QBiz: Jet Staff Wants 75% Stake; ED Attaches Assets in IMA Scam

1. Jet Staff Join Hands With London-Based Adi Group to Bid for 75% Stake in Airline

London-based Adi Group and the Jet Airways Employees Union are to bid for acquiring a 75 per cent stake in the airline, it was announced on Friday.

“We want to be co-owners with employees in perpetuity. We have informed the National Company Law Tribunal (NCLT) through the Resolution Professional that the Adi Group and the employees consortium combined a few days back.

(Source: BusinessLine)

2. ED Attaches Assets Worth Rs 209 Cr in Ponzi Scheme Case

The Directorate of Enforcement (ED) has provisionally attached assets worth Rs 209 crore of the Bengaluru-based IMA Group of Companies in a case in which over 40,000 people have been cheated through ponzi schemes.

The attachment includes immovable properties worth Rs 197 crore, Rs 98 lakh from 51 bank accounts and Rs 11 crore from HDFC Bank, held in the Pradhan Mantri Garib Kalyan Deposit Scheme.

(Source: BusinessLine)

3. Need to Relook Niti Aayog Functioning, Give Fund Allocation Powers: Ex-RBI Deputy Governor

Former RBI deputy governor Rakesh Mohan has stressed the need for relooking at the structure and functions of the government think tank Niti Aayog and also giving it fund allocation powers analogous to that of the Planning Commission.

The socialist-era Planning Commission was replaced by the Niti Aayog on January 1, 2015, by the Narendra Modi government.

(Source: The Economic Times)

4. Government Cuts Interest Rate on Small Savings Schemes by 0.1 Percent

The government Friday reduced interest rate on small savings schemes, including NSC and PPF, by 0.1 per cent for the July-September quarter. The move is aimed at matching the softening of interest rates in the banking sector since the RBI cut its benchmark policy rate thrice during the year.

Barring interest on savings deposits, which has been retained at 4 per cent annually, rate on all other schemes has been slashed by 0.1 per cent.

(Source: Financial Express)

Also Read: Viral Acharya’s RBI Resignation Is Part of a Larger Pattern

5. WTO Panel Rules in Favour of India in TIFF With US on Trade Barriers in Solar Projects

India has won a major trade dispute against the US on Thursday, with a panel at the World Trade Organization ruling that subsidies and mandatory local content requirement instituted by eight American States were against the core global trade.

The two countries have been contesting each other’s domestic content requirement for the solar energy sector.

(Source: BusinessLine)

6. RBI Relaxes Leverage Ratio for Banks to Boost Their Lending Capacity

The Reserve Bank Friday relaxed the leverage ratio (LR) for banks to help them boost their lending activities. The leverage ratio stands reduced to 4 per cent for Domestic Systemically Important Banks (DSIBs) and 3.5 per cent for other banks effective from the quarter commencing October 1, 2019, the central bank said in a notification.

“Both the capital measure and the exposure measure along with Leverage Ratio are to be disclosed on a quarter-end basis. However, banks must meet the minimum Leverage Ratio requirement at all times,” RBI said.

(Source: Financial Express)

7. MSRDC to Take Action If Reliance Infra Misses Sea Link Milestones

Maharashtra State Road Development Corporation (MSRDC) will be ready to take action against Reliance Infrastructure if it misses any milestones in the execution of the Rs 7,000 Crore Versova-Bandra Sea Link project and is closely monitoring it, the state-run agency told ET.

Reliance Infrastructure and other companies of the Anil Ambani-led Reliance Group have faced downgrades from rating agencies as the companies grapple with huge debt and muted cash flows.

(Source: The Economic Times)

8. India Seeks Swiss Tax Department’s Help to Probe Essar Firms

India has sought Switzerland tax department’s assistance in a probe against six companies of the Essar group, including those into steel and power businesses, according to official documents of the Alpine nation.

Kickstarting the information exchange process, the Federal Tax Administration of Switzerland has issued gazette notifications for the six companies, giving them an opportunity to appeal against India’s assistance request as per the Swiss laws.

(Source: BusinessLine)

9. Shaktikanta Das Cautions Against Cherry-Picking of Data by Experts

Reserve Bank Governor Shaktikanta Das Friday cautioned against cherry-picking of data by experts, saying correlations can conveniently be used to establish "spurious causality" to achieve desired results.

His remarks come in the backdrop of recent controversies over GDP data after former Chief Economic Adviser Arvind Subramanian in a research paper claimed that India has over-estimated its economic growth.

(Source: The Economic Times)

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