'I want us not to underestimate Indian voters. They can tell good work from bad.'
Days before Sony Group pulled the plug on the $10 billion deal, Zee group founder Subhash Chandra had written to Finance Minister Nirmala Sitharaman, blaming Sebi for trying to "scuttle" the merger of its flagship media firm Zee Entertainment Enterprise with the Japanese firm and subsequent investment in the merged entity. Alleging market regulator Sebi is "acting with a predetermined mind", the Zee group patriarch requested the finance minister to take the necessary steps "to safeguard the interest of the minority shareholders of Zee". Chandra in his letter dated January 16, seen by PTI, said Zee and all other people have been cooperating in the investigation related to the alleged fund diversion by promoters and expressed concern over a new notice issued by the market regulator to former directors of Zee.
Comedies are a difficult genre to pull off in today's day and age, thanks to the audiences' increasing exposure to diverse content and dwindling attention spans. Still, there are quite a few Tamil movies that can bring on the laughs. Arjun Menon lists the recent releases you can watch at home.
Base metals major Hindalco's overseas subsidiary, Novelis, has submitted a draft registration with the US Securities and Exchange Commission (SEC) for the proposed public offering of promoters' shares. Novelis' sole shareholder, AV Minerals (Netherlands) NV, is a 100 per cent subsidiary of Hindalco. Novelis would not receive any proceeds from the sale. Assuming SEC clearance could go through in about 6 months.
India Inc is staring at significantly higher compliance and governance costs, following the Securities and Exchange Board of India's (Sebi's) latest tightening of disclosure norms and regulations around the filling of key positions, the materiality of information, and third-party transfers. Recently, the securities market regulator amended the Listing Obligations and Disclosure Requirements (LODR) to introduce a raft of changes that will affect how listed companies go about transparency and disclosures. The new framework will further empower public shareholders and soon move towards a 'comply or be penalised regime or comply or explain' in the case of high-value debt-listed entities.
In the recent past, Delhi has witnessed several fire incidents that have claimed a substantial number of lives and caused heavy damages.
For the company's latest energy initiative to expand its green energy and storage portfolio, some analysts are beginning to suggest a closer look at some of its segments. In his address to shareholders in the company's FY22 annual report, billionaire Mukesh Ambani, chairman and managing director of the company, said: "The green energy value holds great promise to outshine all our existing growth engines in just 5-7 years." The company has marked an investment of Rs 75,000 crore towards its new energy plans, which include solar energy value chain, green hydrogen, energy storage and other similar businesses.
"India cannot be the refugee capital of the world," the Solicitor General said, adding there was a need to re-look the draft NRC list through sample verification.
The strategic sale of government and state-owned Life Insurance Corporation (LIC) of India stakes in IDBI Bank might encounter procedural delays, potentially pushing the timeline for expected financial bids to the third quarter of the current financial year (2023-24, or FY24), according to sources familiar with the development. Financial bids constitute the second significant step in the divestment process, following expressions of interest (EoIs) from potential bidders. In this phase, bidders are required to quote transactional fee as a percentage of the divestment proceeds, which are then added to the government's kitty after completion of the transaction.
If Pakistan continues with the 'Grey List' or put in 'Dark Grey' list, it would be very difficult for the country to get financial aid from the IMF, the World Bank and the European Union, making its financial condition more precarious.
Google on Tuesday began reinstating about 250 Indian apps it had delisted from its Play Store over a billing dispute as it caved in to government criticism, but the squabble may not yet be over.
Sebi has now said any default of payments of interest or principal on loans taken from financial institutions, including banks, will have to be disclosed if it continues beyond 30 days.
The company is likely to choose one of its existing auditing partners -- PricewaterhouseCoopers, EY (formerly Ernst & Young) and KPMG -- as an advisor for the listing process.
A Supreme Court bench, which was assigned a case by another bench of equal strength, has said orders pertaining to placing a case before benches can only be passed by the Chief Justice of India.
Sebi had asked all listed cos to mandatorily appoint at least one woman director.
Begin the year-end review by assessing whether your portfolios are on track to achieve your life goals.
rediffGURU Ashwini Dasgupta offers tips on how to navigate job interviews.
A Judicial member of the appellate tribunal NCLAT has recused himself from hearing a petition filed by tech giant Google, appealing against Rs 936.44 crore penalty imposed by competition watchdog CCI for abusing its dominant position with respect to Play Store policies. On Monday, NCLAT bench Justice Rakesh Kumar and Alok Srivastava ordered Google's appeal to be listed before another bench of which Justice Rakesh Kumar is not a party. It has asked the registry of the National Company Law Appellate Tribunal (NCLAT) to place it before the chairman of the appellate tribunal for this.
'The world needs Gandhi now more than any other time in history.'
S&P Global Ratings on Tuesday said there will not be any significant direct financial spillover risks because of the problems being faced by the Adani group, though there can be some secondary impact such as banks undertaking extra due diligence while giving loans to corporate. S&P senior director (infrastructure & utilities ratings), Abhishek Dangra said as per external estimates, the exposure of the banking sector to Adani group companies is less than 1 per cent and also the credit ratings of the firms are not at 'distress level'.
