News digest: Tax proposals in interim budget, Myntra CEO may quit, and more

Modi govt's interim budget may include direct tax announcements: Sources

The 2019-20 interim Budget before the Lok Sabha elections could have a more expanded section for tax proposals than any other interim Budgets in the past. 

Sources familiar with the developments said discussions had already been held at the highest levels of the government to include a number of direct tax announcements in Finance Minister Arun Jaitley’s speech. 

However, no final decision has been taken yet, as the contents of Jaitley’s speech will only be finalised by mid-January. The interim Budget is expected to be presented on February 1, 2019.Read more 

Myntra-Jabong CEO Ananth Narayanan likely to quit after reporting rejig

Ananth Narayanan, chief executive officer (CEO) of online fashion retailers Myntra and Jabong, is likely to step down from the position after parent Flipkart rejigged its reporting structure, following the exit of co-founder and Group CEO Binny Bansal on Tuesday.

While the Walmart-backed company has said it is going to be business as usual, multiple sources told Business Standard that the change in the reporting structure is a precursor to the integration of Myntra and Jabong with the larger Flipkart Fashion unit. Read more 
 

NCLAT okays UltraTech bid for Binani Cement, says no to Dalmia Bharat

The National Company Law Appellate Tribunal (NCLAT) on Wednesday approved the Aditya Birla Group firm UltraTech Cement’s revised offer to take over debt-ridden Binani Cement for Rs 79.50 billion. The NCLAT rejected the Rs 69.32 billion resolution plan by the Dalmia Bharat Cement-led consortium, terming it “discriminatory”.

A two-member Bench headed by Chairperson Justice S J Mukhopadhaya said, “We approve the revised resolution plan submitted by UltraTech Cement Limited, which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan”. Read more