Top 10 biz headlines: Direct tax immunity likely in Budget, farm write-offs

From final touches to takeover norms for unlisted firms to Vistara junks premium class on low income routes, Business Standard brings you the top business headlines of the day

Takeover norms for unlisted firms getting finalised

The Ministry of Corporate Affairs is giving final touches to the takeover code for unlisted companies and it is likely to be introduced soon, a senior government official told Business Standard. Read here

Direct tax immunity scheme likely in Budget

The government, which is hard-pressed for revenue, may come up with an immunity scheme for direct taxes in the upcoming Budget, which will allow assessees to declare the additional income of the previous five-six years without penalty or prosecution. Read here

Vistara junks premium class on low income routes

In a significant change of strategy, Vistara has decided to drop business class and premium economy seating from some of its aircraft. The airline, a joint venture of Tata Sons and Singapore Airlines, has a three-class cabin. Read here

Farm loan write-offs touch Rs 4.7 trillion in last 10 years

Various states have cumulatively written off a whopping Rs 4.7 trillion of farm loans in the past one decade, which is 82 per cent of the industry-level bad loans, according to a report. Read here

IL&FS Financial Services recovers Rs 1,380 crore 

IL&FS Financial Services (IFIN), the non-banking financial arm of the beleaguered Infrastructure Leasing and Financial Services (IL&FS), says it recovered Rs 1,380 crore till end-November 2019, from around 30 third-party borrowers and group entities. Read here

No adverse findings in forensic report, say Anil Ambani's firms

Reliance Commercial Finance and Reliance Housing Finance have said forensic auditor, Grant Thornton, has not recorded any adverse findings on 11 parameters, including diversion and siphoning off of funds, and embezzlement. Both entities are part of Anil Ambani-controlled Reliance Capital. Read here

Second capital infusion for non-life insurers likely

Finance Minister Nirmala Sitharaman may announce second-round capital infusion for public sector general insurance companies in the upcoming Budget to improve their financial health. Read here

Piyush Goyal wants private sector to fastrack Railways 

Railway Minister Piyush Goyal on Sunday referred to the famous 'railgaadi' song of actor Ashok Kumar while stressing the need for support of the private sector to accelerate development of the railways. Read here

Walmart India lets go of top execs across divisions

Loss-laden Walmart India is in turmoil as the world’s largest retailer is in the process of sacking about a third of its top executives based at local headquarters in Gurgaon, according to people aware of the development, according to Economic Times

CCI set to get more teeth to regulate tech giants’ M&As

Global mergers and acquisitions (M&As) among technology giants that could disturb the competition landscape in India may soon require clearance from the Competition Commission of India (CCI). The change will bring mega deals such as the 2014 acquisition of WhatsApp by Facebook within the ambit of CCI, The Livemint reported