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BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 09, 2024

PM Modi Inaugurates 'Rising Rajasthan Global Investment Summit'

Prime Minister Narendra Modi inaugurated the 'Rising Rajasthan Global Investment Summit' in Jaipur as the event's chief guest. The three-day event, being held from December 9 to 11 at the Jaipur Exhibition and Convention Centre (JECC), aims to bolster investment opportunities in Rajasthan and showcase its potential as a business hub.
PM Modi delivered the keynote address following a welcome speech by Rajasthan Chief Minister Bhajanlal Sharma. The summit is hosting over 5,000 industry leaders, investors, and dignitaries, including renowned industrialists Kumar Mangalam Birla, Anil Agarwal, Anand Mahindra, Sanjeev Puri, and Ajay S. Sriram.
A total of 32 countries are participating in the event, 17 of which, including Japan, Switzerland, Singapore, Denmark, and South Korea, are designated as partner nations.

International Conclave 2024 on 'Insolvency Resolution: Evolution & Global Perspective'

The Insolvency and Bankruptcy Board of India (IBBI) in association with INSOL India organised an International Conclave focusing on "Insolvency Resolution: Evolution & Global Perspective". The event brought together distinguished experts and practitioners from across jurisdictions to share insights and experiences in insolvency resolution.
M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India graced the occasion as Chief Guest. He highlighted the transformative journey of the Insolvency and Bankruptcy Code (IBC) since 2016, emphasising its critical role in improving bank asset quality and facilitating substantial pre-admission settlements of underlying debts of over Rs. 10 lakh crore.
The Conclave included three panel discussions. The ﬁrst Panel Discussion was on the theme "Issues, Recent Developments & New Trends in Restructuring & Insolvency Across Jurisdictions". The session was chaired by Mr. Sumant Batra, President, Insolvency Law Academy.
The second Panel Discussion was on the theme "Judgment Enforcement, Asset Recovery and Personal Guarantees". The session was chaired by Ms. Anita Shah Akella, Joint Secretary, MCA.
The third Panel Discussion focused on "Role of Institutional Creditors in Corporate Resolution Across Jurisdictions".

Dec 08, 2024

RBI Enables Small Finance Banks to Offer Pre-Sanctioned Credit via UPI

In a move aimed at improving financial inclusion, the Reserve Bank of India (RBI), after its Monetary Policy Committee (MPC) meeting, announced that Small Finance Banks (SFBs) now permitted to offer pre-sanctioned credit lines through the Unified Payments Interface (UPI). This decision is expected to provide financial services to underserved groups, such as small businesses, micro-entrepreneurs, and individuals in rural and semi-urban regions.

Paytm Gives Approval for Stake Sale in PayPay

Fintech firm One97 Communications, which owns Paytm, approved the sale of stake in Softbank group's fintech firm PayPay Corporation, the company said. Paytm holds 7.2 per cent stake in PayPay Corporation.

Dec 07, 2024

Anurag Mehrotra Resigns from Tata Motors, Likely to Join JSW MG Motor as CEO

Anurag Mehrotra, an experienced automotive industry professional with over two decades of expertise, resigned from his role as Vice President of International Business and Strategy at Tata Motors' Commercial Vehicles Business. After a remarkable stint at Tata Motors since October 2021, he is expected to join JSW MG Motor as CEO in February, leading the company's ambitious plans to triple its volumes in the next three to five years. Mehrotra's career includes notable achievements in both domestic and international markets, with significant leadership roles, including his tenure as Managing Director (MD) of Ford India.

Centre To Launch eMaap Portal for Fair Trade and Consumer Protection

The Indian government is introducing the National Legal Metrology Portal (eMaap) to promote fair trade practices and enhance consumer protection. This initiative is aimed at ensuring transparency, accountability, and compliance with legal metrology standards. As part of the Ministry of Consumer Affairs' effort, the portal will streamline services for businesses and consumers, fostering a balanced marketplace.
Key Features of eMaap Portal
Digital One-Stop Platform: The portal will provide a comprehensive digital interface for businesses and consumers, ensuring easy access to legal metrology services.
Automated Workflow: It will speed up processes through automated systems, offering real-time compliance tracking and updated regulations.
Registration and Certification: Businesses can register, get licensed, and obtain certifications more efficiently, helping them comply with legal requirements.
Consumer Awareness: The platform will educate consumers on their rights and offer grievance redressal mechanisms for issues related to measurement inaccuracies or violations.

