Top 10 business headlines: AGR deadline nears; Bezos phone hack shocks UN

Three companies negotiate the deadline to pay the government dues for spectrum and the UN calls for a probe into the hacking of Amazon boss Jeff Bezos's phone.

Telcos to miss Jan 24 AGR deadline, wait for 'modification' plea hearing

Bharti Airtel, Vodafone Idea, and Tata Group plan to communicate to the Department of Telecommunications (DoT) that while they will comply with the Supreme court order on paying adjusted gross revenue (AGR) dues, they will wait till next week, when their “modification” petition is heard in the apex court, before paying.

15th Finance Commission may hike grants, cut devolution to states

The Fifteenth Finance Commission (15th FC), in its report for 2020-21, is believed to have reduced the devolution to states from the existing 42 per cent of the divisible tax pool, giving the revenue-strapped Centre some breathing space.

UN experts want probe of Jeff Bezos' phone hacking

UN human rights experts have demanded an immediate investigation into allegations Saudi Arabia's crown prince hacked Amazon boss Jeff Bezos's phone. They said Mohammed bin Salman should also be investigated for "continuous, direct and personal efforts to target perceived opponents".

Indian business leaders set up body for climate change action

Indian philanthropists have launched India Climate Collaborative (ICC), marking the first ever collective response by Indian industry leaders, such as Ratan N Tata, Anand Mahindra, Rohini Nilekani, Nadir Godrej, Aditi and Rishad Premji, Vidya Shah, and Hemendra Kothari, for an effective action “towards a shared climate goal”.

Shriram Capital halts 3-way merger with NBFC arms after RBI request

Shriram Capital has held off a plan to merge with its shadow lending arms after the Reserve Bank of India (RBI) requested the group to cut its stake in its insurance business, according to people familiar with the matter.

New York's Interups plans to acquire assets worth $8 billion in India

New York-based Interups, which has bid for Lavasa Corporation, said it plans to acquire assets worth $7-8 billion (around Rs 56,800) in India, which include an airline, luxury resorts and a financial services company.

Rupee one of the worst performers among its Asian peers

A sharp deceleration in economic growth and surge in inflation have begun to weigh on the rupee exchange rate. The Indian rupee has become one of the worst performers among its Asian peers in the past one year, with the exception of the South Korean won and the Pakistani rupee.

Punit Goenka to continue as Zee Entertainment chief

Punit Goenka, managing director and chief executive officer of Zee Entertainment Enterprises (ZEEL), will continue in his role, even as his remuneration is being reviewed by the board after the promoter ownership has come down 5 per cent during the quarter.

Tax credit curbs pinch businesses

Businesses are gasping for working capital as tax officials chase tough targets and make it hard for them to make use of tax credits. Several businesses have found that taxmen neither allow them to set off taxes on finished products against credit for taxes paid for various services in making them, nor refund the tax paid, says a report in Mint.

Govt mulls mediation to solve tax issues with companies

The government may adopt a mediation mechanism that will help companies determine their future tax liabilities and even settle disputes, said a person familiar with the development. The concept, which is widely prevalent overseas, is being discussed amid preparations for the February 1 budget, reports the Economic Times citing an unnamed source.