News digest: NCLT, Jet Airways, ATM shutdown, MP elections, and more

MCA likely to be given responsibility; aim is to let tribunal focus on company law, insolvency cases

NCLT’s power to approve merger deals may go

The government is considering taking away the power of the National Company Law Tribunal (NCLT) to approve or reject mergers and acquisitions (M&A) and give the responsibility to the regional directors of the Ministry of Corporate Affairs (MCA). The proposal is aimed at easing the burden on NCLT benches and ensuring that they only hear cases related to the Companies Act and the Insolvency and Bankruptcy Code. Read more here

Jet, Etihad back on deal table  

Troubled carrier Jet Airways has once again started negotiations with its joint venture partner Etihad Airways for a possible bailout. Etihad, which holds 24 per cent in the Naresh Goyal-led airline, is exploring whether to increase its stake in the venture, it is learnt. Meanwhile, Jet is looking at selling part of its 49 per cent stake in its loyalty programme, Jet Privilege, to Etihad. Read more here

Half of ATMs face shutdown by March

New compliance costs and the low interchange fee of Rs 15 a transaction could force closure of approximately 100,000 off-site and a little over 15,000 white-label automated teller machines (ATMs), or 50 per cent of the installed base of 238,000 units, the Confederation of ATM Industry (CATMi) has warned. Read more here

RIL may list retail arm by mid-2019

Buoyed by rising sales of its retail arm, Reliance Industries (RIL) is considering listing Reliance Retail on the domestic stock exchanges by mid-2019 to unlock value. The blockbuster listing of Avenues Supermarts, a much smaller company which runs D-Mart brand of superstores, has prompted Mukesh Ambani-owned company to fast forward its plans and is in talks with investment bankers, say sources. Read more here

In Madhya Pradesh, the talk is all about jobs 

Jobs, jobs, and jobs — the three topics that consume young voters in Madhya Pradesh. The official statistics show that despair over unemployment drove 579 youths to commit suicide in the state in 2015, the highest of any state and more than Tamil Nadu, Maharashtra or Gujarat. That is why Namit Mehra, a fourth year engineering student at a Bhopal college, is busy developing his idea for a start-up — the selective targeting of social media influencers to generate revenue — rather than looking for a regular job. Read more here