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ICICI CEO Chanda Kochhar to go on leave till internal inquiry ends
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
ICICI Bank's CEO Chanda Kochhar has decided to go on leave till the independent inquiry into impropriety allegations against her is complete. She is accused of conflict of interest over loans issued to Videocon Group, whose promoter had business links with her husband Deepak Kochhar. The bank has appointed ICICI Prudential Life CEO Sandeep Bakhshi as COO for five years.
short by Krishna Veera Vanamali / 09:16 pm on 18 Jun
₹309 crore awarded to woman hurt by falling shopping cart
short by Manaya Bagga / on 16 Jun 2018,Saturday
A woman who suffered severe injuries when two boys tossed a shopping cart onto her head at a US mall in 2011 has been awarded $45.2 million (₹309 crore). The woman's family sued the mall for negligence, saying they ignored past incidents involving kids playing around with carts. The boys who tossed the cart were sent to juvenile facilities.
short by Manaya Bagga / 10:32 pm on 16 Jun
Ratan Tata is the only Indian investor in Xiaomi
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
Ratan Tata, the Chairman Emeritus of Tata Sons, is the only Indian investor in Chinese smartphone maker Xiaomi, according to its IPO filings. Tata picked a 0.0024% stake (49,583 shares) in 2015 through his Singapore-based company RNT Associates International. His stake could be worth $2.1 million now based on Xioami's estimated valuation of over $90 billion, according to Bloomberg Quint.
short by Krishna Veera Vanamali / 09:26 pm on 18 Jun
Audi CEO Rupert Stadler arrested in diesel emissions probe
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
German authorities have arrested Audi CEO Rupert Stadler on Monday for his alleged role in the Volkswagen Group's 2015 diesel emissions scandal. Munich prosecutors, who raided Stadler's private apartment last week, said he was arrested over risk that he may tamper with evidence. Stadler has been the luxury carmaker's CEO since 2007 and a Volkswagen Group board member since 2010.
short by Krishna Veera Vanamali / 03:37 pm on 18 Jun
Girnar tea moves HC against BigBasket over trademark
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
Tea maker Girnar Food and Beverages has moved the Bombay High Court against grocery retailer BigBasket for infringing its 'Royal' trademark, as per reports. Girnar has alleged that the online grocery startup is using the 'Royal' trademark to sell several products, including tea. Founded in 2011, BigBasket is backed by investors including Alibaba, Abraaj Capital, and Helion Venture Partners.
short by Krishna Veera Vanamali / 08:43 am on 18 Jun
Indian-American Balwani, Theranos CEO charged with fraud
short by Gaurav Shroff / on 16 Jun 2018,Saturday
Founder of blood-testing startup Theranos, Elizabeth Holmes, and former President Ramesh Balwani, have been criminally charged for multimillion-dollar schemes to defraud investors, doctors, and patients. The former couple was allegedly aware that Theranos' blood tests were not consistently providing reliable results. They were released on a $500,000 bail and ordered to surrender passports.
short by Gaurav Shroff / 06:35 pm on 16 Jun
States got ₹10,000 cr tax online post e-gov move: Road Ministry
short by Krishna Veera Vanamali / on 17 Jun 2018,Sunday
States have collected taxes worth ₹10,000 crore online since the rollout of Transport Mission Mode Project (MMP) under the Centre's e-Governance initiative, the Road Transport and Highways Ministry said. Over 19 crore vehicles and 10 crore driving license records have come under the National Register, it said. The ministry added that over 50 lakh national permits have been issued online.
short by Krishna Veera Vanamali / 07:39 pm on 17 Jun
Nirav Modi holds at least 6 Indian passports: Reports
short by Krishna Veera Vanamali / on 17 Jun 2018,Sunday
Agencies investigating the PNB scam have reportedly found that Nirav Modi has at least 6 Indian passports, of which two have been active for quite some time. Of the two active passports, one had only the jeweller's first name with a 40-week UK visa issued against it, reports said. Nirav Modi has been reportedly traced to Belgium by intelligence agencies.
