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QBiz: Jet’s Revival Hope; Property of Kamal Nath’s Nephew Attached

1. Anil Agarwal’s Family Trust Shows Interest in Jet Airways

Billionaire Anil Agarwal’s family trust, Volcan Investments emerged as a surprise contender to invest in Jet Airways, being one of the three entities that responded to the call for expressions of interest (EOI).

“Volcan Investment, investment company for Anil Agarwal, in an exploratory move, has sought an EoI for Jet Airways, to understand the business scenario for the company and the industry,” the trust said in a statement.

(Source: The Economic Times)

2. Benami Law: I-T Attaches Posh Delhi Bungalow, FDI Funds of Kamal Nath’s Nephew Ratul Puri

The Income Tax Department on Sunday said it has attached benami assets worth Rs 300-crore bungalow in a posh Delhi locality and USD 40 million funds brought from a Mauritius-based entity in connection with its probe against businessman Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, and his father.

It said a provisional order of attachment against Puri's has been issued under section 24(3) of the Prohibition of Benami Property Transactions Act, 1988. The law was lying inoperative and was enforced from November 2016 by the Modi government.

(Source: The Economic Times)

3. Reliance Plans to Produce Only Jet Fuel, Petrochemicals at Jamnagar Refinery

Billionaire Mukesh Ambani’s Reliance Industries Ltd. plans to produce only jet fuel and petrochemicals at its Jamnagar refinery in Gujarat, as part of its oil-to-chemicals strategy that will eliminate most fuels it produces in favour of high-value products.

(Source: BloombergQuint)

4. Govt Looks to Reverse Economic Slowdown with a Stimulus Package

The government is stitching together a set of measures, including tax cuts and targeted sops, to reverse an economic downturn, three people aware of the ongoing discussions said, amid fears of a global slowdown.

The idea is to roll out a host of countercyclical measures, including sectoral incentives and confidence-building steps for the private sector, to stimulate the economy that is grinding through losses, layoffs and an investment freeze.

(Source: Livemint)

5. Tata Capital Looks to Tap Offshore Markets Through Dollar Bonds

Tata Capital is looking to tap offshore markets for raising debt through dollar bonds as well as the external commercial borrowing route to diversify its liabilities, a top company executive said.

Through its various subsidiaries, the financial services arm of Tata Group is involved in retail and commercial lending and other financial services such as asset management and private equity.

(Source: Livemint)

6. Cash-Strapped DHFL Seeks Rs 15,000-Crore Immediate Funding from Banks

Troubled mortgage lender Dewan Housing Finance (DHFL) has sought Rs 15,000-crore immediate funding from banks for on-lending to retail customers as well as to project developers, say sources.

Last week, the nearly crippled company had submitted a draft resolution plan to lenders which are yet to be approved by them.

(Source: Business Standard)

7. Some Zomato Delivery Partners to Go on Strike, Refuse to Deliver Pork, Beef

Some delivery partners of online restaurant guide and food ordering firm Zomato in Kolkata will go on strike from Monday as they are not willing to deliver pork and beef to customers, according to a statement from the company spokesperson.

"There is a small group of partners in Howrah who have raised concerns, and we are looking to resolve the issue as quickly as possible," it said.

(Source: Business Standard)

8. Nirmala Sitharaman Meets Homebuyers, Realtors; Says Govt Will Soon Address Liquidity Crunch, Demand Slowdown

The government on Sunday said it will soon address issues affecting the real estate sector after industry bodies and homebuyers met Finance Minister Nirmala Sitharaman to flag their concerns regarding liquidity crunch, demand slowdown and stalled projects.

The finance minister on Sunday held two separate meetings — the first with the two apex realtors’ industry bodies CREDAI and NAREDCO, and the second with homebuyer associations, to discuss the issues concerning the real estate sector and steps to be taken to strengthen the industry.

(Source: Financial Express)

9. Mamata Banerjee Slams Centre for Issuing I-T Notice to Puja Committees

West Bengal Chief Minister Mamata Banerjee on Sunday criticised the Centre for issuing income tax notices to several Durga Puja committees here, saying festivals should be exempt from levies. Banerjee said Trinamool Congress (TMC) would sit on a dharna in the city on August 13 in protest against the move of the BJP-led government at the Centre.

“The Income Tax Dept has issued notices to many committees who organize Durga pujos, asking them to pay taxes. We are proud of all our national festivals. These festivals are for all and we do not want any pujo festival to be taxed. This will be a burden on the organizers,” she tweeted.

(Source: Financial Express)

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