News digest: IL&FS mess, Companies Act, truck sales, bus start-ups and more

From govt mulling amendments in the Companies Act to ousted independent directors of IL&FS defending their role, BS brings you up to date with the latest news

Blame game begins at IL&FS as ex-independent directors defend their role

Ousted independent directors of Infrastructure Leasing & Financial Services Ltd (ILFS), whose board was packed off on Monday, have defended their role by pointing out that they knew of the impending financial crises for two to three years.

They said they pushed for alternative solutions such as selling the company, hawking some of its assets, and an initial public offering, but the nominee directors of the shareholders did not endorse their suggestions. Read more... 

Govt set to promulgate an Ordinance to bring amendments to Companies Act

The government is set to promulgate an ordinance to bring amendments to the Companies Act with the ministry of corporate affairs moving a draft Cabinet note in this regard, according to sources.

The draft note in its introduction says the ministry is seeking “urgent changes to the Companies Act” based on the recommendations of the high-level committee that reviewed offences in the legislation. The ministry says these amendments are being sought to “strengthen the regulatory framework”. Continue reading...

Truck utilisation rate at five-year high even before festive sales

The average truck utilisation rate for transporters rose sharply in the September quarter, making it the best in five years amid robust demand from the industrial and agriculture sectors. Typically, the demand is subdued during the three month period due to monsoons, but this year has been an exception. Led by higher sales of consumer durables and other goods, the demand is expected to grow further with the onset of the festive season later this month. Read on...

Bus start-ups take a slow ride to next stop, but may soon gather speed

Last week, something slipped under the radar. Indian company Commut was acquired by Dubai-based ride-hailing unicorn Careem. There was not even an eyebrow raised and barely any newspaper covered it. Truth be told, there was hardly any cash involved in that deal. Careem was essentially picking over the bones of a company that had shuttered. The Dubai-based company took the team and the tech. Gurugram-based Shuttl took on the operations and the employee database. Click here to read more...

ISA may replace Opec as key energy supplier, says PM Narendra Modi

Prime Minister Narendra Modi said on Tuesday that the International Solar Alliance (ISA) could replace the Organization of the Petroleum Exporting Countries (Opec) as the key energy supplier in the future.

Modi further said that to strengthen the ISA, India would invite nations in the UN General Assembly to be part of the global congregation of solar energy harnessing countries. Continue reading...