5 Minutes Read

Yes Bank drags Zee Entertainment to court over $50 million loan guarantee spat

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Yes Bank has filed a suit at the Bombay High Court against Zee Entertainment Enterprises and its board of directors, including founder Subhash Chandra as well as MD and CEO Punit Goenka, over their alleged failure to honour obligations under a disputed guarantee related to a 2016 loan of around $50 million.

Yes Bank has filed a suit at the Bombay High Court against Zee Entertainment Enterprises and its board of directors, including founder Subhash Chandra as well as MD and CEO Punit Goenka, over their alleged failure to honour obligations under a disputed guarantee related to a 2016 loan of around $50 million.

Yes Bank, which is backed by a consortium led by State Bank of India, believes Zee Entertainment defaulted on the loan and sought the dues to be paid back in the suit, according to people intimately familiar with the case. The bank urged the court to restrain the media and entertainment firm from disposing of assets to third parties.

In response to an e-mail query sent to Zee Enterprises, a company spokesperson said: “Hon’ble Mumbai High Court has declined interim reliefs sought by the bank.”

The suit came up for hearing at the Bombay High Court via video conferencing on June 30. The next date of hearing is yet to be notified.

“Yes Bank’s case is that Zee Entertainment has obligations as a guarantor for the foreign currency term loan of around $50 million under a letter of comfort issued in May 2016. This alleged liability has been disputed by Zee Enterprises,” said one of the persons cited above.

A second person familiar with the case said one of the additional reliefs that Yes Bank has sought from the court is to restrain the promoter group from transferring their shareholding in the company. The suit further alleges that the promoter group of Zee Enterprises diluted its shareholding in the firm in violation of the lending terms, as part of which they were required to maintain at least 30 percent shareholding in Zee Entertainment until the loan is repaid, he added.

The bank has also made the firm’s auditor Deloitte Haskins & Sells a party to the case.

“Yes Bank had requested the auditors earlier to treat the alleged obligations of Zee Entertainment as a liability in the firm’s books and accounts. But it’s the primary responsibility of the management to identify a liability and the audit firm reviews it later,” said a third person.

All the three people spoke to Moneycontrol on condition of anonymity.

Moneycontrol is awaiting an email response from Yes Bank and will update this article as soon as we hear from the firm. Deloitte Haskins & Sells did not respond to queries.

Promoters hold 4.77 percent of Zee Entertainment, according to the latest stock exchange disclosures. In August 2019, the promoters announced the sale of a 11 percent stake to US-based financial investor Invesco Oppenheimer Developing Markets Fund for a consideration of Rs 4,224 crore. The deal was struck as part of a deleveraging exercise initiated by the debt-ridden parent, Essel Group.

In March 2020, Essel Group chairman Subhash Chandra appeared before the Enforcement Directorate (ED) in connection with a money laundering case against Yes Bank co- founder and former MD and CEO Rana Kapoor. Essel Group clarified in an official statement that all its credit facilities availed from Yes Bank were fully secured and that the group had never made any transactions with Kapoor or his family or for that matter any private entities controlled by them.

Reports had pegged Essel’s exposure to Yes Bank at around Rs 8,000 crore. The ED, which investigates financial crimes, had also summoned other promoters such as Anil Ambani of ADAG group, Naresh Goyal of Jet Airways and Gautam Thapar of Avantha Group as part of its probe in the case.

On March 13, 2020, the government approved a rescue plan led by SBI, India’s largest lender, for liquidity-strapped Yes Bank. Under the plan, investors including SBI, HDFC, ICICI Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank, invested a combined Rs 10,000 crore into Yes Bank. SBI spearheaded the rescue with a Rs 6,050 crore infusion and is currently the largest shareholder in the bank with a 48.2 percent stake.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Railways to expand 350 local trains in Mumbai from July 1, only essential services personnel to be allowed

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

“Railways to expand to 350 local trains in Mumbai from tomorrow. As identified by State govt., essential staff incl. employees of Centre, IT, GST, Customs, Postal, Nationalised Banks, MBPT, Judiciary, Defence & Raj Bhavan allowed. No services yet for general passengers,” Piyush Goyal tweeted.

The Railways will expand its suburban services in Mumbai from Wednesday and run 350 trains each in the Central and Western Railway Zones, Minister Piyush Goyal said on Tuesday.

The trains will, however, only carry essential services personnel identified by the State government.

“Railways to expand to 350 local trains in Mumbai from tomorrow. As identified by State govt., essential staff incl. employees of Centre, IT, GST, Customs, Postal, Nationalised Banks, MBPT, Judiciary, Defence & Raj Bhavan allowed. No services yet for general passengers,” Goyal tweeted.

Both the railway zones that cater to Mumbai had resumed their select suburban services, for essential staff only, from June 15.

