BUSINESS
Hospitality firms on the radar: Consumer affairs dept sends notices to Club Mahindra, Country Club and Park Holidays
These notices pertain to alleged non-fulfilment of promises made to members enrolling them. Hidden costs in membership plans are also being investigated by the department.
BUSINESS
ROC’s strict interpretation of beneficial ownership norms puts MNCs in spot
The current industry practice is to identify beneficial owners primarily through economic ownership. But recent MCA orders have left MNCs confused over how to ascertain beneficial ownership through control.
BUSINESS
Explainer: What the apex court stay in the Adani ports land case means for the company
The apex court's order has come as a shot in the arm for APSEZ which is planning a Rs 45,000 crore expansion for the Mundra port.
BUSINESS
Foreign airlines refuse to provide data sought by GST authorities
The DGGI of GST had sought data related to valuation of services provided by the foreign airline to the Indian arms. However, the airlines have told the authorities that they do not maintain such granular data
BUSINESS
Kotak evaluating if Kingdon deliberately misled the lender; call on legal action after evaluation
Kotak is also examining if the declarations made by Kingdon were misleading. Kingdon has claimed that all its trades in Adani group entities were ‘principal trades’
BUSINESS
How Kotak fund provided Kingdon Capital fast-track access to short-sell Adani stocks through a ‘shell’ entity in Mauritius
Instead of taking a fresh licence, which would have taken Kingdon Capital at least a month, Kotak Mahindra Bank’s subsidiary firm offered Kingdon a readymade structure in Mauritius, which was already registered as an FPI with Sebi since March 2022.
BUSINESS
It's advantage Singapore over Cayman Islands as RBI eases investment rules for offshore funds
The RBI has allowed Indians to invest in offshore funds even in jurisdictions where the fund manager is regulated, bringing Singapore on par with jurisdictions such as the Cayman Islands
BUSINESS
Smaller companies to be biggest beneficiaries of GST penalty, interest waiver
In the 53rd GST council meet held on Saturday, the government decided to exempt both penalty and interest provided they pay the principal tax demand by March 31, 2025
BUSINESS
Religare-Burman saga brings forth a key inconsistency in Sebi and RBI rules for takeovers
Under Sebi’s takeover code, the acquirer is obliged to announce an open offer once the 25% shareholding threshold is breached. However, under the RBI norms for acquisition of NBFCs, the target company is obliged to make an application with RBI seeking its nod for change in control.
BUSINESS
Analysis: Mixed signals from regulators confuse derivative traders in India
The surge in trading volumes has sparked concerns among authorities and market participants alike, triggering a debate on how best to address the risks associated with derivatives trading
BUSINESS
Have money. Will travel: Indians splurge $30 billion on foreign trips in last 2 years
Between FY18 and FY21, overseas travel spending ranged from $4 billion to $6 billion annually. It sharply increased in FY22 to $7 billion and $13.6 billion in FY23
BUSINESS
Companies with multiple overseas holding structures face enhanced RBI scrutiny
The list of companies that have received such communication includes one of the largest Information Technology(IT) companies in the country, a group company promoted by one of the country's leading conglomerates, and a well-known fintech company.
BUSINESS
Global HFT bigwigs are taking local route to play Indian derivatives
Experts say a domestic brokerage licence provides the foreign funds with greater flexibility in derivative markets, especially when it comes to taking short positions
BUSINESS
PFC legal advisors green light SP loan against Tata Sons shares
SP Group had initially begun talks with lenders to secure $1.2 billion to refinance a part of its Rs 20,000 crore debt originally maturing in the last week of May
BUSINESS
SAM’s senior partner Iqbal Khan and his team to join JSA
Iqbal is currently a senior partner at SAM and will be National Corporate Lead at JSA. He will further collaborate with the partners at JSA to build and even stronger firm.
BUSINESS
MC Explains: Why SP Group wants to pledge Tata Sons shares and Tata Trusts are concerned?
Disagreements have been brewing between Tata Trusts and SP Group in the last few months over the transferability of shares held by SP Group in Tata Sons
BUSINESS
Investor compensation claims fall as Sebi clamps down on stockbroker frauds
The National Stock Exchange provided compensation worth Rs 52 crore to investors who were defrauded by brokers in FY24, against Rs 129 crore in FY23, Rs 535 crore in FY22 and Rs 552 crore in FY21, official data showed
BUSINESS
MCA tightens scrutiny of beneficial ownership norms for foreign-owned companies
Several FOCCs have received notices from ROCs alleging violation of SBO rules. All these entities declared they had no SBO in their annual filings
BUSINESS
NCLT allows Kirloskar Industries to sell shares of Kirloskar Brothers
The tribunal also came down heavily on both sections of family for the stalemate and expressed concerns over the impact of such family feud on thousands of public investors.
BUSINESS
Sebi’s new rule to limit impact of news leaks on deal pricing will bring cheer to dealmakers, companies
In the past, some M&A deals involving listed companies have been impacted by the rising price of the stock after news of impending deals were reported in the media
BUSINESS
Madras High Court bars Binny promoters from accessing company funds
Sebi and the Ministry of Corporate Affairs are probing an alleged Rs 850-crore scam related to the company. The court order restrains Binny’s promoter and chairman M Nandgopal and his son and daughter from interfering in the company's day-to-day affairs.
BUSINESS
3 Hong Kong-based FPIs get NSE notice for derivatives market trades
All three funds have responded to NSE’s notices and have told the exchange that these were machine-driven trades with no human intervention
BUSINESS
Explained: Should founders of listed Startups be eligible for ESOPs?
Food-delivery aggregator Zomato recently announced a significant allocation of Rs 3,780 crore in employee stock options to incentivise its top leadership, including founder Deepinder Goyal.
BUSINESS
MC Exclusive: SP group offers to pay Rs 400 cr extra to bond holders
In exchange, the group has sought bond holders’ approval for postponing of the coupon payment on the debt to September 30 from previous repayment date of May 26.
