News digest: Govt vs RBI, Tata-Jet deal, Jabong-Myntra merger, and more

Softening stand? RBI, govt reach truce ahead of Monday's board meeting

The Union government and the Reserve Bank of India (RBI) appear to have reached a truce on a number of issues ahead of the much-anticipated meeting of the central bank’s board of directors on Monday. This softening of stand by senior figures on both sides of this prolonged dispute is expected to lead to concrete resolution on at least two issues — prompt corrective action (PCA) and a special refinance window for non-banking financial companies (NBFCs).

On Friday evening, there were reports that the Centre was proposing changing rules that would enable closer supervision of the central bank. Read more 

Tatas begin talks to buy Jet Airways; lenders to back the acquisition

The Tata Sons board on Friday discussed the proposal to buy a stake in struggling private carrier Jet Airways but did not take any decision on the acquisition.

The meeting, held at the Tata group headquarters, Bombay House, went on till late afternoon. Sources said the board was informed that the deal might take time as it was a complex transaction involving several stakeholders, including Etihad Airways, which owns 24 per cent in Jet Airways, and Singapore Airlines, which is Tata’s joint venture partner in Tata SIA Airlines. Read more 

Andhra Pradesh, West Bengal govts revoke general consent for CBI probe

The state governments of Andhra Pradesh and West Bengal have withdrawn their “general consent” to the Central Bureau of Investigation (CBI) to conduct raids and investigations. While the Opposition alleged that states were losing faith in central agencies due to their “misuse” by the Narendra Modi government, the ruling BJP dubbed the move a “clear mala fide exercise of power” by “corrupt parties” to protect their interests.

The CBI or any other central government agency established under the Delhi Special Police Establishment Act will now need prior consent of the respective state government to conduct investigation in these states. Read more 

Myntra-Jabong merger to affect 10% of combined workforce; Narayanan to lead

Flipkart-owned fashion retailer Jabong will merge with its sister company Myntra, which will continue to operate as a separate brand, in a move that could lead to a 10 per cent reduction in the combined workforce. Also, Myntra Chief Executive Ananth Narayanan (pictured) will continue to lead the Myntra-Jabong team, the company said, dismissing speculations about his exit.

The development comes days after Flipkart co-founder Binny Bansal stepped down as chairman and group CEO following an allegation of "serious personal misconduct" against him. Read more 

Apple partners with movie studio A24 to make feature-length films

Apple Inc will begin making independent, feature-length films through a multiyear partnership with the Oscar-winning studio A24, broadening the iPhone maker’s push into original content beyond TV programming and into movies.

New York-based A24 will produce multiple films for Apple, according to people familiar with the partnership. The world’s most valuable company, which last year allocated more than $1 billion to build out a slate of scripted shows, is following the playbook of Amazon.com Inc. and Netflix Inc. in pushing into feature-length, adult-oriented films.

Previously, Apple’s original-content team had only signed deals for the documentary film “The Elephant Queen” and a family-oriented, animated film, “Wolfwalkers.” Read more