On the Mumbai Division of Central Railways, presently 200 trains are being run and 150 will be added from Wednesday, taking the total to 350.

On the Western Railways, presently 202 services are running and 148 more will be added from Wednesday.

These trains will halt at major stations. In the harbour line also, the trains will halt at major stations only.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Airbus to lay off 15,000 employees as coronavirus pandemic hits business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The decision will impact 5,000 positions in France, 5,100 in Germany, 900 in Spain, 1,700 in the UK and 1,300 at other worldwide sites of Airbus.

The world’s largest aircraft manufacturer Airbus has decided to lay off nearly 15,000 employees across France, Germany, Spain and the UK as demand for air travel has nosedived amid the COVID-19 pandemic.

“This adaptation is expected to result in a reduction of around 15,000 positions no later than summer 2021. The information and consultation process with social partners has begun with a view to reaching agreements for implementation starting in autumn 2020,” the Europe-based company said in a statement.

The decision will impact 5,000 positions in France, 5,100 in Germany, 900 in Spain, 1,700 in the UK and 1,300 at other worldwide sites of Airbus.

The unprecedented disruption in demand for air travel has led to a nearly 40 percent drop in commercial aircraft business activity and this translates into need for lesser number of aircraft in sync with the market size.

“…With air traffic not expected to recover to pre-COVID levels before 2023 and potentially as late as 2025, Airbus now needs to take additional measures to reflect the post COVID-19 industry outlook,” the company, whose biggest customer is IndiGo, said.

The company will implement the decision via compulsory action, voluntary departures, early retirement, and long term partial unemployment schemes where appropriate.

“Airbus is facing the gravest crisis this industry has ever experienced…To confront that reality, we must now adopt more far-reaching measures,” Airbus CEO Guillaume Faury said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India’s borders are porous for influx of digital companies, says Naveen Tewari of InMobi

India TokTok takedown requests

India’s emergency order banning 59 Chinese apps is not final. Sources say the electronics and IT ministry will allow the banned Chinese apps to submit clarifications. TikTok says it has been invited by the government to explain its data protection protocols.

Government sources say the 59 Chinese apps identified as posing possible threats to India’s sovereignty and security will be allowed to explain their data use and privacy policies as per procedure — ban to be finalised thereafter.

Government sources clarify that the ban on 59 Chinese apps is interim in nature because certain procedures still need to be followed. Procedures include giving these companies an opportunity to explain their data use and privacy policies and the ban will be formalised thereafter.

Naveen Tewari of InMobi discussed about the interim ban on 59 Chinese apps.

“Digital atmanirbharta is mostly based on the fact that we as India our borders are always very porous when it comes to digital platform and our own systems in India were not as large enough for home-grown digital platforms to become very large therefore influx of those coming in without any borders are coming into the country.”

India-China border conflicts: What are the diplomatic, economic options open to deal with China? Here’s what experts say

India and China have had a third round of Corp commander-level talks to resolve the tensions at the line of actual control (LAC). China’s ambassador to India Sun Weidong has said that the onus is on India to de-escalate and has reiterated that the Galwan valley belongs to china. Sources say Chinese troops have transgressed Indian claim lines in Galwan, Pangong Tso, hot springs and remain deployed in large numbers across the LAC.

How long will India-China standoff continue? To discuss this CNBC-TV18’s Parikshit Luthra talked to DS Hooda, Retd Lt General and former GOC-In-Chief, Northern Command.

India too is matching Chinese deployments in terms of troops, tanks and weapon systems. India is also bolstering its military preparedness. France is all set to deliver 6 Rafale jets by the end of July. Besides that, India is also acquiring an air defence system from Israel and ammunition from US and Russia.

Parikshit also discussed with Gautam Bambawale, former envoy to China, on India’s diplomatic and economic moves to deal with China.

India has banned over 50 Chinese apps due to security concerns and is also insisting on thorough physical examination of imports coming in from China.

India is also closely in touch with allies. Defence minister Rajnath Singh and Foreign Minister Subrahmanyam Jaishankar have spoken to their French counterparts.

 5 Minutes Read

JSPL to sell stake in Oman subsidiary for over USD 1 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman, among others.

Jindal Steel and Power Ltd (JSPL) on Tuesday said it will offload its entire stake in Oman-based subsidiary for over USD 1 billion (Rs 7,500 crore). JSPL, in a statement, said its subsidiary “Jindal Steel and Power (Mauritius) Ltd (JSPML) has accepted a binding offer from Templar Investments Limited to divest its entire stake in its Oman asset Jindal Shadeed Iron and Steel Co LLC (JSIS Oman)”.

The enterprise value of the deal is over USD 1 billion, it said. The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman, among others. The company said it expects the transaction to close approximately in a month.

