HUL is suing Kwality Ltd claiming sole rights over Kwality Walls, the brand used for HUL’s ice creams. The Calcutta High Court directed Kwality Ltd to not use the original writing style of Kwality Walls for any of its dairy products, but continue to use its currently operational registered trademark KDIL’S Kwality.
Tamil Nadu government ordered the closure of the Sterlite Copper factory of Vedanta unit in Thoothukudi amidst violent agitation led by residents who claim the smelter has caused widespread pollution of air and water.
Lenders of Binani Cement have agreed upon selling the bankrupt cement maker to the country’s biggest cement producer, Aditya Birla owned UltraTech. UltraTech had offered to pay ₹7,600 crore to lenders.
SBI to initiate bankruptcy proceedings against fugitive businessman Vijay Mallya in the UK to mount additional legal pressure on him for the recovery of loans.
RCom has said that its lenders will oppose the insolvency court’s decision to start bankruptcy proceedings against the debt-laden telco at a hearing in the appellate tribunal. The market reacted positively as the share price rose 11% to ₹15.85.
Tuesday- 29th May 2018
CBI has filed a case against AirAsia (India), AirAsia Berhad, and its top executives, including CEO Tony Fernandes, for allegedly entering into a criminal conspiracy with the UPA government to change rules to get overseas flying rights. The case is based, among other findings, on a clutch of internal emails between senior executives of AirAsia and the Tata Group.
Qtrove, a curated marketplace for natural, handmade and sustainable products have raised ₹350 crore from Springboard Ventures, an investment arm of Bennett, Coleman & Co Ltd (BCCL)
Singapore Exchange will continue listing Nifty derivatives contracts on its platform till August after the Bombay High Court on Tuesday referred the dispute between it and National Stock Exchange to arbitration. Both exchanges are locked in a legal tussle after SGX said it would launch Indian futures and options contracts in June.
The reconstituted board of Fortis Healthcare has decided to begin a fresh bidding process with interested investors for a deal and has sought expressions of interest by May 31. Interested parties will receive 10 days to conduct financial and legal due diligence.
Wednesday- 30th May 2018
The board of ICICI Bank has ordered an independent enquiry into new whistleblower allegations that CEO Chanda Kochhar violated the bank’s code of conduct, rules on conflict of interest and was part of quid pro quo dealings with certain bank borrowers.
Reliance Communications agreed to pay ₹550 crore to Ericsson to settle an eight-month legal dispute over dues, paving the way for Rcom to exit bankruptcy proceedings and sell assets to Reliance Jio Infocomm and Brookfield to repay lenders.
State Bank of India has increased its fixed deposit interest rates on select tenures. The range of hike in the rates in the range of 5 bps (basis points) to 25 bps and came into effect from May 28.
Price Waterhouse (PW), a network firm of PwC India has quit as auditor to BSE-listed construction and infrastructure company Atlanta Limited after it apparently refused to share details of an ongoing income tax investigation and the resignation of an independent director.
Thursday- 31st May 2018
India’s economy grew at its fastest at 7.7% in seven quarters in the January-March 2018 period, owing to strong performance in construction, manufacturing and public services.
Chinese smartphone maker Coolpad may move Indian courts against IPO-bound rival Xiaomi over patent infringement, after the company filed several such cases in China this year.
PoS deploying company Pine Labs has raised $125 million from Temasek, a global investment company, and PayPal, the largest digital payments company in the US. The aim was to reducing stake of Sequoia India in Pine Labs and enable partial exit, even though they still remain the largest shareholder.
Online marketplace CoinTribe has raised $10 million in a Series-B round of funding led by private equity fund Sabre Partners. CoinTribe’s existing investor Puneet Dalmia also participated in the round. The funds to be utilised to reach out to more borrowers and expand operations to newer locations in the country.
The Enforcement Directorate (ED) to file a case under the PMLA against AirAsia’s global chief Tony Fernandes, some of his colleagues as well as erstwhile top executives and non-executive director R Venkataramanan at AirAsia India. A case under FEMA has already been filed.
Friday- 1st June 2018
The Allahabad High Court ruled that a power company can’t be taken to the bankruptcy court for not repaying loans unless it has been declared a wilful defaulter. It has also directed the finance secretary to meet power producers in June to discuss their financial woes.
