The Air India (AI) employees’ consortium and Kolkata-based businessman Pawan Ruia have not qualified for the second round of the sale process for the national carrier. This leaves Tata Sons as the only entity that has confirmed its participation in the bidding process. While media reports said SpiceJet promoter Ajay Singh is also in the reckoning, Business Standard couldn’t verify this claim. Read more
India ready to appeal Cairn s $1.2 billion arbitration award this week A day after British oil firm Cairn Energy pressed for honouring the over $1.4-billion international award on a tax dispute, finance ministry officials said New Delhi was preparing to appeal at The Hague this week. The Union government has finalised the grounds for appeal against the award and is in the final leg of discussions with the Dutch counsels, according to officials. Based on the appeal, India will apply for a stay on the enforcement of the award at a lower Dutch court. Read more
Apple to soon make iPhone 12 in India, shift 7-10% of capacity from China iPhone 12, according to sources in the know, will be manufactured at the Hon Hai Precision Industry (Foxconn) facility in Tamil Nadu both for the domestic as well as well as the export market. The unit also manufactures iPhone 11, which is the bestseller in India, as well as iPhone XR. Read more
Suspension of IBC proceedings may not be extended beyond March 24 With just about a fortnight left for the suspension on fresh corporate insolvency cases to end, government sources have indicated that another extension is unlikely. An extension may not be economically desirable as it hampers the restructuring prospects for stressed companies, according to senior officials. Also, it would be a challenge to amend the law in such a short time. Read more
Photo: ANI Pakistan Prime Minister Imran Khan will seek a confidence vote in the National Assembly, or parliament’s lower house today after his finance minister lost an election for a seat in the upper house, the biggest test yet for his three-year-old government. Farmers who have been protesting for months against deregulation of produce markets plan to block a major expressway outside New Delhi today, the 100th day of their campaign, they said. Tens of thousands have been camped outside Delhi since December, demanding Prime Minister Narendra Modi repeal three farm laws that open up the country’s agriculture markets to private companies, which the farmers say will make them vulnerable.
Read more about Top headlines: Govt to privatise profit-making PSUs, Wipro to buy Capco on Business Standard. Many states are open to the idea of petrol and diesel being brought under the goods and services tax (GST) regime - contrary to the perception that they are averse to it.
Enforcement Directorate slaps money laundering case on Franklin MF Franklin Templeton Mutual Fund (MF), which shut its six schemes in April 2020, is facing the heat from the Enforcement Directorate (ED) and the Securities and Exchange Board of India (Sebi). According to sources, while the ED has registered a money-laundering case against the fund house and eight others, the market regulator has issued a show-cause notice and summons to the company and its key personnel who redeemed their investments days or weeks before the closure announcement. Read More
Adani Ports to acquire 31.5% in Gangavaram Port for Rs 1,954 crore Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) on Wednesday said it is acquiring the 31.5 per cent stake of Windy Lakeside Investment in the Gangavaram Port (GPL) for Rs 1,954 crore. The acquisition, subject to regulatory approvals, is expected to expand APSEZ’s market share to 30 per cent across 12 locations in India. Read More