Govt blacklists 300,000 directors of shell companies
The government on Wednesday decided to bar as many as 300,000 directors of companies that have defaulted on statutory compliances from serving on the boards of other firms to improve corporate governance and check financial irregularities through the use of shell companies. The ministry of corporate affairs, which regulates unlisted companies, also decided to track down the beneficial owners of suspected shell companies and take penal action against those who divert funds from companies that are struck off the records of the Registrar of Companies (RoC).
IndiGo may buy stake in Jet Airways if Air India bid fails
InterGlobe Aviation Ltd-run IndiGo is convinced there is an opportunity for a large India-based airline with a significant international footprint, and may consider investing in Jet Airways (India) Ltd if it fails to acquire a stake in Air India, a person briefed on the airline’s strategy said on condition of anonymity. And as it grows, the airline will focus on finding the kind of managers who have the required expertise to run a large airline by global standards, even if it means changing some of its current senior management team, this person added.
Supreme Court tells WhatsApp to give details of user data it shared with third parties
Facebook-owned WhatsApp told the Supreme Court on Wednesday that it did not share any user data with third parties except the user’s telephone number, device details, device registration number and ‘last seen’ (on WhatsApp) details. Tushar Mehta, additional solicitor general appearing for the Centre, submitted that the Centre was in the process of devising a data protection law which would comprehensively address all issues.
Govt blocks bank accounts of 200,000 dormant firms
The finance ministry on Tuesday restricted directors of around 200,000 dormant companies struck off official records from accessing their firms’ bank accounts. The move is a precautionary measure aimed at preventing misuse of the bank accounts, said a finance ministry official who spoke on condition of anonymity. A large section of these firms may have failed to comply with the requirement of submitting annual reports and other filings as their businesses had failed to take off. Some of them have come under the scanner of the income-tax department for suspected money laundering and stock price manipulation.
McDonald’s-Bakshi row: NCLAT to decide fate of 6,500 jobs today
The appellate court of the National Company Law Tribunal (NCLAT) will on Thursday decide the fate of the 169 McDonald’s stores and almost 6,500 jobs affected by McDonald’s India’s (MIPL) termination of licence agreement with Connaught Plaza Restaurants Ltd (CPRL). MIPL had terminated the pact last month citing “default in payment of royalties”. CPRL is a 50:50 joint venture between MIPL and Vikram Bakshi. Bakshi had filed a fresh appeal in the NCLAT on Wednesday after the National Company Law Tribunal (NCLT) dismissed his plea challenging MIPL’s termination notice on Tuesday. A second plea by Bakshi against MIPL, alleging interference by the latter in the affairs of CPRL, saw the NCLT on Tuesday issue a show-cause notice to McDonald’s for contempt of court.
MakeMyTrip President and Ibibo Group founder Ashish Kashyap resigns
Ashish Kashyap, president of MakeMyTrip Ltd, has resigned from India’s largest online travel operator, the Nasdaq-listed company announced in a brief statement late on Wednesday. In a filing submitted with the US Securities and Exchange Commission, the company said Kashyap’s resignation had been accepted, and will come into effect from September 30th. It also said Kashyap, as part of an agreement signed with, both, MakeMyTrip Ltd and Ibibo Group, had agreed to a non-compete and non-solicitation obligations for a period of one year.
After Bombay High Court, Delhi Court stops Patanjali soap advertisement
The Delhi and Bombay high courts have ordered Patanjali Ayurved to stop airing its latest television commercial for soaps, which allegedly disparaged some rival brands, including Reckitt Benckiser’s Dettol and Hindustan Unilever’s Pears and Lifebuoy. The Delhi High Court on Tuesday issued an ad interim injunction restraining the Baba Ramdev-owned company from airing the controversial advertisement while hearing a petition filed by Reckitt Benckiser, maker of Dettol soap. A day earlier, Hindustan Unilever had got an injunction from the Bombay High Court to stop airing the ad.
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