JSPL, a part of the OP Jindal Group, has presence in steel, power, mining and infrastructure sectors.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Union Bank of India CEO Rajkiran Rai gets 2-year extension

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The government of India has granted Union Bank of India’s managing director and chief executive officer Rajkiran Rai a two-year extension amid the bank’s ongoing merger exercise.

The government of India has granted Union Bank of India’s managing director and chief executive officer Rajkiran Rai a two-year extension amid the bank’s ongoing merger exercise. The government, through the department of financial services of the finance ministry, issued the order on the day Rai’s term was to end.

The order copy has been reviewed by CNBC-TV18. Rai’s term, which was to end on June 30, 2020 has now been extended till May 31, 2022, or until further orders, whichever is earlier.

The extension comes amid the bank’s integration with Andhra Bank and Corporation Bank, which came into effect on April 1, 2020. The merger has made Union Bank the fifth largest public sector bank in the country with assets of over Rs 14.5 lakh crore.

While the merger has been effected, the back-end integration is still ongoing and is expected to be completed only by the year end, its management told CNBC-TV18 recently.

Rai was appointed the MD and CEO of Union Bank of India in May 2017 for a period of three years. He has over three decades of experience in the field of banking, and was an executive director at Oriental Bank of Commerce prior to joining Union Bank of India.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Answer Anonymously

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 5 Minutes Read

India looks to sign long-term LNG deal benchmarked to spot prices

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In a first, India’s biggest LNG importer Petronet on Tuesday said it is close to signing a long-term LNG deal benchmarked to daily or spot prices, which generally are lower than standard rates of such contracts.

In a first, India’s biggest LNG importer Petronet on Tuesday said it is close to signing a long-term LNG deal benchmarked to daily or spot prices, which generally are lower than standard rates of such contracts.

India bought liquefied natural gas (LNG) under long-term contracts from Qatar and Australia at an average of USD 3.5-4.5 per million British thermal unit in the current quarter. Spot or current prices of LNG – gas turned into liquid at sub-zero temperature for ease of transporting in ships – are in the range of USD 2.

“We are very close to a long-term deal on the daily benchmark. There will be a long term deal but on a daily benchmark,” Petronet LNG Ltd CEO and Managing Director Prabhat Singh told reporters here.

Refusing to give details of the supplier, he said the company was initially looking at buying 1 million tonnes of LNG under such a contract and would scale it up depending on the response from customers.

Petronet had in February sought bids from suppliers for 1 million tones of LNG per year for 10 years, starting 2024.

The company wanted 1 million tonnes per annum (Mtpa) of LNG on a delivered ex-ship (DES) basis.

The contract would be priced using a formula linked to both the US’ Henry Hub natural gas futures, as well as the Dutch TTF gas futures, which is uncommon in India where most of the contracts are long-term and linked to crude oil prices.

Singh said some 13 suppliers showed interest but refused to name any of them.

Currently, Petronet buys close to 10 Mtpa of LNG through contracts with ExxonMobil and Qatar Petroleum. These contracts are priced at an average of benchmark crude oil rates of a particular period.

State gas utility GAIL India Ltd has contracted 5.8 million tonnes of LNG from the US benchmarked to prevailing rates on Henry Hub plus a fixed portion.

Petronet is now attempting to move away from these fixed benchmarks and get the gas on prevailing rates.

Going through prevailing rates, LNG priced on spot benchmarks will help bring down price of the fuel, which is used to generate electricity, produce fertiliser and run vehicles.

Singh said Petronet is continuing discussions with Qatar to lower the price of LNG under the long-term deal.

The flexibility sought by Petronet in the contract reflects the trend among other major importers, such as the Japanese. Amid collapsing LNG spot prices in Asia and high fixed contract prices, buyers are after shorter terms and more flexibility in relation to volumes and destinations with the latter allowing them to resale the cargoes.

Earlier in an investor call on fourth-quarter earnings, Petronet Director (Finance) Vinod Kumar Mishra said during the lockdown the company had issued force majeure notice on 9 LNG cargoes. These included 8 from Qatar and 1 from Australia.

Qatar and ExxonMobil have objected to its force majeure notices on LNG cargoes, he said, adding Petronet is on strong footing as contractual clauses are very clear and support its stand.

Petronet operates two LNG import terminals at Dahej in Gujarat and Kochi in Kerala.

Dahej terminal is running at 100 per cent after throughput fell to 60-65 per cent in April-May, he said, adding the import facility is expected to operate at full capacity for rest of the financial year.

The company plans to invest Rs 3,480 crore capex in FY21, including Rs 1,260 crore on small scale LNG business.

Singh said Petronet plans to set up 50 LNG dispensing stations along five highways in FY21 and expand it to 1,000 stations across India in later years.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
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BJP says ‘Make in India’, but buys from China: Rahul Gandhi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Congress leader Rahul Gandhi on Tuesday took a swipe at the BJP saying, the party says ‘Make in India’, but its government at the Centre buys from China.

