1. PNB Objects to Sale of Assets by Nirav Modi Firms in US
In a new turn of events, Punjab National Bank (PNB) has objected to the expedited sale of assets in US by firms linked to Nirav Modi, who is at the centre of a $2 billion fraud at the bank.
According to a US court filing on Wednesday, the state-owned bank has argued that the “truncated” sale of assets proposed by the debtors — Firestar Diamond and other companies — will limit the recovery of creditors and the lack of clarity on the connection between the debtors and the Modi fraud could affect the bidding process.
PNB argued in its filing that the expedited process, in consultation with existing and perhaps conflicted management, without the benefit of the participation of an official committee of unsecured creditors or even the full involvement of any other interested party, such as PNB, may lead to the exact opposite result—a rushed sale of the debtors’ businesses at a deeply discounted price.
(Source: Livemint)
2. Sebi Looking into Chanda Kochhar, ICICI Bank Matter
With ICICI Bank embroiled in a controversy over alleged conflict of interest involving its CEO Chanda Kochhar, the Securities and Exchange Board of India (Sebi) has begun looking into the matter for any possible disclosure and corporate governance-related lapses.
Besides, Videocon Industries Ltd and its promoters have come under the regulator’s scanner as the matter relates to alleged “quid pro quo” involving loans to the company by a group of lenders, including ICICI Bank and some public sector banks.
The markets regulator has begun a preliminary enquiry into various disclosures made by ICICI Bank over the last few years while the stock exchanges may seek additional clarifications regarding recent reports in this regard that relate to dealings that took place way back in 2012, a senior official said.
(Source: PTI)
3. Food Technology Firm Zomato Sales Rise as Do Losses
Food technology firm Zomato Media has posted a 108 percent increase in losses to Rs 585.2 crore in the year ended March 2017, according to filings with the Registrar of Companies and data platform Tofler.
The company had reported losses of Rs 280.8 crore in FY16. Revenue earned from operations increased 83 percent to Rs 245.1 crore in FY17 from Rs 134 crore in FY16.
In FY17, the company’s earnings from the online food ordering business increased seven-fold to Rs 60.7 crore, while it subscription revenue dropped four times to just Rs 1 crore. The company reported revenue of Rs 7.4 crore from its online food-ordering business in FY16, while revenue from subscription stood at Rs 5.2 crore.
(Source: Financial Express)
4. Government Cracks down on GST Evaders
The government has launched a crackdown on goods and services tax (GST) evaders ahead of the end of the fiscal year, signalling it will pursue tax dodgers.
The Directorate General of GST Intelligence, the apex intelligence unit under the Central Board of Excise and Customs (CBEC), has, in an all-India operation that began on Tuesday, detected tax evasion to the tune of Rs 440 crore, a person privy to the development said on condition of anonymity.
The nature of evasion includes non-payment of tax, wrongful claim of tax rebates and failure to remit to the government taxes collected from customers.
(Source: Livemint)
5. Indian Shipping Industry May Hit Foreign Shores to Fight Slump
Caught in deep waters, the Indian shipping industry may be contemplating converting their ships to foreign registration, potentially causing a loss in taxes of about Rs 8,000 crore to the central exchequer.
Anil Devli, CEO, Indian National Shipowners’ Association (INSA), said, Indian shipowners could switch to a foreign flag if the government refrains from offering cargo support to the domestic industry in order to compete with foreign shipping lines.
According to estimates, already, around 35 percent of the total fleet owned and controlled by Indian interests is flagged overseas because of lack of cargo support and high taxes.
(Source: Financial Express)
6. IRCTC Set to Launch Own Payment Gateway
Indian Railway Catering and Tourism Corp (IRCTC), the largest consumer internet firm by revenue, is set to launch its own payment gateway as the online ticketing platform eyes additional revenues and looks to reduce dependency on third-party payment services providers, according to two people familiar with the matter.
IRCTC, which currently sells over 1.2 million tickets a month, is expected to start the pilot for its in-house payment gateway over the next 4-8 weeks, said the two people on condition of anonymity.
The payment gateway is internally being called ‘ipay’ and will be rolled out in phases once the testing is successfully completed.
(Source: Livemint)
7. RBI to Take Hawkish Stance by End-2018, to Hike Rates Early Next Year
The Reserve Bank of India (RBI) will keep monetary policy steady at its April meeting but shift to a hawkish stance by the end of this year and raise interest rates early in 2019 as inflation pressures build, according to a Reuters poll of economists.
All 61 economists polled between 23 and 28 March expected the RBI to hold the repo rate at 6 percent and the reverse repo rate at 5.75 percent at its 4-5 April policy meeting.
The RBI is expected to keep rates steady for the rest of this year.
(Source: Livemint)
8. Indian Railways, BEML, Kerala Govt Mull Rs 320 Crore Coach Joint Venture
The railway coach manufacturing factory project in Kanjikode, Kerala, is back on the Centre’s radar, exactly 10 years after it was first mooted.
This time it is a downsized, streamlined and more workable version, stringing together Induab Railways, BEML (Bharat Earth Movers) and the Kerala government in a joint venture (JV). Railways is putting together a preliminary feasibility report on the project.
“Union defence minister Nirmala Sitaraman and railway minister Piyush Goyal are actively considering the revised project proposal,” MB Rajesh, Lok Sabha member from Palakkad, said.
The Kerala government handed over 239 acre of land for the project when the railway budget for 2008-09 had announced a coach factory in Kanjikode under the PPP mode.
(Source: Financial Express)
9. UIDAI Restores Airtel's Authorisation for Aadhaar-Based eKYC, with Riders
The UIDAI has restored telecom operator Bharti Airtel's authorisation to conduct Aadhaar-based verification of its mobile subscribers subject to specific conditions, sources said.
The company will have to submit quarterly reports on compliance with Aadhaar Act and adhere to directions issued by the Unique Identification Authority of India (UIDAI) from time to time.
Sources privy to the decision told PTI that the suspension on Airtel Payments Bank's eKYC licence has not been lifted.
(Source: PTI)
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