Vodafone wins arbitration against India over Rs 20,000 crore retrospective tax dispute
Vodafone Group Plc today won an international arbitration against India over retrospective tax demand of Rs 20,000 crore. The Permanent Court of Arbitration in The Hague ruled that conduct of the Income Tax Department is in breach of ‘fair and equitable’ treatment. The tribunal, in its ruling, said the government must cease seeking the dues from Vodafone and should also pay 4.3 million pounds to the company as partial compensation for its legal costs.
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Cipla to acquire US inhaler-maker for Rs 1,000 crore
Pharma Major Cipla is all set to announce an acquisition shortly in the US market, of a company specialising in respiratory and inhaler portfolio.The acquisition will help Cipla to boost manufacturing capabilities in the US along with getting some ANDA pipeline in the future.
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Reliance in talks to buy electronics chain, Electronics Mart India
Reliance Retail is in talks with Electronics Mart India, a consumer durables retail chain, for a possible acquisition. Electronics Mart operates 60 stores in South India with 1,200 employees in its roll. Talks are underway on the valuation of the chain, and the asking price is Rs 3,000 crore. Businessman Pavan Kumar Bajaj started the electronics chain in 1980 as “Bajaj Electronics”, and later changed its name to EMI Ltd.
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Tata Consumer Products Ltd to buy V G Siddhartha’s coffee plantations
Tata Consumer Products Ltd. is weighing a non-binding bid for the vending machine business of Coffee Day Enterprises Ltd. The board of Tata Consumer Products has approved a proposal to explore an acquisition of the operation from Coffee Day. Coffee Day is seeking a valuation of about Rs 20 billion for the vending machine business.
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Centre used GST compensation cess elsewhere, violated law: CAG
The Comptroller and Auditor General (CAG) found that the Union government in the very first two years the GST implementation wrongly retained Rs Rs 47,272 crore of GST compensation cess that was meant to be used specifically to compensate states for loss of revenue. CAG said out of the Rs 62,612 crore GST Compensation Cess collected in 2017-18, Rs 56,146 crore was transferred to the non-lapsable fund.
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Banks sanction loans worth Rs 1.77 trn to 4.4 mn MSMEs under ECLGS scheme
The Finance Ministry on Thursday announced that they have sanctioned loans of about Rs 1.77 lakh crore to 44.2 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under the slowdown caused by the coronavirus pandemic. The scheme is the biggest fiscal component of the Rs 20 lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman.
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S&P Global affirms India’s rating at ‘BBB’
Rating agency S&P Global today reaffirmed its ‘BBB-‘ long-term and ‘A-3’ short-term foreign and local currency sovereign credit ratings on India. The global rating agency added that its outlook on the long-term rating is stable. Also, the company said that India’s weak fiscal setting will worsen this year, constraining the government’s ability to aid the economy.
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MG Motor India plans Rs 1,000 crore investment to boost capacity
MG Motor India, a subsidiary of Chinese Automaker SAIC Motors, plans to invest Rs 1,000 crore in the country in the next one year to boost capacity at its Gujarat facility and increase localisation levels in its products. Motor India has already invested Rs 3,000 crore in the country. The Gujarat unit’s annual production capacity is 75,000-80,000 vehicles, which will now be increased to 100,000.
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Yes Bank case: ED attaches Rana Kapoor’s Rs 127 cr London flat under PMLA
The Enforcement Directorate (ED) has attached a Rs 127-crore flat of YES Bank co-promoter Rana Kapoor in London in connection with a money laundering investigation against him and others, the central agency reported today. The ED had earlier attached assets in the US, Dubai and Australia in a similar fashion as part of other investigations under the Prevention of Money Laundering Act, 2002.
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Amazon enters game-streaming market, set to challenge Google, Microsoft
Amazon.com Inc. is diving into the new and hotly contested market for streaming video games, the company said during a press event Thursday that also revealed a refreshed lineup of Echo smart speakers and a flying home video camera. Luna, a service that lets gamers play without shelling out for expensive game consoles or games, is Amazon’s biggest foray yet into the fast-growing $150 billion video gaming market.
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