News digest: Crackdown on shell firms, 10 years of Lehman crisis, and more

After striking off 70,000 shell firms, govt axe to fall on another 100,000

The Ministry of Corporate Affairs has started working on the second phase of weeding out shell companies.

After sending show-cause notices to 225,000 companies, 70,000 have been struck off and another 100,000 will go soon, said a senior corporate affairs ministry official. Read More

'Ajeya Bharat, Atal BJP': PM Modi's theme song for 2019 Lok Sabha elections

In the concluding session of its two-day National Executive meeting on Sunday, the two topmost leaders of the ruling Bharatiya Janata Party (BJP) — Prime Minister Narendra Modi and party chief Amit Shah — made light of the challenge posed by the Opposition’s mahagatbandhan. BJP chief Shah spoke of a 50-year unbroken reign for the BJP. “We will win the 2019 Lok Sabha polls, and there would be none who can oust us for the next 50 years,” Shah told his party’s National Executive. Read More

Sebi may delay extending trading hours at derivatives markets till 11.55 pm

The Securities and Exchange Board of India (Sebi) may delay extending the trading hours at the derivatives markets till 11.55 pm because it hasn’t been able to resolve a few issues, according to sources. Starting October 1, the derivatives markets were supposed to remain open till 11.55 pm. Read More

Power sector faces more stress; future is uncertain for 25 Gw projects

Stress in the power sector is continuing beyond insolvency proceedings. Due to regulatory issues, it is unlikely to end in the current round of insolvency cases. After coal-based power plants with a capacity of close to 30 gigawatt (Gw) landed in insolvency courts, there is a fresh list of cases that could fall in the stressed assets category, if issues are not resolved. The list includes stranded gas power projects not receiving fuel supply, stuck hydropower projects, and privately-owned operation coal projects to which banks have refused to lend further. According to industry calculations, the future is uncertain for power projects of close to 25 Gw, across energy sources, owing to several regulations. Read More

10 years of Lehman crisis: The world has changed, but not enough
 

The fall of big-bulge investment bank Lehman Brothers and the global financial chaos that followed after defaults in subprime debt have had a major impact on the world economy and the financial system. Read More 
 

Ola set for recast on road to profit; may announce Vijay Ghadge as new COO

Bengaluru-based ride-hailing unicorn Ola is set to name Vijay Ghadge chief operating officer (COO), two people familiar with the development said. The position has been vacant ever since Vishal Kaul left the company in May. Ola Co-Founder and Chief Technology Officer Ankit Bhati is currently filling in as COO. Read More