News digest: NPA mess, pharma mkt, ICICI Pru MF, in-flight calls, and more

Govt shuns bad bank, opts for AMC route

In its much-awaited recommendations, a panel of public sector bankers has suggested against setting up a bad bank and instead came up with a five-pronged strategy to resolve non-performing assets (NPAs), depending on the amount of stressed assets.

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Sebi directs ICICI Prudential MF to refund Rs 2.4 billion to five schemes

The Securities and Exchange Board of India (Sebi) has issued a directive to ICICI Prudential Mutual Fund (MF) for allegedly violating the MF code of conduct by making a large investment in the initial public offering (IPO) of its group firm ICICI Securities. The investment allowed the IPO to meet a minimum subscription requirement, without which it would have failed. Read More

Now, one-fourth of Indian pharma market to be under price control

As the government plans to overhaul the existing system of fixing drug prices, one of the amendments (of the Drug Price Control Order, (DPCO) 2013), that is under active consideration is to remove reference to specific strength (like 5 mg, 10 mg, etc) forms of a drug. If this happens, almost a quarter of the Rs 1.2-trillion Indian pharma market in value terms would come under price control, from around 17 per cent now. Read more

DoT to airlines: Use Indian satellite for in-flight connectivity

The Department of Telecommunications (DoT) has refused to grant an exemption to foreign airlines seeking to offer in-flight connectivity on their own terms, it is learnt. A number of foreign airlines, which are currently providing in-flight connectivity abroad, had approached DoT asking for  relaxations ahead of a government policy on the subject. Read more

Five auto industry promoters in the billionaire driver's seat

The Bajajs, Munjals, and Mahindras have long been automobile billionaires. But the list is rapidly expanding. A booming automobile industry has created four new billionaire promoters in the last 20 months and a fifth businessman is likely to join the league when Varroc Engineering lists next week. Based on the value of shareholding, promoters of tyremakers Madras Rubber Factory (MRF) and Balkrishna Industries, and component makers Minda Industries and Endurance Technologies are now 
worth over $1 billion (Rs 68.50 billion). Read more