Facebook data breach case: Government issues notice to Cambridge Analytica
The government on Fria day issued a notice to Cambridge Analytica — the firm at the centre of Facebook users’ data breach — seeking its response by March 31 on whether it was involved in the misuse of data to profile Indians and influence their voting behaviour. The notice also sought the company’s response to the entities which engaged Cambridge Analytica, the method used by it for possession of data and whether consent was taken from users. “The Ministry of Electronics & Information Technology, Government of India, has issued a notice… to Cambridge Analytica, wherein the serious breach of propriety and misuse of data intended to profile and influence voting behaviour has been highlighted,” the IT ministry said in a statement.
Delhi HC orders attachment of Singh brothers’ moveable assets
The Delhi high court on Friday ordered the attachment of all moveable property disclosed in an affidavit by former Ranbaxy Laboratories promoters, brothers Malvinder Singh and Shivinder Singh, and others in relation to a Rs3,500 crore arbitration case with Japanese drug maker Daiichi Sankyo Co. Ltd. The court was hearing Daiichi Sankyo’s plea, seeking execution of a 31 January order of the court upholding the enforceability of the arbitral award passed against the Singh brothers and others. Justice Jayant Nath further passed an order for appointment of a chartered accountant (CA) for valuation of assets attached till date. The judge also asked the parties to cooperate with the CA by providing all documents required for valuation.
Tata Steel’s bid for Bhushan Steel gets green light from lenders
Tata Steel’s bid to acquire Bhushan Steel has gained pace, with lenders giving the deal their assent. The Tata group company has agreed to pay about ₹35,000 crore to the creditors of Bhushan Steel, which had defaulted on loans worth ₹44,480 crore. Tata Steel accepted the Letter of Intent for Bhushan Steel on Thursday, under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code (IBC), 2016, it said in a statement on Friday. However, there are still some hurdles it has to cross before completing the acquisition.
Sebi disposes of case against Kokila Dhirubhai Ambani
Markets regulator Sebi today disposed of a case against Kokila Dhirubhai Ambani related to alleged violation of disclosure norms with regard to share transactions in three Anil Ambani-led Reliance group firms. The firms are Reliance Capital, Reliance Communications and Reliance Power and Kokila Ambani is a promoter in all of them. A department of the Securities and Exchange Board of India (Sebi) had carried out inspection of the books of accounts and other records of Reliance Capital Asset Management pertaining to its operations as a portfolio manager.
How a Supreme Court ruling may ease logjam in arbitration cases
A recent Supreme Court ruling in an arbitration case could well help ease the logjam of institutional cases involving an estimated Rs 2.7 Lakh crore that are in various stages of arbitrations. The apex court has suggested that the government consider the object of the Arbitration and Conciliation Act and the effect of the 2015 amendment in right earnest and implement it with retrospective effect, while upholding such a High Court ruling in a case between Board of Control for Cricket in India (BCCI) and Kochi Cricket Pvt Ltd.
CBI books Jignesh Shah, 10 others in Rs 137-cr fraud case
The CBI on Friday registered a fresh case against former MCX Managing Director Jignesh Shah and 10 others for allegedly facilitating nationwide multi-exchange status for the Multi Commodity Exchange of India Ltd (MCX). Four former chairmen of the Forward Market Commission (FMC) and six others have also been named in the FIR filed by the Central Bureau of Investigation (CBI). “Shah and the rest are accused of facilitating MCX in getting the status of nationwide multi-commodity exchange even though it was not fulfilling stipulated criteria,” a CBI official said.
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