Top 10 Business headlines: Indigo spat resurfaces, firms eye CCD, and more

From Indigo spat between its promoters resurfacing to Govt asking NCLT to freeze assets of ILFS audit partners, Business Standard brings you the top 10 business headlines of the day

1) IndiGo spat resurfaces, Gangwal says he won't vote to expand board

Within a fortnight of IndiGo announcing peace between the two founders, Rakesh Gangwal has made a U-turn, saying he will not vote in favour of resolutions that intend to expand the size of the board to 10 members. Instead, he wants a seven-member board. Without his support, the special resolution to amend the articles of association will not be passed as it requires the support of 75 per cent shareholders. Read more...

2) India Inc sees J&K in new light after govt scraps provisions of Article 370

The Ministry of Corporate Affairs (MCA) on Tuesday sought the National Company Law Tribunal’s (NCLT’s) approval to freeze assets, including bank lockers, of Deloitte Haskins & Sells and KPMG-network auditor BSR & Associates, both former auditors of IL&FS Financial Services (IFIN) which have been named in the Serious Fraud Investigation Office (SFIO) complaint. Read more...

3) Govt asks NCLT to freeze assets of IL&FS arm's audit partners Deloitte, BSR

After the Centre’s move to scrap the provisions of Article 370 that granted special status to Jammu & Kashmir (J&K), private sector investment is likely to get a leg-up.

The ball has been set rolling with the first-ever investors’ summit to be held in October by the local government in partnership with the Confederation of Indian Industry (CII), and India Inc. Read more...

4) Maruti Suzuki bets on CNG to meet BS-VI norms, expects 44% jump in sale

Maruti Suzuki India is betting on compressed natural gas (CNG) as it gears up to vacate the diesel car market ahead of the enforcement of Bharat Stage-VI (BS-VI) emission norms. They envisage stepping up sales of CNG models to 150,000 by the end of this financial year, from 104,000 units last year, said a top official of the company. Read more...
 

5) Hindustan Unilever beats TGBL to be top tea firm by sales volume

After becoming the leading player in value terms in the tea retailing space, Hindustan Unilever (HUL) has now claimed to have emerged the country’s largest tea company in terms of sales volume in the past few months. “In terms of value, we are leaders by many miles, and even in terms of volume, we are neck and neck. Read more...
 

6) Shakeout brewing at CCD, firms eye coffee chain after Siddhartha's death

India’s coffee chain market is set for exciting times. With the board of Coffee Day Enterprises, the holding company of Cafe Coffee Day, indicating last week that it would “deleverage” its assets to pare debt following the death of its founder V G Siddhartha, the race for the country’s largest cafe chain will heat up, retail industry sources say. Read more...

7) Railways, CIL in talks over 538-km eastern freight corridor stretch

The Indian Railways is in talks with its largest customer, Coal India (CIL), and the governments of Jharkhand and West Bengal to partner it on a fresh lease for the 538-kilometre stretch of the Eastern Dedicated Freight Corridor (EDFC). Read more...

8) Revenue department to brief PMO on Rs 1.67-trillion tax shortfall

The Prime Minister’s Office (PMO) is understood to have asked revenue department officials to brief it on how it plans to achieve this year’s tax collection target, given the Rs 1.67-trillion shortfall between the last fiscal year’s Revised Estimates and provisional actuals.

For the financial year 2019-20 (FY20), Finance Minister Nirmala Sitharaman has projected tax revenue (direct plus indirect taxes), after devolution to states, at Rs 17.05 trillion, an achievable 14.8 per cent increase over the FY19 Revised Estimates. Read more...

9) Easier Norms to Pump-Prime Fuel Retailing Segment

The government is planning a major reform in fuel marketing to allow foreign energy giants such as Saudi Aramco, Total and Trafigura, as well as supermarket chains to enter the lucrative business, according to a report on Economic Times.

The oil ministry has readied a Cabinet proposal to scrap the nearly two-decade-old rule of restricting the licence to market petrol, diesel and jet fuel to companies that have invested or propose to invest Rs 2,000 crore in exploration and production, refining, pipelines or terminals in the country, said a person with knowledge of the matter to ET.
 

10) NSE, SGX bury the hatchet, set to create new trading platform

Protracted acrimony between the National Stock Exchange of India Ltd (NSE) and the Singapore Stock Exchange (SGX) over trading of Nifty derivatives in Singapore came to an end on Tuesday, with the two agreeing to create a new platform for trading them at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar, according to Livemint.