The annual financial numbers Cloudtail India, a JV between Amazon and Infosys co-founder Narayana Murthy’s family office Catamaran Ventures have kicked up a row with AIOVA accusing the online marketplace of according preferential treatment to a few select sellers as they plan to move to CCI.
The board of Idea Cellular has called for an EGM on June 26 to approve changing the name of ‘Idea Cellular Limited’ to ‘Vodafone Idea Limited’, as the merger of Idea and Vodafone India is near completion.
Supreme Court said it cannot interfere in the dispute between IHCL and civic body NDMC concerning the Taj Mahal Hotel auction tender at this stage, which led IHCL to withdraw its petition against NDMC. IHCL had moved the Supreme Court after the Delhi HC rejected its plea against the revised tender on the Taj Mansingh auction.
The Enforcement Directorate has attached assets estimated to be worth more than ₹4,700 crore belonging to the Sterling Biotech group from Gujarat in relation to anti-money laundering proceedings.
Serial entrepreneur C Sivasankaran is set to take the DoT to the Supreme Court in the wake of the 2G case acquittals, seeking ₹3,400 crore in damages that he lost after the apex court had cancelled 122 licences, including six of STel’s in 2012.
HDFC Ltd and its JV partner Standard Life Investments to raise ₹4,000 crore by selling a 10% stake in asset management company HDFC Mutual Fund.
SoftBank executive Lydia Jett, who recently stepped down as a director at Snapdeal, joined the board of Flipkart. This comes after the merger talks between the two e-commerce companies failed.
McDonald’s former JV partner Vikram Bakshi said in a statement that nearly all outlets of the fast-food chain in east India has been shut and several others in the north are on the verge of close down due to discontinuation of supplies by its logistics partner.
Tuesday- 26th December 2017
RCom to sell its telecom assets, including spectrum, towers and fibre, worth ₹25,000 crore by March 2018 to pre-pay lenders and exit the ongoing strategic debt restructuring programme. It announced it had reached an out-of-court settlement with CDB.
After RCom announced its plan to sell off its assets, its shares rose 31% to ₹21.33. The Sensex went past 34,000 points mark to close at 34,010.61 points. The Nifty ended up 38.50 points at 10,531.50.
Connaught Plaza Restaurants, a JV between Vikram Bakshi and McDonald’s to sue its logistics partner, Radhakrishna Foodland for abruptly halting supplies to its stores in North and Eastern areas due to alleged non-payment of dues. The requirement of a 30d notice was not met as per the CPR.
The insolvency professional supervising the Alok Industries bankruptcy process has called for fresh bids to resolve the ₹29,000-crore default to attract more bidders for the textile company.
SEBI has imposed a penalty on 63 Moons Technologies, formerly known as Financial Technologies, for failing to seek prior approval for the name change from stock exchanges.
Wednesday- 27th December 2017
The Aion Capital-JSW Steel consortium submitted a ₹3,500-crore resolution plan for bankrupt Monnet Ispat and Energy that involves paying ₹2,500 crore to lenders and an equity investment of ₹1,000 crore.
Lupin Ltd has dragged the Government of India to court, claiming the stock lying in its godowns could face double taxation when it’s sold due to GST regulations.
Japanese drug-maker Daiichi Sankyo has alerted regulatory bodies and the stock exchanges against any potential stake sale in the Fortis hospital chain by the promoters, the Singh brothers, saying such a transaction would violate a Supreme Court order.
The SEBI has asked Axis Bank to strengthen its internal processes and systems after the regulator noticed leakage of price-sensitive information relating to financial results on WhatsApp groups before they were officially announced.
Castex Technologies, a subsidiary of automotive component maker Amtek Auto with the debt of over ₹6,000 crore, has been led to the bankruptcy court by the SBI.
Thursday- 28th December 2017
Mukesh Ambani-led Reliance Jio Infocomm to buy the wireless assets of Anil Ambani’s debt-ridden RCom for about ₹24,000 crore, a deal that was signed on the 85th birth anniversary of Dhirubhai Ambani.
