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FEMA violation case: ED seeks look out circular against Byju’s CEO Byju Raveendran – The Economic Times Video
New Delhi: The Directorate of Enforcement (ED) has asked the Bureau of Immigration (BOI) to issue a look out circular (LOC) against Byju Raveendran, founder and CEO of the eponymous, embattled edtech company Byju’s, people with knowledge of the matter told ET. The central agency approached BOI earlier this month to issue a fresh LOC … Read more
Zee founders may have diverted significant funds
Problems seem to be getting further compounded at the Zee group. A month back only, it’s long awaited mega merger with the Sony group was called off (after 2 years of negotiations). During this period, there were many actions taken by the regulators; especially related to the corporate governance. These actions in fact are speculated … Read more
Parent sells sizeable stake in Whirlpool India
Whirlpool Corporation, the American parent has sold 24% stake in its Indian entity, Whirlpool of India. Stake has been sold in the open market for a total value of $468 mn. Sale happened at Rs 1,277/ per share, a discount of 4.5% to the previous day’s closing price. Purpose of the sale has been mentioned … Read more
Government move to bring down FCI borrowings, reduce food subsidy outgo
In a move that will help Food Corporation of India (FCI) to reduce its borrowings from banks and save around Rs 750 crore annually, govt on Friday increased authorised capital of the corporation from Rs 10,000 crore to Rs 21,000 crore. This move will also reduce the overall food subsidy. FCI is responsible for procurement … Read more
Exports rise 3.12 pc in January despite Red Sea crisis; trade gap shrinks to 9-month low
India’s exports rose to a three-month high of 3.12 per cent to USD 36.92 billion in January despite global uncertainties including the Red Sea crisis, while the trade deficit narrowed to a nine-month low of USD 17.49 billion, the government data released on Thursday showed. After recording negative growth for two months in a row, … Read more
Axis Bank open to partnering with Paytm for new business: CEO Amitabh Chaudhry
Axis Bank, which claims leadership in the merchant acquiring space, is in talks with Paytm regarding partnerships across business lines. The bank, which has partnered with Paytm earlier, is now discussing newer areas for collaboration following RBI’s action against Paytm Payments Bank in Jan. Axis Bank MD & CEO Amitabh Chaudhry told reporters that any … Read more
Income taxes to fetch a big chunk of govt revenues
Robust growth in corporate and personal income tax receipts will lift the share of income taxes in central government revenues to a 15-year high in FY25, revenue secretary Sanjay Malhotra said. What coincided with FY24’s strong growth in income taxes is the sluggishness in customs and excise duty receipts. It is expected to improve only … Read more