News digest: HUL data controversy, Jaypee Infra, bank directors, and more

BS brings you up to date with the latest news

Suyash Chauhan, meet the man at the centre of HUL data controversy

 

In August 2017, when Unilever Nepal announced a special dividend to mark its 25 years of existence, 41-year-old Suyash Chauhan, then managing director of the company, had indicated that this was a way of giving back to shareholders who had reposed faith in the firm. 

 

Seven months later, Chauhan, along with former Hindustan Unilever (HUL) colleagues Hemal Jain and Kishor Patil, were at the centre of a legal battle pertaining to data theft at their erstwhile firm. Read more

 

 

 

By buying stake in Flipkart, Walmart wants to achieve these 3 lofty targets

 

Walmart, the world’s biggest retail chain, has set three clear targets while trying to pick a controlling stake in Bengaluru-based Flipkart, sources aware of the developments said. Through Flipkart, the American major is looking for the first real entry into the promising Indian retail market after having dabbled in cash-and-carry or business-to-business (B2B) operations for about a decade. Also, it plans to take the Flipkart model to the US to pep up its e-commerce business, which has disappointed investors. More than anything else, it wants rival Amazon to burn much more cash in the India market to compete with Walmart-backed Flipkart. Read more

 

Alarmed by active bidders, Jaypee Infratech tries to reclaim firm

As multiple bidders, starting with Sudhir Valia of Suraksha Asset Reconstruction Company to Adani Group, eye taking over beleaguered real estate biggie Jaypee Infratech (JIL), fears of the valuation of the company being slashed to less than half are making the promoters rush to the Supreme Court (SC) to reclaim the company. Read more

 

 

Insurers set fresh terms for liability insurance for bank boards' directors

 

Insurance companies that sell liability insurance have begun to reprice the costs of cover they offer to directors on bank boards. Market leaders in this line of business — New India Assurance and Tata AIG — have begun to reassess the premium on risk exposure of their portfolio in the director’s and officer’s (D&O) liability business. “The rules are simple. If there is a claim, our policies are locked in for payout for years, so it is better to renegotiate now,” said a top source in the non-life insurance sector. Read more

Business as usual: RBI crackdown fails to deter bitcoin traders

 

Aniket Patel is a teenager who has just finished his board exams, but spends more time checking the Reserve Bank of India (RBI) website than figuring out what his results will be. 

 

Patel is a bitcoin investor who saves pocket money to invest in bitcoin, the most popular virtual currency. His holdings are now almost twice the initial investment, but he is in it for the long haul, he says. Read more