Top 10 biz headlines: IL&FS saga, Modi's mantra, GST Council meet, and more

Govt moves NCLT for 5-year ban on IL&FS Financial Services auditors
The Ministry of Corporate Affairs (MCA) moved the National Company Law Tribunal on Monday to bar the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins & Sells and BSR & Associates — from business for five years for alleged collusion with the IFIN management and failure in reporting mismanagement. Read more here

PM Modi's blueprint for bureaucrats: Focus on improving ease of living

Exactly five years after Prime Minister Narendra Modi had assured bureaucrats of a direct access to him without ministers coming in the way, he met all secretaries Monday evening to outline the government vision for the next five years. If the top officials had toiled over presentations to impress Modi in June 2014 soon after he took charge, they had worked equally hard this time to ensure that their views struck the right chord with the PM during his second stint. Read more here

Flipkart revises commissions and shipping fee to attract smaller sellers

Home-grown online retail firm Flipkart, now owned by American major Walmart, has slashed seller commissions and shipping fee. The move is expected to help the Bengaluru-based e-commerce company attract new sellers as well as retain the existing ones, sources in the know said. Read more here

Debt-laden Jaypee Infratech's lenders turn down NBCC's takeover bid

Lenders to debt-ridden real estate firm Jaypee Infratech have turned down the proposal submitted by NBCC (India) to acquire the company, sources said. Read more here

DHFL, Reliance Capital using 'box firms' to avoid disclosures: Report

India’s non-banking financial companies (NBFCs) have floated “box companies” to evade disclosure of funds given to related parties and evergreening old loans, said a REDD Intelligence report dated June 7. The report alleges Dewan Housing Finance Corpo­ration (DHFL) and Reliance Capital to have used the structure to avoid disclosures. Read more here

Sebi likely to ask for tweaks to Brookfield's bid for Hotel Leelaventure

The Securities and Exchange Board of India (Sebi) is likely to ask Brookfield to alter the structure of its bid to acquire the assets of Hotel Leelaventure. In April, the market regulator had asked Brookfield and Hotel Leela to hold the sale of the assets following objections raised by minority shareholders such as Life Insurance Corporation of India (LIC) and ITC. Read more here

Despite oil price volatility, earnings prospects good for ONGC

Shares of India’s largest oil and gas producer, Oil and Natural Gas Corporation (ONGC) have gained about 25 per cent from their February 2019 lows, as the company’s earnings outlook improved with higher crude oil prices. Read more here

GST Council to consider e-invoicing for firms with over Rs 500-cr turnover

The Goods and Services Tax (GST) Council in its first meeting under the new chairman, Union Finance Minister Nirmala Sitharaman, on June 20 will consider the introduction of an electronic invoicing mechanism for large companies on a voluntary basis, with an aim to capture transactions on a real-time basis. Read more here

After $220 mn from SoftBank and others, Grofers to raise another $50-70 mn

Grofers, the online grocery start-up, which had raised around $220 million from various investors including SoftBank, is set to get another $60-70 million within a month or two. A large chunk of the money will be used to create warehousing and capacity at the company's partners manufacturing facilities. Grofers may also go public after three years. Read more here

End of the runway for Jet Airways as Etihad, Hinduja baulk

Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways (India) Ltd, reports LiveMint. Read more here

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