News digest: GST rate cut, toxic assets, Koramangala, and more

Finance secretary says onus of passing on the benefits is on companies

Act fast on GST rate cut or face action: Adhia

Companies, including FMCG firms, might be prosecuted if their retailers do not immediately cut the prices of products whose goods and services tax (GST) rates have been slashed. Union Finance Secretary Hasmukh Adhia says the retailers or the companies cannot continue with higher prices on grounds that the old stocks have not been exhausted. Read more

Soon, ordinance to block defaulters from bidding

The government is taking steps to disallow defaulters from bidding for toxic assets by amending the insolvency law and, at the same time, asking all bidders to make an upfront payment with their resolution proposals. According to a top source in the government, the Ministry of Corporate Affairs will move a Cabinet note as early as next week, seeking to insert an additional section in the Insolvency and Bankruptcy Code (IBC) and amend a few other existing sections to bring in rules for promoters to bid for their companies. Read more

Koramangala losing sheen as start-up hub

For 50-year-old P Rajesh, it is not the constant rush of patrons that he misses at his coffee and snacks shop, but the conversations. In the past seven years, he has learnt a lot from the 20-something techies who would frequent his shop in Koramangala, considered the start-up hub of Bengaluru. Read more

India Inc faces commodity rally challenge to manage costs

The rally in commodity prices is about to complete two years and there are indications that prices will either consolidate or reach higher levels. However, the rising commodity prices have posed a challenge for companies, especially consumer firms, which have to manage raw material costs. Read more

Too many irons in Ayodhya fire: how modi is managing dispute

When Sri Sri Ravi Shankar, the Art of Living Foundation maker, initiated an effort to “resolve” the Ayodhya tangle, he joined a line of past negotiators that included ‘tantrik’ Chandraswami and Jayendra Saraswathi, pontiff of the Kanchi Kamakoti Peetham. Read more