Top headlines: LVB gets non-binding offer from Clix, Future Group vs Amazon

As of June 2020, LVB's total capital adequacy ratio (CAR) was 0.17 per cent, with negative tier-I and CET-1 ratios.
Lakshmi Vilas Bank gets indicative non-binding offer from Clix Group

Lakshmi Vilas Bank (LVB)-Clix Capital merger talks moved one step closer as the lender received an indicative non-binding offer from Clix Group. LVB said further to the process of considering and evaluating the proposed amalgamation with Clix Capital Services Pvt Ltd, Clix Finance India Pvt Ltd and Clix Housing Finance Pvt Ltd (collectively, the Clix Group), the bank has received an indicative non-binding offer from Clix Group. Read More...

Half of India's richest 100 on Forbes list got richer, Ambani gained most

The Covid-19 pandemic which resulted in a major economic contraction did not hamper the gains of India's richest as half of the nation’s 100 richest on the 2020 Forbes India Rich List saw there wealth grow by 14 per cent to $517.5 billion from a year ago. Reliance Industries Chairman Mukesh Ambani accounts for more than half of those gains and retains the title of India's richest man for the 13th year. Read More...

Future Group to go for mediation over Amazon's legal notice on RIL deal

US online retailer Amazon.com Inc has slapped a legal notice on Future Group, alleging that the retailer's Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant. "We have initiated steps to enforce our contractual rights," a spokesperson for the Seattle-based e-commerce giant said. "As the matter is sub-judice, we can't provide details." Read More...

Valli Arunachalam issues legal notice to Murugappa family members, others

Valli Arunachalam has issued a legal notice to the Murugappa family members, Murugappa Group's holding company Ambadi Investments Ltd. (AIL) management and others. The development comes after the shareholders of AIL, the holding company (holdco) of the Rs 38,100-crore Murugappa Group, voted against the induction of 59-year-old Valli Arunachalam, the eldest daughter of former executive chairman M V Murugappan, into its board. Read More...

Foreign airline flights will not be allowed at expense of Indian ones: Puri

Civil Aviation Minister Hardeep Singh Puri on Thursday said the time has come to send a loud and clear message that foreign airlines' flights will not be allowed at the expense of Indian airlines. On September 28, Lufthansa had to cancel its flights between India and Germany from September 30 to October 20 as the DGCA withdrew permission for them saying there are restriction on Indians who want to travel to Germany and this puts "Indian carriers at a significant disadvantage resulting in inequitable distribution of traffic in favour of Lufthansa". Read More...


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