News digest: IL&FS crisis, crude oil bill, Paytm staff held, and more

JM Financial Consultants, Arpwood Capital and Alvarez & Marsal will advise the board going forward

3 firms to advise  IL&FS on revival 

The new board of Infrastructure Leasing & Financial Services (IL&FS) took the first big step towards reviving the debt-ridden company by appointing two financial and transaction advisors and a restructuring advisor. Read more

CBI raids own headquarters as top bosses fight, PMO steps in

In an irony of sorts, a team of Central Bureau of Investigation (CBI) sleuths on Monday conducted a raid on the 10th floor of its own headquarters in New Delhi while the two warring top bosses were summoned by the Prime Minister’s Office (PMO). To add to the public slugfest already in play, ‘top secret’ letters by the bosses, making bribery allegations against each other, surfaced. Read more

Paytm staff held for ‘blackmailing’ CEO

Paytm founder Vijay Shekhar Sharma is facing a new data challenge — some people have threatened to leak his personal data, compromising the reputation of his company One97 Communications. Read more

Crorepati club expands 60% in 3 yrs: CBDT

India is now home to 81,000 individuals with a disclosed income of above Rs 10 million per annum (or Rs 1 crore per annum, giving them the name crorepatis). Read more

Crude oil bill to rise 42% in FY19

The crude oil import bill for India is expected to increase by $37 billion to 

$125 billion during the current financial year (2018-19, or FY19) — a 42 per cent spike over the 2017-18 (FY18) bill of $88 billion. The latest estimates were released by the Petroleum Planning and Analysis Cell (PPAC) on Monday. The previous estimate for the year was $105 billion. Rising crude oil prices and a weak rupee are the main reasons for this rise. Read more