- Tuesday, November 26, 2024
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Monday, August 7, 2023:
Paytm chairman and chief executive Vijay Shekhar Sharma is set to buy a 10.3 per cent stake worth $628 million (£491.2 million) in the firm he founded from an arm of Chinese fintech company Ant Financial. The deal would make him its single largest shareholder. The move comes as Sharma aims to simplify its ownership structure amid broader concerns about Chinese ownership in Indian financial technology companies, Reuters reported citing analysts. “The government and RBI both were concerned about Chinese stakes in Indian fintechs, so the point was to reduce the stake of the Chinese companies in Paytm,” a Mumbai-based analyst with a domestic brokerage was quoted as saying by the news outlet.
India’s National Company Law Appellate Tribunal (NCLAT) was told on Monday that the new management of Jet Airways has to pay Rs 350 crore (33 million) to the Committee of Creditors (CoC), Mint reported. The Jalan Kalrock Consortium (JKC) has to pay Rs 350 crore before August 31 as a condition precedent, the report added. Additional solicitor general N Venkatraman, who represented the lenders, submitted that CoC may not proceed with the plea and oppose the transfer of the ownership if the money is paid. The court has given a two-week window for the CoC to file an affidavit. Krishnendu Dutta, a senior lawyer for JKC, said they would do their best to pay the amount on the said date. The next hearing is on August 18.
The Lok Sabha or the Lower House of the Indian parliament on Monday passed the Digital Personal Data Protection Bill, 2023. Speaking on the floor of the house, information minister Ashwini Vaishnaw said, “The world today is discussing and praising the government’s Digital India initiative. Many countries want to implement some of these — UPI, Aadhaar – in their respective countries. Villages and rural areas are getting connected with digital journey. The Bill has been introduced to give rights, provide security and privacy to the people. This Bill has been introduced after having it discussed in a series of Parliamentary committee meetings.” The Digital Personal Data Protection Bill frames out the rights and duties of the citizen (Digital Nagrik) on one hand and the obligations to use collected data lawfully of the Data Fiduciary on the other.
India’s Enforcement Directorate (ED) is probing alleged fraudulent foreign funds infusion of more than Rs 86 crore (£8.1 million) into a company that runs the NewsClick portal even as it is expected to soon file a charge sheet in the case being probed under the anti-money laundering law, official sources said on Monday. NewsClick is again in the spotlight after a New York Times report claimed that the news portal was part of a global network that received funding from American billionaire Neville Roy Singham, who allegedly works closely with the Chinese government media machine. Citing the report, Information and Broadcasting Minister Anurag Thakur on Monday said India had been telling the world since 2021 that NewsClick was a dangerous global network of “Chinese propaganda” that was spreading fake news.
Adani Energy Solutions Limited (AESL) on Monday announced it was successful in the financial closure for its $1 billion (£782.3 million) green HVDC (high-voltage direct current ) link project, which will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city. “This link is the need of the hour for the city and will support its growth aspirations. It showcases our commitment to offering Mumbai a brighter and greener future. The project will help accelerate the city’s decarbonisation and its net zero journey.” Said Anil Sardana, managing director, AESL. The credit facility is part of the $700 million (£547.6 million) revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio, the company said in a release.
(With agencies inputs)