The RBI has turned down the requests from banks to extend the deadline of Dec 31 for restructuring the debt of companies on a second list of bad loan accounts that it had issued in August.
Asset manager Brookfield and Kotak Mahindra group have jointly bid for 2,200 megawatts of power assets belonging to Jaypee Power Ventures, The deal is expected to be valued at an estimated ₹3,500-4,000 crore.
McDonald’s India claimed that it has not been able to verify if its outlets operated by CPRL in North and East India are complying with applicable standards of the firm or not, further adding that these restaurants need to be closed immediately.
US buyout giant KKR & Co gets an RBI approval to fully own an Asset Restructure Company in India
Friday- 29th December 2017
The market closed 2017 on a high with the Sensex rising 209 points to close at 34,057 points while the Nifty rose 53 points to close at 10,531 points. Tata Motors, Axis Bank and Tata Consultancy Services logging gains of about 3% each.
Finance Minister Arun Jaitley said in a statement that loan defaulters can bid for an insolvent entity or its assets during bankruptcy proceedings after paying interest due and making bad loan accounts operational
RBI extended the deadline for fulfilling mobile wallets KYC norms from December 31 to February 28, giving much respite to the mobile wallet companies and users.
The Interim Resolution Professional has moved the NCLT against the ailing media house Deccan Chronicle Holdings’ for creating hurdles in the insolvency proceedings.
SEBI is examining the purchase of 8.9% stake credit rating firm CARE Ratings by CRISIL after the former complained that the transaction was an attempt at a potential hostile takeover.
The Bombay High court has put up debt-ridden Sahara Group’s Aamby Valley property at Lonavala for a public auction. The reserve price for the property is ₹37,392 crores.
NCLT admitted proposals for the merger between Aircel and Reliance Communications’ wireless business, as well as the RCom’s sale of its tower business to Canada’s Brookfield. RCom’s share price soared 19% to ₹24.
FIH Mobile, the Hong Kong-listed unit of Foxconn Technology Solutions has written down its $200 million investment in Jasper Infotech which operates Snapdeal to $40 million.
PB Balaji to succeed C Ramakrishnan as chief financial officer of Tata Motors with effect from November 2017.
Tuesday- 15th August 2017
The government has disallowed Reliance Industries and partners to recover $264 million of cost of developing KG-D6 fields for 2015-16 as the output from the field fell short of the target
Glory Entities and Twickenham Investment are selling 10 million shares of Genpact to public shareholders, diluting their combined shareholding from 35.1% to 29.9%
The process of hearing and disposing of bankruptcy cases at the Mumbai Chapter of the National Company Law Tribunal may quicken as it is likely to get 4 new judges and two benches, and support staff to handle the extra load.
Wednesday- 16th August 2017
The board of Tata Sons under N Chandrasekaran has ordered its group companies to scrap all business dealings with Cyrus and Shapoor Mistry’s SP Group. This is likely to put transactions worth crores at risk.
SoftBank Group Corp is in talks with Rivigo Services to invest at least $100 million in the surface -transport logistics provider. This could value the company at $1 billion.
Canteen Stores Department (CSD) has slapped an over ₹250 crore fine on United Spirits for violating a pricing agreement. United Spirits is alleged to have supplied products to the CSD at inflated prices.
Sanjay Chandra, the promoter of developer Unitech Ltd jailed in a cheating case, urged the Supreme Court to release him on bail for three months to mop up funds to pay back flat buyers. He was sent to jail in connection with a cheating case registered against them by flat-owners in a Gurgaon project.
The stock market extended its recovery for the second-straight session as the Sensex climbed to 31,770. while the Nifty reached 9,897 points as domestic institutions stepped up their purchases, helping absorb the selling by foreign investors.
Thursday- August 2017
Ahead of Infy’s board meeting, the stock jumped 4.5% to close at ₹1,021.15 as shareholders are expecting a buyback from the company.
Nasdaq-listed Ebix Inc. is set to buy the business of Wall Street Finance Ltd in a two-leg transaction for ₹47 crore. In the first leg, the company will acquire Wall Street Finance’s wholly-owned subsidiary Goldman Securities for ₹5.1 crore. Subsequently, the GSPL will buy out the international money transfer business of Wall Street Finance for ₹42.2 crore.
