Flipkart sends Snapdeal revised buyout offer of $850 million
Online retail firm Flipkart has sent a revised buyout offer to smaller rival Snapdeal of roughly $850 million, said two people familiars with the matter. Flipkart has offered to pay $650-700 million in stock immediately and another $150 million at a later date, the people said. The board of Snapdeal (Jasper Infotech Pvt. Ltd) met on Monday night to consider the offer, the people said.
Supreme Court to decide if RBI’s loan defaulters list can be disclosed or not
The Supreme Court will decide whether or not a list of big loan defaulters submitted by the Reserve Bank of India (RBI) can be disclosed after four weeks. The list was submitted to the court by RBI in March this year in a sealed envelope, and said that disclosing the names could have an adverse impact on businesses. “There are a series of statutes that can be looked into to decide whether the disclosure can be made,” counsel for the RBI told the court.
Trai to unveil new call drop norms in a week, 5G spectrum auction paper in August
Telecom Regulatory Authority of India (Trai) on Monday said it is set to release in about a week the new mobile service quality norms covering call drops.
Trai also plans to start in August the public discussion on the next round of spectrum auction which will focus on wireless frequencies for 5G services as well as the premium 700 MHz band.
GST impact on cigarettes: Prices set to go up as council decides to hike cess; new rates effective from midnight
Weeks after GST was implemented, the prices of cigarettes are set to go up. Union Finance Ministry Arun Jaitley on Monday announced that GST Council has decided to hike cess on cigarettes to take away the windfall manufacturers were making. According to Jaitley, “Change in cess on cigarettes to get Rs 5,000 crore additional revenue.” Also, Union Minister Jaitley confirmed that the new tax rate will be effective from midnight tonight. “GST council in its meet reviewed compensation cess rates on cigarettes and recommended increase in the same,” Jaitley added.
Can’t give more time to deposit demonetised notes: Centre to SC
The government told the Supreme Court on Monday that people cannot be given another chance to deposit old currency notes that were demonetised in November, warning that a new exchange window suggested by the top court would defeat the purpose of the exercise. Prime Minister Narendra Modi had on November 8 announced in a surprise television broadcast that bank notes of Rs 500 and Rs 1,000 denominations would cease to be valid the following day, wiping out an estimated 86% of the cash in circulation. People had till December 30, 2016 to deposit their old notes in their accounts.
VVIP choppers case: ED arrests woman director of Dubai firm
A woman director of two Dubai-based firms was on Monday arrested by the ED in connection with its probe in the Rs 3,600-crore Agusta Westland chopper scam, a senior agency official said. The central probe agency identified the woman as Shivani Saxena, director of Ms. UHY Saxena and Ms. Matrix Holdings.
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