Page 37 - Business Finance
Xiaomi warns against individuals posing as firm representatives for franchisee opportunities
Chinese tech major Xiaomi Tuesday warned against fraudulent individuals and agencies who are approaching people claiming to be authorised representatives of the company and soliciting them to set up retail stores for a fee. These entities pose as authorised Xiaomi representatives and solicit applications to set up Mi Stores, Mi Dealerships or other Xiaomi franchisee stores on payment of an application fee or a processing fee, Xiaomi said. "After collecting this fee, these individuals become unreachable. They may even collect the payment of stamp duty for the franchise agreement and then send a fraudulent stamped agreement in the name of Xiaomi Technology India with the forged signature and stamp of our managing director," it added. Xiaomi clarified that it does not contact anyone through calls, e-mails or social media for franchise opportunities, and only accepts applications for potential franchise partners for Mi Stores through its official website. It added that the company does ...
SEBI allows exchanges to introduce futures on commodity indices
The Securities and Exchange Board of India (SEBI) on Tuesday permitted stock exchanges with commodity derivative segment to introduce futures on commodity indices.
HCL Tech completes 20 years of operations in Australia-New Zealand region
India's third-largest information technology firm HCL Technologies Tuesday said it has completed 20 years of operations in Australia and New Zealand (ANZ) region. HCL Technologies opened its first office in the ANZ region in Sydney. "Over the years, the company has made significant contributions to the Australian IT market and to the local economy touching lives across various sectors with a 1,600-plus strong workforce spread across 8 locations Adelaide, Sydney, Melbourne, Brisbane, Perth and Canberra in Australia, and Auckland and Wellington in New Zealand," it said in a statement. * * * * CASHe disburses over Rs 1,000 cr loans * Digital lending company CASHe Tuesday said it has crossed Rs 1,000 crore in loan disbursals since its inception in April 2016 and aims to disburse a similar amount in the remaining half of the ongoing financial year. "Backed by strong demand, the company is eyeing to disburse another Rs 1,000 crore in the current fiscal, thereby earmarking a cumulative ...
'India's foreign trade needs tax sops, support for R&D'
As Finance Minister Nirmala Sitharaman prepares to present her first Union Budget on July 5, trade associations involved in import and export want the government to take several steps to boost India's cross border trade.
Competition Commission starts study of e-commerce market
Fair trade watchdog CCI has started a study of e-commerce market, including business practices and identify any possible impediments to competition in the fast-growing sector. The Competition Commission of India's move also comes at a time when there are concerns about alleged unfair business practices by online players and other entities. A market study of e-commerce market in India is being conducted in view of the rapid growth and the rising importance of online trade in a large number of goods and services in the country, an official release said Tuesday. The study will look at market trends with a particular focus on emerging distribution methods and strategies in response to e-commerce to understand business practices and contractual provisions, their underlying rationale and implications for competition. It would also seek to identify impediments to competition, if any, relating to e-commerce to ascertain enforcement and advocacy priorities for the watchdog in the sector. "The .
DPIL's Bhatnagar siblings get bail from Gujarat HC in Rs 2,654 crore bank fraud case
The Gujarat High Court granted three-month interim bail on Tuesday to siblings Amit and Sumit Bhatnagar, the promoters of Vadodara-based Diamond Power Infrastructure (DPIL), which is accused of duping banks of Rs 2,654 crore. The court of Justice Sonia Gokani granted the duo bail on the condition that they will not leave Vadodara, and ordered them to deposit a bond of Rs 2.5 crore each. The brothers also surrendered all their 64 properties which remain in the custody of the High Court. The Enforcement Directorate had last year attached several properties belonging to them under the provisions of the Prevention of Money Laundering Act (PMLA) after filing a criminal case based on a CBI FIR. The duo was arrested by the CBI, along with their father Suresh Bhatnagar, from a hotel in Udaipur in Rajasthan in April last year. The High Court had last year granted bail to Suresh Bhatnagar on health grounds. The ED has said the three promoters of the electric cables and equipment manufacturing ..
ED attaches properties worth Rs 1,609 cr of Sidhi Vinayak Logistics Ltd in money laundering case
The Enforcement Directorate (ED) on Tuesday said that it has attached moveable properties worth Rs 1,609 crore belonging to the Sidhi Vinayak Logistics Ltd (SVLL) in its investigation into a bank fraud case.
