Top 10 biz headlines: Ranbaxy's ex-promoters arrested, TCS result, and more

Rs 740-cr fraud case: Ranbaxy ex-promoters Malvinder, Shivinder Mohan Singh arrested

In an unprecedented development, two industrialist brothers Malvinder and Shivinder Singh, former promoters of the erstwhile pharma giant Ranbaxy and till recently counted among the richest businessmen of the country, were arrested on Thursday for alleged fraud.

Air India stake sale: Bidders to get share purchase agreement with EoI

In order to reassure investors, the government will issue a draft share purchase agreement (SPA) along with the formal Expression of Interest (EoI) invitation for loss-making Air India (AI). This is the first time in a disinvestment exercise that the EoI and SHA will be issued simultaneously.

TCS posts weaker growth than expected; Q2 net profit up 1.8% at Rs 8,042 cr

Industry leader Tata Consultancy Services (TCS) on Thursday reported weaker than expected numbers in the quarter ended September 30,2019, indicating that double-digit growth may elude the Mumbai-based IT services company in FY20. This is despite record deal closures in several quarters.

Auto-parts maker Pricol announces non-working days as industry slumps

Auto-components maker Pricol on Thursday announced non-working days in its facilities across the country, in October. 
According to the company, the non-working days would be implemented at its Coimbatore plants 1, 3 and 4; at Units 2 and 9 in Gurugram, Unit 5 in Pune, Plant 10 in Sri City and unit 7 in Pantnagar.

Vodafone Idea needs fresh round of equity infusion by 2021, say lenders

Despite slashing its capital expenditure, Vodafone Idea would require fresh round of equity infusion from its promoters by 2020-21, as its cash, including proceeds from the Indus stake sale, would last only for the next 15 months.

Promoters' holding in Coffee Day dips 28% to 25.35% as of Sept quarter

Promoters' holding in Coffee Day Enterprises (CDEL) has dipped 28 per cent to 25.35 per cent as of September quarter. Experts say some lenders may have invoked shares pledged by the company's promoters in the second quarter, leading to such dilution of holdings. According to regulatory filings, the promoter and promoter group of CDEL include the founding chairman of Coffee Day group V G Siddhartha, Malavika Hegde, Devadarshini Info Technologies, Coffee Day Consolidations and Sivan Securities.

FM Nirmala Sitharaman assures change in cooperative bank laws if required

The government is ready to bring in changes in the laws governing multi-state cooperatives, which also run banks, Finance Minister Nirmala Sitharaman said on Thursday. She also said a three-member committee comprising two secretaries of the finance ministry and a deputy governor of the Reserve Bank of India (RBI) would be set up to look into the issues of multi-state co-operative banks.

WeWork India fights for funds, relevance; hopes to raise $200 million

Feeling the domino effect of WeWork’s stock market launch debacle, its India franchise is planning to raise $200 million on its own by the end of this year. The firm, which reportedly saw a breakdown of talks to raise $100 million with a bank after the WeWork IPO launch debacle, hopes to prove that its India business is making profits.

SC Bars I-T Dept from Reassessing NuPower Accounts

The Supreme Court has disallowed the income tax department’s bid to reassess the accounts of Deepak Kochhar-owned NuPower Renewables to investigate an investment made in the company eight years ago, agreeing with a high court ruling that the matter was time-barred and would fall in the realm of “fishing enquiries.” 

New FPI/FDI Classification by Sebi to Hit Many Offshore Funds

Minority stakes in Indian companies, purchased by several offshore funds through the foreign direct investment (FDI) route, now face uncertainty after the capital markets regulator put a 10% minimum ownership threshold to classify equity holdings below that level as portfolio investments. The change in classification by the Securities and Exchange Board of India (Sebi) will now require the affected overseas funds and private equity companies, which have already made such investments as FDI, to compulsorily secure licences as foreign portfolio investors (FPI). 

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