Top 10 biz headlines: India Inc steps up for coronavirus as cases rise

From airlines seeking a relief package amid coronavirus concerns to L&T trying to reduce its debt, Business Standard brings you the top headlines of the day

Merger of 10 banks with effect from April 1
 

The government on Wednesday approved a scheme for the amalgamation of 10 state-owned banks into four, putting to rest any doubts about a possible delay in the process. Read more

L&T plans to become asset light

Construction and engineering major Larsen & Toubro (L&T) is set to reduce its debt by Rs 30,000 crore in the next financial year by selling its entire stake in L&T Infrastructure Development Projects (IDPL) and Nabha Power, and transferring its stake in Hyderabad Metro to an infrastructure investment trust (InvIT). Read more

SC junks RBI circular on cryptocurrencies

The Supreme Court on Wednesday set aside the Reserve Bank of India’s (RBI’s) April 2018 circular asking banks and entities the central bank regulated to stay away from dealing in crypto currencies, including Bitcoin. Read more

I-T dept nudges 5,627 entities to avail Vivad se Vishwas scheme

The income tax (I-T) department has so far approached 5,627 entities to avail of the Vivad se Vishwas, or direct tax dispute settlement, scheme. Those approached include large taxpayers, mostly foreign banks, which have disputes relating to international taxes. Read more  

NRIs can acquire up to 100% equity in Air India

In order to shore up interest in the privatisation of state-owned Air India, non-resident Indians (NRIs) who are citizens of India, have been allowed to own 100 per cent stake in the airline. The small tweak has now brought foreign investment rules in Air India on a par with other private carriers. Read more  

Coronavirus disruption 

India Inc steps up action

Mindspace IT Park, Hyderabad’s largest office hub spread over several acres, was a centre of panic on Wednesday as a techie tested positive for coronavirus. The complex, housing many marquee brands, caught on to the news in no time, prompting employers to send their staff home. Read more

Airlines seek relief package 

With travel dwindling after the coronavirus (COVID-19) outbreak, Indian airline firms have sought a relief package from the government, asking that it include a waiver of landing and parking charges and payment to oil marketing companies. Read more  
 

Govt to consider airlifting APIs 
 

The Centre will consider airlifting essential raw material and components, including active pharmaceutical ingredients (APIs), from China, only if the industry is willing to pay for it. Read more

Cabinet nod for foreign listing of firms

The Union Cabinet on Wednesday approved 72 changes to the Companies Act 2013, with a thrust on decriminalising compoundable offences and allowing direct foreign listing for domestic companies to boost “Brand India”. Read more

Oyo to sack 5,000 worldwide 

Oyo Hotels & Homes will fire about 5,000 employees across the globe, with a significant number of the dismissals taking place in China, which the company calls its second home market but where it has struggled to build a sustainable business, the Economic Times reported

Niti, CCI oppose fixing floor for telecom tariffs

Niti Aayog and the Competition Commission of India (CCI) have opposed any move to fix a floor tariff for voice and data services, saying setting a base price would disincentivise competition, deter innovation and deprive consumers of benefits. They instead called for policy reforms to restore the health of the sector, according to the Economic Times