Modi meets key secretaries to finalise 100-day agenda
Ahead of the maiden budget of his second term in office, Prime Minister Narendra Modi Tuesday brainstormed with top bureaucrats of finance and other ministries to finalise the government's 100-day agenda with a focus to revive the sagging economy and create jobs. Sources said the meeting at the Prime Minister's residence had in attendance all five secretaries in the finance ministry and other key ministries as well as top officials of the Niti Aayog. The high-level meeting is also expected to clear a five-year vision for the government with view to achieve USD 5-trillion economy goal in the shortest possible time-frame. It is believed that future course of many of the prime minister's pet projects like doubling farmers' income, PM-KISAN, Pradhan Mantri Awas Yojana, piped water for all, electricity for all and others was discussed. With the farm sector facing headwinds, Modi last week stressed upon the need for structural reforms in agriculture which would boost private investment, ...
SAT stays Sebi's order banning NDTV promoters from securities market
News broadcaster NDTV Tuesday said the Securities Appellate Tribunal has stayed the market regulator Sebi's order banning its three promoters - Prannoy Roy, Radhika Roy and their holding firm - from the capital markets for two years. The SAT, which is the appellate authority over Sebi, has listed the appeals filed by the Roy couple and RRPR Holding Private Ltd on September 16, 2019 for hearing, it added. "The SAT also directed that in the interregnum, the appellants shall not alienate or create encumbrance on their shareholding in NDTV," the broadcaster said. According to NDTV, the SAT in its hearing observed "restraint imposed on Prannoy Roy and Radhika Roy from occupying the position of director or key managerial personnel in NDTV for a period of two years is not in the interests of the shareholders or, investors in NDTV and granted a stay on the operation and effect of the impugned order". Earlier on June 14, passing an order the Securities and Exchange Board of India (Sebi) had ...
Olialia Sky brings luxury air-charter services for corporate honchos in India
Business travel will soon be a luxurious experience for corporate honchos with an upmarket uber air-charter service landing into Indian airspace to service those who wish to travel in style.
Maharashtra govt allocates Rs 500 crore for Naxal affected areas in Budget
Maharashtra government has allocated Rs 500 crore in its Budget for procuring modern weapons, instruments and technologies to put an end to Naxal activities in the affected areas of the state.It also includes funds for special skill development programmes to provide employment to youth in the Naxal affected areas.For the above purpose, an outlay of Rs 150 crore is being proposed for the year 2019-20.Also, Rs 300 crore has been sanctioned to build world-class facilities for 2024 Olympics, said Finance Minister Sudhir Mungantiwar while presenting the Budget in the Legislative Assembly on Tuesday.He also said that a memorial would be constructed in Mumbai in remembrance of former Prime Minister and Bharat Ratna Atal Bihari Vajpayee.A new scheme, namely, Chief Minister Employment Generation Programme is going to be launched under New Industrial Policy, 2019, said the Finance Minister. He also said that 50 industrial parks will be built at taluka level for micro, small and medium ...
Modi meets key secretaries in run up to Budget
Ahead of the maiden budget of his second term in office, Prime Minister Narendra Modi Tuesday brainstormed with top bureaucrats of finance and other ministries for ideas to reverse a sagging economy and create jobs. Sources said the meeting at the Prime Minister's residence had in attendance all five secretaries in the finance ministry as well as Niti Aayog officials. Modi is likely to have discussed the reforms road map for every department with a view to making it easier to do business in the country and boost economy. The agenda for increasing revenue mop-up and taking reform steps to push GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, may have also figured in the meeting, they said. Data showed that even though inflation continued to be within the RBI's comfort range, economic growth in January-March quarter slumped to a 5-year low of 5.8 per cent, pushing India behind China, due to poor showing by agriculture and manufacturing sectors. With 2019-20 budget
Trump signals ease in trade tensions with China, global markets to gain
Indian markets may gain on Wednesday as US President Donald Trump signalled easing of US-China trade tensions.
Delhi Dy CM shows power tariff mirror to UP govt
Amid an Uttar Pradesh government's proposal for a steep 25 per cent power tariff hike in the state, Delhi Deputy Chief Minister Manish Sisodia Tuesday accused the BJP of having double standards on the issue. Sisodia said while the BJP keeps raking up the power tariff issue in the national capital, it has gone silent on the proposed 25 per cent hike in power tariff in Uttar Pradesh, including the NCR region of Noida and Ghaziabad. Sisodia attacked the BJP in a press conference, referring to news reports about the UP government's move to raise the power tariff by 25 per cent. The Delhi unit of the BJP has been attacking the AAP government over the hike on fixed charges in power tariff, claiming Rs 7,000 crore has been collected from the consumers. Uttar Pradesh Power Corporation Ltd has written to the UP Electricity Regulatory Commission seeking a 25 per cent hike in the tariff, Sisodia added. "This will be a big blow to the people of UP who already pay five times more than Delhi ...