Congress leader Rahul Gandhi on Tuesday took a swipe at the BJP saying, the party says ‘Make in India’, but its government at the Centre buys from China.

“Facts don’t lie. BJP says: Make in India. BJP does: Buy from China,” he said in a tweet along with a graph showing comparative volumes of imports from China during the Congress-led United Progressive Alliance’s tenure and the current BJP-led National Democratic Alliance government.

The graph shows a rise in Chinese imports under the current dispensation.

Continuing his offensive against the government on the LAC standoff, Gandhi also asked Prime Minister Narendra Modi when and how he will throw out the Chinese army from Indian territory.

“The entire country knows that China has snatched India’s sacred land. Everyone knows that China has transgressed into Indian territory at four places in Ladakh,” the Congress leader said in a video message ahead of Modi’s address to the nation.

“Narendra Modi ji, please tell the country when will you throw out China’s army from India’s territory and how,” he said in a video message.

“Hope the prime minister will definitely agree to these suggestions in national interest. This is true national service and patriotism,” he said in a tweet in Hindi, sharing his video message.

Gandhi has been attacking Prime Minister Modi and his government over the India-China border standoff in eastern Ladakh, that led to the death of 20 Indian soldiers in a violent clash between the troops of the two countries on June 15.

Targeting the prime minister over the Chinese incursions in Ladakh, he has accused the Modi of “surrendering” Indian territory .

Modi, in his address at the all-party meeting earlier this month, had said that no one has intruded into Indian territory and no one has occupied it.

The former Congress president has been attacking the government on the ‘Make in India’ initiative, alleging that it has “failed” to yield results.

In the video, Gandhi said COVID-19 has destroyed India’s economy over the last three months and the entire country knows this.

The biggest blow has been dealt to the poor, labourers, middle class and salaried class, he said.

“We have given some suggestions to the government. The first is to implement an income guarantee scheme for six months, and not a year, and directly put Rs 7,500 per month in the accounts of the poor. This will lead to creation of demand and revival of the economy,” he said.

The Congress leader said the government has not heeded to this proposal. Not once but three to four times, they have refused to implement it, he said, noting that the reason they give is that there is no money.

“I want to remind the country that the government waived of lakhs of crores of tax liabilities of the 15 richest crony capitalists and in the past three months the government has consistently increased petrol and diesel prices on 22 occasions.

“There is no shortage of money. The government has three lakh crore rupees, with which it can implement the Nyay scheme and directly put money into the accounts of the poor,” he said.

Gandhi shared his video message on social media minutes before the prime minister’s address, in which Narendra Modi announced extension of the PMGKAY, a free ration scheme, for 80 crore people across the country till end of November.

Under the scheme, five kgs of wheat or rice and one kg of pulses per month will be given free of cost to the poor. The scheme was initially rolled out for three months

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
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sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Liquor makers urge Bengal govt to reduce 30% sales tax

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Manufacturers of alcoholic beverages have urged the West Bengal government to reduce sales tax on liquor from the existing 30 per cent to a “reasonable” rate, which will increase sales and help the state earn more revenue, an official said on Tuesday.

Manufacturers of alcoholic beverages have urged the West Bengal government to reduce sales tax on liquor from the existing 30 per cent to a “reasonable” rate, which will increase sales and help the state earn more revenue, an official said on Tuesday.

In an apparent bid to shore up revenues in COVID-19 time, the state government imposed 30 per cent sales tax on liquor and the new prices came into effect from April 9.

“The increase of sales tax on liquor by 30 per cent on April 9 has led to drastic fall in sales, which resulted in lower collections for state exchequer,” the Confederation of Indian Alcoholic Beverage Companies (CIABC) said in a representation to the state government.

Sales in April and May fell by 84 per cent and 35 per cent respectively due to high taxes imposed on liquor, CIABC director-general Vinod Giri said.

There is also sufficient empirical evidence that when prices are increased sharply, consumers prefer cheaper products and hence, tax collection per bottle goes down, he said adding that steep increase in taxes may actually turn out to be counterproductive.

“We humbly request you to reduce the increase in sales tax on liquor to a level not more than 5-10 per cent. We believe that with such increases the adverse impact on sales will be low, thus leading to higher tax revenues for the government, besides obvious benefits to the companies and the consumers,” Giri said.

He claimed that the Delhi government, after weighing the data presented by the association, decided to withdraw the 70 per cent cess and replaced it with a “reasonable five per cent increase” in VAT.

Compared to the price of liquor in neighbouring states, it is on the higher side in West Bengal, which may lead to illegal trading of alcoholic beverages, Giri said.

“The difference in prices is now too wide and we apprehend that this will lead to a large scale smuggling of liquor thus affecting the genuine sales in the state and the government revenue,” he added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?