Top 10 biz headlines: GST Council meet, battle for 5G hots up, and more

From SoftBank's investment in Piramal to Air India moving away from Iran, Business Standard brings you top ten headlines of Friday

GST Council cracks the whip on profiteering, okays Aadhaar for registration

Plugging tax evasion and consumer welfare took centre stage in the first meeting of the Goods and Services Tax (GST) Council under the chairmanship of Finance Minister Nirmala Sitharaman on Friday.

The Council, during the half-day meeting, imposed stiff penalties on companies not passing on rate cut benefits to consumers, besides giving a two-year extension to the National Anti-Profiteering Authority (NAA), whose term would have expired in November. Read more here 

SoftBank plans to invest $1 billion in Piramal group, talks in final stage

Masayoshi Son-led SoftBank is in the final stages of due diligence for investing $1 billion in Piramal Enterprises, it is learnt. The cash will go to the Mumbai-based company’s financial services arm, which primarily deals in wholesale and corporate debt, a source in the know said.

The deal would peg the value of the financial services arm of Piramal Group at over $4 billion, estimates suggest.  Read more here 

Deloitte, KPMG question NCLT's jurisdiction to impose ban sought by govt

Deloitte Haskins & Sells and BSR & Associates (a KPMG network firm), former auditors of IL&FS Financial Services (IFIN), in their replies to the Ministry of Corporate Affairs’ (MCA’s) application seeking a five-year ban on them, have questioned the National Company Law Tribunal’s (NCLT’s) jurisdiction.

The two argued on Friday that the MCA's application was not maintainable as they had already resigned as the firm's auditors. Read more here 

Air India flies away from Iran, considers alternative routes to US, Europe

IndiGo has changed routes of its West Asia flights while Air India is looking at alternative routes to Europe and the US in view of tensions in the region, after an Iranian surface-to-air missile shot down an American drone.

United Airlines of the US has indefinitely suspended its Newark-Mumbai flight amid safety concerns. Read more here

Brookfield to bid for Suzlon; offers one-time Rs 9,500-crore settlement

Brookfield is making a bid for Suzlon Energy but would require 45 days to complete the due diligence, the company’s lenders were informed on Friday.

This would make it difficult for Suzlon to pay back the $172 million foreign currency convertible bonds (FCCBs), due on July 16, to its bond holders. Read more here 

Battle for 5G: Our gears not costlier than Huawei's, say European firms

European telecom gear manufacturers have assured the Department of Telecommunications (DoT) that the price at which they sell equipment in India is almost at the same level as their Chinese competitors. 

This comes at a time when Huawei, historically considered a less expensive option than others for sourcing telecom equipment, is under attack globally following the trade war between the US and China. Read more here 

MIAL defers Rs 2,000-crore bond offering over unfavourable market

GVK group-backed Mumbai International Airport (MIAL) has postponed plans for its Rs 2,000-crore bond offering and also deferred refinancing of some of its loans. According to India Ratings (Ind-Ra), MIAL has deferred its bond issue owing to unfavourable market conditions.

Ind-Ra has downgraded the rating assigned to term loans from ‘AA-’ to ‘A+’. Officials with bond arrangers said the bond market has been volatile. Read more here 

Mondelez will roll out more low-sugar products in India: CEO Dirk Van de

The country’s largest chocolate maker, Mondelez, will increasingly cut sugar content in its products as Indian consumers get health-conscious, Chairman and Chief Executive Officer (CEO) Dirk Van de Put has said.

The maker of brands such as Cadbury and Oreo has already made a start by reducing sugar content by 30 per cent in a new variant of Cadbury Dairy Milk, launched last week in New Delhi, and will roll out more such products as it gradually makes the shift, he said. Read more here 

How young leaders are using social media to build personal brands, network and grow their biz 

Young leaders have found a powerful partner in social media — from finding business partners via a tweet to mentoring and managing work on Whatsapp — and are fast becoming influencers themselves. Social media brings out a humane, authentic side to business, these young leaders say, reports The Economic Times