Top headlines: Venugopal Dhoot arrested, Advent buys stake in Suven, & more

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CBI arrests Videocon Group founder Venugopal Dhoot in ICICI loan fraud case

The Central Bureau of Investigation (CBI) on Monday arrested Videocon Group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case. This came days after the probe agency apprehended ICICI Bank’s former chief executive officer (CEO) and managing director Chanda Kochhar and her husband Deepak Kochhar for alleged irregularities in financial transactions with the now-bankrupt conglomerate.

Dhoot was arrested from Mumbai after a brief questioning session on Monday morning. Later, a special CBI court in Mumbai sent him to the agency’s custody till Wednesday while extending the remand of the Kochhar couple till the same date. Read more

Advent International to pick up 50.1% in Suven Pharma for Rs 6,313 crore

Global private equity giant Advent International said on Monday it was buying a 50.1 per cent stake in Hyderabad-based Suven Pharmaceuticals for Rs 6,313 crore, and was planning to merge it with its portfolio company Cohance Lifesciences. The promoter Jasti family will hold only 9.9 per cent stake in the firm if the deal goes through. The deal would be subject to regulatory approvals and conditions.

Advent will launch an open offer for another 26 per cent stake at Rs 495 per share. If the open offer is fully subscribed, Advent will have to pay another Rs 3,276 crore and the total deal size would jump to Rs 9,589 crore. Read more

Free grain under NFSA: States to save on food bill, lose political mileage

With the Centre making the supply of rice and wheat through ration shops free under the National Food Security Act (NFSA) for one year, states that were further subsidising the foodgrain under the public distribution system (PDS) are likely to make huge savings in FY24. 

While the Central government provides rice and wheat at Rs 3 and Rs 2 per kg, respectively, to states under the NFSA, many states further subsidise that foodgrain at fair price shops. States, such as Andhra Pradesh, Chhattisgarh, Madhya Pradesh, Odisha, and Telangana, provide rice at Rs 1 per kg, while Jharkhand, Karnataka, Kerala, Tamil Nadu, and West Bengal give both rice and wheat free at ration shops.  Read more

SpiceJet shareholders' approve re-appointment of Ajay Singh as director

Shareholders of SpiceJet on Monday approved the re-appointment of Ajay Singh as a director of the no-frills airline.

At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for financial year ended March 31, 2022.

In a regulatory filing, the carrier said the re-appointment of Singh as a director liable to retire by rotation was cleared by the shareholders with requisite majority.

Currently, Singh is the Chairman and Managing Director of the no-frills airline. Read more

Hyderabad-based drug major Hetero prices Paxlovid generic at $60 per course

Hyderabad-based drug major Hetero has priced the generic version of Pfizer’s Covid antiviral treatment Paxlovid at $60 for the full course in India.

However, the company would export it for a price of $70 for a course comprising 30 tablets.

The company on Monday said it has emerged the first player globally to receive World Health Organisation’s (WHO) prequalification of medicines programme (WHO-PQ) for its generic version of Covid-19 oral antiviral treatment candidate Nirmatrelvir. This, along with Ritonavir, is used as part of Pfizer’s Paxlovid. Read more