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The Economic Times
The Economic Times Tax authorities seek $101 million in Byju's insolvency process
Backed by General Atlantic, Byju's was valued at $22 billion in 2022, but has seen its fortunes dwindle due to many regulatory issues and more recently a dispute with U.S. lenders who are demanding $1 billion in unpaid dues, triggering the company's insolvency that led to an assets freeze.
The Economic Times Tatas' aviation business more than halves loss in FY24: Annual report
The Tata Group's aviation business, including Air India and Vistara, reduced losses to ₹6,337 crore from ₹15,414 crore. Air India saw a 24% revenue increase to ₹51,365 crore. Tata Digital's business grew 148%, but net losses widened. Tata Sons' net profit rose 57% to ₹34,654 crore.
The Economic Times Financial services sector must grow 20x for India to reach $30 trillion GDP, says report
India aims to achieve a $30 trillion GDP by 2047, requiring significant growth in the financial services sector, especially banks. A report by BCG, FICCI, and Indian Banks’ Association highlights the need for $4 trillion in bank capital and emphasizes financial inclusion, digitization, and emerging technologies as key drivers for this growth.
The Economic Times Sebi officers protest in Mumbai, demand chief Madhabi Buch's resignation
Protest Against Madhabi Puri Buch: Over 500 Sebi officers protested at the Mumbai headquarters, demanding chairperson Madhabi Puri Buch's resignation and withdrawal of a media statement accusing them of being influenced by external elements. The silent protest followed earlier complaints about HR issues and a press release they described as spreading lies against employees.
The Economic Times Banks at disadvantage to mutual funds, says IBA chairman
Banks face challenges in attracting deposits due to regulatory restrictions, making mutual funds more appealing. Indian Banks’ Association chairman MV Rao highlights the need for government support to draw savers. HSBC India CEO suggests studying deposit creation causes, while SBI chairman notes difficulties with special schemes like green deposits.
The Economic Times PAC chairperson says panel to decide on Buch's appearance
The Congress has questioned payments made to Buch by ICICI Bank, her former employer, after she became a whole-time member of SEBI, and sought an independent probe into the matter.
The Economic Times MSKA quits as Byju's auditor, two years after Deloitte exit
Audit firm MSKA & Associates has resigned as Byju's statutory auditor, citing uncooperative management and suspicious transactions involving a Dubai-based reseller. This resignation affects the audit for FY23 accounts and follows Deloitte Haskins & Sells' exit in 2022. The firm reported difficulties in obtaining necessary information and raised concerns over Byju's financial stability.
The Economic Times Looking into vacancies in Income Tax appellate tribunals: SC
The Supreme Court on Friday told a Bengaluru-based bar body that it is looking into issues related to vacancies in income tax appellate tribunals (ITATs).
The Economic Times Payments cos handed GST bill for transactions below Rs 2,000
More than 80% of the total digital payments in India are of less than Rs 2,000 in value. The payments aggregators have not been charging tax on the service they provided to merchants on such transactions, following a government notification issued during demonetisation in 2016.
The Economic Times PwC warns of AI risk management gap as industries rush to embrace tech
Only 58% of executives in sectors like healthcare, technology, and financial services have conducted a preliminary assessment of AI-related risks, despite the widespread adoption of the technology.
The Economic Times Global capital available, India must act on tax and governance frameworks, says MD of NaBFID
Rajkiran Rai G, MD of NaBFID, discussed the importance of creating a conducive tax and governance framework to attract global capital for infrastructure. Rai highlighted domestic savings, the low risk of infra defaults, and the need for improved technology efficiency in the public sector.
The Economic Times Cybercriminals target SMEs as large companies beef up security
Attacks onsmall and medium enterprises (SMEs) (with 100-5,000 employees) have significantly risen in India and accounted for nearly half of all such incidents in 2023. Among large organisations, only 10% of those attacked paid ransom, whereas with SMEs, 44% ended up paying amounts ranging between $25,000 and $100,000, according to data from cybersecurity firms.
The Economic Times September IPO Frenzy: Dalal Street set for biggest listing line-up in 14 years as stocks sizzle
September is set to be the busiest month for IPOs in 14 years, with over 15 companies entering the market. Companies like Bajaj Housing, PN Gadgil Jewellers, and Kross Limited are among those launching IPOs. Strong investor demand and buoyant secondary markets are driving this surge, with recent IPOs showing good returns.
The Economic Times Maharashtra says Tower-Adani to set up $10 billion semiconductor unit
Sources in the ministry of electronics and information technology said that while the project might have been approved at the state level, a joint application submitted by Israel's Tower Semiconductor and Adani Group was still under consideration by the India Semiconductor Mission (ISM) and the IT ministry.
The Economic Times Public Accounts Committee to look into allegations against Sebi Chief Madhabi Puri Buch
The parliamentary Public Accounts Committee (PAC) is set to investigate allegations against Sebi chief Madhabi Puri Buch. The inquiry follows claims of conflict of interest and corrupt practices. The PAC, led by Congress leader KC Venugopal, will review the performance of regulatory bodies, including Sebi, later this month.
