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Top 10 biz headlines: Rana Kapoor in ED custody, IT's coronavirus woes

From the impact of coronavirus on Vivad se Vishwas to reforms in the pension market, here are the top 10 business headlines of the day

BS Web Team 

Rana Kapoor
Rana Kapoor being after being arrested by the Enforcement Directorate. Photo: PTI

crisis: in ED custody, faces Rs 4K-cr kickback probe

The Enforcement Directorate (ED) has found that co-founder and his family set up over a dozen shell firms that were allegedly used for receiving kickbacks to the tune of Rs 4,300 crore and invested in properties illegally. Read more.

outbreak may delay roll-out of Vivad se Vishwas scheme

Vivad se Vishwas, the government’s flagship scheme for resolving direct tax disputes, may get an extended deadline beyond March 31 on account of the outbreak and a late notification, which is still to come. Income-tax (I-T) officers are saying most people will need time to arrange for funds to participate in the scheme and will make it tougher for some firms, and many at their global headquarters are shut temporarily. Read more.

Pension market set for deep reforms; foreign funds to get more leeway

Deep reforms are on the anvil in the country’s pension market, with plans to permit foreign pension funds to set up independent pension trusts and make the Pension Fund Regulatory Development Authority (PFRDA) the sole authority to allow a pension product into the market. This could entail a thorough rewrite of the pension products that insurance companies and some mutual funds offer today in the fast-expanding market for retirement products in India. Read more.

fallout: RBI move casts shadow on Rs 1-trillion AT-1 bond market

The Rs 1-trillion additional tier-1 (AT-1) bond market — also called perpetual bonds — is likely to see a heavy loss of investor appetite after Reserve Bank of India proposed writing-down the AT-1 bonds of YES Bank. Forcing bondholders to take a 100 per cent haircut on the bank’s AT-1 bonds would lead to losses to the tune of Rs 10,800 crore, estimates Acuité Ratings. It says such a move can drive away investors from such bond issues in the future. Read more.

From loans to refills at doorsteps, Ujjwala scheme may get a facelift

Soon, consumers might get an option to refill cooking gas cylinders for amounts as small as Rs 50-100 at their doorstep. The option can be exercised after the proposed introduction of mobile liquefied petroleum gas (LPG) vans across the country. Read more.

Gujarat Gas least vulnerable among city gas players to competition

Worries over regulatory risks has seen shares of city gas distribution utilities such as Mahanagar Gas Ltd (MGL) and Indraprastha Gas Ltd (IGL) correction in the recent past. The regulator, Petroleum and Natural Gas Regulatory Board (PNGRB) is expected to allow competition for city gas distribution (CGD) in Delhi, Mumbai, Thane and some other geographies, where marketing exclusivity of incumbents has already expired. Read more.

Coronavirus scare: IT firms stare at delay in bagging large contracts

Winning of large deals and their execution by IT services firms are likely to face delay in the first half of this year due to the outbreak of coronavirus. According to outsourcing advisory experts, severe restrictions on the mobility of human resources as well as the likely delay in decision making by the clients are seen as the key reasons. “Larger transformation deals take a lot of time for execution and focus. Read more.

Cement players with focus on North and Central India remain better placed

Cement prices have shown some improvement of late. After a sequential decline in all-India cement prices during first three quarters of FY20, the ongoing quarter is showing a positive trend. Read more.

TPG, Lupa, Chrys Cap & Advent Plan New Innings with Dream 11

Top-tier global private equity firms TPG, Advent, James Murdoch’s Lupa Systems and homegrown Chrys Capital are in final negotiations to start a new innings with Dream11, valuing the fantasy sports platform at $2.25 billion. The deal, once concluded, will effectively double the 11-year-old company’s valuation from a little over $1 billion just a year back, reports The Economic Times.

PhonePe, BharatPe in talks with multiple banks to support UPI

Following the Yes Bank crisis, Bengaluru-based PhonePe has now initiated talks with SBI to have a multibank approach for Unified Payments Interface (UPI). Delhi-based BharatPe, meanwhile, too is in talks with Kotak Mahindra Bank as well as SBI, reports The Times of India.

First Published: Mon, March 09 2020. 06:43 IST
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