NEW DELHI: In a setback to lenders, the National Company Law Tribunal has removed Jitender Kothari as the resolution professional (RP) in an insolvency case related to Anil Ambani‘s personal guarantee to SBI for a loan to Reliance Communications. NCLT appointed Prashant Jain as the new RP.In Sept 2016, Ambani had given a personal guarantee…
Tractors slowly climbed a muddy hillside in Begging village of Arunachal Pradesh’s Siang district, carrying drilling rigs and equipment for a sensitive pre-feasibility study on May 21. The goal was to assess the possibility of building a massive dam across the Siang River, called the Brahmaputra in Assam and Yarlung Zangbo in China.But on the…
India’s IPO market is gearing up for a busy week starting Monday, with 14 companies, across both mainboard and SME platforms and set to launch their initial public offerings. Together, these firms aim to raise more than Rs 7,000 crore.NSDL: Leading the pack is National Securities Depository Ltd (NSDL), which will open its Rs 4,012…
Finance minister Nirmala Sitharaman on Saturday signaled a possible revival of India-China business relations, saying both sides have shown interest in reviving economic engagement after years of tension. Speaking at a Delhi event to mark the release of a book in honour of economist Shankar Acharya, the finance minister noted that “a beginning has been…
Tata Consultancy Services plans to reduce its workforce by approximately 2%, impacting over 12,000 employees due to economic uncertainties and AI-driven technological changes. The company will provide affected staff with severance benefits, outplacement services, and extended insurance coverage. TCS layoffs: Tata Consultancy Services (TCS), India’s largest IT services firm, plans to lay off as many…
A consortium led by Multiples Alternate Asset Management has approached the Competition Commission of India (CCI) seeking approval to acquire a 32% stake in luggage maker VIP Industries, according to a notice filed with the regulator.The application follows the July 13 announcement that VIP Industries’ promoters — Dilip Piramal and family — will sell up…
India’s top IT services companies closed the first quarter of FY26 with modest single-digit revenue growth, reflecting the impact of global macroeconomic uncertainty, geopolitical instability, and sluggish client decision-making. Despite a cautious outlook, industry leaders pointed to emerging opportunities in artificial intelligence, vendor consolidation, and cost optimisation.An overview of the Q1 performance reveals year-on-year revenue…
The Department of Telecommunications (DoT) has issued a “show-cause-cum-demand” notice of Rs 7,827.55 crore to Tata Communications for adjusted gross revenue (AGR) dues spanning nearly two decades, the company disclosed in an official note dated July 17.The dues have been raised for the financial years from 2005–06 to 2023–24. Tata Communications Managing Director AS Lakshminarayan…
Citigroup has entered the competitive luxury credit card market with the launch of its new Strata Elite Card, aiming to lure premium customers away from rivals like American Express’ Platinum Card and JPMorgan Chase’s Sapphire Reserve.The Strata Elite, launched at an annual fee of $595, undercuts the Platinum and Sapphire Reserve cards, which charge $695…
Gold prices are likely to remain in a consolidation phase over the coming week, as investors await critical central bank policy decisions and developments on global trade negotiations, analysts said.The upcoming US Federal Open Market Committee (FOMC) meeting, the Bank of Japan’s rate decision, and the approaching August 1 deadline for US tariff negotiations are…
