News digest: Tweaks in IBC code, clouds over Rafale deal, and more

Tweaks in IBC code to block wilful defaulters

Wilful defaulters, dubious promoters as well as those involved in fraudulent transactions would not be able to bid for companies going insolvent, with the Centre deciding to amend the Insolvency and Bankruptcy Code.

The Cabinet approved an ordinance on Wednesday. The amendments would come in force with immediate effect (after the President promulgates it), Finance and Corporate Affairs Minister Arun Jaitley said after the meeting. Read more

Jio & Airtel to use customer bank to challenge Paytm

Reliance Jio and Bharti Airtel are set to declare war on Paytm — king of mobile wallet business that launched its payments bank in May. The telcos are leveraging their mobile customer base and distribution network in trying to compete with Paytm.  Jio is already signing up a large number of merchants on its soon-to-be-launched payments bank. Read more

Task force to draft new direct tax law

The government has brought back the main author of the now junked Direct Taxes Code (DTC) as a convenor of the task force to review the decades-old provisions of the Income-Tax Act and draft a replacement. The government has, however, already implemented many provisions of the draft DTC, such as the General Anti-Avoidance Rules (GAAR) and on Place of Effective Management. Read more

Rafale deal faces turbulent weather

Prime Minister Narendra Modi — on April 10, 2015, in Paris — stunned the global military aerospace industry with the announcement that India would buy 36 Rafale fighters in a government-to-government arrangement with France, effectively ending an eight-year global procurement process for 126 fighters. Read more

Actis set to buy Stanchart PE's Asian retail portfolio for $500 mn

UK-based private equity firm Actis is set to take over the Asia real estate portfolio of Standard Chartered  Private Equity, a source in the know has said. The deal is believed to be worth $500 million ( Rs 3,230 crore). Read more