Top headlines: Govt defers laptop import curbs, Go First insolvency

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Govt defers implementation of laptop, PCs import restrictions to Nov 1

The Directorate General of Foreign Trade (DGFT) in a late-night decision on Friday announced that it has decided to delay the licensing mandate for the import of laptops, tablets and personal computers till November 1, 2023. "Import consignments can be cleared till October 31, 2023 without a license for restricted imports. For clearance of import consignments with effect from Novermber 1, 2023, a valid License for Restricted imports is required: Directorate General of Foreign Trade, Government of India," said the notification from DGFT. Read more...

Byju's lenders accused of using bogus loan-default claims to gain control

Lenders to one of India’s hottest tech startups, Byju’s, created bogus default claims tied to a $1.2 billion loan as part of a scheme to gain control of the education-technology provider, the firm’s lawyer told a judge. The distressed-debt lenders are “playing hardball” to create leverage in negotiations to restructure the loan and causing problems for Byju’s executives, Sheron Korpus, a lawyer for the Bengaluru-base company, said at a hearing in state-court in Delaware Friday. Read more...

Govt wants all telcos to rollout 5G in 26 GHz band before Aug 16 deadline 

The government shows no interest in extending the current minimum rollout obligations that require telcos who have purchased airwaves in the 26 GHz and 3300 MHz bands to commence 5G services by August 16. Department of Telecommunications (DoT) officials drew attention to the initiation of trials by Reliance Jio and Bharti Airtel this week in the 26 GHz band, taking place in Gujarat and West Bengal, respectively. They suggested other telcos, like Vodafone Idea and Adani Data Networks, should swiftly follow suit. Both have acquired 5G airwaves in the band during the latest spectrum auction in 2022, but haven't yet launched 5G services. Read more...

Go First insolvency: NCLT directs RP to file details on recent developments

The National Company Law Tribunal (NCLT) on Friday directed the resolution professional of cash-strapped grounded airlines Go First to submit details of the subsequent developments. A two-member bench of NCLT, comprising Mahendra Khandelwal and Rahul P Bhatnagar, directed the resolution professional (RP) to file an additional affidavit in the next 10 days, including the status of the maintenance of the leased aircraft. Read more...

Samsung notched up $4.09 bn worth of smartphone exports from India in FY23

South Korean giant Samsung remains the largest exporter amongst individual companies which assemble smartphones in India — bigger than each of the Taiwanese equipment manufacturing services (EMS) players, Foxconn, Wistron and Pegatron, which assemble iPhones for Apple Inc in the country.  According to S&P Global Market Intelligence, in FY22-23, Samsung exported $4.09 billion smartphones from India — an increase of 42 per cent over 2021, when it was $2.8 billion —  accounting for 35 per cent of all smartphone exports. In 2018 its exports were a mere $0.7 billion.  Read more...