NCLT admits insolvency case against Amtek Auto
The Chandigarh Bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition against Amtek Auto, an automobile parts maker. This comes after the Reserve Bank of India (RBI) directed public sector banks to file insolvency petitions against 12 major non-performing accounts. An insolvency professional is yet to be appointed by the tribunal, said an official in the know. Amtek Auto has total liabilities worth Rs 14,000 crore. IDBI Bank and Corporation Bank are among the lenders.
GST rollout: GSTN portal begins invoice uploading for businesses
The GSTN portal has started accepting uploading of sale and purchase invoices of businesses generated post Goods and Services Tax rollout on July 1. GST Network (GSTN) is the company handling the IT backbone for the new tax regime. The uploaded invoice data can be saved at the portal and the GST system operated by GSTN will auto populate the invoice data of the respective buyers, the company said in a statement. The GST kicked in from July 1 and so far, the Goods and Services network has been facilitating registration of businesses.
Microsoft may invest up to $100 mn in Ola parent
Microsoft Corp. could invest $50-100 million (Rs320-640 crore) for a small stake in ANI Technologies Pvt. Ltd, which runs Ola, in a deal that could see the ride-hailing service switch to Microsoft’s Azure cloud platform from Amazon Web Services (AWS), two people familiar with the matter said. Microsoft chief executive Satya Nadella has been pushing Azure in India to grab market share from AWS and others.
Govt initiates dumping probe into Chinese solar imports
India opened a probe into whether Chinese solar-equipment makers are hurting its domestic industry by dumping inventories and driving down prices to unfair levels. “A causal link between the said dumping and injury exists to justify an initiation of an anti-dumping investigation,” according to a notification published on the website of the Directorate General of Anti-Dumping and Allied Duties (DGAD). The probe will also include solar cells originating in or shipped from Taiwan and Malaysia.
Merger of Vodafone India and Idea Cellular gets CCI approval
The mega merger deal between Aditya Birla Group firm Idea Cellular Ltd and Vodafone India Ltd on Monday crossed a major hurdle with antitrust regulator Competition Commission of India (CCI) approving the proposal, two people aware of the development said. In March, the boards of Idea and Vodafone India approved a $23 billion merger of the two companies, excluding the latter’s 42% stake in Indus Towers Ltd.
Alibaba, Paytm announce joint venture for online gaming
Alibaba Group on Monday announced its first formal joint venture with mobile wallet company Paytm, to set up an online gaming company. The latter would hold 55 per cent stake. The rest would be Alibaba’s Hong Kong-based private company, AGTech Media. Till now, Alibaba has invested in Paytm to the tune of a billion dollars.
Indian Railways station redevelopment scheme to offer over 144 acres of land to developers
The Indian Railways, under its massive station redevelopment programme, is set to offer more than 144 acres of land with its 23 stations for commercial development. The developers would be selected via competitive bidding, marking the first phase of the scheme under which surplus/vacant land with over 400 stations are to be redeveloped. As many as 18 of the 23 projects will come go under the hammer in the current financial year. “The tenders will be opened gradually over July onwards which will be finalized by April-May 2018,” said a railway official requesting not to be named.
GST rollout: GSTN portal begins invoice uploading for businesses
The GSTN portal has started accepting uploading of sale and purchase invoices of businesses generated post Goods and Services Tax rollout on July 1. GST Network (GSTN) is the company handling the IT backbone for the new tax regime. The uploaded invoice data can be saved at the portal and the GST system operated by GSTN will auto populate the invoice data of the respective buyers, the company said in a statement. The GST kicked in from July 1 and so far, the Goods and Services network has been facilitating registration of businesses.
‘Driverless cars will lead to job loss, won’t allow,’ says Nitin Gadkari
DRIVERLESS CARS, labeled as the future of automobiles with Google, Apple and Tesla racing to crack a potentially multi-billion-dollar market, will not be allowed in India because they will lead to more unemployment, according to Union Road Transport and Highways Minister Nitin Gadkari. “We will not allow driverless cars in India. We don’t need it. Unemployment is a huge problem in our country. Each car gives job to a driver,” said Gadkari on Monday, while responding to queries from reporters.
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