‘Air traffic may hit 83% of pre-COVID level in Q3’

‘FY22 to see 9.2 crore domestic fliers’ India’s aviation industry, battered by the pandemic, is expected to see 83% of average pre-COVID capacity by the third quarter of this fiscal, assuming no further impact or third wave, Morgan Stanley said in a report. According to the report, India could witness 90% of average pre-COVID capacity in the fourth quarter. Estimating […]

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Siva Industries’ promoters offer is better option: lenders

Promoters tell NCLT: ‘Will clear all dues within 180 days’ The promoters of Siva Industries Holdings Ltd. have told the National Company Law Tribunal (NCLT) that they would clear all dues, within 180 days, as per the terms of agreed out-of-court settlement with the lenders. The NCLT had sought explanation from lenders on the rationale behind accepting the one-time settlement […]

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IOB net surges twofold to ₹350 cr. as income rises

Bank to focus on recovery, says MD Public sector lender Indian Overseas Bank (IOB) standalone net profit for the fourth quarter ended March increased more than twofold to ₹350 crore on account of a rise in other income and decline cost of deposits. “We have excelled in all the key parameters and have requested the Reserve Bank to remove us […]

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Google to change global advertising practices in landmark antitrust deal

French authority fines U.S. tech firm $268 mn; probe followed publishers’ plaint Google said it would make changes to its global advertising business to ensure it did not abuse its dominance, bowing to antitrust pressure for the first time in a landmark settlement with French authorities. The deal with the French competition watchdog could help rebalance the power over advertising […]

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NCLT approves Piramal’s DHFL offer

Tribunal says approval subject to final NCLAT ruling, SC’s judgement on Kapil Wadhawan’s plea The National Company Law Tribunal on Monday approved the Piramal Group’s bid for bankrupt-DHFL, subject to certain conditions. The NCLT’s Mumbai-bench, chaired by H P Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final ruling from the National Company Law Appellate Tribunal and […]

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Carlyle-led firms to invest ₹3,185 cr. in PNB Housing Finance

Deal to trigger open offer Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, LP and Carlyle Asia Partners V, LP will invest up to ₹3,185 crore in PNB Housing Finance Ltd. The investment would be via preferential allotment of equity shares and warrants at ₹390 apiece. This follows an approval by PNB Housing Finance’s board to raise […]

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Govt. may notify export refund rates by May end: DGFT Yadav

Delay has affected exporters’ pricing strategies The government may finally notify the refund rates for taxes paid on exported goods by the end of this month, a senior trade official said on Friday, almost five months since the introduction of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme with the delay affecting exporters’ pricing strategies. Directorate General […]

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CBIC allows goods import, export sans Customs bond

Tax body eases norm till June 30 to avoid delays on COVID The Central Board of Indirect Taxes and Customs (CBIC) on Saturday allowed businesses to import and export goods without furnishing bonds to the Customs authorities until June-end, a move aimed at ensuring no delay or disruption in EXIM trade due to COVID-19. In a circular, the CBIC said […]

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