- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, May 8, 2023:
As India’s National Company Law Tribunal (NCLT) issued notice to SpiceJet on a plea filed by Irish aircraft lessor Aircastle, the budget carrier on Monday said the NCLT notice was issued in a normal course and there was no adverse ruling against the airline, ANI reported. On the notice issued by NCLT in the Aircastle issue, SpiceJet said, “Notice was issued in normal course. There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same.” NCLT issued a notice to budget airline SpiceJet on a petition filed by an aircraft lessor. The next hearing will be on May 17.
India has sought investments from Abu Dhabi Investment Authority and sovereign investor Mubadala in various areas, including renewable and digital sectors, an official statement said on Monday, PTI reported. Secretary in the department for promotion of industry and internal trade (DPIIT) Rajesh Kumar Singh, who is in the UAE, held meetings with the senior leadership of Abu Dhabi Investment Authority and Abu Dhabi-based sovereign investor Mubadala. “Welcoming the surge in investments from the UAE to India, Rajesh Kumar Singh invited both companies to explore new sectors for investing in India, especially the renewable and digital sectors,” the commerce and industry ministry said. Currently, the UAE is the seventh largest investor in India with an estimated investment of $18 billion (£14.2 billion), it added.
Authorities in New Delhi have sought to quash Pernod Ricard’s court challenge against a call to reject its city liquor licence, Reuters reported. They said the French company did not meet the necessary requirements, according to a legal document. Pernod’s brands that include Chivas Regal and Absolut vodka, have not been available in Delhi for more than six months. Pernod has challenged in the Delhi high court the city’s decision taken last month to reject its sale licence citing ongoing probe against the firm, the report added. The company has been accused by India’s federal financial crime agency of illegally making profits by giving false information to Delhi city authorities in 2021 and flouting rules by financially backing retailers for stocking more of its brands. Pernod has denied wrongdoing.
Ajay Seth, secretary of the department of economic affairs of the Indian finance ministry, said the global financial situation is daunting but the Indian financial sector is well protected and well regulated, ANI reported. The secretary was interacting with media persons after the Financial Stability and Development Council (FSDC) took place in the capital on Monday. Indian finance minister Nirmala Sitharaman chaired the meeting. The meeting was organised for the first time after the announcement of the budget 2023-24.
IRM India Affiliate has entered into a knowledge partnership by signing a memorandum of understanding (MoU) with Reliance Jio Infocomm Ltd to build resilience and promote the need for and importance of Enterprise Risk Management (ERM) in the telecoms industry, ANI/ATK reported. IRM is the world’s leading professional body for ERM qualifications across 140+ countries and Reliance Jio is an Indian telecommunications company, and a subsidiary of Jio Platforms that operates a national LTE network with coverage across all 22 telecom circles.
India’s Enforcement Directorate (ED) on Monday said it has arrested a Kerala-based financier who is alleged to have duped 1,000 people of about Rs 240 crore (£23.2 million) by promising them high rates of return on their deposits, PTI reported. Venugopal S, proprietor of Kechery Enterprises, was taken into custody after the agency obtained permission from a special Prevention of Money Laundering Act (PMLA) court. He was already in the custody of Kerala Police — Punalur police station in Kollam district — which first began investigation against him and his company. The court sent Venugopal to four-day remand of the ED for “investigation into the offence of money laundering in connection with collection of illegal deposits from public to the tune of Rs 240 crore”, the agency said in a statement.
