Top 10 business headlines: IBC amendment, Pawan Hans stake sale, & more

Changes in IBC will allow provision for mediation to cut costs, time

The government is planning changes in the Insolvency and Bankruptcy Code (IBC) to insert a provision for mediation to cut costs and the time taken to resolve cases.

The review of the IBC will enable the government to put in place a mechanism for pre-packaged resolution, an individual bankruptcy scheme, and use of artificial intelligence. Read more here

The government’s ambitious disinvestment plan has faced yet another setback as public sector aviation firm Pawan Hans failed to attract any bidder.

The last date for submitting a financial bid for the helicopter company expired last month and the government has been unable to extend the date due to the model code of conduct rules during the elections. Read more here

Insurance firms hike rates after GIC Re changes policy on fire risk pricing

Insurance rates for vast swathes of Indian industry have begun to rise after languishing at historic lows for several years. The turnaround began in April after India’s leading reinsurance company, GIC Re, refused to entertain business from general insurers in cases where they have quoted rock-bottom rates. Read more here

Foodpanda, Ola likely to see a major overhaul in top leadership posts

Foodpanda could see a major overhaul in its top leadership with several senior executives set to leave the group company and some others likely to be transferred back to Ola, four independent sources told Business Standard.

Meanwhile, in the cabs vertical, Ola may see more exits from the senior leadership team. Read more here

Naresh Goyal's Jetair had cash in surplus when Jet crisis started to show

When Jet Airways was showing signs of financial crisis, its former chairman Naresh Goyal’s private entity, Jetair Pvt Ltd (JPL), did not utilise any of its credit facilities worth Rs 28 crore from banks in its effort to remain debt-free. Read more here

Synergy will bring in Rs 6,200 crore, Vodafone Idea says in capex plan

Vodafone Idea has said the Rs 25,000-crore capital it has raised is a needed shot in the arm.

The country’s largest telecom operator in terms of subscriber numbers has been struggling to raise its share of subscribers in the market for fourth-generation (4G) technology services. Read more here

Impact on Sri Lanka tourism post attacks may be short-lived: Travel firms

Tour operators are bracing for cancellations and deferrals of Sri Lankan tours after multiple explosions killed at least 215 persons in its capital Colombo on Sunday morning.

India is the largest source market for Sri Lanka, which received 2.3 million tourists from around the world in 2018. The terror attack at the beginning of outbound travel season will impact tourist footfalls at least on short term, say industry experts. Read more here

Steel industry to keep utilisation levels high in lean monsoon period

For the second consecutive year, the domestic steel industry is likely to keep its utilisation levels high in the lean monsoon period of July-September. Read more here

SEBI’s newly introduced insider-trading norms raise the bar on unpublished price-sensitive information

Companies and promoters will have to be more cautious in dealing with unpublished price-sensitive information (UPSI) from this month, as SEBI’s new insider-trading norms will hold them responsible if they hold on to UPSI without any ‘legitimate purpose’, according to a Hindu Business Line report.

Companies may take only 3 days to register with central agencies

India may soon put in place a simple, single clearance process to incorporate a company with seamless registration of permanent account number, Tax Account Number, Goods and Services Tax, Employee Provident Fund Organisation and Employee State Insurance Corporation in flat three days, according to the Economic Times.