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News digest: Tax proposals in interim budget, Myntra CEO may quit, and more

The interim Budget is expected to be presented on February 1, 2019

BS Web Team  |  New Delhi 

News Digest

Modi govt's may include direct tax announcements: Sources

The 2019-20 before the could have a more expanded section for tax proposals than any other interim Budgets in the past.

Sources familiar with the developments said discussions had already been held at the highest levels of the government to include a number of direct tax announcements in Finance Minister Arun Jaitley’s speech.

However, no final decision has been taken yet, as the contents of Jaitley’s speech will only be finalised by mid-January. The is expected to be presented on February 1, 2019.Read more

Myntra-Jabong CEO likely to quit after reporting rejig

Ananth Narayanan, chief executive officer (CEO) of online fashion retailers Myntra and Jabong, is likely to step down from the position after parent Flipkart rejigged its reporting structure, following the exit of co-founder and Group CEO Binny Bansal on Tuesday.

While the Walmart-backed company has said it is going to be business as usual, multiple sources told Business Standard that the change in the reporting structure is a precursor to the integration of Myntra and Jabong with the larger Flipkart Fashion unit. Read more

okays UltraTech bid for Binani Cement, says no to Dalmia Bharat

The Company Law Appellate Tribunal (NCLAT) on Wednesday approved the firm UltraTech Cement’s revised offer to take over debt-ridden for Rs 79.50 billion. The rejected the Rs 69.32 billion resolution plan by the Cement-led consortium, terming it “discriminatory”.

A two-member Bench headed by Chairperson Justice S J Mukhopadhaya said, “We approve the revised resolution plan submitted by UltraTech Cement Limited, which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan”. Read more

First Published: Thu, November 15 2018. 02:21 IST