCLT Against Elder Brother MalvinderShivinder Singh, the younger of the two warring brothers whose business empire was once worth billions, requested a court on Thursday, 13 September, to withdraw a case he had filed against brother Malvinder after their mother and family elders brokered a truce between the siblings.In their request, Shivinder and his wife Aditi S Singh also sought the liberty to approach the court again if mediation by family members failed. The case against Malvinder and business associate Sunil Godhwani was to come up for hearing at the New Delhi bench of the National Company Law Tribunal (NCLT) on Friday, 14 September.On 4 September, Shivinder had filed a case against his elder brother and Godhwani, a former chief executive of financial services company Religare Enterprises, blaming the two for oppression and mismanagement of family businesses.(Source: LiveMint)2. Shareholders Free to Decide Executive Pay Without Government NodShareholders are now free to decide the limit of executive pay a company can give above the statutory limit of 11 percent of net profits as per a key company law provision brought to effect from Wednesday.A statement from the ministry of corporate affairs said that companies are free to take all pending requests before the government for paying managerial remuneration in excess of the statutory limit to their respective shareholders for their approval within one year. In the case of companies that have defaulted on loans, lenders’ approval is required before shareholder support is sought.The statement said the decision is in line with the government’s policy of having minimum government, yet maximum governance and of providing ease of doing business to law-abiding corporate houses in the country.(Source: LiveMint)3. Petrol Price at Rs 81 Mark, Diesel Crosses Rs 73 in Delhi on Falling RupeePetrol price Thursday touched the Rs 81 per litre mark in Delhi while diesel rates crossed Rs 73 as the potent combination of a depreciating rupee and rising crude oil rates continued to push fuel prices higher.After a day's lull, the upward march of fuel prices resumed Thursday, 13 September, with petrol price being hiked by 13 paise per litre and diesel by 11 paise, according to a price notification of State-owned oil marketing companies.Petrol price in Delhi climbed to Rs 81 per litre while diesel inched up to an all-time high of Rs 73.08.(Source: PTI)4. PE Investments in August at Lowest in 6 Months, Buyouts on Rise: ReportPrivate equity (PE) and venture capital (VC) firms invested about $1.6 billion in August, the lowest since February last year’s $1.4 billion worth of investments across 66 transactions, the PE Roundup report issued by EY on Thursday showed.During the month, however, PE and VC firms raised more than $2 billion for their funds, the highest in the last one year indicating ample liquidity in the market.A handful of large deals skewed overall investments by PE and VC firms in August, with buyouts being the flavour of the month.(Source: LiveMint)5. Goldman Sachs Names John Waldron PresidentGoldman Sachs Group Inc’s investment bankers are completing a takeover of their own firm.Three of the most important roles now are going to be held by executives who rose through the dealmaking unit, overhauling the masthead of a firm that for years was Wall Street’s dominant trading powerhouse. The reversal, which began in the wake of the financial crisis, is complete with a changing of the guard at the very top.Incoming Chief Executive Officer David Solomon named John Waldron on Thursday to be the firm’s next president and chief operating officer, the second-most-powerful position in the bank.(Source: AP)6. Patanjali Enters Dairy BusinessBaba Ramdev's Patanjali Ayurved announced its foray into the dairy segment by launching milk and milk products, including curd and cheese, targeting sales worth Rs 1,000 crore from the segment.Patanjali had also ventured into frozen vegetable segment and has introduced products such as sweet corn, pea and potato fingers.“We are aiming to have a business of Rs 1,000 crore next fiscal. This fiscal, we would have a business of Rs 500 crore,” said Baba Ramdev at a conference. The Haridwar-based firm has established a network of around 56,000 retailers.We are targeting 10 lakh litre of daily sales, Ramdev said. Patanjali would also introduce milk and allied products in tetra packs, he said.(Source: BloombergQuint)7. ICICI Bank AGM: Shareholders Question Governance, Seek Clarity On Chanda Kochhar ProbeICICI Bank Ltd held its 24th annual general meeting in Vadodara on Wednesday, 12 September. Missing from the podium was Chanda Kochhar, who remains on extended leave but holds on to her post as chief executive officer at the bank. She may have stayed away but the allegations of impropriety against her clouded the mood at the AGM.Corruption at the bank is not acceptable, shouted out one of the shareholders in the course of the AGM. A few others clapped. The AGM was by no means unruly but a number of shareholders did choose to raise questions around Chanda Kochhar, governance at the bank, and whether the management needs to take tough decisions.In response, Sandeep Bakshi, the chief operating officer and acting CEO, assured that the bank had been ring-fenced from the controversy.(Source: BloombergQuint)8. Nykaa Plans IPO in 2020, To Strengthen Offline PresenceIn a country where few startups have gone to list themselves on the bourses, Nykaa wants to be the exception.The e-commerce website that sells beauty and wellness products of a range of companies, including L’Oréal and Lakmé, is mulling an initial public offer in two years, its Founder and Chief Executive Officer Falguni Nayar told BloombergQuint in an interaction. But before that it plans to raise around $10-15 million.Nykaa is also betting big on its offline play. We plan to double our offline revenue in the current fiscal, Nayar said.The opportunity may be huge. Nykaa’s revenue in the year ended March 2018, Nayar said, was Rs 570 crore and the offline segment comprised five percent of its turnover.(Source: BloombergQuint)9. Don't Interfere in Insolvency Resolution Proceedings: SC to NCLT/NCLATThe Supreme Court on Thursday said the National Company Law Tribunal (NCLT) and the Appellate Authority (NCLAT) should refrain from interfering in insolvency resolution proceedings by the Interim Resolution Professional and the Committee of Creditors of the lender banks of a sick enterprise under the Insolvency and Bankruptcy Code.Making it clear that the role of adjudicating bodies — NCLT and NCLAT — come only after resolution plan is finalised, a bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra said that by their "jumping in" when the proceedings before IRP and CoC is going on is like throwing spanner and everything goes.Emphasising that "None of these steps by the CIRP and the CoC could be interdicted in between," court said, "They (NCLT and NCLAT) are not supervisory authority to see what is happening, who was invited, who not..."(Source: IANS) We'll get through this! 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