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Amtek Auto board discusses debt issues; VCMD resigns

Saturday, 24 Jun 2017 | PTI | New Delhi

Amtek Auto’s board on Friday discussed ways to resolve debt repayment issues as the components maker faced the likelihood of falling under Insolvency and Bankruptcy Code as per RBI guidelines. The company also said its Vice-Chairman and Managing Director John Ernest Flintham and Independent and Non- Executive Director Sanjiv Bhasin have...

Ford India recalls 39,315 units of Fiesta Classic, old Figo

Saturday, 24 Jun 2017 | PTI | New Delhi

Ford on Friday recalled 39,315 units of Fiesta Classic and the previous-generation Figo models in India to rectify faulty power assisted steering hose. It said the recall will affect units of the two models made at the company’s Chennai plant between 2004 and 2012. “Ford India is voluntarily inspecting 39,315 Ford Fiesta...

Bhushan Power follows parent to NCLT as PNB acts tough

Saturday, 24 Jun 2017 | PTI | Mumbai

Bhushan Power & Steel today became the sixth amongst the 12 largest indebted companies named by the RBI to face liquidation proceedings, as the lenders led by PNB decided to refer it to NCLT. The proceedings will be carried out against the company under the Insolvency and Bankruptcy Code (IBC). Its...

Probe finds no evidence of wrongdoing in Panaya deal: Infosys

Saturday, 24 Jun 2017 | PTI | New Delhi

An independent investigation has found no substance in whistleblower allegations of Infosys CEO Vishal Sikka being paid excessive compensation in relation to the company’s acquisition of Israel’s Panaya, the Indian IT major said on Friday. The statement comes a day before the annual general meeting of the country’s second largest software...

Credit Suisse reaches out to Snapdeal’s minority shareholders

Saturday, 24 Jun 2017 | PTI | New Delhi

Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart. According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board...

TCS ranked as top employer of US talent in IT sector

Saturday, 24 Jun 2017 | PTI | Mumbai

Tata Consultancy Services (TCS) was ranked among the top two job creators in the US for the IT services sector over the past five years, according to a study. The country’s largest software exporter has recruited more than 12,500 US employees from 2012-2016, while it ranked first in terms of US...

IT export growth projection is realistic, reasonable: Experts

Saturday, 24 Jun 2017 | PTI | Hyderabad

The projection by Nasscom that Indian IT exports would grow 7-8 per cent in the current fiscal is realistic and reasonable and reflects the current global business environment, say senior figures in the sector. The numbers put out by the industry body are very realistic because the global IT spending is...

Govt, TRAI discuss policy; IMG brainstorms on telcos’ demands

Saturday, 24 Jun 2017 | PTI | New Delhi

In a day of meetings, Telecom Minister Manoj Sinha discussed policy issues with TRAI Chairman R S Sharma, even as the inter-ministerial group began brainstorming separately to look for remedies at the whopping Rs 4.6 lakh crore debt that is ailing telcos. Sinha and Sharma held discussions in the presence of...

RS 86k-cr Essar Oil-Rosneft deal gets lenders’ approval

Saturday, 24 Jun 2017 | PTI | MUMBAI

A consortium of 23 lenders led by State Bank of India on Friday cleared the Rs 86,000-crore sale of Essar Oil to Russia’s Rosneft-led group after the Ruias agreed to clear a part of the Rs 26,000-crore loans, including that of Life Insurance Corporation. Essar Group sources said they hope to...

Panagariya makes presentation to PMO for reliable jobs data

Saturday, 24 Jun 2017 | PTI | New Delhi

Niti Aayog Vice-Chairman Arvind Panagariya, who heads the task force on employment data, has made a presentation to this effect before the Prime Minister's Office (PMO). The PMO last month had constituted the task force to come up with solutions to have timely and reliable job data for policymaking. “The task...


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12-hr search finds body of woman killed by husband

18 Jun 2017 | Staff Reporter | New Delhi

A police team, along with sniffer dogs, scanned the whole area of Bonta Park in Civil Lines on Saturday morning to get some clue about a woman murdered by her husband on Friday. After 12 hours search operation, police were able to find the body identified as Komal...

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One more farmer commits suicide

24 Jun 2017 | Staff Reporter | Bhopal

A farmer committed suicide in Chhatarpur district, allegedly due to over burdened with debt. While the family of Raghuvir Yadav, (27) alleged that he took the extreme step due to his mounting debt, the police said a family dispute led him to end his life...

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