HDFC Life is likely to offload 15% of existing shares through its proposed initial public offering in the coming months. HDFC will sell 9.57% holding in the insurance firm while its partner Standard Life will sell 5.43%
Friday- August 2017
Vishal Sikka resigned as the CEO of Infosys as the Board alleges that the founder, NR Narayana Murthy bullied him into quitting. Chief operating officer UB Pravin Rao has been appointed interim MD and CEO. This news wiped out ₹22,000 crore mcap of the company.
Infosys shares touched a three-year low after the news of Sikka quitting the company. It slipped 13% to ₹923.10. Sensex plunged 271 points, to close at 31524.68, while the Nifty fell 66.75 points, to close at 9737.40.
Bharti Airtel and Vodafone India sparred with newcomer Reliance Jio Infocomm at an open house discussion over modalities of testing of a network. The incumbents said the users acquired for trial purposes should be restricted, not allowed to enroll for commercial services and not offered mobile number portability.
Reliance Industries reported a 12.3% increase in quarterly net profit to ₹8,046 crores owing to robust petrochemical and refining margin. Jio reported a net loss for the six months as ₹22.50 crores.
Owing to strong cues from French presidential elections, the Sensex rose 290.5 points to close at 29,656 points while Nifty gained 98points to reclaim 9,200 level.
The shareholders Reliance Communications and Aircel approved the merger of the mobile businesses of their companies to form the India’s fourth largest telecommunication company.
Tuesday- 18th April 2017
Owing to French Presidential elections and Trump’s indicating tax rate cuts, Sensex rose to 29,943.24 points and Nifty crossed the 9,300 mark, touchingits all time high.
Welspun India’s fourth quarter profit fell 21.5% to ₹153.8 crores as it is still recovering from Target’s exit due to its fake Egyptian cotton sheets.
Following feud between Cyrus Mystry and TATA sons, a director with seats in Tata and Wadia Group companies decided to step down from the latter. Cyrus Mistry’s brother, Shapoor Mistry stepped down from the board of Tata-owned Indian Hotels.
The Lodha Group, a Mumbai-based property developer, may acquire as much as 15% of projects company, Vascon Engineers, seeking to tap into the expanding demand for affordable housing in India.
NTPC and HPCL-Mittal Energy have raised money through ₹2,400 crores Masala Bond sales to overseas investors.
Wednesday- 19th April 2017
Rupee surged to its strongest in 20 months s dollars flooded into local equities and bonds, prompting RBI to intervene to limit gains, which erode the profitability of exporters. The rupee touched 63.93 before being pulled back to 64.11 at close.
The Sensex closed above 30,000 mark for the first time, mirroring optimism in the US markets where Nasdaq Composite crossed 6,000 for the first time. Nifty closed at a fresh all time high of 9,352 points.
Sebi has approved introduction of options contracts in the commodities market. Details to be worked out in due course.
Thursday- 20th April 2017
One 97 Communications, owner of online payments provider Paytm, is set to raise over ₹12,000 crore SoftBank. This will value the company at around $9 billion and provide a 20% stake to SoftBank.
Maruti Suzuki India Limited reported a 16%increase in its Q4 net profits to ₹1,709 crores owing to higher sales of premium models such as Baleno and Brezza.
HDFC bank hit record high Market Cap of ₹4 lakh crore as it reached the intraday high of ₹1,572 before closing at 1,567.
Friday-21st April 2017
The Delhi High Court allowed Tata Sons to pay NTT Docomo a $1.18 billion arbitration award despite RBI protesting against the same. RBI was protetsing on the ground that it amounted to transfer of shares resulting in violation of law.
Amazon’s founder Jeff Bezos said that he is grateful for Indian Customers to make Amazon India the country’s most popular Web marketplace with a promise that he’ll keep investing in Indian business of Amazon.
Paytm Ecommerce has appointed SAIF Partner’s Ravi Adusumalli and four employees from investor Alibaba on the board of directors, according to filings made with the MCA.
Kotak Mahindra Bank to buy entire 26% stake held by Old Mutual plc, in Kotak Mahindra Old Mutual Life Insurance for ₹1,292 crores, valuing the company at ₹4,672 crores.