short by Krishna Veera Vanamali / 08:05 pm on 17 Jun
India proposes $241 mn retaliatory tariffs on 30 US products
short by Manaya Bagga / on 16 Jun 2018,Saturday
India has proposed to introduce $240-million retaliatory tariffs on a list of 30 items imported from the US. India had asked the US to exempt it from its tariffs on steel and aluminium, but US rejected the request. India has notified the World Trade Organisation about the list, including apples, almonds and motorcycles, on which it intends to impose tariffs.
short by Manaya Bagga / 07:00 pm on 16 Jun
LIC gets notice for not paying ₹2,050-crore service tax
short by Krishna Veera Vanamali / on 17 Jun 2018,Sunday
India's largest insurance company, Life Insurance Corporation of India, has received a ₹2,050-crore service tax notice from the Directorate General of GST Intelligence. The notice to the state-owned company was for non-payment of service tax on forfeited policies since July 2012. Tax officials alleged that LIC suppressed facts with an intent to evade service tax payment on forfeited policies.
short by Krishna Veera Vanamali / 04:54 pm on 17 Jun
Mallya diverted ₹3,700 cr to F1, IPL, private jet rides: ED
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
The Enforcement Directorate has alleged that Vijay Mallya and his firms fraudulently diverted over ₹3,700 crore bank loans to a UK-based F1 motorsport firm, an IPL team, and for private jet sorties. The agency named Mallya, Kingfisher Airlines and United Breweries in its chargesheet. ED added that a plane acquired for Kingfisher's passenger operations was used as Mallya's personal carrier.
short by Krishna Veera Vanamali / 10:45 pm on 18 Jun
Air India's building in Mumbai earns annual rent of ₹100 cr
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
Air India's 23-storey building in Mumbai's Marine Drive generates an annual rent of ₹100 crore, equal to half of the monthly salary paid out to its 21,000 employees. "Nearly 17 floors are on rent. It contributes to some extent when the finances are bad,” Air India chief Pradeep Singh Kharola said. The building served as Air India's headquarters until 2013.
short by Krishna Veera Vanamali / 10:42 pm on 18 Jun
ICICI Life chief to be made ICICI Bank's interim CEO: Report
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
ICICI Bank is reportedly planning to appoint Sandeep Bakhshi, CEO of ICICI Prudential Life, as the bank's interim CEO, replacing Chanda Kochhar. The bank may ask Kochhar to go on leave until an internal investigation into conflict of interest allegations against her is completed, reports said. Bakhshi has been the chief of the life insurance arm since August 2010.
short by Krishna Veera Vanamali / 03:53 pm on 18 Jun
Time Warner renamed as WarnerMedia after AT&T merger
short by Manaya Bagga / on 16 Jun 2018,Saturday
Time Warner has been renamed as WarnerMedia, less than a day after AT&T completed its $85.4 billion acquisition of the media conglomerate, according to an internal memo from AT&T executive John Stankey. He said the old name often created confusion, as many consumers "never learned to distinguish between Time Warner, the media company, and Time Warner, the former cable company."
short by Manaya Bagga / 10:33 pm on 16 Jun
Only 3 fake rupee notes seized in Switzerland last year
short by Krishna Veera Vanamali / on 17 Jun 2018,Sunday
After a 320% surge in 2016, only 3 fake Indian currency notes were seized in Switzerland in 2017, official data showed. As many as 1,437 fake ₹1,000 notes and five counterfeit ₹500 notes were seized during 2016. Fake Indian notes were the third most seized counterfeit foreign currency in Switzerland during 2016 after euro and dollar.
short by Krishna Veera Vanamali / 08:23 pm on 17 Jun
Nirav Modi took a train from London to Brussels on June 12
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
Nirav Modi travelled on a train from UK's London to Belgium's Brussels on June 12 using an Indian passport, according to reports. Indian officials have reportedly verified this from European authorities who captured the jeweller's passport details. Nirav Modi is still using Indian documents to travel as an Interpol Red Corner Notice has not been issued against him, reports added.
short by Krishna Veera Vanamali / 05:17 pm on 18 Jun
India to become $5 trillion economy by 2025: Prez Kovind
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
Addressing the Indian diaspora in Greece, President Ram Nath Kovind said India is working towards becoming a $5 trillion economy and the world's third largest consumer market by 2025. India's economy was estimated at $2.6 trillion in 2017, according to the International Monetary Fund. Notably, Kovind is the first Indian president to travel to Greece in 11 years.
