Byju Raveendran, the founder and chief executive officer of the beleaguered edtech firm Byju's, said the company credited all pending January salaries to employees over the past few days. This was communicated to the employees in another letter sent on February 4. Byju's has about 15,000 employees. "I know you were told that you would get your salaries by Monday.
India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
The Sebi intends to introduce the Application Supported by Blocked Amount, which will require retail investors bidding at a cut-off price, to apply through self-certified syndicate banks in which they have accounts.
Brokerage firms on Wednesday appeared divided in their calls on Larsen & Toubro (L&T) after the company's 2023-24 (FY24) October-December quarter (third quarter, or Q3) performance and guidance for the quarters ahead. While few stayed optimistic about the stock over future order inflow prospects, others saw increasing exposure to West Asia and fixed price contracts as a concern. In Wednesday's trade, L&T's share price closed at Rs 3,480 per piece, 4.22 per cent down from its previous day's close.
Analysts have given a thumbs up to the Reliance Industries (RIL) and Walt Disney Co. (Disney) proposed a joint venture (JV). The stock of the Mukesh Ambani-controlled company gained nearly 1.5 per cent on Thursday to Rs 2,952 levels as compared to the S&P BSE Sensex that traded marginally weak, down 0.2 per cent to 72,172 levels in intra-day trades.
Airline told to transfer non-core assets, subsidiaries to special purpose vehicle
The country's largest coal producer Coal India is likely to decide in 2-3 days on roping in anchor investors for its upcoming mega initial public offer, Coal Minister Sriprakash Jaiswal said here on Friday.
The Securities and Exchange Board of India (Sebi) has proposed to put a stop to the practice of certain directors occupying permanent board seats at listed companies. The regulator has suggested that the directorship of any individual serving on the board should be subject to periodic approval from shareholders, at least once in five years. In a discussion paper issued on Tuesday, Sebi said a few promoters enjoyed permanency on the board, giving them an undue advantage, prejudicial to the interests of public shareholders.
The FM also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
Unwilling to jeopardise its cordial relationship with the all-powerful BCCI, the England and Wales Cricket Board (ECB) has rejected a lucrative 10-year buy-out offer of their franchise-based property 'The Hundred' from former IPL commissioner Lalit Modi, the Daily Telegraph reported.
Tendering the shares in an open offer will lead to higher taxation.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Market regulator Sebi to support stert-ups raise funds.
When IKEA's CEO & India's industry minister sealed a deal in-principle last year, foreign investors took note.
In its first bi-monthly policy, the RBI, in order to enhance hedging facilities for foreign investors in debt instruments, proposed to allow them to hedge the coupon receipts falling due during the next 12 months.
The Indian market regulator had revamped the FPI regulations in 2014 giving custodians the mandate to collect and verify the KYC documentation of offshore investors
The 'angel tax' provision in the Finance Bill will not impact startups in India, a senior government official said on Tuesday. Startups which are registered with the Department for Promotion of Industry and Internal Trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the IVCA Conclave. "Let me put one thing very clearly. It doesn't affect startups in the least," he said, addressing the audience at the event organized by the venture capital industry lobby grouping.
FIPB has deferred 18 proposals.
In the interview to Business Standard last week, Chary had stated that the government's proposal to merge was unwarranted and that FTIL shareholders did not benefit from higher dividends from NSEL.
Online mutual fund (MF) investment platforms like Groww, Zerodha Coin and Paytm Money, which allow investments in direct MF schemes for free, will soon be able to charge their customers or the fund houses for executing transactions. "They can charge some money but commission-like structure won't be allowed," Madhavi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), said on Tuesday. At present, none of these online investment platforms generate any revenue through the MF sales.
The government on Monday approved 28 foreign direct investment proposals worth about Rs 530 crore.
21-member parliament panel would review the bill.
The Budget has relaxed a few safe harbour rules that aim to make it easier for fund managers overseeing offshore India-focused funds to relocate to the country.
Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked independent directors of Raymond Ltd to consider appointing an interim CEO and investigate the allegations of assault by its chairman and MD Gautam Singhania on his wife and daughter, and the use of company funds for personal benefit. In an open letter to the company's five independent directors, IiAS also suggested they ask Singhania and his estranged wife Nawaz Modi, also a board member, to take time off from their responsibilities as board members. The five independent directors to whom the letter was addressed are Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy, and Shiv Surinder Kumar.
On October 16, Sebi proposed to ban derivatives-based participatory notes in 18 months and put curbs on such instruments based on Foreign Institutional Investors' assets under management. Its board would meet on October 25 to take a decision on its proposals, which is expected to be made into regulations.
While FMPs no longer offer the same short-term advantage, it is still a good product for the medium term.
The RBI governor's assurance should give investors enough confidence to start believing in the NBFC sector again, say bankers.
On December 17, Sebi put out a note on the introduction of new products in the futures and options segment. That was followed by permission for short-selling by institutional investors on December 20, stating that the securities lending and borrowing mechanism would be put in place along with short-selling, which will begin from February.
The move will establish a level-playing field for domestic investments in start-ups compared to foreign-based sources.
What will the Centre and the Tamil Nadu government do to answer the queries and fears of investors who will want to be doubly sure they would not be harassed at a later date, as has been happening to Sterlite, should be interesting to watch, says N Sathiya Moorthy.
Finance Ministry meets market participants, wants feedback.
Finance Minister P Chidambaram on Wednesday announced that the Permanent Account Number (PAN) to be made sole identity for participants in the security markets to strengthen capital market.
The regulators have proposed changes in the norms for inclusion of mutual funds in the scheme.
The Association of Mutual Funds in India and CDSL Ventures are working on a finance ministry proposal to make use of the permanent account number
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
The proposed move, which was issued today by Sebi as a 'discussion paper' inviting public comments, might also have a bearing on sale of pledged shares by large brokers or financiers which often leads to a panic-selling in the market.
The way the government treated miner Vedanta Resources' proposal to buy majority of UK's Cairn Energy in Cairn India and RIL selling 30 per cent of its stake in 23 properties, including the prolific KG-D6 gas block to BP, goes to the heart of the mistrust between India Inc and United Progressive Alliance-2 in 2011.
Most companies do not provide correct and complete information to the Registrar of Companies (ROC) and Sebi.
