COMPANIES & SECTORS


Online food-delivery platform Swiggy on Thursday said its employees will have the option to receive liquidity of up to $23 million against their employee stock ownership plans (ESOPs).   Swiggy announced the next round of ESOP liquidity to be held in July 2023.   This enables...

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Moneylife Digital Team 29 June 2022
Online coding provider WhiteHat Jr, the beleaguered platform under edtech giant BYJU's umbrella, has laid off around 300 employees, after more than 1,000 of its employees resigned after being asked to return to office in April-May.   This time, most of the fired employees belonged to...

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Moneylife Digital Team 28 June 2022
In an example of how the market regulator has multiple proceedings on the same issue, the Securities and Exchange Board of India (SEBI) has imposed penalties of Rs12 crore on two Sahara group firms for an issue going back to 2008-09. A whole decade after the pathbreaking supreme court (SC)...

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Moneylife Digital Team 28 June 2022
Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani has decided to step down from the board of RIL unit Reliance Jio Infocomm Ltd. Reliance Jio has named his son Akash Ambani as the new chairman.   In a regulatory filing, Reliance Jio says, "The board of...

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Adani Ports and Special Economic Zone Ltd has moved the Supreme Court (SC), challenging the Bombay High Court (HC) order, which declined to entertain its plea against the disqualification of its bid in a tender issued by the board of trustees of Jawaharlal Nehru Port Authority...

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Moneylife Digital Team 27 June 2022
In a severe rebuke to Dish TV promoters, a majority of its shareholders has voted against the reappointment of managing director (MD) Jawahar Lal Goel and two other directors at its extraordinary general meeting (EGM). The development is a major victory for Yes Bank, the largest shareholder...

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Moneylife Digital Team 27 June 2022
The Bombay High Court on Monday imposed costs of Rs5 lakh on Adani Ports and Special Economic Zone Ltd (Adani Ports) while dismissing its plea challenging the disqualification of its bid in connection with the tender issued by the board of trustees of Jawaharlal Nehru Port Authority (JNPA)...

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Moneylife Digital Team 27 June 2022
Aurobindo Pharma Ltd has revealed that it has received a warning letter from market regulator Securities and Exchange Board of India (SEBI) for non-disclosure of details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the US Food and Drug...

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Online food delivery platform Zomato, which saw its stock tumbling below its IPO (initial public offer) price, as India reopened and retail food industry came back on track, had acquired quick-commerce grocery delivery platform Blinkit for a whopping Rs4,447 crore—about US$568mn (million)....

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Ride-hailing platform Ola has shut down its used vehicle business Ola Cars as well as Ola Dash, its quick-commerce business, at a time when Indian companies are pouring money into the 10-15 minute grocery delivery market.   The company shut Ola Cars within one years of its launch, as...

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Lifestyle social commerce platform Trell has seen another wave of employee exodus as it struggles to pay creators in the country. The company, however, on Monday claimed it has paid all its creators.   At least 100 more employees have left the video commerce platform as several...

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Moneylife Digital Team 24 June 2022
Audit regulator the National Financial Reporting Authority (NFRA) has found several deficiencies in the statutory audit conducted by SRBC & Co LLP, a member of EY (Ernst & Young), of Infrastructure Leasing & Financial Services (IL&FS) for FY17-18. According to the audit quality review report...

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The enforcement directorate (ED) has attached movable and immovable assets worth Rs257 crore based in Gurugram, Goa, Chennai and other places in connection with the money laundering case against Unitech Limited.   With this, the total value of various domestic and overseas assets...

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As edtech platforms continue to lay off employees in India, US-based celebrity-driven learning provider MasterClass has announced it is reducing its workforce by 20 per cent.   MasterClass CEO David Rogier said the decision was taken to "adapt to the worsening macro environment and...

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Moneylife Digital Team 22 June 2022
The steel industry could face US$518bn (billion) in stranded asset risk as countries work towards meeting their long-term carbon neutrality commitments, if the 345.3MTPA (million tonnes per annum) of emissions-heavy blast furnace basic oxygen furnace capacity (BF-BOF) proposed or under...

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Moneylife Digital Team 20 June 2022
Even as Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telecom Nigam Ltd (MTNL) are struggling hard to survive the onslaught, private telcos are now snatching more and more landline subscribers from the State-run telecom companies. In fact, during fiscal 2022, both BSNL and MTNL lost 17%...

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Moneylife Digital Team 18 June 2022
Edtech platform Unacademy has fired more that 150 employees in the second round of layoffs at the company, after it asked around 600 workers to go in April this year as the funding winter settled in.   Sources told IANS that the current layoffs have affected the team at...

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Moneylife Digital Team 16 June 2022
Luggage makers are set to wheel in year-on-year (y-o-y) revenue growth of 45%-50% this fiscal on the back of pent-up tourism demand, resumption of corporate travel, reopening of schools, colleges and offices, and limited restrictions on festivities and social events. That would be 5%-7% more...

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Moneylife Digital Team 15 June 2022
The Reserve Bank of India (RBI)-appointed administrator at Srei Equipment Finance Ltd has found fraudulent transactions worth more than Rs3,000 crore conducted over financial year (FY) 2019-20 and 2020-21. The fraudulent transactions were found by BDO India LLP, which acted as transaction...

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Moneylife Digital Team 15 June 2022
The Union Cabinet, on Wednesday, approved a proposal from the department of telecommunications (DoT) to conduct a spectrum auction by July end for providing fifth-generation (5G) services in India. A total of 72097.85MHz (megahertz) spectrum with a validity period of 20 years will be put to...

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