Top headlines: Rise in corporate frauds feared; state firms hold LPG bill

Superseding boards of two Srei companies not to roil markets; Major OMCs step off LPG price-hike pedal

State-owned oil companies are moderating the price of cooking gas, returning to the time when they took the subsidy burden of petroleum products. 

More on this and other top headlines of the day

Superseding boards of two Srei companies not to roil markets, say bankers

Superseding the boards of two non-banking financial companies (NBFCs) in the Srei group will neither create liquidity challenges for sound entities, nor build systemic crises because the markets have factored in the problems with the Kolkata-based firms.

Such regulatory steps will help in making the NBFC space more robust, bankers and market experts said. Read more

Corporate frauds likely to spike in post-Covid set-up, says survey

Largescale remote working arrangements and cash flow crunch, leading to business operations taking a priority over compliance during the pandemic, could lead to a rise in frauds, a survey on how independent directors perceive corporate fraud has found. Read more

Major OMCs step off LPG price-hike pedal; absorb Rs 100 per cylinder

Public-sector oil-marketing companies (OMCs) are moderating the price of cooking gas in a bid to maintain affordability effectively, harking back to the days when they were bearing the subsidy burden of petroleum products.

According to executives in the know, IndianOil, Hindustan Petroleum, and Bharat Petroleum are holding back liquefied petroleum gas (LPG) price hikes by around Rs 100 for a 14.2-kilogram domestic cylinder. Read more

Future Retail, 7-Eleven terminate franchise agreement

Financially troubled, Future Retail and Texas-based convenience store chain, 7-Eleven have today decided to mutually terminate their franchise agreement after the Kishore Biyani company failed to meet the target of opening stores and payment of franchise fees.

In a statement to the stock exchanges, Future Retail said no financial or business impact on the company is expected as the arrangement was at the subsidiary company level. Read more

Chinese air force still present in three bases in Tibet: Air Chief

Air Chief Marshal Vivek Ram Chaudhari (pictured) on Tuesday said the Chinese air force is still present in three air bases in Tibet. Addressing the media five days into his tenure as the chief of the Indian Air Force (IAF), Chaudhari painted a reassuring picture of an air force that, despite being low on numbers, is equipped, trained and poised to handle Chinese aggression on the borders. Read more