Top headlines: Govt considers tax ordinance; Microsoft seeks Telangana deal

Business Standard brings to you the top headlines on Wednesday

Pension funds have been missing out on good opportunities to invest in initial public offerings but soon pension fund managers will be allowed to invest in IPOs. Comprehensive guidelines on the matter are expected within a week. More on that story and other headlines.

Centre mulls Ordinance for past tax assessment as litigation mounts

The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms. Read more

Air India privatisation: SpiceJet's Ajay Singh has a risky flight plan

In March 2020, soon after the cessation of airline operations globally and domestic flights within India, many in the aviation sector had written Delhi-headquartered low-fare airline SpiceJet’s obituary well before that of most of its rivals. Unlike IndiGo, GoAir (now rechristened Go First), Vistara and even AirAsia India, SpiceJet did not have founders or backers with deep pockets. Read more

Pension funds will soon be allowed to invest in IPOs: PFRDA Chairman

Pension fund managers will soon be allowed to invest in initial public offerings (IPOs) as it’s a “good opportunity” to put money into companies at an early stage, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Supratim Bandyopadhyay told Business Standard on Tuesday. Read more

Microsoft in talks with Telangana to set up Rs 15,000-crore data centre

US tech giant Microsoft is in the final stages of talks with the Telangana government to set up a data centre with a total investment of Rs 15,000 crore. According to sources in the state government, the company has zeroed in on a land parcel near Hyderabad for the facility. “In the information technology (IT) space, Telangana is already seeing some major investments. Read more

Rivals turn the heat on Sunil Mittal's stand on satellite spectrum

Rival telecom companies have challenged Bharti Airtel Chairman Sunil Mittal’s call for spectrum for satellite broadband to be given at an administered price instead of being auctioned. Mittal had been speaking at the launch of more LEO satellites for his global satellite foray One Web a few weeks ago. Read more