Top headlines: Diageo moves to delist Indian arm, Swiggy announces layoffs

Deliverymen of food aggregator Swiggy wait along a roadside during the nationwide lockdown in wake of the coronavirus pandemic. PTI
Rahul Bhatia's InterGlobe doesn't make the list of Virgin Australia suitors

InterGlobe Enterprises, led by Rahul Bhatia hasn't made the list of suitors selected by Virgin Australia Holdings Ltd's administrators Virgin Australia Holdings Ltd's administrators have short-listed potential buyers BGH Capital, Bain Capital, Indigo Partners and Cyrus Capital Partners, a source with knowledge of the matter said on Monday. The airline's administrators expected to receive as many as eight non-binding indicative offers from potential buyers before a submission deadline on Friday. Read More

Swiggy follows Zomato, lays off 1100 as coronavirus dashes business

Foodtech giant Swiggy will lay off 1100 employees citing business losses because of the lockdown to contain the coronavirus, two days after rival Zomato revealed plans to cut 13 per cent of its workforce. The company backed by China’s Tencent and Prosus NV has about 8,000 employees and it is reducing 13.75 per cent of its workforce. Read More

Shareholders to pay 25% for subscribing RIL's Rs 53,125-cr right issue now

Reliance Industries shareholders will have to pay only 25 per cent for subscribing to the company's mega Rs 53,125-crore rights issue, and the balance will have to be paid in two installments in May and November next year, the company said. Oil-to-telecom conglomerate's rights issue will open for subscription of shareholders on May 20 and will close on June 3. One share will be offered for every 15 shares held at Rs 1,257. Read More

Govt withdraws order on compulsory wage payment by firms during lockdown

In what may come as a major relief to businesses, the Union government has withdrawn its order directing employers to pay wages to workers, even with units remaining shut during lockdown. On Sunday, the Ministry of Home Affairs (MHA) had issued a fresh set of guidelines which will be applicable from Monday. It has repealed the order dated March 29, 2020 which had talked about compulsory wage payment to workers during lockdown. Read More

Johnnie Walker maker Diageo exploring options to delist in India: Report

Diageo Plc, the world's largest spirits maker, is exploring options to delist its Indian arm, United Spirits Ltd, by buying out minority shareholders, CNBC TV-18 reported on Monday. Diageo, the maker of Johnnie Walker whiskey and Tanqueray Gin, currently owns an about 56% stake in United Spirits after slowly building it up over several years. Read More

Lockdown 4.0: Govt lists parameters for states to mark Covid-19 zones

The Union Health Ministry on Sunday listed parameters for states and union territories to follow while categorising areas into red, orange or green zones. These parameters include active Covid-19 cases, doubling and fatality rates, and cases per 100,000 population. It also issued guidelines for delineation of containment and buffer zones and outlined actions that have to be implemented in those areas to break the chain of transmission of the disease. Read More

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