1. Tata Group in Talks With 21st Century Fox to Sell Tata Sky Stake
Tata group has begun discussions to sell an additional stake in Tata Sky, its direct-to-home (DTH) television arm, to joint venture partner Twenty-First Century Fox Inc., said two people aware of the development.
The media and entertainment company controlled by billionaire Rupert Murdoch owns a close to 30% stake in Tata Sky through its investment arm Network Digital Distribution Services FZ Llc (NDDS) and is keen to increase it, the people cited above said on condition of anonymity.
(Source: Livemint)
2. Vijay Mallya Laundered Over Rs 1,300 Cr Through 13 Shell Companies: ED
The Enforcement Directorate has said that liquor baron Vijay Mallya laundered over Rs 1,300 crore through 13 shell companies in US, Ireland, Mauritius and France.
The agency has made this indictment against Mallya in its chargesheet filed on 14 June in the money laundering case involving a loan of about Rs 900 crore from IDBI-KFA bank.
The charge sheet has indicted eight other people too for their alleged roles in the case.
(Source: PTI)
3. Tata Steel Seeks Shareholders’ Nod To Raise Rs 10,000 Crore
Tata Steel Ltd. is seeking shareholders’ approval to raise up to Rs 10,000 crore by issuing securities in the domestic or overseas market.
The steelmaker is looking to issue non-convertible debentures in one or more tranches, it said in a stock exchange filing on Thursday. The proposal will be put to vote in its annual general meeting on 8 August.
(Source: BloombergQuint)
4. PNB & SBI Initiate Insolvency Proceedings Against Bhushan Steel, Power
The State Bank of India (SBI) on Thursday took beleaguered steel company Bhushan Steel to the National Company Law Tribunal (NCLT) in Delhi. Its sister company, Bhushan Power, has also been taken to the NCLT’s Delhi bench by the public sector Punjab National Bank (PNB).
Both the petitions have been filed under the Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, where the financial creditor initiates insolvency proceedings with a claim.
The hearings were adjourned till 19 July. Bhushan Steel, the biggest stressed asset, has pleaded for corporate insolvency resolution process to be initiated.
(Source: Business Standard)
5. HDFC Life May Call off Merger Plan With Max Life, Focus on IPO
HDFC Life Insurance may call off its proposed takeover of the Max group’s life insurance business as the two have not been able to arrive at a mutually agreeable alternative structure for the transaction, which the regulator has rejected in its current form. Also, HDFC Life’s shareholders want to push ahead with listing plans and a merger is likely to delay that by at least a year, several people aware of the development told ET.
The three-way merger involving HDFC Life, Max Financial Services Ltd and Max Life Insurance that was proposed in June last year was rejected by the Insurance Regulatory and Development Authority (Irda) in May this year.
(Source: Economic Times)
6. Baba Ramdev Starts Private Security Agency
Baba Ramdev’s Patanjali Yogpeeth Trust launched a private security company that will look to enlist guards from its 11 lakh yoga centres across India.
Called Parakram Suraksha Private Ltd., the company will provide employment to the young and protect the country’s assets, SK Tijarawala, spokesperson of Patanjali Yogpeeth, told BloombergQuint. There is a need for 50 lakh guards in India, he said.
(Source: BloombergQuint)
7. Chris Gayle Invests in Indian Gaming Company IONA Entertainment
West Indian opening batsman Chris Gayle has invested an undisclosed amount in IONA Entertainment to bring one-stop entertainment to Indian sports fans, which includes state-of-the-art virtual gaming.
Speaking to reporters in Bengaluru, Gayle said he is a family man and loved to be associated with IONA, which is a family-oriented firm with potential to grow into a big business. He also said India is his top priority in terms of investment destinations and wanted to invest as many businesses as possible.
Iona, at present, has one 70,000 square-feet gaming venue at Virginia Mall in Bengaluru. It had raised an initial round of funding from Singapore-based Vestasia.
(Source: PTI)
8. Digital Push: SBI to Slash NEFT, RTGS Charges by up to 75% From 15 July
To encourage more customers to transact digitally, State Bank of India on Thursday said it will slash charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions by up to 75 per cent with effect from 15 July.
India’s largest bank, in a statement, said the reduced charges will be applicable on the transactions done through the internet banking (INB) and mobile banking (MB).
Additionally, the bank has also waived off charges for fund transfer of up to ₹1,000 done through Immediate Payment Service (IMPS) effective 1 July 2017.
(Source: The Hindu Businessline)
9. Philips India MD V Raja to Leave the Company
Dutch consumer electronics and healthcare equipment maker Philips India managing director V Raja has put in his papers amidst a string of other senior-level exits.
The parent is also bringing in an expat Daniel Mazon to take charge of India operations. The appointment of Mazon is a sharp departure from the usual practice of an Indian holding the top post – this was the case with Philips for almost two decades, said two senior industry executives.
The company’s internal circular said that Raja, who had taken charge of the company in December 2015, is taking an early retirement due to personal reasons on 30 September, and Mazon will subsequently take over, said the executives .
(Source: Economic Times)
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