Snapdeal-Flipkart deal falls apart in win for founders Kunal Bahl, Rohit Bansal
Snapdeal, run by Jasper Infotech Pvt. Ltd, has walked away from a potential sale to Flipkart and will now try and survive as an independent entity by selling its logistics unit and cutting costs. The decision is a win for Snapdeal founders Kunal Bahl (chief executive officer) and Rohit Bansal (chief operating officer), who were against the sale from the beginning. For now, they have won the bitter boardroom battle against Snapdeal’s largest investor SoftBank Group Corp., which was pushing for the sale to Flipkart.
SBI reduces savings rate, sets stage for RBI rate cut
State Bank of India (SBI) cut the interest rate on savings accounts with balance of up to Rs1 crore by 50 basis points to 3.5%—the first time the key rate has been cut since being deregulated in 2011. Coming two days ahead of the monetary policy review by the Reserve Bank of India (RBI), the cut, likely to be emulated by other banks, may eventually lead to lower lending rates as well. In a notice to stock exchanges on Monday, India’s largest lender said it was introducing a two-tier savings rate effective immediately. Deposits above Rs1 crore will continue to earn an annual interest of 4%.
Relax! You can file ITR by Aug 5 and link Aadhaar to PAN by Aug 31
The Income Tax Department on Monday extended the deadline for e-filing income tax returns by five days till August 5 after complaints were received that assessees were not able to submit returns. Besides, the department also eased the time frame for linking of PAN with Aadhaar to August 31. In the meantime, the assessees can simply quote Aadhaar number or acknowledgement number of application for Aadhaar.
WikiLeaks posts 21,000 emails hacked from Emmanuel Macron’s campaign team
WikiLeaks on Monday released more than 21,000 emails allegedly hacked from French President Emmanuel Macrons campaign team. The whistleblowing website released the trove of leaked emails as a searchable archive. It came almost three months after the Macron campaign was hacked on the eve of his election, the Telegraph reported.
LPG prices to be hiked by Rs 4 per month as Centre pushes to end subsidies
The government has asked state oil firms to raise cooking gas prices by Rs 4 every month till the entire subsidy — about Rs 87 for a 14.2 kg cylinder in Delhi — is wiped out. The government has already removed price controls on most fuels. For cooking gas, it undertook the ‘Give It Up’ campaign and had earlier authorised oil marketing companies to increase the price of subsidised LPG cylinders by Rs 2 a month. It has now doubled the amount to accelerate elimination of subsidy.
GAIL under CCI scanner for breaching competition norms
The Competition Commission is investigating at least seven cases of alleged abuse of dominance by GAILBSE 0.19 % in dealing with its customers, the outcome of which could potentially redraw the rules of the gas marketing business in India. The Commission has clubbed for investigation two cases from this year and five from the previous year in which customers – Rathi Stee, Mohan Meakin, Rico Auto, Omax Autos and Rico Castings -have alleged GAIL abused its dominant position by incorporating unfair terms and condition in the Gas Sale Agreement (GSA) and imposing take-or-pay (ToP) liability. ToP requires customers to pay for 90% of the contracted volume even if it lifts less in a year although the unlifted amount can be taken later
Vodafone targets Reliance Jio: Offers students 1GB data for 84 days at Rs 352
To counter Reliance Jio, Vodafone is targeting students with a new scheme that will offer unlimited calls with 1 GB of 4G/3G data every day for 84 days, according to a company official. Reliance Jio is offering similar benefits for Rs 399 along with free roaming and unlimited SMS.
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