short by Krishna Veera Vanamali / 05:47 pm on 18 Jun
India has 10 crore people between 21-35 with bad skills: Pai
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
Angel investor Mohandas Pai claimed that India has 10 crore people in the 21-35 age group with bad skills. "Because of the failure of UPA...we will add another ten crore by 2025," Pai added. He was commenting on an SBI report, which said India has only one decade to become a developed nation and will need to focus on education.
short by Krishna Veera Vanamali / 10:42 pm on 18 Jun
I-T Dept detects ₹10,767 cr undisclosed income during FY18
short by Manaya Bagga / on 16 Jun 2018,Saturday
The Income Tax Department has reportedly unearthed undisclosed income amounting to ₹10,767 crore in fiscal 2017-18, compared to ₹9,051 crore in 2016-17. The income was detected during the verification of cases of Non Pan Data, Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) data. The cases under FATCA increased over three times to 3,500 cases in 2017-18.
short by Manaya Bagga / 08:14 pm on 16 Jun
Airtel user refuses help from Muslim employee, company responds
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
Airtel on Monday allegedly assigned a representative named Gaganjot after a user requested for a "Hindu representative" saying she had 'no faith in the work ethic' of Shoaib, a Muslim representative handling her complaint. Airtel later said it does not differentiate anyone based on religion, adding, "Both Shoaib and Gaganjot are part of our customer resolution team."
short by Krishna Veera Vanamali / 11:09 pm on 18 Jun
Govt sends notices to 2.25 lakh suspected shell companies
short by Krishna Veera Vanamali / on 17 Jun 2018,Sunday
As part of its crackdown on shell companies , the Ministry of Corporate Affairs has served notices to 2.25 lakh companies that haven't been carrying out business for long. The decision on deregistering them would be taken after considering their responses. This comes after the ministry deregistered about 2.26 lakh companies last year for failing to comply with regulatory requirements.
short by Krishna Veera Vanamali / 07:39 pm on 17 Jun
Samsung spent $13.7 billion on taxes globally in 2017
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
South Korean technology giant Samsung Electronics spent 15.1 trillion won ($13.7 billion) to pay taxes around the world in 2017. The record amount posted last year nearly doubled from 7.8 trillion won posted in 2015. Samsung said the Korean government accounted for 81% of amount with other Asian countries accounting for 10%.
short by Krishna Veera Vanamali / 09:35 pm on 18 Jun
My forecast on growth rate cut has come true: P Chidambaram
short by Krishna Veera Vanamali / on 17 Jun 2018,Sunday
Senior Congress leader P Chidambaram has said his prediction of 1.5% cut in the GDP growth rate after demonetisation has come true. Claiming that demonetisation had been hugely "detrimental" to India in the 21st century, Chidambaram said, "A demonetisation like grief shouldn't befall on any country." While the GDP growth rate was 8.2% in 2015-16, it was 6.7% in 2017-18.
short by Krishna Veera Vanamali / 11:00 pm on 17 Jun
Man cheated of ₹22 lakh on pretext of Bitcoin trading
short by Krishna Veera Vanamali / on 17 Jun 2018,Sunday
Thane Police has booked 7 people for allegedly cheating a man of ₹22.59 lakh after luring him into a Bitcoin investment scheme. Raghuveer Kulkarni was introduced to the scheme by one of his friends, who assured him good returns. However, the accused did not pay Kulkarni any money and closed down their business and fled, the police said.
short by Krishna Veera Vanamali / 08:06 pm on 17 Jun
Govt may sell stake in Coal India to meet divestment target
short by Krishna Veera Vanamali / on 18 Jun 2018,Monday
The government is reportedly planning to offload a stake in Coal India after its bid to sell 76% stake in Air India turned unsuccessful. The government in its Budget announced a disinvestment target of ₹80,000 crore for the ongoing fiscal. The government, which currently holds over 78% stake in Coal India, had sold 10% stake for ₹22,550 crore in 2015.
short by Krishna Veera Vanamali / 09:22 pm on 18 Jun
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