Mr Vishwavir Ahuja, the MD & CEO of RBL bank is stepping down. Though the technical term used is ‘going on leave’, for all practical purposes it’s innings over for him at the bank. Key point to note – Mr Ahuja has been leading RBL for more than a decade and is responsible for it’s … Read more
Hindujas, the promoters of Indusind Bank are planning to increase their stake in IndusInd bank after the recent change in RBI regulations, whereby it allowed promotes to own 26% in the bank (as against 15% earlier). Key points to note – Hindujas currently own 16.54% of IndusInd. At current valuations, Hindujas would need about Rs … Read more
The Company is one of the most active news providers amongst the Indian pharma players. It has now informed that its COVID-19 vaccine UB-612 programme hasn’t progressed, as its partner Vaxxinity failed to secure the emergency use authorization (EUA) in Taiwan. Key points to note – Approval in Taiwan was denied in August as the … Read more
In an after market surprise announcement, Indian Railway Catering & Tourism Corporation (IRCTC) announced that Ministry of Railways has conveyed it’s decision to the Company that it will have to share 50% of the convenience fee with the Ministry w.e.f. November 1, 2021. IRCTC collected convenience fee of Rs 299 crore in FY21. However, this … Read more
The mandate of the group includes analysing current tax structure of all forms of tobacco, including smokeless tobacco, and suggesting various tax rate models for consideration in the preparation of FY23 and future Union budgets. Key points to note – The idea is to have a road map for reducing tobacco demand as per World … Read more
RBI on October 4, 2021 superseded the struggling NBFC, Srei’s board, appointed an administrator (ex CGM of Bank of Baroda) and intends to shortly put it under the insolvency process (ICBC). Action has covered both Srei Infrastructure Finance and it’s wholly owned subsidiary Srei Equipment finance Ltd. Key points to note – The action came … Read more
Telecom Department (TD) has asked Airtel to pay Rs 1,050 crore and Vodafone Idea (VIL) Rs 2,000 crore within 3 weeks. Key points to note – Penalties are being imposed on the Companies for allegedly breaking licence terms by denying Reliance Jio Infocomm their networks in 2016. The Telecom Regulatory Authority of India (Trai) had … Read more
Cash strapped Indian telecom sector was looking at the govt for long and govt abides… The much anticipated reforms are announced. Broadly they provide deferment of the immediate regulatory payments and a cleaner future process to operate. Key points – 4 year moratorium on all spectrum and Adjusted Gross Revenue (AGR) dues. However, interest would … Read more
As per Mr Poonawalla, he was shocked when he first heard the news about SEBI barring Bhutada and seven others from the securities market for alleged insider trading of the shares of the Company (Poonawalla Fincorp earlier knows as Magma Fincorp). Following that, Bhutada stepped down from the post of MD on September 16, 2021, … Read more