Axis Bank buys FreeCharge from Snapdeal for Rs385 crore
Axis Bank Ltd on Thursday announced the acquisition of Snapdeal-owned mobile wallet FreeCharge in a Rs385 crore all-cash deal, strengthening its position in the payments space. The move gives Axis Bank access to FreeCharge’s 54-million-plus customers, technology, human resources and the branding advantage that comes with an early mover.
SC allows settlement between parties even after case is admitted under IBC
The recent Supreme Court order allowing a settlement between parties even after initiation of insolvency proceedings has given new food for thought to bankers, debtors and professionals in this segment. The move, say some, could give an undue edge to some creditors over others to negotiate a better deal for themselves. Some others see it as needed relief.
Lok Sabha passes bill to amend Companies Act to boost corporate governance
The Lok Sabha on Thursday passed a bill to amend the companies law seeking to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in the country.
ED registers PMLA case against Lalu Prasad Yadav, family
In fresh trouble for Rashtriya Janata Dal chief Lalu Prasad, the Enforcement Directorate has registered a money laundering case against him and his family members in a railway hotels allotment corruption case, dating back to the United Progressive Alliance tenure, officials said on Thursday. The case has been registered under sections of the Prevention of Money Laundering Act. The central probe agency has taken cognisance of a CBI FIR in this regard to initiate the move.
Instagram posts will soon help Modi government sniff out tax evaders
A photo of your shiny new car on Instagram or the Facebook post about your chic holiday cottage may lead India’s taxman to your door. Starting next month, Prime Minister Narendra Modi’s government will begin amassing a warehouse of virtual information collected not just from traditional sources like banks but also from social media sites, as it looks to match residents’ spending patterns with income declarations, said people familiar with the matter. Officials will be able to spot those who pay too little tax without raiding offices and homes as they currently do, the people said, asking not to be identified citing rules on speaking with the media.
Bengaluru is No 1 in India in online food delivery orders, beats Delhi, Mumbai
Bengaluru continues to hold pole position in terms of online food delivery orders per day, according to a report by RedSeer Management Consulting. Delhi, Mumbai, Hyderabad and Pune follow in that order with Chennai emerging as the sixth largest market for the food-tech industry, crossing the 10,000 deliveries a day mark for the first time. The report states that India witnesses about 3 lakh food delivery orders every day, with Bengaluru having 25-30% of that share. It was prepared for the January-March period of FY17.
No immediate arrests in dowry harassment cases: SC rules to curb misuse of law
A Family Welfare Committee (FWC) in every district will scrutinise dowry harassment cases before local police can arrest the accused, the Supreme Court said on Thursday, laying down a set of guidelines to curb misuse of the law.
Indian Penal Code’s Section 498A has been criticised for giving “disgruntled women” a legal option to harass their husbands, and Thursday’s orders take forward measures announced by the top court in 2014 when it prohibited automatic arrests.
Govt to offer 20 airports in 2nd round of RCS bidding
The government is likely to offer only 20 airports in the second round of the bidding for flights under the regional connectivity scheme (RCS), Civil Aviation Secretary R N Choubey said today. In the first round, in which five air operators including government-run Air India and budget carrier SpiceJet got permission to fly on 128 routes, there were 33 airports in the bid offer.
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