'Regulatory challenges exist everywhere. What we look for is regulatory stability over time.'
Beleaguered edtech firm Byju's has moved the Karnataka high court challenging the order of the National Company Law Tribunal (NCLT) restraining it from going ahead with the second rights issue. The plea is likely to come up for hearing on Monday. The orders of NCLT were expected to be challenged before the National Company Law Appellate Tribunal (NCLAT).
Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million. Binance added that there was no legal basis for the firm to be liable for claims made against the embattled crypto exchange. It refuted WazirX's claims that the global exchange owns the company, adding that it does not operate the platform.
In a major relief to Byju's, the NCLAT on Friday set aside insolvency proceedings against the troubled edtech major over a sponsorship deal and approved a Rs 158 crore settlement with the Board of Control for Cricket in India. The National Company Law Appellate Tribunal (NCLAT), however, passed the order with a caveat that any failure to make payments on the specific dates mentioned in the undertaking would automatically lead to a revival of the insolvency proceedings against Byju's.
Social media company Meta AI saved the life of a woman who was attempting to end life in Lucknow, as she was allegedly upset over being abandoned by her husband, a police official said.
India's stock markets are experiencing a shift in investor sentiment, with a 30 per cent surge in Chinese stocks, prompting investors to move money from domestic markets to China. This reversal of fortunes is a notable change from the past three years, where China's losses benefited India.
The ministry has identified three Centre-run hospitals -- Ram Manohar Lohia Hospital, Safdarjung and Lady Hardinge -- as nodal centres in the national capital for isolation, management and treatment of any patient with mpox.
India's foreign exchange reserves increased $2.95 billion to $645.58 billion for the week ended March 29, the Reserve Bank of India (RBI) said on Friday. This is the sixth consecutive week of a jump in overall reserves. The kitty had increased $140 million to $642.63 billion in the previous reporting week.
India is among the fastest-growing markets for Google in the cloud services segment, a senior executive has said, adding that the tech giant is looking to partner companies in their business transformation through its offerings. Google Cloud India is seeing an "increased adoption" of its offerings across segments from the public sector to small and medium businesses and from startups and digital-native companies, Google Cloud India vice president and country managing director Bikram Singh Bedi told PTI.
India's forex kitty jumped by $10.47 billion to $636.09 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $6.55 billion to $625.63 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Foreign portfolio investors (FPIs) have net sold domestic shares worth over $10 billion so far this month amid a shift to China, which not only offers attractive valuations compared to India but has also announced several measures to support the economy and the stock market in recent weeks. If the trend doesn't reverse, this will be the first time that overseas funds will yank out more than $10 billion from Indian equity markets in a month.
Savings for Indian refiners from purchasing Russian oil have decreased to a third of what they were in the years following Russia's invasion of Ukraine, which triggered global crises, sanctions, and discounted Russian oil seeking buyers. Despite this, savings from importing cheap Russian oil were significant enough to help Indian refiners tide over frozen petrol and diesel pump prices.
Troubled edtech firm Byju's founder Byju Raveendran on Thursday said that he is willing to pay back the entire money to lenders if they are willing to work with him. During a two-and-a-half-hour call with the media, Raveendran said that lenders will not get any money if the process of insolvency against the company continues. "If they are willing to work with me, I am willing to give them money back before I take a single rupee out.
Edtech firm Think and Learn, which owns Byju's brand, has closed 30 out of its 292 tuition centres, according to an official statement. Byju's has shut down the centres as part of cost optimisation measures and aims to turn most of the centres profitable in the third year of their operations, the edtech firm said. "Byju's is immensely proud of the dedication of its teachers and the performance of its students.
Billionaire Mukesh Ambani-led Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney and formed a joint venture with a valuation of over Rs 70,000 crore. The JV will be one of the largest media and entertainment companies in India with a combined revenue of approximately Rs 26,000 crore and will be led by Nita Ambani as its chairperson, according to a joint statement.
Manish Tiwary plans to take up a new role at another firm.
ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India on Tuesday said they have settled their six-month-long dispute related to the failed $10-billion merger and have agreed to withdraw all claims against each other. As part of the "comprehensive non-cash settlement" between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL), both "have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums," said a joint statement.
India's forex reserves decreased $2.282 billion to $640.33 billion for the seven days ended April 19 in the second consecutive week of drop in the kitty, the Reserve Bank of India (RBI) said on Friday. The reserves had dropped $5.40 billion to $643.16 billion in the previous reporting week, ending a multi-week trend of an increase, which also saw the overall reserves touching a new all-time high of $$648.56 billion for the week ended April 5.
The Telecom Regulatory Authority of India's (Trai's) latest push to review its existing spam regulations and expand the definition of "commercial communications" is driven by an urgent need to tighten controls on autodialers or robocallers, and bulk messaging, according to official sources. This move, they said, comes in response to a surge in complaints against unregistered telemarketers (UTMs), which soared to 750,000 in just the first half of 2024, underscoring the necessity for a comprehensive overhaul of the government's anti-spam measures. Last week, Trai released a consultation paper aimed at revisiting the Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCCPR-2018), the government's legal framework against spam.
E-commerce firm Amazon India has announced the creation of over 110,000 seasonal job opportunities across its operations network as it prepares to serve millions of customers throughout India during the upcoming festival season. These positions include both direct and indirect roles in cities such as Mumbai, Delhi, Pune, Bengaluru, Hyderabad, Kolkata, Lucknow, and Chennai, among others. Notably, Amazon has hired thousands of women and nearly 1,900 individuals with disabilities into its existing network.
