Top biz headlines today: SC Maharashtra order, Zee chairman quits & more

From DGCA directing IndiGo to replace unmodified P&W engines to Karvy denying fund abuse charges, here are the top headlines of the day.

1. DGCA tells IndiGo to replace unmodified P&W engines in Neo aircraft

The aviation regulator on Monday barred the country’s largest carrier, IndiGo, from operating Airbus A320 and 321 Neo aircraft having turbine blades built with titanium, which is prone to damage leading to mid-air engine shut down. The airline will have to replace such aircraft with those having sturdier engine turbine blades built with nickel-chromium alloy, according to a directive issued by the Directorate General of Civil Aviation (DGCA). Read More

2. After stake sale, Subhash Chandra quits as Zee Entertainment chairman

Subhash Chandra, who ushered in the cable and satellite revolution in India with Zee TV, has stepped down as chairman of the board at the company he founded three decades ago. The decision was taken following a board meet on Monday. Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect. Zee has also reconstituted its board, appointing three new independent directors — former IAS officer R Gopalan, retired IPS officer Surendra Singh, and art collector Aparajita Jain. Read More

3. SC Maharashtra ruling on Tuesday; NCP-Sena-Congress combine parade 162 MLAs

On the eve of the Supreme Court (SC) hearing on Maharashtra government formation, the Shiv Sena, the Nationalist Congress Party (NCP), and the Congress on Monday paraded their legislators, an estimated 162, in front of the media at a five-star hotel in Mumbai to back their claim that the alliance commanded the majority in the 288-member Maharashtra Assembly. In the morning, the SC heard the petition of the three parties demanding that it order floor test of the Devendra Fadnavis government on Monday itself. The three-judge Bench said it would pass an order at 10.30 am on Tuesday. Read More

4. Price-fixing charges: Sun Pharma in talks with US to end anti-trust probe

Teva Pharmaceutical Industries Ltd. and other generic drugmakers have held talks with the US Justice Department in the past six months about resolving a long-running criminal antitrust probe of alleged price-fixing by the companies, according to people familiar with the matter. Among the possible outcomes that have been discussed are deferred prosecution agreements in which the companies would admit to certain allegations but would be shielded from indictment in exchange for cooperating with the investigation and paying fines. Read More

5. Karvy denies misuse of client funds, says only Rs 50 cr dues pending

Karvy Stock Broking (KSBL) owes Rs 40-50 crore to its clients and the money will be repaid over the due course, said a top official. The brokerage refuted claims that it has defaulted on loans worth Rs 2,000 crore. On Friday, the Securities and Exchange Board of India (Sebi) passed an ex-parte interim order against KSBL, barring it from taking new clients for the alleged misuse of client funds. The official said some of the client shares were used for proprietary trading. Read More

6. Centre orders SFIO probe into debt-laden DHFL, 5 other real estate firms

The government has ordered a Serious Fraud Investigation Office probe into the affairs of DHFL and five real estate companies, Anurag Thakur, minister of state for corporate affairs, told the Lok Sabha on Monday. The five realty companies that will be investigated by the SFIO include Immediate Real Estate, Tenancity Real Estate, RKW Developers, Darshan Developers, and Rajen Skycraper. Read More

7. Reliance, Bharti Airtel, 2 others bid for 3 Anil Ambani group companies

Four companies, including Mukesh Ambani’s Reliance group and Bharti Airtel, on Monday collectively submitted 11 bids for three Anil Ambani group companies, which are up for sale as going concerns as part of the Insolvency and Bankruptcy Code (IBC) process. The three companies for sale are Reliance Communications (RCom), Reliance Telecom (which holds the spectrum), and Reliance Infratel (which controls the tower and fibre assets). RCom also owns real estate and enterprise businesses. Read More

8. Corporate tax cut impact? Direct taxes mop up down 17% in October

Collection of personal income tax and corporation taxes fell nearly 17 per cent in October, analysis of the data presented in Parliament shows. While the Central Board of Direct Taxes had collected Rs 61,475 crore in October 2018, the mop-up fell to Rs 50,715 crore in October 2019, the data suggests. Minister of State for Finance Anurag Thakur told Parliament on Monday, the direct tax collected in the seven months from April to October this year stood at Rs 5.18 trillion (gross collection minus refunds). Read More

9. Oyo, Apax join race for significant stake in CCD 

SoftBank-backed hospitality chain Oyo and British private equity firm Apax Partners have joined the race to buy a significant stake in Café Coffee Day, according to two people close to the development. Both Oyo and Apax have signed nondisclosure agreements (NDAs) with Coffee Day Enterprises and have initiated discussions to buy the group’s coffee business, The Economic Times reported.

10. 'Ride shock' awaits car buyers waiting for better offers ahead of BSVI 

Passenger vehicle (PV) buyers looking for hefty discounts till the last month or day before the new emission norms (BS-VI) take effect could be in for disappointment. Let alone a discount, they might not even get the model, variant or colour of choice in BS-IV-compliant vehicles, said car dealers and automakers. Though lower than last month, consumer offers on PVs continue in the current month. However, depending on a particular model, fuel type and variant, the offers may not last beyond a month as stock levels at most dealerships have seen significant reduction after Diwali (October 27). Read More