Top headlines: YES Bank gets credit line, SC slams DoT and telcos, and more

From YES Bank getting Rs 60k-cr line of credit to govt mulling cash transfer option to offset Covid-19, Business standard brings to you the top headlines of the day

YES Bank gets Rs 60k-cr line of credit from RBI to resume operations

The Reserve Bank of India (RBI) has extended a credit line of Rs 60,000 crore to YES Bank to ensure that the bank is able to meet its obligations to depositors as it resumed its full-service operations on Wednesday, according to sources familiar with the development. RBI Governor Shaktikanta Das on Monday had said the regulator was ready to offer liquidity if required. Read more...
 

AGR dues: Supreme Court lashes out at DoT, telcos; says must pay all dues

The Supreme Court on Wednesday once again came down heavily on the Department of Telecommunications (DoT), which had filed a petition seeking relief for telcos in paying the dues linked to adjusted gross revenue (AGR). The court shot down the DoT proposal that telecom companies might be permitted a 20-year staggered payment and exemption from penalties and interest in relation to the AGR dues. Read more...
 

Air India crew union calls airlines' cost-saving measures illegal

Air India on Wednesday implemented a series of cost-saving measures, including reduction in allowances and fuel reimbursement for officers. However, the move is being resisted by its cabin crew — All India Cabin Crew Association (AICCA) — who have called the move discriminatory and illegal. Read more...

NCLT grants 90-day extension to Jet Airways for resolution process

The National Company Law Tribunal (NCLT) has granted a 90-day extension to Jet Airways’ corporate insolvency resolution process (CIRP). The earlier 270-day CIRP period was, under the rules, to end on March 15. A 90-day extension is legally allowed. Read more...

Advance corporation tax collection falls over 10% in Apr-Mar FY20

The collection of advance tax paid by corporate houses fell over 10 per cent during April-March 15 of 2019-20. This decline, after the deadline of the fourth instalment ended on March 15, could lead to a revenue shortfall of at least Rs 35,000 crore in the total direct tax collections of the current fiscal, tax officials in the know said. Read more...
 

RIL projects lift industrial investments to record high at Rs 17.9 trillion

The gloomy economic and investment climate may be the norm today, but industrial investment data paints a bright picture. Asia’s second richest man, Mukesh Ambani’s 18 big-ticket chemical projects in Gujarat accelerated industrial investments to a record high in 2019. Read more...
 

ITC fixes dividend payout for shareholders at 80-85% of profit after tax

ITC has decided to offer 80-85 per cent of its profit after tax (PAT) as dividend to its shareholders, which will be effective from the current financial year. This would be applicable in the medium term. According to a company notice on updated dividend distribution policy available on its website, the board may declare interim dividend at its discretion. The final dividend may include special dividend as recommended by the board. Read more...
 

Ashok Leyland to acquire additional 19% stake in Hinduja Leyland Finance

Hinduja Group flagship Ashok Leyland Ltd has announced plans to acquire upto 19 per cent of additional equity shares in Hinduja Leyland Finance Ltd (HLFL), the Non-Banking Finance Company (NBFC) part of the Group, from the existing shareholders, for a consideration of up to Rs 1,200 crore. Read more...
 

ArcelorMittal refinances $5.15-billion loan availed for Essar Steel buy 

ArcelorMittal has refinanced a loan of around $5 billion (about ₹37,000 crore), taken to acquire Essar Steel, by raising fresh funds at a lower rate. The proceeds of the loan will be used to refinance the entire amounts borrowed by ArcelorMittal Nippon Steel in connection with the acquisition of ArcelorMittal Nippon Steel India, reports Hindu BusinessLine.
 

Central govt weighs cash transfer option to offset pandemic impact 

The Centre may weigh the option of a cash transfer scheme to mitigate the impact of the economic fallout caused by the Covid-19 pandemic, said at least two government officials familiar with the development, requesting anonymity. The scheme could cover the poor and those who have been affected the most by Covid-19, and could be along the lines of a universal basic income (UBI) scheme, depending on the eventual cash outgo, said the first person, reports Livemint.