Chanda Kochhar loses job, Srikrishna Committee submits report to ICICI Bank following probe into ICICI Bank-Videocon loan case. Investigative portal Cobrapost alleges INR31,000cr scam by the promoters of DHFL. Apple reports fall in revenue in Q1.
Now to Today's Top Business News Stories in Our End Of Day Wrap Up:
Chanda Kochhar loses job, Srikrishna Committee submits report to ICICI Bank following probe into ICICI Bank-Videocon loan case.
You Are Under Watch: As per a Business Standard report, ICICI Bank-appointed panel has submitted its report in the INR3,250cr ICICI bank-Videocon loan case. Board finds Chanda Kochhar in violation of its Code of Conduct, fires her and claws back her bonuses from April 2009-March 2018.
Hit Refresh: ICICI had constituted the panel under Justice Srikrishna on May 30, 2018, to probe various allegations, including the alleged conflict of interest and quid pro quo against the Kochhars in the Videocon loan case.
View ICICI Q3 latest update here.
Flipkart seeks 6-month extension to comply with the new FDI ecommerce rules, warns of major 'customer disruption'. On the flip side, Amazon and Flipkart assure exclusive sellers of usual sale.
Flipkart Chief Executive Kalyan Krishnamurthy noted that redesigning multiple elements to ensure compliance to the new ecommerce FDI rules has caused diversion of significant resources, and the platform faces “significant customer disruption”. Consequently, Flipkart is seeking a six-month delay in the implementation of the policy. No surprises there!
All’s Well…Seemingly: Ahead of the implementation of the new policy, e-tailers Amazon and Flipkart have assured exclusive sellers that they will be able to operate on the platforms as usual, albeit some minor some tweaks and rephrasing of agreements.
Catch Me If You Can: In a rather desperate attempt to comply with new norms, and to ensure that the onus of exclusivity lies on the brand rather than the marketplace,
Read this piece to understand what the fuss is about.
Investigative portal Cobrapost alleges INR31,000cr scam by the promoters of DHFL.
What You Need to Know: Investigative portal Cobrapost alleged a INR31,000cr scam by promoter of NBFC Dewan Housing Finance Corporation Limited (DHFL).The portal alleged that the scam has been pulled off primarily by sanctioning and disbursing funds as secured and unsecured loans to dubious shell companies, which have in turn passed the money on to companies controlled by the Wadhawans, the chief promoters of DHFL.
"Mischievous Misadventure": DHFL however, denied all charges and said that the "mischievous misadventure appears to have been done with a mala fide intent to cause damage to the goodwill and reputation of DHFL and resulting in erosion in shareholder value".
Read the original story by Cobrapost here.
Apple reports fall in revenue in Q1.
Missing revenue guidance, Apple reported a 4.5% fall in revenue to $84bn and a marginal fall in profit to $20bn in Q1.
Revenue from iPhone declined 15% vs last year, while total revenue from all other products and services grew 19%.
Midlife Crisis: The slump in growth can be ascribed to users’ increasing reluctance to upgrade to pricier devices and fierce competition in China from lower-priced, feature-rich phones.
Meanwhile…Apple Hits a New Milestone: The tech giant reported to have hit a new milestone with 1.4bn active Apple devices globally. This covers iPhones, Macs, iPads, Apple TVs, iPods, and Apple Watches. Accessories like AirPods aren’t included.
NCLAT declines plea of Essar Steel operational creditor seeking INR800cr. NCLT rejects promoter Ruia's INR54,389cr proposal to settle debt.
A two-member bench refused a plea by operational creditor of Essar Steel, Kamaljeet Singh seeking dues worth INR800cr, who had requested NCLAT to direct the Ahmedabad bench of NCLT to hear his plea before taking any decision on ArcelorMittal resolution plan.
More Woes: NCLT on Tuesday turned down a INR54,389cr debt settlement proposal put forth by Ruia's, promoters of Essar, which is much higher than the winning bid by ArcelorMittal (INR42,000cr) stating that the proposal is not maintainable as the only way to make a bid is through Section 12A. Essar Steel owes c. INR49,000cr to its lenders.
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