1. Mumbai Court Issues Non-Bailable Warrant Against Nirav Modi and Mehul Choksi
A special court in Mumbai on Sunday, 8 April, issued non-bailable warrants against jewellers Nirav Modi and Mehul Choksi on the request of the Cental Bureau of Investigation (CBI), PTI reported quoting officials.
This is the second non-bailable warrant issued against the two. In March, a Mumbai court issued non-bailable warrants against Modi and Choksi on the request of the Enforcement Directorate.
Interpol had sought additional information from the Enforcement Directorate about the diamond jewellers in connection with the fraud at Punjab National Bank, which has now grown to Rs 13,000 crore, as part of the process to issue a Red Corner Notice.
(Source: BloombergQuint)
2. Agriculture Ministry to Move Cabinet Note to Ensure Farmers Get MSP
The agriculture ministry will soon move a Cabinet note seeking approval for a new policy that aims to rope in both states and private firms in procurement of crops other than wheat and paddy, for ensuring MSP to farmers, a senior government official said.
The objective of the proposed policy is to improve the speed of response and effectiveness of procurement in cases when prices drop below the minimum support price.
(Source: BloombergQuint)
3. New ITR Form Seeks Salary Break-Up, More Disclosures From Taxpayers
The new income tax return (ITR) forms released for the assessment year 2018-19 seek more details from taxpayers than they did in the previous years. Overall, there are over 25 key changes compared to last year across all the forms meant for individuals, businesses and other assesses.
Most of these changes require taxpayers to give the break-up of information provided or other details that help the income tax department to reconcile the transactions that taxpayers report. “It is apparent that the new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions,” says Naveen Wadhwa, general manager, Taxmann.com.
(Source: Business Standard)
4. PNB Scam: ED Unearths Rs 5,000 Crore Money Trail
The Enforcement Directorate (ED) has traced more than Rs 5,000 crore that has been funnelled through layers of shell companies controlled by jeweller Nirav Modi and his uncle Mehul Choksi in the Punjab National Bank (PNB) fraud case, two people directly aware of the matter said.
Based on the investigations, ED will likely file charges against Modi and Choksi within a month, the people, including an official at the investigative agency, said, requesting anonymity.
(Source: Livemint)
5. Tata Chemicals to Acquire Allied Silica for Rs 123 Crore
Tata Chemicals Ltd. has signed an agreement with Allied Silica Ltd. to acquire the latter’s precipitated silica business for Rs 123 crore on a slump sale basis, the company said in a statement.
The deal is expected to close within three months, and includes acquisition of an existing manufacturing site in Tamil Nadu, which will produce highly dispersible silica.
This acquisition is another step in our journey to build technologically enabled, differentiated businesses, with greater customer centricity, by leveraging our core strengths.R Mukundan, Managing Director, Tata Chemicals
(Source: BloombergQuint)
6. With New CEO in Place, Nandan Nilekani Takes a Step Back at Infosys
Nandan Nilekani, co-founder and chairman of Infosys Ltd, is increasingly playing a less active executive role at India’s second largest IT outsourcing firm and has handed over responsibilities to new chief executive Salil Parekh and his top lieutenants, according to three people familiar with the developments.
Since returning to Infosys as non-executive chairman on 24 August, Nilekani for the most part of his stint operated like a “super CEO”, playing a hands-on executive role to steer the firm through one of its most tumultuous times in the wake of former CEO Vishal Sikka’s departure.
(Source: Livemint)
7. Earnings Growth Set to Pick up Pace, Powered by Autos, FMCG
Earnings growth of Indian companies is expected to pick up pace for the second straight quarter in the three months ended March, although it would still take a quarter or two before significant earnings upgrades come through, experts said.
Profits of the 30 firms in the benchmark Sensex are expected to grow 9.7% from a year earlier in the March quarter, while sales are likely to rise 14.2%, according to estimates by brokerage Kotak Institutional Equities.
(Source: Livemint)
8. With an Eye on Debt, Tata Sons Set to Discuss M&A Plans of Group Companies
The board of Tata Sons, the holding company of the diversified conglomerate, will discuss the various mergers and acquisitions (M&A) plans of the Tata group, especially with regard to the debt that it will be running up, said two people with direct knowledge of the development.
Directors of Tata Sons, which will provide the primary guarantee for any funding that’s needed, have sought more information from the group’s new M&A team on two key transactions, they said. This includes the divestment of Tata Teleservices’ consumer mobile business to Bharti Airtel and bids to purchase bankrupt Bhushan Steel and Bhushan Power and Steel under the insolvency resolution process.
(Source: The Economic Times)
9. Flipkart-Amazon Too Big to Sail? Deal Could Come Under CCI Scanner
The possible coming together of online retailers Amazon and Flipkart is likely to face close scrutiny on competition issues as the combined entity will be a dominant player in the fast-growing Indian e-commerce market, according to experts.
While there is no formal announcement from any quarter on the possible multi-billion dollar deal, reports indicate that discussions involving Flipkart and Amazon are going on.
(Source: Business Standard)
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