A US court's $1.07-billion default judgment against Byju Raveendran can't be enforced directly in India because the US isn't a "reciprocating territory." Creditors must file a new case in an Indian court.
'Amazon, Meta, Google, Microsoft have large operations in India and rely on smooth trade and data flows.' 'Restrictions could raise their costs, limit AI chip exports, and complicate their India strategies.'
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
Byju's is in talks with three-four strategic buyers, including Joffre Capital Ltd and language learning platform Duolingo, to sell one of its key assets, US-based digital reading platform Epic, for about $400-$450 million, according to sources. With this, the beleaguered edtech firm wants to meet various commitments, including repaying its entire $1.2 billion term loan B (TLB) within six months. "The binding offers of the bidders to acquire Epic are expected to come in the next few weeks after the due diligence is complete," said a person familiar with the matter.
An online company would show a particular price to the customer and then quickly increase the cost after analysing consumer behaviour or detecting any kind of desperation.
A consortium of shareholders with over 30 per cent stake in cash-strapped Byju's might approach the National Company Law Tribunal (NCLT) seeking a management change, if the extraordinary general meeting (EGM) scheduled for Friday failed to yield an 'amicable settlement' or faced further delays, sources said. Earlier this month, these shareholders had issued a notice calling for an EGM to address "persistent issues", including a change in management. They will vote for a revamp of the existing board, an exercise which would include asking Byju Raveendran to step down as chief executive officer (CEO) and relinquish his operational role, according to sources.
Allowing 12-hour shifts for all and night-time work for women was meant to benefit software firms, but is said to have clinched Foxconn's Rs 80 billion investment.
Group admins may now face legal consequences for failing to delete any "objectionable" content posted on the group.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi), to take action as is necessary to comply with the Supreme Court Judgment, related to the $3.4-billion merger deal between Future Group and Reliance. Amazon has requested Sebi to direct the Indian stock exchanges to withdraw the Observation Letters related to this deal with immediate effect. In January this year, Sebi had given a go-ahead onto Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore ($3.4 billion) deal.
Many industry executives have said the draft e-commerce policy is being perceived as nationalistic but not overly protectionist and it is providing preference to Indian players against foreign companies. This might have an impact on investment by large players such as Walmart and Amazon in the country, said the executives. They said e-commerce was a very small portion of the retail industry and at a nascent stage and did not require heavy hammer regulations. Though the policy talks about being equally applicable to foreign and domestic players, it mentions that foreign direct investment (FDI) takes precedence over the e-commerce policy in any area of overlap.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
The biggest fear many of the e-commerce firms have is the possible requirement to change business models overnight, which would drastically increase costs as well as disrupt businesses.
When Open Network for Digital Commerce (ONDC) was conceived last December, the idea was to reduce the dominance of e-commerce giants like Amazon and Flipkart. It was also to bring in a level-playing field for small merchants in India's fragmented but fast-growing $1-trillion retail market. However, those goals have changed now as large e-commerce players such as Flipkart, Amazon and Ecom Express are in various levels of talks with the ONDC team. They want to form partnerships like integrating with the network as well as providing their expertise to build it, according to the industry sources.
The reopening of schools and colleges has sparked a crisis in the edtech sector with falling valuations, slowing funding rounds and faltering investor sentiment. In a totally altered, post-pandemic landscape where students are back at school and colleges, companies are scrambling to revert to bricks-and-mortar tuition centres and adopting a hybrid model of offline and online education. Demand for online tuition has fallen, affecting the revenue of edtech companies in recent months. After two years of booming revenues, some experts say the sector is looking at a possible meltdown.
The proposals are mostly based on a report submitted by Justice B N Srikrishna in July 2018. The draft Bill has since gone through at least two updates based on inputs received from industry, report Yuvraj Malik and Peerzada Abrar.
At a time when services are rapidly digitising in India, enterprises are witnessing a rise in cases of sensitive data exposure risks and breaches.
According to industry insiders, India has 400 million smartphones and is the world's fastest-growing app market. So the addition or deletion of apps impacts the global valuations of these platforms. "Based on calls given by various local organisations to delete Chinese Apps, there will be an impact," said Blaise Fernandes, director at foreign policy think tank Gateway House. "All of them eventually will go the IPO (initial public offering) route so there would be economic impact also."
The fears arise from Facebook's handling of user data and potential privacy violations, more specifically the Cambridge Analytica scandal.
The banned Chinese apps, which include TikTok, Shareit and UC Browser, earn revenue mainly from online advertisements, subscriptions, and commissions for selling products. India is the biggest driver of these Chinese apps due to the population. The ban on the 59 Chinese apps will negatively affect the valuations of the companies, especially those going for IPO.
Even though PUBG Corporation is a South Korean company with its headquarters in Seoul, Tencent Gaming, a subsidiary of Chinese investment and technology giant Tencent, holds the global franchise for the mobile version of the game.
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
Former finance head Bansal, who left Infosys in 2015, has gone for arbitration over severance pay
'Children as young as 10 are posting videos and there is no one to moderate them.'
According to experts, this will have major impact on new investments by Chinese players in companies, such as Paytm, Ola, BigBasket, Byju's, Dream11, MakeMyTrip, and Swiggy, when they go for follow-up funding. Chinese investors, such as Alibaba, Tencent, and Xiaomi, are active in the Indian start-up space, and have collectively invested billions of dollars.
In the past few days, many companies, including fashion e-tailer Nykaa, food delivery platform Zomato, logistics and delivery firm Delhivery, insurance discovery platform PolicyBazaar, eyewear retail chain Lenskart, and edtech and online tutoring firm Byju's, have openly spoken about their IPO plans.
In the worst-case scenario, it will be next to impossible for tech companies like Amazon and Google to run any service that requires user biometrics.
There is a perception getting built inside the government that big technology companies -- a common term used for firms like Facebook, Google, Twitter, Amazon and the like - are becoming very powerful and present multiple threats to entire nations and their citizens today. The digital ecosystem is replete with CSAM (child sexual abuse material), fake news, drug trade, radicalisation, trolling among other social vices. Given the network effect that these platforms have, it is important to ensure that these platforms are not misused.
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
India's shift towards US companies for technology investments and partnerships fits well with the present government's 'Atmanirbhar Bharat' and 'Make in India' initiatives, say experts.
The updated election ads policy for India will require advertisers to provide a 'pre-certificate' issued by the EC or anyone authorised by the poll panel, for each ad. Further, Google will verify the identity of advertisers before their election ads run on its platforms, reports Peerzada Abrar.
According to official sources, various states are contemplating bans on TikTok, Kwai, LIKE and other such apps over the next few months, on the worry that these platforms encourage child pornography, nudity and the spread of fake news, report Karan Choudhury and Neha Alawadhi.
According to experts, the banning of the apps has created negative sentiments and reduced the confidence among the Chinese investors to invest in India.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
The lockdown that crippled the entire logistics, delivery and supply chain network to near zero, was enough to deal a body blow to India's fastest growing unicorn whose very business model saw a severe disruption, like several other firms and sectors.
The police have almost no way of tracking the $200 billion plus money flowing online during this World Cup.
'If Indians are to be truly protected, Parliament must review and address these dangerous provisions before they become law.'
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