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It has been a shaky start for the auto sector in India, with four of the five largest automakers of the country registering double-digit dips in sales for the month of April. Many of them blame the election season, high insurance costs, tight liquidity and other costs for the consistently poor retail demand. Honda India has bucked the trend but that is primarily due to a "lower base effect."
In the ongoing IL&FS saga, the National Company Law Appellate Tribunal (NCLAT) on May 2 allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments. A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the accounts of the debt-ridden IL&FS and its 300 group entities. In other IL&FS-related news, Deloitte, the auditor of struggling IL&FS Financial Services Ltd (IFIN), may have to disgorge the audit fees it had received from the lender with penalty if a probe finds that the auditing firm had overlooked irregularities or colluded with the non-bank’s management, a person familiar with the investigation told Mint. The newspaper cited the anonymous source as saying Deloitte may also face class action suits from bondholders and shareholders of IFIN.
Facebook's new design may already be familiar to you by now. But with the shift from the blue-tint to stark white, is the Silicon Valley giant hoping to whitewash the controversies relating to the privacy scandals, is the big question. The company is set to focus more on 'Stories' and private group messaging. Facebook has come under fire for not regulating fake news and abusive content on its News Feed feature. But with this move to focus more on private messaging and groups, is Facebook trying to absolve its responsibility of monitoring abusive content? Besides, with large chunks of its revenues coming in from targeted advertising, will this move to greater privacy result in huge losses? It is a truth as old as Zuckerberg that Facebook screws up, Zuckerberg goes on an apology tour, and not much changes. But this time around, is the tech giant set to right the wrongs? Only time will tell.
Beyond Meat, the plant-based meatmaking company is all set for its IPO, and is expecting a $1.4 billion valuation. Surprising, considering its revenues hover around $88 million now, and the company is still mounting losses. Considering several studies argue that going vegetarian is one of the most effective ways one could personally combat climate change, will there be a growing consumer base for Beyond Meat after all?These and several other stories on our daily roundup of all things you must know.