Top 10 biz headlines: Vodafone Idea on the brink, Mistry moves SC, and more

AGR dues: Vodafone Idea on the brink as DoT may revoke bank guarantees

In a day of twists and turns, the government received Rs 14,697 crore from three companies out of the telecom sector’s total dues linked to adjusted gross revenue (AGR) estimated at Rs 1.47 trillion, even as the Supreme Court dismissed Vodafone Idea’s plea seeking relief from revocation of its bank guarantee. Read here

Prospective bidders wary of DHFL's retail loan book, to submit EoIs

Several local and foreign financial institutions are among 24 companies — including Aion Capital, KKR Credit Advisors, Blackstone, Adani Capital, and Hero Fincorp — to submit their expressions of interest (EoIs) for Dewan Housing Finance Corporation (DHFL). Read here 

Flurry of tax notices puts private companies' directors in a spot of bother

Directors of private limited companies are being slapped with tax notices, holding them liable for dues/disputes pending at the company’s end. The number of such notices has risen exponentially over the past few weeks, said four people familiar with the matter. This is on the back of mounting pressure on tax officers, with the end of the financial year approaching. Read here 

Vodafone Idea default can raise India's fiscal deficit by 40 bps

A possible default by Vodafone Idea (Voda-Idea) in paying its adjusted gross revenue (AGR) dues and the company shutting down operations will have serious repercussion on the telecom and banking sectors in particular and the economy in general with large magnitude of debt default, job losses and customer annoyance as the telco faces an imminent risk of shutdown. Read here 

Bhushan Power takeover: NCLAT gives JSW Steel immunity from criminal probes

The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power & Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management. Read here 

Double trouble: PMC Bank asked to deduct TDS on notional interest paid

Mumbai-based PMC Bank, which has defaulted on payments to its depositors, is facing double trouble. The Income Tax Department has asked the bank to deduct tax at source on interest paid on deposits, and submit it in the March quarter. Read here 

RIL consolidates media biz: TV18, Hathway and DEN to merge into Network18

Mukesh Ambani-led Reliance Industries (RIL) on Monday said it was consolidating its media and distribution business spread across multiple entities into Network18. This will pave the way for a Rs 8,000-crore company, second only to Star India, now acquired by Disney, which remains the largest media company in the country with revenue of Rs 12,341 crore (in 2018-19). Read here

Oyo's revenue surges 4 times to $951 million in FY19, but loss widens too

Oyo Hotels & Homes on Monday reported over 4x increase in revenue for the financial year ended March 2019 to $951 million, while consolidated losses widened to $335 million because of expansion to overseas markets, said the home-grown hotel chain. Read here

AGR dues: Will wait to hear from DoT, says FM Nirmala Sitharaman

Finance Minister Nirmala Sithara­man said her ministry would wait to take a view on the adjusted gross revenue (AGR) issue after hearing from the telecom department. Read here

Mistry files appeal in SC; says his family deserved more relief from NCLAT

Less than a month after the Supreme Court stayed an order reinstating him as Tata Sons chairman, Cyrus Mistry has moved the apex court seeking removal of many anomalies in the NCLAT order, saying his family deserved more relief from the tribunal. Read here

 


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