Snapdeal rejects Flipkart’s $700-750 million buyout offer
The board of struggling online marketplace Snapdeal has rejected an offer of roughly $700-750 million from larger rival Flipkart, creating a new hurdle in a proposed deal that has attracted criticism from some Snapdeal shareholders, said three people familiar with the matter. After completing due diligence on Snapdeal (Jasper Infotech Pvt. Ltd), Flipkart made the new offer late last week, said the people cited above. That offer, which is significantly lower than Flipkart’s opening bid of roughly $1 billion, has been rejected by Snapdeal, they said on condition of anonymity.
‘Swagat mere dost’: Netanyahu welcomes Narendra Modi in Israel
Heralding a new phase in bilateral relations, Prime Minister Narendra Modi arrived in Israel on what he described as a “groundbreaking” visit, bringing ties—for long in the shadows —out into the open. Modi is the first Indian prime minister to visit Israel, a country with which India has close cooperation in defence, counter-terrorism, agriculture and innovation but where no Indian prime minister has dropped by in the past seven decades since India and Israel came into existence.
Cyrus Mistry, firms to face Rs500 crore defamation suit
A Mumbai magistrate’s court on Tuesday admitted a Rs500 crore criminal defamation suit, filed by R. Venkataramanan, a trustee at Tata Trusts, against ousted Tata Sons Ltd chairman Cyrus Mistry and his family investment firms.
Mistry and the firms—Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd—will have to face trial on charges of criminal defamation under sections 499, 500 and 501 of the Indian Penal Code and appear before the court on 24 August.
Fastest 4G: Reliance Jio tops speed chart for consecutive months, says Trai
Reliance Jio has again emerged as the fastest 4G mobile service provider with an average download speed of 18.8 megabit per second (mbps) in June, according to regulator Trai. However, the Trai’s broadband speed chart showed the average download speed on Jio network slightly dipped from 19.12 mbps recorded in May, but it continued to maintain a lead over others as the fastest 4G mobile service provider for the last seven months.
Source: Business Standard
AirAsia India gearing up to start international flights
AirAsia India aims to scale up to a fleet of 20 planes by September-October and commence international operations thereafter, its CEO Amar Abrol said on Tuesday. Any domestic airline with a fleet size of at least 20 aircraft will be eligible for international operations under India’s aviation policy.
Source: Economics Times
Aadhaar card and PAN card linking: Over 7.36 crore permanent account numbers linked with UID card, reveals Income Tax department
Nearly a quarter of 30 crore PAN holders have linked their unique alphanumeric number with Aadhaar, with over one crore such seedings happening last month. The jump in the number came after the government made it clear that the PAN-Aadhaar linking was mandatory from July 1 for filing of income tax returns (ITRs) and for obtaining a new Permanent Account Number (PAN). Out of the about 6.44 crore e-filers registered on the e-filing website of the income tax department, a senior official said, the Aadhaar-PAN linking had been done in about 3.06 crore cases.
Source: Financial Express
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