Top 10 business headlines: Sebi blinks on CMD role, layoffs in Oyo, Walmart

From Nusli Wadia withdrawing defamation suit against Ratan Tata to fiscal deficit for FY21, Business Standard brings you the top business headlines of the day

Nusli Wadia withdraws defamation suit against Ratan Tata

Nusli Wadia, chairman of the Wadia group of companies, formally withdrew a defamation suit against Tata group patriarch Ratan Tata, after the latter informed the Supreme Court that he had no intention to defame Wadia. Read here

Heavy penalties likely on Banks, bankers 

The Reserve Bank of India (RBI) may impose heavy penalties on banks, and stipulate higher provisioning for stressed loans following a supervisory review of its June 7 circular. Read here

FY21 fiscal deficit likely to be around 3.5%

Union Finance Minister Nirmala Sitharaman could target a fiscal deficit of around 3.5 per cent of gross domestic product (GDP) for 2020-21 (FY21) in the upcoming Union Budget, Business Standard has learnt. Read here

Retail inflation at 7.35%

Retail inflation surged to an over five-year high in December on the back of rising food prices, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent at the time of economic growth slowdown. Inflation based on the consumer price index (CPI) rose to 7.35 per cent in December, against 5.54 per cent in the previous month and 2.18 per cent in December 2018, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. Read here

Sebi blinks on splitting CMD role deadline

The Securities and Exchange Board of India (Sebi) has given India Inc another two years to separate the positions of chairman and managing director (MD) in companies, giving a breather to many top guns of industry. Read here

CCI to probe Amazon, Flipkart for deep discounts

Ahead of Amazon founder and CEO Jeff Bezos’ visit, the Competition Commission of India (CCI) has ordered investigation against Amazon and Walmart-owned Flipkart on complaints of deep discounting practices and tie-ups with preferred sellers. Read here

OYO to lay off over 1,000 people in India

Hospitality firm OYO is planning to let go over 1,000 people in India as part of its restructuring and reorganisation of teams across businesses and functions to trim redundancy. Read here

Walmart India confirms firing 56 employees

The world’s largest retailer Walmart has handed pink slips to 56 employees at its India corporate office located in Gurugram, it said on Monday, as slowing consumer spends force retail companies to rejig operations. Read here

Faking input tax 

The government is likely to make fraudulent claims for input tax credit a non-bailable offence in the hands of recipients of goods and services in the February 1 budget by tightening the GST law, as it seeks to plug leakages, the Economic Times reported

SP Group leans on its stake in Tata Sons

The Shapoorji Pallonji (SP) Group has leaned on its stake in Tata Sons — the subject of India’s biggest corporate battle — to buy time for the liquidity-starved construction empire and raise short-term funds, said people with knowledge of the matter.