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Cairn India said the company board has accepted Elango's resignation.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
John Leighfield, chairman (global group), RM plc, said, "We will have to take a concrete decision after weighing all options. The education scene in the country faces a major financial resources crunch and incorporating RM's educational software and services might not be a viable proposition for many schools in India only due to this." However, the company is keen on servicing clients in the country's education segment with time.
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
Analysts on average were expecting a profit of Rs 1,043 crore or Rs 10.43 billion, according to Thomson Reuters data.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
IOC chief said he believed more than 80 per cent of residents of the Olympic Village would be vaccinated or booked for vaccination ahead of the Games
If it goes ahead, the combination would create the world's biggest exchange by revenue.
As part of the deal for purchase of 53.4 per cent stake in Vijay Mallya-led UB group's United Spirits Ltd, Diageo has made a Rs 5,441 crore open offer for purchase of 26 per cent stake in the company from non-promoter shareholders.
As on March 31, 2019, while the promoter group's stake, including individual promoter shareholders as well as group investment firms, stood at 42.71 per cent, it fell to 38.39 per cent on Tuesday.
Tesco was the first global retailer to apply for multi- brand retailing in India.
CBDT circular issued last month had raised multiple taxation concerns.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
Ruia's-owned Essar Group is among four consortia in race to buy Royal Dutch Shell Plc's stake in four Nigerian oil fields.
Last year, HSBC agreed to pay $1.92 billion to settle allegations of violating American sanctions with respect to Iran and other countries, among others.
In a setback to Prudential Plc's efforts to bolster its Asia presence, American International Group today rejected the British insurer's reduced $30.38 billion takeover bid for AIG's Asian life insurance unit.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
Standard Chartered Plc has seen 6 billion wiped from its market value following allegations it violated US anti-money laundering rules.
SBI had moved the Debt Recovery Tribunal because Mallya owes over Rs 7,200 crore to a consortium of banks led by State Bank of India
The progress of the GST Bill in Parliament is also likely to remain in focus
The IPL broadcast rights -- internet, TV and mobile -- are expected to fetch the BCCI a massive sum of around Rs. 20,000 crore-plus.
The Oxford/AstraZeneca vaccine is also being produced as part of a tie-up by the Serum Institute of India.
Cairn Energy Plc's deal to sell a majority stake in its Indian arm to Vedanta Resources for up to $8.48 billion is contingent upon the billionaire Anil Agarwal-led group completing an open offer to minority shareholders of Cairn India, a senior official said.
Market regulator SEBI has not yet approved the open offer made by Vedanta Group to Cairn India shareholders, even as the target company formed a two-member panel to look into the offer made to minority shareholders.
Net profit in 2012 was $72.6 million, compared with $4.56 billion profit in 2011, Cairn said in a statement.
Over the past year, McLeod sold 21 gardens in India, reducing almost 32 million kg in production.
Market regulator Sebi has sought additional details from global liquor giant Diageo with regard to its Rs 5,441 crore (Rs 54.41 billion) open offer for acquiring 26 per cent stake in UB Group firm United Spirits Ltd.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
Withdraws petition from green tribunal, makes fresh plea for Lanjigarh project.
He was chargesheeted for the offences punishable under section 120-B
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
The I-T department had issued re-assessment notice in March 2015 to the media group after noting that Rs 642 crore has allegedly not been computed for the tax assessment purposes of NDTV for financial year 2007-2008.
As India gets ready to roll out one of the largest vaccine programmes, billionaire Mukesh Ambani on Tuesday said his group is working with authorities to provide technology tools and backbone for mass inoculation against COVID-19. Ambani's telecom venture Jio was rolled out four years back, offering free voice calling and dirt-cheap data. Today, Jio is India's largest telecom operator with over 400 million users, each connected to the internet. At a Facebook event, Ambani said the government's digital push kept the country running even during the pandemic and is now helping in the rollout of one of the largest vaccination programmes.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a USD 1 billion refund resulting from the scrapping of a retrospective tax law.
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