Top headlines: Adani Group may bid via MIAL, new rules for FB, Twitter

Adani Group likely to bid through MIAL in next round of privatisation

Adani Group is likely to make Mumbai International Airport Ltd (MIAL) its primary vehicle to acquire airports in the upcoming round of privatisation, people aware of the development said. The Airports Authority of India (AAI) is set to invite bids for six to 12 airports early next financial year from private enterprises for the next round of airport privatisation. Read more
 

FB, Google, Twitter must remove content within 36 hours of govt order

The government on Thursday announced new information technology rules to curb the misuse of social media platforms. It mandated firms to appoint a grievance officer and disclose the first originator of the mischievous information and remove it within 36 hours. Read more

IL&FS crisis: For NBFCs, India's 'Lehman moment' has meant reset of future

Two and a half years after the infrastructure behemoth Infra­st­ructure Leasing & Financial Services (IL&FS) plunged into crisis, the collateral damage was widespread across the financial sector. On the whole, the system appears to be far less impacted than anticipated. If non-banking finance companies (NBFCs) are separately analysed, however, the inference could be very different. For non-banks, the IL&FS crisis was nothing short of India’s Lehman moment, which has for a foreseeable future reset the sector on multiple grounds. Read more

PNB scam case: Nirav Modi can be extradited to India, says UK court

Nirav Modi, once touted as a billionaire designer diamantaire, and now wanted on charges of fraud and money laundering in the $2-billion (Rs 14,000-crore) Punjab National Bank scam case, was on Thursday ordered by a London court to be extradited to India, with the judge ruling that the 49-year-old did have a case to answer before Indian courts. Read more

Kalrock-Jalan consortium to invest Rs 1,375 crore in debt-laden Jet Airways

The amount will be invested over two years and would be utilised for start-up expenses and paying creditor dues, it was learnt. The consortium which won the bid to revive the grounded airline last October plans to start with domestic services using 5-7 new aircraft and will fund the investment through mix of equity and debt, it informed the National Company Law Tribunal (NCLT). Read more

Despite Nirav Modi win, how India stands in catching economic offenders
In the last five years, India managed to bring only about 20 fugitive offenders including AgustaWestland deal middleman Christian Michel James, and is strongly pursuing extradition cases of liquor baron Vijay Mallya and jeweller Mehul Choksi. Read more
 

Reforms are good but can lead to tech terrorism: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday lauded the reform of faceless assessment for direct and indirect taxes, saying that tax terrorism will be a thing of the past, but warned that “technology terrorism” will now gain ground. Read more

Cryptocurrency Bill may not be tabled in the current Parliament session

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 (Crypto Bill), which is included in the agenda of the Lower House of Parliament, could be introduced in the monsoon session, it is learnt. The Crypto Bill seeks to ban private cryptocurrencies and allow only the ones required to promote blockchain technology with ties to the Reserve Bank of India. Read more