Top 10 biz headlines: GST fraud at Manpasand, Byju's profitability, & more

From Rs 40 crore GSt fraud at Manpasad to companies pitching for GST rate cut, here are the top ten stories that made to the headlines on Thursday.

1. How GST fraud worth Rs 40 crore came into light at Manpasand Beverages

Ever since Deloitte resigned as auditor for Manpasand Beverages Ltd (MBL), the Vadodara-based company, a listed one, has been in controversy. However, the recent GST fraud that came to light with the arrests of top management executives is the latest episode in the controversy. Read more here

2. Companies pitch for GST rate cut as Modi govt takes charge second time

Companies across sectors such as durables, automobiles and real estate have been lobbying hard for a goods and services tax (GST) cut as the Narendra Modi-led National Democratic Alliance prepares for a second term in office. Read more here

3. NCLT approves Tata Steel's bid for Bhushan Energy; rejects objections

The principal bench of the National Company Law Tribunal (NCLT) on Thursday approved Tata Steel’s nearly Rs 800-crore bid to acquire Bhushan Energy. Read more here

4. Byju's turns profitable in 8 years, gears up to enter US in a big way

India’s top education platform Byju’s on Thursday announced it has achieved profitability, a first in the consumer internet start-up space. The eight-year-old Bengaluru firm said its sales in FY19 were Rs 1,430 crore ($21 million), up 186 per cent over the last year. Read more here

5. Relief for GIFT City as Modi's election win allays relocation fears

The National Democratic Alliance’s (NDA) win in the Lok Sabha elections has come as a relief for market participants planning to kickstart operations at the International Financial Services Centre (IFSC), set up at the Gujarat International Finance Tec-City (GIFT City). Read more here

6. Reliance Captial to scale down financial services for debt reduction

Reliance Capital (RCap), which had expanded as a large financial conglomerate, will soon have to scale down in financial services, as it looks to monetise its assets to pare debt. The company could look to re-build again, but before that it would have to go through a phase of restructuring. Read more here

7. Lenders to vote on NBCC offer for insolvent Jaypee Infratech from Friday

Lenders will vote on the offer made by NBCC for insolvent Jaypee Infratech from Saturday onwards, till June 10. A late and unsolicited bid by the Adani group was kept in abeyance by the Committee of Creditors (CoC), which met on Thursday. Read more here

8. Modi 2.0 | Bold steps required for an economic revival

First challenge for the new Narendra Modi-led government will be to arrest the slowdown and revive the economy, through a combination of short and medium-to-long-term measures. The new government will have to deal with is the fourth-quarter GDP data which will be announced on 31 May, a report by the Livemint says.

9. NCLAT upholds NCLT order on Bharati Defence liquidation

The NCLAT has upheld the decision of the NCLT to liquidate debt-laden Bharati Defence and Infrastructure. NCLAT had ordered liquidation of the firm after rejecting  resolution plan submitted by Edelweiss Asset Reconstruction, said a report by the Hindu BusinessLine.

10. Large retailers wooing kirana stores with PoS machines 2.0

Reliance Retail has been testing a point of sale (PoS) project with 1,200 mom-and-pop outlets in Ahmedabad for the past couple of months, said a report by the Economic Times.