Dec 06, 2024

Nykaa Fashion CEO Nihir Parikh Steps Down with Immediate Effect

Nykaa Fashion Chief Executive Officer Nihir Parikh resigned and was relieved with immediate effect.
Parikh resigned after holding several management roles at Nykaa for almost a decade. Parikh started in Nykaa as chief strategy officer in 2015 and went on to lead as chief business officer in 2016 for the next five years. In 2021, Parikh was promoted to CEO of NykaaMan and Head of Retail before becoming the CEO of NykaaFashion.com in 2023 and continuing as chief of NykaaMan.

SEBI Fines Reliance Securities Rs. 9 Lakh for Rule Violations

SEBI (Securities and Exchange Board of India) imposed a Rs. 9 lakh penalty on Reliance Securities Ltd (RSL) for breaching stock broker norms and market regulations following an inspection. The action was triggered after a review of RSL's records and documents by SEBI, NSE, and BSE from April 2022 to December 2023.
The inspection identified multiple violations including poor record-keeping, unauthorised terminal use, and lack of proper office segregation. Despite corrective steps taken by RSL, SEBI maintained that non-compliance during the inspection period warranted the penalty.

Shareholders Approve Gautam Singhania as Raymond Lifestyle Chairman

Gautam Hari Singhania was confirmed as the Executive Chairman of Raymond Lifestyle, following shareholder approval at the company's Annual General Meeting (AGM).
A special resolution for his appointment received 86.85% of the total votes cast.
The resolution not only secured the requisite majority but also highlighted strong support from the shareholders, despite earlier objections raised by proxy advisory firms. The AGM also approved eight additional resolutions, including the appointment of Independent Directors and Sunil Kataria as the company's Managing Director.

Dec 05, 2024

Hyundai Motor Group Ties up with IITs to Advance Battery, Electrification Research

Hyundai Motor Group tied up with three IITs to establish a collaborative research system in the fields of batteries and electrification entailing an investment of USD 7 million over five years. The South Korean group, which has presence across multiple segments including mobility, tied up with IIT Delhi, IIT Bombay and IIT Madras.
As part of the collaboration, Hyundai Centre of Excellence (CoE), will be set up within IIT Delhi and would operate through sponsorships from Hyundai Motor Group.

RBI Increases UPI Lite Wallet and Transaction Limits

In a bid to enhance digital payments, the Reserve Bank of India (RBI) raised the UPI Lite wallet limit to Rs. 5,000, with an increase in the per-transaction limit to Rs. 1,000. This adjustment aims to promote wider adoption of UPI Lite and ease offline transactions, providing a more seamless experience for users.
Per-Transaction Limit: The transaction limit for UPI Lite has been raised from Rs. 500 to Rs. 1,000, making it easier for users to conduct higher-value offline payments without the need for internet connectivity.
Total Wallet Limit: The total wallet limit for UPI Lite has been increased to Rs. 5,000 from Rs. 2,000. This change allows users to store more funds in their wallet for convenient small-value transactions.
Replenishment Process: The replenishment of the used limit will be allowed only in online mode, secured by Additional Factor Authentication (AFA), ensuring a higher level of security.

Bharti Airtel Signs Multi-billion Deal with Ericsson for 4G, 5G Expansion

Bharti Airtel, India's second-largest telecom operator, signed a multi-year, multi-billion-dollar agreement with Swedish telecom equipment provider Ericsson to extend its 4G and 5G contracts.
As per the new contract, Ericsson will deploy centralised RAN and Open RAN-ready solutions for network transformation which will help customers with wider coverage and enhanced capacity on the network. Ericsson will also undertake the software upgradation of its currently deployed 4G radios thereby enhancing the customer experience.

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