Top 10 business headlines: Tata Trusts rejig, IBC amendment, and more

R Venkataramanan stepped down as managing trustee of the Sir Dorabji Tata Trust, while Noel N Tata and Jehangir H C Jehangir have been brought in as trustees at the Sir Ratan Tata Trust

Tata Trusts inducts Noel, Jehangir; Venkatarmanan quits as Managing Trustee

Tata Trusts, a cluster of charitable organisations controlling 66 per cent of Tata Sons, the holding company of the group, announced a series of top-level changes after a crucial board meeting on Wednesday. The restructuring includes one exit and two fresh inductions into the trust.

R Venkataramanan (Venkat as he’s often called) stepped down as managing trustee of the Sir Dorabji Tata Trust, while Noel N Tata, chairman of Trent and managing director of Tata International, and philanthropist Jehangir H C Jehangir have been brought in as trustees at the Sir Ratan Tata Trust. Read on

Insolvency code amendment on cards to ensure NCLT-approved plans are obeyed

The government plans to bar the successful bidder in a resolution process from any future bidding if it does not implement a scheme approved by the National Company Law Tribunal (NCLT).

In this connection, the much-discussed Section 29A of the Insolvency and Bankruptcy Code would be amended, said sources in the know. Read on

Jet Airways deal likely to be finalised by March

A resolution plan for Jet Airways has been delayed over issues linked to due diligence in fresh equity investments, promoters’ interests, lenders’ perspective, regulatory hurdles and government concerns, sources in the know said. Industry watchers are drawing parallels with suspense thrillers while waiting for the “climax or anti-climax’’, as an official put it. Read on

Chennai-based Invenire Energy acquires Tata Petrodyne

In a first sign of private equity (PE) interest in exploration and production in India, little-known Chennai-based Invenire Energy has taken over Tata Sons oil and gas arm Tata Petrodyne (TPL) in a $100-million deal.
 

Miami-based Atyant Capital holds a majority stake (two-thirds) in Invenire, incorporated in 2016. Read on

Now, Oppo and Vivo likely to make key parts locally

Mobile phone makers Oppo and Vivo, both from Guanzhou-based BBK Electronics, are likely to follow their South Korean rival Samsung in making key components locally in the next one year. The move comes as the Centre deferred the imposition of duties on crucial parts, sources told Business Standard.

Companies, it is learnt, had lobbied hard for the postponement of the import duty to April 1, 2020, instead of it being implemented on February 1, 2019. Read on

Tata Industries to raise up to Rs 6,000 cr in bonds

Tata Industries Ltd (TIL), Tata group’s investment arm for upcoming businesses, plans to raise upto Rs 6000 crore through debentures for investment into group companies.

TIL is the core investment company for Tata Group's strategic investments in new and high-technology areas which complements the investment philosophy of Tata Sons. TIL also provides strategic advisory to other Tata Group companies. Read on

Edelweiss case: No interim relief for Anil Ambani group's promoter entities

The Bombay High Court on Wednesday declined interim relief to the Anil Ambani group’s promoter entities, which had moved a petition asking the court to restrain Edelweiss Financial Services from selling its pledged shares. The court has, however, admitted the petition. Read on

Volvo wants to lead EVs race in India

Having been on the fringes of the Indian luxury car market, Swedish luxury carmaker Volvo Car India wants to lead the way in the electrified vehicle portfolio in the country ahead of its German rivals, reports The Economic Times.

MC Aviation to decide on taking back five Jet Airways planes

MC Aviation Partners Inc said it will decide after 21 February on whether to repossess five Boeing 737 planes it has leased to cash-strapped Jet Airways, according to a Livemint report.

Digital tax: Centre rakes in moolah with ‘equalisation levy’

The Centre’s efforts to tax the digital economy is paying rich dividends to the exchequer, going by the ‘equalisation levy’ mop-up for 2017-18.

In 2017-18, the Centre garnered as much as Rs 550 crore through the ‘equalisation levy’, The Hindu BusinessLine reported citing official sources.