India Markets close in 5 hrs 39 mins

QBiz: Airtel, Jio Bid for RCom; DGCA Warns IndiGo Over Neo Engines

1. Airtel, Reliance Jio Submit Bids for Assets of Bankrupt RCom

Reliance Jio Infocomm Ltd and Bharti Airtel Ltd on Monday submitted bids for assets of bankrupt Reliance Communications Ltd and its two units, two people aware of the matter said.

Monday was the last day for submitting bids, 10 days after insolvency resolution professional Anish Niranjan Nanavaty of Deloitte India extended the previous deadline.

Airtel and Bharti Infratel, which had earlier bid together for RCom, are likely to have bid jointly again. That bid was withdrawn in protest against the deadline extension made on the request of Reliance Jio.

(Source: Livemint)

2. More Flights May Be Grounded, DGCA Warns IndiGo

India’s aviation regulator on Monday warned IndiGo that the airline’s efforts to modify the glitch-prone older Pratt & Whitney (PW) engines installed on Airbus A320Neo aircraft were not satisfactory. This means a significant portion of IndiGo’s fleet could be grounded if the carrier fails to meet 31 January 2020 deadline.

“We may find ourselves in a situation in which we remain saddled with a large number of aircraft with unmodified engines and operating on a schedule approved by us," the Directorate General of Civil Aviation (DGCA) said.

(Source: Livemint)

Also Read: Anil Ambani & 4 More Resign as Directors of Reliance Communication

3. Subhash Chandra Steps Down as Chairman of Zee Entertainment

Four days after selling a stake in India’s largest listed television network, Subhash Chandra, who founded Zee Entertainment Enterprises Ltd (ZEEL) in 1992, has stepped down as chairman of the company, paving the way for the company’s transition to an institutionally managed entity.

Chandra will, however, continue as a non-executive director on the company’s board, while his son Punit Goenka will continue as managing director and chief executive officer of ZEEL. The company is yet to announce who will replace Chandra as chairman.

(Source: Livemint)

4. Oyo’s Losses Balloon to Rs 2,385 Cr in FY19

Hospitality startup Oyo Hotels and Homes’ losses swelled more than sixfold to Rs 2,384.69 crore in the fiscal year ended 31 March 2019, even as revenue jumped more than fourfold during the period, signalling that the six-year-old startup may have a long way off from an initial share sale.

Revenue climbed to Rs 6,457 crore in FY19 from Rs 1,413 crore in the previous year, according to a valuation report filed with the Registrar of Companies (RoC) last week and reviewed by Mint. Total expenditure at Oyo surged nearly fivefold to Rs 9,027.53 crore in FY19 from Rs 1,835.38 crore reported a year ago.

(Source: Livemint)

Also Read: Media Baron Subash Chandra to Sell Upto Half of Stake in Zee Ent

5. Price-Fixing Charges: Sun Pharma in Talks With US to End Anti-Trust Probe

Teva Pharmaceutical Industries Ltd and other generic drugmakers have held talks with the US Justice Department in the past six months about resolving a long-running criminal antitrust probe of alleged price-fixing by the companies, according to people familiar with the matter.

Among the possible outcomes that have been discussed are deferred prosecution agreements in which the companies would admit to certain allegations but would be shielded from indictment in exchange for cooperating with the investigation and paying fines.

(Source: Business Standard)

6. Karvy Denies Misuse of Client Funds, Says Only Rs 50 Cr Dues Pending

Karvy Stock Broking (KSBL) owes Rs 40-50 crore to its clients and the money will be repaid over the due course, said a top official. The brokerage refuted claims that it has defaulted on loans worth Rs 2,000 crore.

“We don’t know from where this Rs 2,000 crore figure has come. I would like to say all the securities are intact. All these will be credited into regular accounts. So investors don’t have to worry as to what will happen to their securities. There is no default in this particular case. The Sebi order says that the securities have not been dealt with properly,” said the official.

(Source: Business Standard)

Also Read: Sebi Bars Karvy Stock Broking From Taking New Clients

7. Centre Orders SFIO Probe Into Debt-Laden DHFL, 5 Other Real Estate Firms

The government has ordered a Serious Fraud Investigation Office (SFIO) probe into the affairs of Dewan Housing Finance (DHFL) and five real estate companies, Anurag Thakur, minister of state for corporate affairs, told the Lok Sabha on Monday.

The five realty companies that will be investigated by the SFIO include Immediate Real Estate, Tenancity Real Estate, RKW Developers, Darshan Developers, and Rajen Skycraper.

The ministry of corporate affairs had received the investigation report of DHFL from the regional director – western region on 24 October.

(Source: Business Standard)

8. IL&FS Case: NCLT Turns Heat on CEOs of Axis, Standard Chartered Bank

The National Company Law Tribunal (NCLT) on Monday issued notices to the chief executive officers (CEOs) of Axis Bank and Standard Chartered Bank, asking them to personally appear in the contempt proceedings against them for violating the tribunal’s order, failing which non-bailable warrants would be issued against them.

Bankers, NCLT said, failed to appear in the case relating to the IL&FS fraud despite repeated notices from the ministry of corporate affairs (MCA). The matter is scheduled to be heard by the tribunal next on 16 December.

(Source: Business Standard)

Also Read: Urban Unemployment Rate Drops to 9.3% in Jan-March 2019: Govt Data

9. SpiceJet Enters Into Codeshare Agreement With Dubai-Based Emirates

Budget airline operator SpiceJet on Monday entered into a codeshare and interline agreement with Dubai-based Emirates, pending government approvals.

According to SpiceJet, the agreement will allow travellers to and from India to access a wider and a stronger route network.

This is the first-ever codeshare agreement signed by SpiceJet.

In aviation parlance, a codeshare allows two airlines to sell seats on each others' flights to provide passengers with a wider choice of destinations.

(Source: NDTV)

. Read more on Business by The Quint.RSS & BJP’s Nehru-Netaji ‘Cosplay’: Irony Dies a Thousand DeathsQBiz: Airtel, Jio Bid for RCom; DGCA Warns IndiGo Over Neo Engines . Read more on Business by The Quint.