1. Hardcastle, Jubilant, Speciality, Moon Beverages, Lite Bite Keen to Partner McDonald’s
At least five leading restaurant and foods firms have either written to McDonald’s or evinced interest in the US burger chain’s north and east business as potential franchise partners, even as its prolonged legal battle with estranged partner Vikram Bakshi-led Connaught Plaza Restaurants Ltd (CPRL) continues.
Speciality Restaurants, which owns fine-dining brands Mainland China and Oh! Calcutta; Jubilant FoodWorks, which operates well known global brands Domino’s Pizza and Dunkin Donuts; and Coca-Cola’s largest Indian franchise bottler Moon Beverages are among those keen on partnering McDonald’s, said executives aware of developments. Bakshi is locked in a bitter battle with McDonald’s over a series of issues.
(Source: The Economic Times)
2. Union Budget 2018 May See More Aggressive Fiscal Push
The government is considering a more aggressive fiscal push in Union Budget 2018, likely to be presented on 1 February, after economic growth slumped to a three-year low in the quarter ended 30 June.
The finance ministry has started the budget-making exercise for the fiscal year starting 1 April with the release of the budget circular containing the timelines for submission of information by various departments. Ministries and departments have to submit tentative budget estimates for fiscal 2019 by 30 September.
(Source: Livemint)
3. Just 2 Potential Bidders For Sahara’s Rs 37k Cr Aamby Valley Auction
Only two potential bidders are believed to have shown initial interest for embattled Sahara group's super luxurious Aamby Valley resort town, which has been put up for a Supreme Court ordered auction by the official liquidator at a reserve price of Rs 37,392 crore.
While there is no official word as yet on the identity of the potential bidders as the entire exercise is being carried out under strict observation of the apex court and the observers appointed by it, officials privy to the information said just two interested parties have turned up and have submitted their KYC details as required for the initial steps of the auction process.
They refused to be identified and also declined to disclose the names of the potential bidders as the process has just got underway and involves strict confidentiality requirements, but said the two parties appear to be representatives of two separate consortium of investors and corporates.
(Source: PTI)
4. Fosun Pharma to Buy 74% Stake in Gland For $1.09 Billion
Shanghai Fosun Pharmaceutical Group has agreed to cut the size of the stake it would buy in Hyderabad-based injectable maker Gland Pharma to 74 percent in a revised 1.09 billion dollars (around Rs 6,900 cr) deal after its earlier proposal to acquire 86 percent met approval roadblock.
In a statement to Hong Kong stock exchange on Sunday, Fosun said its board had approved the new plan, which would involve an investment of no more than 1.09 billion dollars. It has also delayed the closing date for the deal to 3 October, from 26 September.
Under government norms, foreign investment of up to 74 percent in a pharmaceutical company is allowed under the automatic route. The revised deal size would help the parties close the deal.
(Source: Business Standard)
5. Tata Group Weighs Legal Action Against Kolkata Man Who Set up ‘Tata Sons’ in UK
When Pawan Jhawar, 30, a little-known businessman from Kolkata, started a company last month by the name of Tata Sons Ltd in London, he wasn’t the first to use the Tata name in a UK-registered firm. A month earlier, Mohammad Irfan Yousaf, a Pakistani national, had started a company in the UK by the name of Tata Investments Ltd for “buying and selling of real estate”.
Both went unnoticed until The Telegraph newspaper reported on Sunday about Jhawar’s firm, following which Bombay House, the headquarters of the Tata group in Mumbai, said it would have no more of this. “Such a move is in blatant violation of all laws, including our intellectual property rights over the usage of the word Tata,” a spokesperson for Tata Sons Ltd — the group’s holding firm — said in a note.
The group is considering legal options to deal with this intellectual property right infringement, the spokesperson added.
(Source: Livemint)
6. Government to Sell Air India Properties It Owns
The government has decided to sell some of Air India’s real estate directly to expedite the state-owned carrier’s divestment. This follows the discovery that some of the assets are not owned by the carrier but on a 99-year lease from the government.
“Properties where the government has the ownership will go back to the government, which will sell it on behalf of Air India,” said a senior aviation ministry official who did not want to be named. Air India officials confirmed that two such properties in Delhi owned by the urban development ministry have already been identified.
(Source: The Economic Times)
7. SEBI Board to take Stock of Suspected Shell Companies on Monday
Markets regulator SEBI will update its board on Monday on action being taken against suspected shell companies allegedly abetting routing of illicit funds through stock markets.
Those under scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be misusing the stock exchange platform for tax evasion, among other wrongdoings, a senior official said.
Besides, the board would consider other proposals including expediting settlement proceedings and streamlining its internal mechanism to better decide on whether they need soft or hard enforcement actions.
(Source: PTI)
8. Govt Savings Through DBT Touches Rs 65,000 Cr: Prakash Javadekar
Union Human Resource Minister Prakash Javadekar on Sunday said the central government has saved Rs 65,000 crore through Direct Benefit Transfer (DBT) in various public schemes. Scores of welfare schemes have been linked to DBT, under which the receivables are transferred directly to the beneficiary’s bank accounts.
DBT enables linking of Aadhar card to bank accounts and other subsidised services availed by citizens, covering a slew of government schemes. It is being used to plug the loopholes in the system due to which the government incurred losses.
“With one third achievement in DBT, the government has been able to save Rs 65,000 crore. Imagine how much money government will save when we will achieve DBT completely,” Javadekar said while speaking at a function.
(Source: PTI)
9. Mobile Phone Makers to Miss 1 Oct Deadline to Roll Out Indic Scripts
Mobile phone makers are likely to miss the 1 October deadline for embedding Indian regional language software in their handsets due to issues involving standardisation of Brahmi script.
The Ministry of Electronics and Information Technology (MeitY) had last year ordered that all mobile phones should be configured to enable users to text in all Indian languages from 1 July onwards.
The deadline was extended to 1 October after the industry sought more time to get their products certified by the Bureau of Indian Standards. Now, it seems there is confusion over standardisation of the Brahmi script.
(Source: The Hindu BusinessLine)
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