The fate of the $10 billion merger between Zee Entertainment Enterprises and Culver Max Entertainment, formerly Sony Pictures Networks India, is hanging by a thread, with the two parties unable to finalise an agreement as the end of the one-month grace period looms. The two parties are yet to come to an agreement over Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka leading the merged entity after Sony expressed concerns after market regulator Sebi barred him from holding managerial posts in Zee and any of the entities in a fund-diversion case.
Artificial Intelligence-first business strategy adopted by Infosys is working well for the company despite unresolved ethical and IPR issues around the technology, Infosys chairman Nandan Nilekani said on Wednesday. In his address at Infosys' 42nd Annual General Meeting, Nilekani said the company can be more efficient while nurturing readiness for growth, given its performance in challenging scenarios created by inflation, interest rates, geopolitics, demand volatility and supply chain dislocations. "Several practical, ethical and intellectual property-related issues, when it comes to AI remain unresolved.
The Bombay Stock Exchange has agreed to sell 41 per cent stake to a clutch of domestic and foreign investors for about 385 million dollars, subject to regulatory approvals.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
The World Bank also approved $200 million for Pakistan, $100 million for Afghanistan, $7.3 million for the Maldives and $128.6 million for Sri Lanka.
FMCG major Hindustan Unilever on Wednesday reported a 1.53 per cent decline in consolidated net profit to Rs 2,561 crore for the fourth quarter ended March 31, 2024 due to factors such as deflation and softening of commodity prices. The company had posted a net profit of Rs 2,601 crore in the year-ago period, according to a regulatory filing from HUL. Net sales of Hindustan Unilever Ltd (HUL) were almost flat to Rs 15,013 crore in the March quarter.
Two days after the termination of the merger agreement by Sony Group, Zee Entertainment on Wednesday hit back by filing a petition before the National Company Law Tribunal (NCLT), seeking a direction to implement the merger scheme. Besides, it has also initiated appropriate legal actions to contest the claims of $90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC), according to a regulatory update by Zee Entertainment Enterprise Ltd (ZEEL).
The ICC Board, at its first meeting of 2016 in Dubai on Wednesday, considered amendments made to the ICC's constitution in 2014 and agreed that, in order to avoid any potential conflicts of interest and follow best practice principles of good governance, it will seek to re-establish as quickly as possible the 'independent' position of ICC chairman.
Inzamam ul Haq blames ousted PCB Interim Committee chairman Zaka Ashraf for mess in Pakistan cricket
Karnataka, which is facing a political tug-of-war between the Bharatiya Janata Party and Congress-Janata Dal-Secular over government formation, had earlier made a failed bid to temporarily stall the finalisation of draft Cauvery management scheme.
Stories are legion about the Karatmeter's use at that time. Hundreds of people standing in queue for testing, customers breaking down after discovering the actual purity of their jewellery and then becoming irate about the jeweller who had gypped them, the local jewellery industry leaning heavily on the Tanishq franchisees to desist from using it, some jewellers even threatening violent action.
The Securities and Exchange Board of India (Sebi) is in the process of issuing a standard operating procedure (SOP) for designated depository participants (DDPs) regarding disclosures and onboarding of foreign portfolio investors (FPIs), according to a regulatory document seen by Business Standard. DDPs act as a link between the markets regulator and overseas investors. The SOP, framed in consultation with the industry, aims to bring consistency across all players and avoid any form of regulatory arbitrage.
Edtech major Byju's is in process to raise Rs 600-700 crore to fund the company's operations till March by when it expects to realise money through the sale of Epic and partial stake sale in other subsidiaries, according to sources aware of the development. Byju's founder Byju Raveendran has recently raised money by mortgaging home and real estate assets owned by family members for paying salaries, sources said. "There is about Rs 50 crore gap per month in operational expenses where a large component is salary.
Equity fundraising through qualified institutional placements (QIPs) has gained traction, thanks to supportive equity markets and the need for fresh fundraising to meet capital expenditure (capex) requirements.
Hafeez said the board would factor in a players' workload ahead of next year's T20 World Cup before giving him a 'No Objection Certificate'(NOC) to take part in one of the growing number of lucrative franchise leagues around the world.
'If businessmen should be included in the political process -- which is essential in my opinion -- they need to have the freedom to express themselves and to take stands against the government of the day, without fear of reprisals and attacks on their business.'
The ICC flagship event will return to the country after more than a decade.
Digital Personal Data Protection (DPDP) law aims to protect the privacy of Indian citizens while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect digital data of individuals.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
L&T will give Rs 6 per share special dividend to shareholders for the six decades that company patriarch A M Naik served with the engineering and construction major, S N Subrahmanyan, the CEO & MD of the infrastructure major said.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
The Centre, for the first time, has initiated a draft proposal for setting up an All India Institute of Medical Sciences (AIIMS)-like institute of national importance for animal health, education and research in Delhi to be called the All India Institute of Veterinary Sciences (AIIVS).
Franchise is the future but Australia rule the here and now
The Reserve Bank has restricted American Express Banking Corp and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from May 1 for violating data storage norms. The order will not impact the existing customers of these two entities, the central bank said in a statement on Friday.
Diversified entity ITC Ltd on Monday said it will demerge its hotels business by incorporating wholly-owned subsidiary ITC Hotels Ltd, paving way to attract appropriate investors and strategic partners. With the company's hotels business maturing over the years, the company said the vertical is ready to chart its own growth path as a separate entity in the fast-growing hospitality industry. "The Board of Directors of ITC Ltd at its meeting held on July 24, 2023, evaluated and discussed various alternative structures for the hotels business.
The Event Technical Committee for the ICC Champions Trophy allowed the Indians to replace the injured batting ace with Rohan Gavaskar.
The International Cricket Council's Event Technical Committee has approved pacer Chris Tremlett as a replacement for the injured Stuart Broad in England's World Cup squad.
Fundraising via the initial public offering (IPO) route by companies may touch Rs 1 trillion in financial year 2024-25 (FY25), according to a recent note by Pantomath Group - a mid-market investment bank. During the financial year 2023-24 (FY24), 76 companies tapped the markets through mainboard IPOs, Pantomath said, raising nearly Rs 62,862 crore. This is a 21 per cent rise compared to FY23, the note added.
The Company Law Board on Thursday completed the formality of approving the induction of Venturbay, a subsidiary of Tech Mahindra, as the strategic investor to acquire a 31 per cent stake in Satyam Computer Services and asked it to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
'API prices are dragging down margins and impacting our competitive ability.'
The issue also underscores the growing scrutiny by investors and voting advisory firms of the performance of board members.
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
The lowest price of the India-South Africa tickets is of Rs 900 which are being sold for around Rs 5000 in the black market.
ICC introduces stop clock in men's ODI and T20Is, five-run penalty on third offence
The ICC from the next cycle will award the same prize money to men's and women's champions and runners-up teams at its global events.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
The Reserve Bank of India has on Wednesday lifted the ban on new customer acquisition by American Express which was imposed with effect from May 2021 due to non-compliance with local data storage norms. "In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect," RBI said. Similar bans were imposed on Diners Club International and Mastercard previously.
The government on Friday approved the draft of a new Companies Bill to incorporate far-reaching changes, including scrapping the minimum paid-up capital requirement and setting up special courts to try offences.
The Rajya Sabha on Wednesday passed the Digital Personal Data Protection Bill 2023 by voice vote following a walkout by opposition members over the Manipur issue.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
