Top headlines: Cairn seeks $1.4 bn from India, govt may sell 25% in LIC

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After Voda arbitration, now Cairn expects $1.4 bn in losses from retro tax demand

British oil explorer Cairn Energy Plc on Tuesday said it is seeking from the Indian government USD 1.4 billion (about Rs 10,300 crore) in losses arising from the expropriation of its investments to enforce a retrospective tax demand. In its half-yearly earnings statement, the company said it expects an international arbitral tribunal to shortly give a decree on its challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. Read More...

Ashok Soota debuts in Hurun India rich list with Happiest Minds bumper IPO

With a 73 per cent surge in his wealth in the past year to Rs 6,58,400 crore, Mukesh Ambani, chairman of Reliance Industries (RIL) has topped the IIFL Hurun India Rich List for the ninth consecutive year in 2020. The phenomenal rise in wealth has propelled him to become the richest individual in Asia and fourth richest person in the world, as per the report. Given the stellar initial public offer Of Happiest Minds, its founder Ashok Soota made a debuts in this list with wealth totaling Rs 3,700 crore. Read More...

Govt considers selling 25% stake in LIC to plug widening budget gap: Report

India is planning to seek cabinet’s approval to sell 25% stake in the nation’s largest life insurer, people with knowledge of the matter said, as Prime Minister Narendra Modi seeks resources to plug a widening budget gap. The government plans to amend the act of parliament under which the state-run Life Insurance Corp. of India was set up to prepare for the sale, the people said, asking not to be identified as the discussions were private. Read More...

Centre gets 82 bids for 21 coal mines in first auction for private players

India’s first coal mines auction for private players to commercially mine and sell coal received 82 bids in the technical round. Among the noted names wich submitted the bids were Adani Mining, Essel Mining, Hindalco and several new entrants, mostly from the MSME sectors and also non-coal industries. The bids were received for 21 coal blocks, out of the 38 that were offered by the ministry of coal for the first commercial coal auction. Read More...

Postponement of MPC meeting sows doubts about the RBI's credibility

India's worst economic slump is no time for the government to sow doubts about the credibility of its institutions. On Monday, the Reserve Bank of India postponed its three-day, rate-setting meeting without giving a reason. It was probably canceled because the panel didn’t have enough people to convene; the six-person committee requires four officials to proceed. The terms of three members have expired, and requests that the government extend their tenure were met with the formation of a group to select new ones instead. (By law, they can’t be appointed to second terms) Read More...