Top headlines: Airlines ground aircraft, SoftBank to raise $10 bn, & more

From ED asking Anil Ambani to appear again on March 30 to Ambanis raising personal shares in RIL, Business Standard brings to you the top headlines of the day

YES Bank fiasco: ED asks Anil Ambani to appear again on March 30

Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate (ED) on Thursday to clarify on the group’s exposure to YES Bank, and sought more time from the agency to provide further clarifications on some specific queries. The probe agency has asked him to appear again on March 30. Read more...

SFIO arrests Rotomac director, Frost International's CEO and MD

The Serious Fraud Investigation Office (SFIO) on Thursday arrested Rahul Kothari, director of Rotomac Group along with Frost International’s CEO Sujay Desai and Managing Director Uday Desai for fraudulent round tripping of funds, abusing the scheme of merchanting trade. Read more...
 

SoftBank Group seeks to raise additional $10 billion for Vision Fund

SoftBank Group is seeking to raise an additional $10 billion so its first Vision Fund can support portfolio companies battered amid the coronavirus pandemic, according to people with knowledge of the matter. SoftBank is in talks with outside investors to provide $5 billion, which will be matched by a $5 billion contribution from the Japanese conglomerate. Read more...

Sebi gives India Inc more time for Q4 filings amid coronavirus outbreak

The Securities and Exchange Board of India (Sebi) on Thursday relaxed the deadlines for regulatory filings, such as disclosure of financial results and shareholding pattern. “Developments arising due to the spread of the virus warrant the need for temporary relaxations in compliance requirements for listed entities,” Sebi said. Read more...
 

Mukesh Ambani, wife, children marginally raise personal shares in RIL

Billionaire Mukesh Ambani, his wife, and three children have marginally raised their personal shareholding in Reliance Industries (RIL) by acquiring some shares of another promoter group entity. Overall, the promoter group shareholding in the oil-to-telecom conglomerate remains unchanged at 47.45 per cent, the company said in a regulatory filing. Read more...
 

Indian airlines start grounding aircraft; govt considers relief package

Indian airlines are cutting shifts, laying off people and announcing steep pay cuts as the global aviation industry flies through the worst turbulence it ever faced. Almost all airlines have drastically cut operations, grounded aircraft as net bookings fall into negative — meaning there are more cancellations than fresh bookings on domestic routes. Read more...
 

NPA norms may be eased, tax deferment likely in coronavirus healing touch

As the Indian economy reels from the impact of the coronavirus pandemic, the Narendra Modi government is drawing up a relief package for industry. The relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality are expected to be part of the package, Business Standard has learnt. Read more...

India to offer unemployment benefits to workers affected by coronavirus
 

The Union government is planning to give unemployment benefits to a section of organised workers who may lose their jobs due to the coronavirus pandemic. This will be along the lines of measures taken by some countries such as the United States to combat the impact of the pandemic, also known as COVID-19, on the working population. Read more...

Panic buying by online shoppers holds up BigBasket’s deliveries

BigBasket is finding it tough to fulfil a sudden surge in orders as people resort to panic buying. Consumer staples such as flour, tea and milk are out of stock on the grocer’s app. BigBasket’s closest rival Grofers reported a supply crunch early last week., reported Livemint.

KVIC seeks ban on import of silk from China

The Khadi and Village Industries Commission (KVIC) has reached out to the commerce ministry seeking a ban on import of silk and silk products from China, alleging that it is impacting the local silk industry in India, reported ET.