The defence ministry on Wednesday announced a fresh list of 351 sub-systems and components that will not be allowed to be imported under a staggered timeline beginning December next year.
Global investment management firm Bernstein has pegged the enterprise valuation of Reliance Industries (RIL)'s 85 per cent stake in Reliance Retail at $111 billion, while valuing the Mukesh Ambani-led company's 66.5 per cent stake in telecom and digital platform arm Reliance Jio at $88 billion. Reliance Industries had earlier planned to list both its subsidiaries to unlock value for its shareholders but hadn't fixed any timeline. The report said that Reliance Retail had raised $6 billion by diluting a 10.1 per cent stake, while Jio Platforms raised $20 billion from investors by selling 33 per cent in 2020.
Here's the chronological list of all major terror attacks on security forces in Jammu and Kashmir in the last two decades.
Institutional shareholders of Reliance Industries Limited (RIL) are expecting big-ticket announcements from the company, including timeline for listing of its telecom and retail subsidiaries. They expect this to unlock value in the company, which has seen a sharp fall in market valuation on Friday. This is due to windfall tax imposed by the Centre on refiners and oil producers.
The Lok Sabha on Wednesday passed three bills to replace the colonial-era criminal laws by voice vote.
India pacer Shantakumaran Sreesanth and his Rajasthan Royals team mate Ankeet Chavan and Ajit Chandila were on Sunday cleared of charges by a Delhi court in the spot-fixing and betting scandal in the sixth edition of the Indian Premier League in 2013. A flashback of the events that unfolded in the episode.
Listed companies of the Kishore Biyani-led Future group on Saturday informed exchanges about meetings of their respective shareholders and creditors being convened on April 20 and 21 to get their approval for the Rs 24,713-crore deal with Reliance Retail. Listed entities, including Future Enterprises Ltd, Future Retail Ltd, Future Consumer Ltd and Future Supply Chain, informed exchanges about dates and other procedures for the virtual meetings of shareholders and creditors. The meetings are held virtually through video conferencing and other audio-visual means, the addendum notice added.
Ahead of the first ODI against Australia, India skipper Hardik Pandya said the team would miss the services of the injured Shreyas Iyer.
The development comes after Sebi received representations from listed entities, chartered accountant firms, and industry bodies, seeking further extension of time for filing of financial results for the quarter/half year/financial year ended March 31, 2020.
SoftBank-based e-commerce marketplace Snapdeal has deferred its Rs 1,250 crore IPO, joining the list of startups that have decided to shelve their initial public offering (IPO) plans this year. Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide. "Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions," a Snapdeal spokesperson said.
The Supreme Court Monday said the appointment of the chief justice of Manipur high court has finally received the Centre's attention and will be notified "shortly", over three months after the apex court collegium had recommended Delhi high court judge Siddharth Mridul for the post.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
The Centre is looking to improve disclosures made by public sector undertakings (PSUs), and has asked such companies to share monthly progress made on capital expenditure targets and corporate social responsibility (CSR) initiatives undertaken by them. New details such as gender-wise reporting of contractual workers, unused land, and profit share in joint venture companies have also been added in the list of disclosures. The Department of Public Enterprises (DPE), which publishes the Public Enterprises Survey and collects information for Memorandums of Understanding (MoUs) signed with PSUs, is looking to integrate data collected from government-owned companies.
Along with Salman Khan's Kisi Ka Bhai Kisi Ki Jaan and Keanu Reeves' action blockbuster John Wick: Chapter 4, we have Nawazuddin Siddiqui's rom-com Tiku Weds Sheru releasing on OTT this week and much more.
The move towards indigenisation of defence procurement creates new opportunities for India's military industrial sector. The Government of India (GoI) has so far released five lists of items for positive indigenisation - these should be manufactured in India, rather than imported. Each item on these lists represents an opportunity for some local firm.
Sriram Krishnan, an Indian-origin technology executive, is "helping out" Twitter's new owner Elon Musk as he revamps the social media giant following its acquisition by the billionaire entrepreneur.
A new law that defines how companies should process users' data came into force with the President giving assent to the Digital Personal Data Protection (DPDP) Act passed by Parliament in the just-concluded monsoon session. The law arms individuals with greater control over their data while allowing companies to transfer users' data abroad for processing, except to nations and territories restricted by the Centre through notification. It also gives the government power to seek information from firms and issue directions to block content.
The Centre is unlikely to reduce its shareholding in Life Insurance Corporation of India (LIC) for at least 2 years following the insurer's listing because such a move could affect returns for investors participating in the mega initial public offering (IPO). The government's stance was communicated to prospective investors during roadshows after many of them sought clarity on the Centre's plan for lowering its shareholding in the insurer to meet the minimum public shareholding norms. To this, the Centre maintained its stand that it would not look at any equity dilution in the insurer for at least two years to avoid downward pressure on LIC's shares.
The Supreme Court on Tuesday deferred to May 9 the hearing on a batch of pleas challenging the remission granted to the 11 convicts last year in the case of gangrape of Bilkis Bano and murder of her family members during the 2002 post-Godhra riots.
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
