5 Minutes Read
Newsletter | GST collections hit a record high in April; Behind the $20 Bn Godrej Family separation & more
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
From GST collections hitting a record high in April to exclusive details of the $20 Bn Godrej Family separation, here are the top 11 news stories across business, global events, tech, and more.
Here are the top 11 news stories across business, global events, tech, and more —
#LatestNews⚡
GST collections hit a record high of ₹2.10 lakh crore in April, UP collects more than Tamil Nadu for the first time
In a clear reflection of increased economic activities in the country, GST Collections for the first time ever crossed the landmark figure of ₹2.10 lakh crore for the business activities undertaken in March, for which returns were filed in April.
Recording a growth of 12.4% on a year-on-year basis for gross collections, the collections were driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%), according to the Finance Ministry. After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting a 17.1% growth compared to the same period last year. Meanwhile, Net Revenue (after refunds) stood at ₹1.92 lakh crore (17.1% y-o-y growth).
Behind the scenes: $20 billion Godrej family separation-Sources
In one of the largest and most complex family separations in the Indian conglomerate space, the Godrej family has sealed the deal after five years of hectic negotiations. Sources indicate the enterprise value of the family ownership in the group is worth $20 billion, arrived at as the final deal.
CNBC-TV18 has accessed exclusive details of the family realignment, which impacts Godrej Properties, the usage of the Godrej brand and the upcoming share sale to remove cross-holdings. Industry stalwarts Uday Kotak, Cyril Shroff, Zia Mody and Nimesh Kampani were involved by the Godrej family to advise on the separation in 2019 when CNBC-TV18 first broke the story on the family split.
ICICI Bank denies media report of CEO Sandeep Bakhshi intending to quit
Mumbai-based private lender ICICI Bank has denied “The Morning Context” story of its MD & CEO Sandeep Bakhshi expressing willingness to leave due to personal reasons, calling it “completely baseless and misleading.”
This is the exact text of the bank’s clarification to the exchanges:
We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons. This information is figment of imagination and therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders.
#TechTalks📱
Alphabet paid Apple $20 billion in 2022 for Google to remain default search engine
Alphabet Inc. paid Apple Inc. $20 billion in 2022 for Google to be the default search engine in the Safari browser, according to newly unsealed court documents in the Justice Department’s antitrust lawsuit against Google.
The deal between the two tech giants is at the heart of the landmark case, in which antitrust enforcers allege Google has illegally monopolized the market for online search and related advertising. The Justice Department and Google will offer closing arguments in the case Thursday and Friday, with a decision expected later this year.
Apple iPad, Pixel 8a, OnePlus Nord 4: Tech launches in May 2024
May has multiple tech launches lined up for smartphone enthusiasts, with each product promising innovative and improved features. From Apple and OnePlus to Google and Samsung, several tech giants are expected to come up with their latest products in the coming weeks.
Here’s a look at some of the upcoming tech launches in May 2024
IBM wins reversal of $1.6 billion judgment to BMC over software contract
A federal appeals court on Tuesday overturned a judgment requiring IBM to pay rival BMC Software $1.6 billion after a judge found IBM improperly replaced BMC’s mainframe software at AT&T with its own.
The 5th U.S. Circuit Court of Appeals in New Orleans said a lower court judge’s determination concerning liability was in error. Writing for a three-judge panel, U.S. Circuit Judge Edith Jones said AT&T, one of BMC’s biggest clients, had switched to IBM software ”independently” and that BMC had ”lost out to IBM fair and square.”
#DailyData📈
#StartupWorld🌍
Byju’s sales staff salaries now linked to weekly revenues, say sources
The salaries of Byju’s sales staff in two teams have been linked to weekly revenues they generate for nearly a month, people familiar with the development told CNBC-TV18 on May 2.
The new policy on pay effective from April 24 to May 21, as of now, is applicable to Inside Sales and Byju’s Exam Prep teams, they said. Byju’s told staffers that half of the upfront weekly collection will be disbursed to sales associates every week. The edtech major has suspended the base salaries for sales team associates for this period, the sources added.
‘Freshworks is my baby’, says Girish Mathrubootham as he passes CEO charge to Dennis Woodside
Girish Mathrubootham on May 1 announced that he is stepping down as the Chief Executive Officer (CEO) of Freshworks and will transition into the role of an Executive Chairman of the India-born SaaS firm. The company’s President Dennis Woodside will take over the role of the CEO.
Mathrubootham will remain the chairman of the Board of Directors, and Woodside will also remain a member of the Board of Directors, Freshworks said in a statement.
In a letter to employees, Mathrubootham said he’s filled with many emotions as he spent almost 14 years since founding Freshworks as a tiny startup in Chennai to scaling it to be a global Saas player and the first Indian Saas company to list on Nasdaq.
#LokSabhaPolls2024👆
Congress manifesto vs BJP’s wealth redistribution narrative — is it something out of nothing
It is common during elections for political parties to speak extensively about their party manifestoes, though these are most often forgotten after the polling is over. However, the 2024 Lok Sabha Elections are unique in a way as they are being fought about a manifesto — that of the Congress party.
The ruling BJP, which was heavily favoured to return to power even a few weeks ago, has now gone on the war path against the Congress manifesto. Perhaps, the party has slightly changed its strategy, especially after the first and second phases of elections, where the voter turnout was lower than expected.
Supreme Court verdict on EVMs — why upholding the voter’s trust is important
The decision of the Supreme Court on Friday rejecting a plea to count 100% of the slips generated by the Voter Verifiable Paper Audit Trail (VVPAT) and return to the previous system of voting through paper ballots should put an end to the current controversy on voting through Electronic Voting Machines.
The verdict by a bench of Justice Sanjiv Khanna and Justice Dipankar Datta rejecting the prayer, brings to a close a discussion. It centred around the efficacy of the EVM system and on integrity of the process that surfaces intermittently around elections to the Lok Sabha and to those of State
Assemblies.
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