Jet shares ends 40% lower, 2 independent directors resign
Jet Airways saw one of the worst days of its trading history on Tuesday as investors distanced themselves from the grounded airline after its lenders decided to initiate bankruptcy proceedings to recover dues.
Canara Bank to raise up to Rs 12,000 cr in FY'20
State-owned Canara Bank Tuesday said it proposes to raise up to Rs 12,000 crore through mix of equity and bonds during the current fiscal to fund its business growth. The board has approved raising up to Rs 6,000 crore including premium by way of Qualified Institutional Placements (QIP) or rights issue or preferential allotment or any other approved means during 2019-20 subject to market conditions and necessary approvals, Canara Bank said in a regulatory filing. Besides, the board has also cleared proposal to raise funds through additional tier I Basel III compliant perpetual bonds to the extent of Rs 3,000 crore and Basel III compliant tier II bonds to the extent of Rs 3,000 crore during 2019-20, it said.
Quess hires Krish Seshadri to lead Monster operations
Leading software services provider Quess Corporation on Tuesday said it had hired Krish Seshadri as Chief Executive of Monster, which it acquired in January 2018.
Bahrain- India's 'Gateway to The Gulf' - Tops London and Silicon Valley for Percentage of Female Startup Founders - New Report
Bahrain is one of the top 10 startup ecosystems with the largest share of female founders, according to the 2019 Global Startup Ecosystem Report (GSER), launched at the recent TNW conference in Amsterdam.Described as 'the world's most comprehensive and widely-read research on startups', the report is produced by Startup Genome in partnership with the Global Entrepreneurship Congress.India enjoys a thriving international partnership with Bahrain in many sectors. As for FinTech, the Bahrain Economic Development Board recently signed an MOU with the Government of Maharashtra, for cooperation on the promotion of FinTech in their respective markets.Indian Companies such as Rsquare Technologies and Innosoft, are currently residing at Bahrain FinTech Bay (BFB). BFB is rapidly gaining international recognition as a FinTech leader, with a number of key companies like Visa partnering with the organisation. Bahrain also continues to be the region's leading financial services hub, through its ...
JSA advises Hindustan Platinum on Peurto Rico plant acquisition
Law firm J Sagar Associates has advised Hindustan Platinum, refiner and manufacturer of precious metal products, on its acquisition of ABB's electrical contacts manufacturing plant in Humacao, Puerto Rico. "J Sagar Associates has advised Hindustan Platinum Pvt Ltd (HPPL) in relation to its acquisition of electrical contacts manufacturing plant in Puerto Rico from Industrial C&S of P R LLC, an affiliate of ABB Asea Brown Boveri Ltd (ABB)," the law firm said in a statement. Hindustan Platinum has not disclosed the details of the deal but has said it is expected to close in August. Hindustan Platinum Executive Vice-President Ashish Choksi said Monday the addition of the Humacao plant is of critical strategic interest to the company's electrical contacts division. He added that it is going to be the second electrical contacts manufacturing facility besides the one in Navi Mumbai that will cater to the growing demand of the North American and Latin American markets.
PM to meet economists, sectoral experts on June 22
Prime Minister Narendra Modi will interact with leading economists and experts on Saturday to deliberate on economic policy roadmap for promoting growth and employment generation. The meeting, being organised by government think tank NITI Aayog, will be attended by various ministers, NITI Aayog functionaries, leading economists, sectoral experts and industrialists, sources said. The meeting comes against the backdrop of recent Central Statistics Office (CSO) data showing that the economic growth slowed to a five-year low of 5.8 per cent in the fourth quarter of 2018-19, pushing India behind China, due to poor showing by agriculture and manufacturing sectors. The CSO data had also shown that joblessness was at a 45-year high of 6.1 per cent in 2017-18. It also revealed that the annual Gross Domestic Product (GDP) for fiscal 2018-19 (at 2011-12 prices) was at a five-year low of 6.8 per cent. The GDP growth was 7.2 per cent in 2017-18. The meeting also assumes significance as it comes ...