The Supreme Court on Friday dismissed a plea by beleaguered businessman Vijay Mallya challenging the proceedings in a Mumbai court to declare him a fugitive economic offender and confiscate his properties. The apex court dismissed the petition for non-prosecution after the counsel representing Mallya submitted that he was not getting any instructions from the petitioner in the matter. “The counsel for petitioner states that the petitioner is not giving any instructions to the advocate for the petitioner.
Posts tagged Rediff
‘Question mark if we will grow at 6%’ (03-03-2023)
‘The rebound has run out of steam.’
VC model of investment looks like ponzi scheme: Murthy (03-03-2023)
N R Narayana Murthy, co-founder of Infosys, blamed the venture capitalist community for inculcating a culture among entrepreneurs to chase growth at all costs. He said the VC model of investment looked like a ponzi scheme. “I would hold venture capitalists responsible who propounded the theory that only the top-line is important and not the bottom-line. “I think that is completely wrong. In many ways it looks like a ponzi scheme.
Services sector activity hits 12-year high in Feb (03-03-2023)
The Indian services sector expanded at the strongest rate in 12 years in February supported by favourable demand conditions and new business gains, a monthly survey said on Friday. The seasonally adjusted S and P Global India Services PMI Business Activity Index rose from 57.2 in January to 59.4 in February — its highest level in 12 years. For the 19th straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Aviation sector on growth flight, but only long-term (03-03-2023)
The Indian aviation sector is on the cusp of a change as airlines look to induct a record number of aircraft. This, analysts said, will put the sector on a growth runway, though keeping it viable for only long-term investors. According to Vinit Bolinjkar, head of research at Ventura Securities, expectations of strong air traffic, coupled with low penetration, is the prime reason for a solid long-term outlook.
100% Railways Electrification By 2024 (03-03-2023)
India is now much ahead of other large railway networks in the world in terms of electrification — with the US at just 1 per cent, China at 72 per cent and Europe at 60 per cent.
‘Hindenburg-Adani will become yesterday’s news’ (03-03-2023)
‘The market will focus on the fact that India does have strong earnings growth this year.’
Despite NCLT setback, analysts remain positive on ZEEL (03-03-2023)
The National Company Law Tribunal’s (NCLT’s) declaration that Zee Entertainment is bankrupt adds a new measure of uncertainty to the proposed merger with Sony. Three entities — Aditya Birla Finance, IndusInd Bank and YES Bank — have filed appeals in the NCLT for recoveries of Rs 130 crore, Rs 90 crore and Rs 540 crore, respectively. The money was borrowed by a related party – Siti cable – and not returned. Zee was a corporate guarantor.
Sebi steps in with ‘hard underwriting’ move (03-03-2023)
The Securities and Exchange Board of India’s (Sebi’s) proposal to re-introduce “hard underwriting” is seen as step to boost India’s moribund initial public offering (IPO) markets. The regulator has proposed that in case an IPO fails to garner full subscription, the investment banker or a third-party can buy the unsubscribed shares. This practice was common during fixed-price issues prior to 1999. However, under the new book building regime, underwriting is allowed only to the extent of shortfall due to technical rejection of bids – this is referred to as “soft underwriting” and is rarely invoked.
The Challenges Before Ola, Uber… (03-03-2023)
In many states, aggregators operate without a licence; in others, with the risk of the licence being revoked by any regional transport office on the slightest pretext.