Mistry approaches NCLT, Amazon’s grand investment, RBI retracts new rule- Weekly Digest #27

Monday- 19th December 2016

  • PayPal has registered a notice of opposition with the registrar of trademarks over the similarities between their logo and that of PayTm. PayTm had filed its trademark application on July 18 and PayPal registered the complaint on the last day of 4-month timeframe.
  • Cyrus Mistry resigned from the six Tata Group companies and in a statement said that he plans to take the battle against Ratan Tata to the court.
  • Amazon has invested Posted Image2,010 crores in its Indian unit, making its largest single infusion in Indian unit so far. It takes the investment to over Posted Image7,000 crores.
  • RBI announced that deposits of over Posted Image5,000 can be made only once per account until December 30th. Further, the depositors will be asked to provide reasons for not depositing the amount earlier in front of two bank officials.
  • S Chand and Company has filed its draft red-herring prospectus with the Securities and Exchange Board of India and has initiated its Posted Image300 crore IPO to hit the market next year.

Tuesday-20th December 2016

  • Cyrus Mistry has filed a complaint in National Company Law Tribunal (NCLT) against Tata Sons board, its directors, Ratan Tata, two of the Tata Trusts and its trustees for oppressing minority shareholders and mismanagement and has asked to scrap the Tata Sons Board.
  • Amazon’s largest seller Cloudtail overtook the country’s largest department chain Shoppers Stop as it posted a 300% jump in the revenues to Posted Image4,591 crores, slightly higher that that of Shoppers Stop ie Posted Image4,582 crores.
  • International Finance Corporation (IFC), the investment arm of the World Bank has invested an amount of $15 million in online education company Byju’s. The funds are expected to expand the offerings across India.
  • Yatra Online, which owns and operates travel portal Yatra.com announced that it had completed its reverse merger and began its trading on Nasdaq.
  • Taro Pharmaceutical, the American unit of India’s Sun Pharmaceutical Industries, has been sued by it investors for making misleading statements on fixing the price of generic drugs in violation of US antitrust laws.

Wednesday- 21st December 2016

  • Tata Steel’s EGM regarding voting out the current independent director Nusli Wadia from the board over its continued support for former chairman Cyrus Mistry saw high support for Ratan Tata. The results of the voting are not officially out.
  • After an overwhelmingly negative response from bank officials and depositors over harassment for depositing old currency over Posted Image5,000 in bank accounts, the government has relaxed the rules as now questioning will be done only for non-KYC compliant accounts.
  • Reliance Communication is selling its 51% stake in its tower unit Reliance Infratel to Canada’s Brookfield Infrastructure for Posted Image11,000 crores. The proceeds are expected to be used to lower the debt burden.
  • Two investment companies- Cyrus Investments and Sterling Investment Corp have filed a petition with NCLT linked Tata Sons and Ratan Tata with the Posted Image22 crore fraud transactions in AirAsia.
  • Private equity fund, Advent International has invested for a 41% stake in unlisted financial services group, ASK Group for an amount of $350 million.

Thursday- 22nd December 2016

  • NCLT has refused to give any interim relief to the ousted Chairman of Tata Group, Cyrus Mistry and has asked him to back his allegations of oppression of minority shareholders and mismanagement.
  • Edelweiss Financial Services is planning to raise Posted Image600-750 crores through a public issue of its consumer lending unit, ECL Finance.
  • Rohit Thakur, Microsoft’s human resources head in India has resigned from his position and per the rumours in the industry, he is to soon join Accenture.
  • Sensex saw a bearish impact for the 7th consecutive session, making its largest losing streak since March 2015. Sensex fell 1% to 25,979 points while Nifty breached the 8,000 mark to reach 7,979 points.
  • Uber has gone past its Indian rivals such as Meru and Easycabs as its revenue has grown to Posted Image374 crores, while Meru reported the revenue of Posted Image323 crores and Easycabs reported Posted Image216 crores. Ola is yet to declare their numbers.

Friday- 23rd December 2016

  • At the EGM of Tata Chemicals held on Friday, more than 75% shareholders displayed their belief for Ratan Tata as they voted out the independent director Nusli Wadia. Bhaskar Bhat and S Padmanabhan were appointed as directors.
  • ONGC to pay an amount of $1.2 billion to Gujarat State Petroleum Corp for its 80% stake in Deen Dayal West field and six other finds in the KG Basin.
  • Airtel becomes the second company after Vodafone to drag TRAI to Telecom Tribunal after it found Jio’s free voice and data offer to be in compliance with rules on predatory pricing.
  • Wipro has agreed to pay an amount of $5 million to the US Securities and Exchange Commission as civil money penalty to end the six-year-old embezzlement investigation. Wipro has neither confirmed nor denied the accusations.

Source- The Economic Times

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