Business news updates: HC stays FIR order against ex-SEBI chief Buch; Trump's tariffs against China, Canada takes effect

Finance Minister Nirmala Sitharaman said the government aims to reduce regulatory burdens to improve ease of doing business. "Through the Budget announcements, we are taking various steps towards making India a seamless and export-friendly economy where the businesses are free to work on innovation, and not on paperwork and penalties," she said while addressing a post-budget webinar.

Finance Minister Nirmala Sitharaman is currently speaking at a post-budget webinar on the theme: 'Regulatory, Investment and EODB reforms'. She said India needs to boost global economic partnerships, leverage tech and boost exports.

PM Internship Scheme launched by MCA has received 6 lakh applications so far, she added. The finance minister further said that the upcoming Jan Vishwas 2.0 will decriminalize more than 100 provisions.

Coca-Cola is selling its bottling plant in the North Gujarat region to Kandhari Global Beverages. The deal is expected to worth around Rs 2,000 crore.

Bitcoin sharply declined over 9 percent to fall below the $84,000-mark on March 4, after briefly trading above $95,000 a day before. This marks a fall of over $11,000 (over Rs 9.60 lakh) in one day.

The sharp decline in Bitcoin’s price comes as US President Donald Trump’s fresh tariffs on China, Canada and Mexico took effect from today, sending global markets to a spin. Other major cryptocurrencies also recorded massive losses.

Tata Motors on Tuesday launched the first-ever trials of hydrogen-powered heavy-duty trucks. The trial phase will span up to 24 months and involves deployment of 16 advanced hydrogen-powered vehicles with varying configurations and payload capacities.

This trial was flagged off by Nitin Gadkari, Union Minister of Road Transport & Highways, Pralhad Joshi, Union Minister of New and Renewable Energy.

Nilesh Shah, veteran investor and Managing Director at Kotak Mahindra Asset Management, believes longer term investors can now selectively start accumulating quality stocks after the recent selloff, and should not hold a market view based on returns of the past six months.

Foreign direct investment (FDI) flows to India could be impacted due to rising risk aversion, chief economic adviser (CEA) V Anantha Nageswaran has said, stressing the need for sustaining India’s economic growth amid global uncertainties.

“Sustaining growth rates in the coming years is important. Looking at the current state of the world economy, it will come under pressure,” the CEA said at a post-budget webinar on “Regulatory, Investment, and Ease of Doing Business (EODB) Reforms” organised by the department of financial services.

Info Edge-backed enrolment automation firm NoPaperForms has roped in IIFL Capital and SBI Capital as their investment bankers for its initial public offering, estimated to be around Rs 500-600 crore, sources have told Moneycontrol.

Zepto co-founder and CEO Aadit Palicha on Tuesday took to social media to call out an "inaccurate statement" made against them by Zomato CEO Deepinder Goyal. Palicha was referring to an article published by the Economic Times in which Goyal implied that Zepto was losing significantly more than Rs 2,500 crores per quarter.

The Bombay High Court said the lower court passed the FIR order "mechanically, without going into the details". The High Court will resume the hearing in 4 weeks, as per CNBC-TV18.

The Bombay High Court has stayed a lower court's order to file an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials in connection with alleged stock market fraud and regulatory violations.

Oil prices continued to fall on Tuesday after US President Donald Trump paused military aid to Ukraine and as markets braced for US tariffs on Canada, Mexico, and China to take effect.

Brent futures fell 54 cents, or 0.75%, to $71.08 a barrel by 0149 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.53%, to $68.01.

China will impose additional tariffs of 10%-15% on certain US imports from March 10, according to a statement from the Chinese finance ministry on March 4. China said 15% tariffs will be imposed on US chicken, wheat, corn, cotton. China also said it will impose tariffs of 10% on US soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables and dairy products.

The complainant, who is a media reporter, had sought an investigation into the alleged offences committed by former Sebi chairperson Madhabi Puri Buch and five other officials, involving largescale financial fraud, regulatory violations and corruption.

The allegations pertain to the alleged fraudulent listing of Cals Refineries Ltd on BSE in 1994. The complainant claimed that the SEBI officials failed in their statutory duty, facilitated market manipulation, and enabled corporate fraud by allowing the listing of a company that did not meet the prescribed norms.

A special court in Mumbai had on March 1 directed the Anti-Corruption Bureau (ACB) to register an FIR against the accused. SEBI, BSE and others appealed against the order.

SEBI said the application was allowed by the court "even though these officials were not holding their respective positions at the relevant point of time".

A strong decline in the Indian stock market amid incessant selloff and global uncertainties has delayed the planned stake sale in Haldiram, a major food conglomerate, Business Standard reported citing sources.

The Bombay High Court is set to hear pleas of SEBI, BSE and others against an FIR order in the Cals Refineries case. A special court in Mumbai had on March 1 directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI Chairperson Madhabi Puri Buch and five other officials in connection with an alleged stock market fraud and regulatory violations. The allegations pertain to the fraudulent listing of a company on the stock exchange.

Taiwanese semiconductor company TSMC plans to make a fresh $100 billion investment in US that would involve building five additional chips facilities in the country in coming years, its CEO announced with US President Donald Trump on Monday.

Mexico will wait and see if US President Donald Trump imposes his threat to slap tariffs from today, the nation's president said on Monday. "We have a plan B, C, D," President Claudia Sheinbaum said.

China's Commerce Ministry has vowed to retaliate against fresh US import tariffs set to take effect from today, reiterating its stance that the Trump administration was trying to "shift the blame" and 'bully" Beijing over fentanyl flows. The US has argued that China supplies chemicals used in fentanyl production. China has denied any wrongdoing.

China urges the US to "immediately withdraw" its unilateral tariff measures that are "unreasonable and groundless, harmful to others", the ministry said.

The Canadian government has announced a big package of counter-tariffs against US-made products after President Donald Trump confirmed that his administration will go ahead with levies against Canada and Mexico on Tuesday. "Canada will not let this unjustified decision go unanswered," Prime Minister Justin Trudeau said in a statement late Monday.

The first stage is 25 percent tariffs on about C$30 billion ($20.6 billion) worth of goods from US exporters, and will go into effect at 12:01 a.m. New York time unless the US drops its tariffs, Trudeau said. A second round of tariffs at the same rate will be placed on C$125 billion of products in three weeks — a list that will include big-ticket items like cars, trucks, steel and aluminum.