Sebi eases M&A norms for distressed firms
The Securities and Exchange Board of India (Sebi) relaxed some rules on Wednesday to hasten the resolution of stressed assets in bank balance sheets. The regulator has exempted buyers of shares in distressed companies from the requirement of making an open offer even if the purchase triggers such an event under the takeover code, Sebi announced after its board meeting on Wednesday.
Facebook’s Sheryl Sandberg may be appointed new Uber CEO: report
Uber may appoint Facebook chief operating officer Sheryl Sandberg after CEO Travis Kalanick’s resignation, the New York Post reported on Wednesday night. Uber board member Arianna Huffington has pushed for Sandberg’s appointment, the New York Post quoted a person close to the board as saying. People familiar with developments at Uber also indicated that Walt Disney Co.’s operating chief Tom Staggs is a leading candidate for the post. Staggs had interviewed at the company ahead of Kalanick’s resignation, according to a person.
Kenneth Juster to be new US ambassador to India: White House
Kenneth I Juster, a top aide of US President Donald Trump, is set to be America’s new ambassador to India, the White House said on Wednesday. Juster, 62, who is the deputy assistant to the US president for International Economic Affairs and deputy director of his National Economic Council, would replace Richard Verma if nominated and confirmed by the Senate.
Karnataka waives Rs 8,165 cr in farm loans, cites weak monsoon for decision
Karnataka joined states such as Uttar Pradesh, Punjab and Maharashtra to announce part waiver of farmer loans taken from cooperative banks, as the ruling Congress gears up for elections next year. The loan waiver of Rs 8,165 crore that would benefit 22,27,506 farmers is limited to Rs 50,000 each farmer for loans availed till June 20. Chief Minister Siddaramaiah, who also holds the finance portfolio, has so far maintained that waiving of loans would be a disservice to honest people who repay loans. But three consecutive years of drought and a weak monsoon this year has forced him to change track
Uber saga shows investors’ growing role in startups
The abrupt resignation of Travis Kalanick as Uber’s CEO under pressure from investors has focused the spotlight on the role of the governing boards of Internet companies in India as well. Investors are increasingly becoming more involved in steering the fortunes of domestic Internet companies after pouring in millions of dollars into them in 2014 and 2015.
HDFC Bank’s Aditya Puri exercises Rs 57-crore stock options in FY17
HDFC Bank BSE 0.31 %’s Managing Director Aditya Puri saw his remuneration rise marginally to Rs 10 crore and exercised stock options worth over Rs 57 crore during the last fiscal. His remuneration was Rs 9.73 crore in 2015-16. Out of the total remuneration of Rs 10.05 crore in the last financial year, gross salary accounted for little over Rs 9.5 crore.
Source: Economics Times
GST rollout: All except J-K pass State GST legislation
All states and union territories (UTs), except Jammu & Kashmir, have passed the State GST Act and are on board for the rollout of the goods and services tax (GST) from the midnight of June 30. Two opposition-ruled states of Kerala and West Bengal have issued an ordinance to approve the SGST Act, while all other states and UTs have passed it in their respective legislative assemblies. “As of (now), all the states and union territories (having Assemblies), except the State of Jammu and Kashmir, have passed the State Goods and Services Tax (SGST) Act,” the finance ministry stated.
Source: Indian Express
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