Top 10 business headlines: ICICI consent plea, labour laws and more

From ICCI's consent plea in Videocon case to extension to 15th Finance Commission, here are the top business headlines of the day

1) RBI may give large credit info to NBFCs, MFs
 

The Reserve Bank of India plans to make its Central Repository of Information on Large Credits (CRILC) open to a wider audience of financial stakeholders. Read here

2) Three Zee Entertainment directors resign

Media company Zee Entertainment (Zee) on Wednesday said three directors had resigned from its board, two of them citing related-party transactions, among other reasons, for quitting. The disclosure comes two days after Subhash Chandra stepped down as chairman of the board. Read here

3) ICICI Bank mulls consent plea in Videocon case

ICICI Bank is likely to file a consent plea for settling a case with the Securities and Exchange Board of India (Sebi) on the alleged violation of listing disclosure norms involving its former chief executive officer and managing director Chanda Kochhar and Videocon group. Read here

4) Govt for making 14-day notice must to hold a strike

The government has proposed to make a 14-day notice mandatory for employees to go on strike under new labour laws, Union Labour Minister Santosh Kumar Gangwar told the Rajya Sabha on Wednesday. Read here

5) Q2 GDP growth may be worse than the previous quarter

Finance minister Nirmala Sitharaman told the Rajya Sabha on Wednesday the country was not in recession yet, and won’t ever be. A set of data arriving in a day may qualify the statement to some extent. The Ministry of Statistics and Programme Implementation (MoSPI) will release the data on gross domestic product (GDP) for the July to September quarter of the fiscal year 2019-20 (Q2FY20) on Friday. Read here

6) Cabinet approves extension to 15th Finance Commission

The union cabinet on Wednesday extended to the term of the Fifteenth Finance Commission by a year, asking it to submit an interim report for fiscal year 2020-21 and a full report for fiscal years 2021-22 to 2025-26—a decision apparently taken to factor in Jammu and Kashmir’s new status. Read here

7) Jet creditors seek 90-day extension in insolvency resolution process

The committee of creditors (CoC) of the beleaguered Jet Airways has decided to file an application before the National Company Law Tribunal (NCLT) for extending the corporate insolvency resolution process (CIRP) of the company by 90 days. Read here

8) Trai unlikely to intervene in telecom tariffs, floor price for now: Source

With large telecom operators planning a rate hike in coming days, Trai is unlikely to make an immediate intervention on tariff issues, including fixation of any floor price as of now despite industry's demands, sources said. Read here

9) Exchanges under lens for role in Karvy mess

The markets regulator has expanded its investigation into the Karvy Stock Broking Ltd default episode to include stock exchanges and a dozen broking firms, two people aware of the matter said, LiveMint reports.

10) High prices to sustain cement companies' profits despite muted demand

Despite lower demand, cement companies are expected to maintain their profit in the near future on the back of higher price and lower input cost. In last seven months of this fiscal cement prices have gone up substantially compared to last year's level, according to the Hindu Business Line