Tata group in talks with 21st Century Fox to sell Tata Sky stake
Tata group has begun discussions to sell an additional stake in Tata Sky, its direct-to-home (DTH) television arm, to joint venture partner Twenty-First Century Fox Inc., said two people aware of the development. The media and entertainment company controlled by billionaire Rupert Murdoch owns a close to 30% stake in Tata Sky through its investment arm Network Digital Distribution Services FZ Llc (NDDS) and is keen to increase it, the people cited above said on condition of anonymity.
Source: Mint
Modi to review FDI policy on Friday; focus on retail, construction norms
Prime Minister Narendra Modi will review the foreign direct investment (FDI) policy tomorrow with a view to removing bottlenecks to overseas inflows, sources said. At the meeting, the commerce and industry ministry will make a detailed presentation on proposed changes to streamline the FDI regime in the country.
Source: Business Standard
McDonald’s outlets may reopen soon; NCLT reinstates ousted MD Vikram Bakshi
After dozens of hearings and nearly four years of court drama, Vikram Bakshi, ousted managing director of Connaught Plaza Restaurants Pvt Ltd (CPRL), is set to regain his position. The principal bench of the National Company Law Tribunal (NCLT), a quasi-judicial body overseeing company affairs, has reinstated him; an order it issued on Thursday declared the steps towards his ouster in August 2013 “illegal, unlawful, unjust and malicious”.
Source: Business Standard
Vijay Mallya laundered over Rs 1,300 cr through 13 shell companies: ED
The Enforcement Directorate has said that liquor baron Vijay Mallya laundered over Rs 1,300 crore through 13 shell companies in US, Ireland, Mauritius and France. The agency has made this indictment against Mallya in its charge sheet filed on June 14 in the money laundering case involving a loan of about Rs 900 crore from IDBI-KFA bank. The charge sheet has indicted eight other people too for their alleged roles in the case.
Source: Business Standard
TCS to shut Lucknow centre, says no job losses, staff to be relocated
India’s largest IT services firm Tata Consultancy Services is shutting its Lucknow centre as part of the consolidation of its UP operations and has asked its over 1,000-odd employees to either shift to its centre in Noida, Indore or any other facility in the country. “We are consolidating our UP operations. There have neither been any job losses nor have we asked anyone to quit,” said a TCS spokesperson.
Source: Business Standard
SBI not in favour of JSW buying stake in Monnet Ispat
India’s largest lender State Bank of India is not in favour of a JSW Steel proposal in its current form to buy a controlling stake in debt-laden steelmaker Monnet Ispat, the bank informed the Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday.
Source: Economics Times
Tata Motors shelves production of Tamo Racemo
Tama Racemo, a Tata Motors project, was meant to be India’s first ever kit car. A homegrown sports car, if you will. The production version of the mid-engined two-seater coupe was supposed to arrive in India in 2018, however, it seems the wait for Racemo will be longer than expected. Tata has put a halt on the plans to put Racemo in production, according to a report on Autocar India magazine.
Source: Financial Express
Assam flood situation critical, 5 more dead; over 17 lakh hit
The flood situation in Assam continued to deteriorate with five more persons losing their lives today as while over 17 lakh people remained affected across 26 districts in the state. Around 77 per cent of the Kaziranga National Park, including 134 anti-poaching camps, has been inundated, leaving some animals dead and some moving to nearby highlands. According to a report by the Assam State Disaster Management Authority (ASDMA), the five deaths took place in various flood-related incidents in Golaghat, Lakhimpur, Nagaon and South Salmara districts. With this, the total number of persons losing their lives in this year’s floods has gone up to 49, including eight in Guwahati. One person died in each district of Golaghat, Lakhimpur and Nagaon, the ASDMA said.
Source: Financial Express
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