1. Bank Of Baroda Announces Swap Ratios For Merger With Dena Bank, Vijaya Bank
The three-way merger between Bank of Baroda, Dena Bank and Vijaya Bank moved a step closer to completion with the Union Cabinet approving the deal and banks announcing share swap ratio for the transaction.
For every 1,000 shares of Dena Bank worth Rs 10 each, Bank of Baroda will issue 110 shares of Rs 2 each, the lender said in a stock exchange notice. Also, Vijaya Bank’s shareholders will get Bank of Baroda’s 402 shares of Rs 2 each for every 1,000 shares of Rs 10.
(Source: BloombergQuint)
2. After Default, Naresh Goyal May Have to Give up Jet Airways to Keep It Afloat
The promoters of cash-strapped Jet Airways (India) Ltd, which has defaulted on loan repayments, may have to give up management control if they want to raise capital, say analysts.
According to two analysts tracking the aviation sector, including the development at Jet Airways, the Naresh Goyal-led airline had to delay salaries and payments of a section of its staff and vendors to service its debt on time.
(Source: Livemint)
3. Relief for Online Pharmacies as HC Stays Ban
The Madras High Court on Wednesday stayed until further orders a single judge's order banning online sale of medicines, saying patients would be affected if it was prohibited all of a sudden.
A division bench of Justice M Sathyanarayanan and Justice P Rajamanickam granted the interim stay, allowing miscellaneous petitions filed by a batch of traders involved in online sale of medicines.
It had on 21 December reserved orders on the plea.
(Source: PTI)
4. Arvind Panagariya-Led Task Force Report on Jobs Data Kept in Cold Storage
A day before demitting office as NITI Aayog vice-chairman in 2017, Arvind Panagariya (pictured) submitted the final report of the task force he chaired for recommending improvements in jobs data. Even as a draft version was put up in the public domain, the government did not make the final report public.
The report submitted by Panagariya to the Prime Minister’s Office (PMO) on 30 August 2017, had significant changes from its draft version.
(Source: Business Standard)
5. RBI Forms Expert Committee For MSME Sector Led By UK Sinha
The Reserve Bank of India said it will form an expert committee to identify the issues and propose long-term solutions for economic and financial sustainability of small businesses.
The panel will be headed by UK Sinha, former chairman of Securities and Exchange Board of India, according to a press statement published on the central bank’s website. The eight-member committee will also include government representatives, bankers and academicians.
(Source: BloombergQuint)
6. Reliance Jio Adds Over 1 Crore Customers In October Even As Airtel, Vodafone Idea Shed Users
Only two operators, Reliance Jio Infocomm Ltd and state-run Bharat Sanchar Nigam Ltd, added new subscribers in October, leading to a marginal growth in overall telecom user base to 119.2 crore, according to the Telecom Regulatory Authority of India.
Reliance Jio and BSNL jointly added over 1.08 crore new mobile phone customers, while rest of the operators – Vodafone Idea Ltd, Bharti Airtel Ltd, Tata Teleservices Ltd, Mahanagar Telephone Nigam Ltd and Reliance Communications Ltd – lost more than 1.01 crore customers.
(Source: BloombergQuint)
7. Govt Tables Aadhaar Amendment Bill in Lok Sabha
In a move aimed at providing legal backing to a Cabinet decision allowing voluntary linkage of Aadhaar with mobile phone numbers and bank accounts, the government on Wednesday introduced a bill in the Lok Sabha to amend three laws.
The bill to amend the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, the Indian Telegraph Act, 1885 and the Prevention of Money-laundering Act, 2002 is crucial.
(Source: Livemint)
8. Another Round of GST Rate Cuts? Council to Meet on 10 January
The GST Council, set to meet on 10 January, will decide on bringing under-construction residential properties to 5 percent slab, raising the threshold limit for MSMEs and bringing small service suppliers under the composition scheme.
There are heightened expectations that the Council could decide another round of rate cuts including on products like cement with the industry arguing that the product is a critical construction material and needs to be taxed at a lower 18 percent from the current 28 percent.
(Source: Moneycontrol)
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