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QBiz: Amtek Auto to Be Wound Up; FM-PM Continue Talks on Economy

From NCLAT ordering Amtek Auto’s liquidation to Sitharaman-PM continuing talks on economy, all top business stories.

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1. NCLAT Orders Liquidation of Amtek Auto

The National Company Law Appellate Tribunal (NCLAT) on Friday, 16 August, ordered liquidation of debt-ridden Amtek Auto as it declined lenders' request for extension of the insolvency resolution process deadline.

Amtek Auto was among the first list of the 12 companies that were referred by the Reserve Bank of India (RBI) in 2017 to respective banks for the initiation of insolvency process for defaults.

(Source: Livemint)

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2. FM Says Talks on Helping Economy Continue, Won't Comment on Timeline

Finance Minister Nirmala Sitharaman, under pressure to announce measures to revive the slowing economy, said on Friday that officials of her ministry were in discussions with the Prime Minister’s Office (PMO), and the government would reveal the remedial steps once finalised.

“We met the Prime Minister on Thursday and we shall meet again. It is not the right time to talk about any road map or stimulus package because discussions are still on between the (finance) ministry and the PMO. When we are ready to reveal anything, we will do so,” she told the media.

3. Banking, IT Sectors Witness Highest Foreign Outflows in July

Banking and software services sector witnessed the highest foreign fund outflows in July after Finance Minister Nirmala Sitharaman announced a buyback tax and higher levy on the super rich in the Union Budget 2019-20.

Foreign portfolio investors pulled out $940 million and $865 million from the baking sector and the software and services sector respectively last month, according to the data available on National Securities Depository Ltd. Both the sectors witnessed the highest fund outflows in nine months.

(Source: BloombergQuint)

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4. Consult with Branches to Improve Services, Government Tells State-Run Banks

The finance ministry has asked state-run banks to hold consultations with their regional branches to discuss ways to improve their market share and scale up credit to small entrepreneurs.

The consultation would take place along with their performance reviews, a senior government official told BloombergQuint requesting anonymity. That would be followed by a state-level review meeting of every public sector lender, the official said.

(Source: BloombergQuint)

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5. Govt Raises Limit for Raising Funds Without Diluting Voting Rights

The Union government on Friday liberalised rules that would allow Indian companies to raise share capital without diluting the voting rights of all existing shareholders.

The move is expected to help promoters retain control when they raise capital from new investors.

(Source: Livemint)

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6. Slowdown Impact: Ashok Leyland Floats VRS, Separation Scheme for Employees

Ashok Leyland has offered its employees separation schemes amid an across-the-board slowdown in the automotive segment forcing Original Equipment manufacturers, component makers and dealers to slash costs, cut jobs to shore up margins.

Leyland had floated two schemes on Wednesday. The packages are capped at Rs 30 lakh and Rs 60 lakh, possibly based on experience with the company; the Employee Separation Scheme being an alternative for those who do not opt for the VRS.

Employees have been informed that they need to intimate the company before end of August to avail themselves of the scheme.

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7. Broadcasters, DPOs Misused New Tariff Order to Throttle Market Discovery of Channel Prices: TRAI

Asserting that distributors misused the new tariff order to throttle market discovery of TV channel prices, telecom regulator TRAI on Friday sought views of all stakeholders after problems connected with pricing and selection of channels came to the fore.

In March 2017, Telecom Regulatory Authority of India (TRAI) had notified the 'New Regulatory Framework' for Broadcasting and Cable services. The new framework came into effect on 29 December, 2018.

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8. State-Run Oil Firms to Deliver Petrol at Doorstep, Expand Diesel Service

The state-run oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) – are planning to expand doorstep delivery of diesel to 20 more cities, and introduce home delivery of petrol by the next quarter.

The companies plan to have at least 500 doorstep fuel delivery vehicles by the end of this financial year (FY20).

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9. Panel of CMs to Discuss Adoption of GM Tech in Oilseed Production

The High Powered Committee (HPC) of chief ministers, led by Maharashtra chief minister Devendra Fadnavis, will discuss with states whether India should adopt genetically modified (GM) technologies in oilseed production to reduce import dependence.

“We are trying to build consensus. States will keep their view in the next meeting,” Fadnavis said after the second meeting of the committee. He said the committee would debate if GM technology could be used in restricted areas for oilseed production as many exporting countries are cultivating GM crops.

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