BUSINESS
Amazon, Shiprocket and DHL apply for government’s e-commerce export hub pilot
In August, DGFT invited proposals for creation of e-commerce export hubs to expedite clearance of e-commerce exports, ensuring quicker delivery of goods
BUSINESS
Swiggy provides special indemnities to directors of SoftBank, Accel and Prosus, ahead of IPO
Prosus owns 30.95%, while SoftBank and Accel own 7.75% and 6.08%, respectively, of Swiggy. Prosus is eligible to nominate two board members, while SoftBank and Accel can name one each.
BUSINESS
FPIs express concerns over Sebi’s derivative curbs; seek a more calibrated approach
Concern largely around index options and surge in volumes during expiry, Sebi tells the FPIs
BUSINESS
Govt developing roadmap to start work on 100 industrial clusters
The plan is in its initial stages; industrial clusters are expected to help aid job creation.
BUSINESS
Religare's Rashmi Saluja seeks intervention from PMO, FinMin amid allegations by ED, SEBI
Rashmi Saluja is in the middle of a fierce takeover battle with the Burmans. She contends that the allegations on her by SEBI and the ED don’t hold ground
BUSINESS
'You can't undervalue your own company': Religare's Rashmi Saluja questions ED & SEBI on ‘baseless allegations’
Rashmi Saluja, Executive Chairperson, finds herself amidst a storm with recent raids by the Enforcement Directorate and allegations from SEBI. Saluja says she is being targeted and reiterates that the Burmans' offer price undervalues the company. She adds that the Burman vs Saluja battle is inappropriate and affirms her commitment to continue building value for the company.
BUSINESS
Acquisition of India Cements to save a 'failing firm': UltraTech Cement tells CCI
The Aditya Birla Group-owned cement maker told the CCI that the proposed deal won't have any adverse impact on competition.
BUSINESS
Sebi seeks details of ‘side letters’ from AIFs: Sources
The purpose of the exercise to ascertain whether some ‘side letters’ or private agreements being offered by AIFs to a select few is putting other investors to disadvantage.
BUSINESS
New NFRA rules face opposition from smaller CA firms
NFRA has proposed that group auditors be held responsible for complete financial statements ; CAs seek joint responsibility.
BUSINESS
Government looking East for 12 industrial smart cities, in talks with Singapore, Japan
The government is scouting foreign companies that can set up operations in these smart cities. The focus is on projects that can generate local employment opportunities
BUSINESS
New compounding norms to ease settlement of minor FEMA offences, help avoid ED action
The government increased thresholds for compounding significantly allowing more non-serious FEMA violations to be settled by paying a fine. Filing process also eased now with a single form and online payment option
BUSINESS
PE, VC-driven deals to face enhanced competition scrutiny under new rules
The Competition Commission of India tightens the exemption list under new combination rules amid concerns that the norms will further complicate matters for PE and VC investors, legal experts say.
BUSINESS
Mauritius FPIs named in Hindenburg report challenge SEBI norms as September 9 deadline looms
The funds have sought SAT intervention to order Sebi to dispose their exemption applications expeditiously; they also seek stay on requirement to liquidate holdings by Sept 9 deadline.
BUSINESS
Food regulator FSSAI to launch campaign on awareness about microplastics in food
The development comes at a time when health experts are warning contamination of food microplastics is a key health risk. Even storing water in bottles, once packaged water is consumed, is a risk, say experts.
BUSINESS
JSW Cement’s IPO hits Sebi wall over show cause notice to promoter Jindal family
Sebi go-ahead for the offer document likely post-settlement of the case, say sources
BUSINESS
Sebi sent 377 warnings to AIFs in FY24 against 20 in the previous year
Warnings pertain to disclosure lapses with private placement documents and not swiftly addressing investor grievances among others.
BUSINESS
World Bank’s new ease of doing business methodology: DPIIT asks ministries to conduct sample evaluation
DPIIT has also asked the ministries to identify areas where the scores could be lower and come up with a plan to address the gaps
BUSINESS
Vijay Shekhar Sharma, Paytm directors face Sebi show-cause notices over IPO breaches
The notices pertain to Sharma’s alleged non-compliance with promoter classification norms. The probe was initiated based on inputs from the RBI, which had examined Paytm Payments Bank
BUSINESS
FPIs in breach of August 2023 SEBI circular face uncertainty over licences as September 9 deadline looms
The funds in question had over Rs 25,000 crore as total assets under management in India and did not disclose details on ultimate beneficial owners by the February 28 deadline. SEBI has proposed easing the rules but is yet to issue a final circular.
BUSINESS
French investors BNP Paribas, Societe Generale to gain most as Sebi eases FPI disclosure norms
Hike in capital gains tax rate in the Union Budget further puts these French banks at an advantage, since France is among the last few countries whose tax treaty with India offers capital gains tax exemption
BUSINESS
Nandini Pathak quits Nishith Desai to head investment funds practice at Bombay Law Chambers
Over the last few months, all the leading law firms have seen a churn in talent as many mid and high level lawyers have switched jobs. In several cases, the partners switching the jobs have taken their whole team with them to the new law firm.
BUSINESS
360 One WAM says it was unaware of Trident Trust’s dealings
The company said Trident never exercised any economic beneficial ownership in any funds managed by erstwhile IIFL Asset Management (Mauritius)
BUSINESS
Explained: What are Sebi’s conflict of interest rules and how do they apply in case of Madhabi Puri Buch
Hindenburg made several allegations pointing out that the Sebi chief had conflict of interest in the Adani Probe and in the matter of easing rules for REITs ; Buch has refuted all the allegations
BUSINESS
Foreign investors demand tax indemnities for startup investments
Private equity and venture capital funds are seeking protection against unanticipated regulatory risks