The outward foreign direct investment (FDI) by Indian companies stabilised in 2023-24 (FY24) after witnessing a fall in 2022-23 (FY23). The actual outward FDI inched up slightly to $13.75 billion in FY24 from $13.49 billion in the previous financial year (FY23), according to finance ministry data. This stability came after a sharp fall in outward flows in FY23 from $18.52 billion in 2021-22 (FY22).
India has over 19 million cryptocurrency investors out of which nearly nine per cent are women, data from a report by cryptocurrency exchange platform CoinSwitch showed. Nearly 75 per cent of cryptocurrency investors belong to a young demographic, with ages spanning from 18 to 35 years, the report noted. This represents a significant interest in crypto among young users.
Forex reserves declined sharply by $5.89 billion to $617.3 billion for the week ending January 5 after rising for four consecutive weeks, according to the weekly Reserve Bank data released on Friday. So far this fiscal, the reserves have increased $55.72 billion, according to the Reserve Bank of India (RBI). In the previous reporting week ended December 29, the reserves rose $2.759 billion to $623.2 billion, the highest so far this fiscal.
Zee Entertainment Enterprises has sought a termination fee of $90 million (around Rs 748.7 crore) from the Sony Group for calling off the $10 billion merger deal in January this year. It has sought termination fees from two Sony Group entities -- Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Ltd (ZEEL) on Thursday.
With Donald Trump all set to become US president, Indian exporters may face high customs duties for goods like automobiles, textiles and pharmaceuticals if the new US administration decides to pursue the 'America First' agenda, opined trade experts. Experts also said that Trump could also tighten H-1B visa rules, impacting costs and growth for Indian IT firms. Over 80 per cent of India's IT export earnings come from the US, making it vulnerable to changes in visa policies.
'It is admitted that the AZ vaccine can, in very rare cases, cause TTS.'
India's forex reserves jumped by $ 2.76 billion to $ 623.2 billion in the week ended December 29, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.47 billion to $620.44 billion. In October 2021, the country's forex kitty had reached an all-time high of $ 645 billion.
In a significant verdict, the Supreme Court on Wednesday set aside the National Company Law Appellate Tribunal's (NCLAT) verdict that had stopped insolvency proceedings against embattled ed-tech firm Byju's. A bench of Chief Justice D Y Chandrachud, and Justices J B Pardiwala and Manoj Misra also reversed the order of the NCLAT approving Byju's Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) and directed the cricket board to deposit the settlement amount of Rs 158.9 crore with a committee of creditors.
The Alliance of Digital India Foundation (ADIF), an industry body for startup ecosystem and app developers, on Monday filed a complaint with the Competition Commission of India (CCI) against technology major Google for alleged anti-competitive practices in online advertising. The complaint outlined Google's dominant position and alleged abusive behaviour in both the online search and online display advertising.
India's foreign exchange reserves declined in the week that ended on April 12, after having risen for the seventh straight week to hit an all-time high of $648.56 billion. As per the latest data released by the Reserve Bank of India (RBI), the country's foreign exchange kitty declined by $5.40 billion to $643.16 billion in the April 12 week. India's foreign currency assets (FCA), the biggest component of the forex reserves, declined by $6.51 billion to $564.65 billion, the central bank's weekly statistical data showed.
US lenders represented by Glas Trust have countered Byju's founder Byju Raveendran's claim on verified debt on the company being merely around Rs 20 crore, and have said that the beleaguered edtech firm will have to pay the entire $1.2 billion Term Loan B along with interest. The founder of Think and Learn (TLPL) and owner of Byju's brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust.
India's forex reserves jumped $2.816 billion to $606.86 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had risen $6.11 billion to $604.04 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
Many users of Gmail, YouTube and social networks Facebook and Instagram faced problems in logging into their accounts in several parts of the world, including India on Tuesday evening.
US lenders on Tuesday said that the Delaware Supreme Court ruling has affirmed that Byju's defaulted on Term Loan B while the edtech firm asserted that it has no impact on legal proceedings going on in India. Byju's US-based lenders on Tuesday said the Delaware Supreme Court (SC) in its September 23 order affirmed the previous ruling by the Delaware Court of Chancery and said an event of default had occurred under the credit agreement and entitled Byju's lenders and their administrative agent, GLAS Trust, for action against the company.
Trading in the forex market was impacted on Friday as one of the platforms suffered an outage. One of the electronic trading platforms suffered an outage around midday during the trading hours due to which players were unable to log into the system, according to sources. Orders dried up as a result of this, they said, adding that this created a heightened uncertainty in the forex market, causing excess volatility in the Indian rupee, which was avoidable.
India's foreign exchange reserves increased $2.54 billion to $597.93 billion for the week ended November 24, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had jumped $5.08 billion to $595.4 billion. For the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.53 billion, as per the data from the Reserve Bank of India (RBI).
A single security lapse could lead to complete wipe out of your crypto assets in seconds, with no recovery in sight, warns Nikhil Sethi.
Global firm Accenture's fourth quarter results prove that the worst is behind for the Indian information technology (IT) sector, said analysts on Friday (September 27). While the pace and the broadness of recovery is debatable, they said Accenture's results and revenue growth guidance for the next financial year (FY25) reduce downside risks for Indian IT companies.
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