Daily Sector News Today – 12.12.2017
* AVIATION: Senior Indian Administrative Service officer Pradeep Singh Kharola on Monday took charge as the chairman and managing director of Air India. The government is likely to divide the enterprise into two: Air India and Air India Express, which undertakes the airline's profitable West Asia operations, would be combined and put up for sale, while a special purpose vehicle that will include Air India's 320-bln-rupee working capital debt, its other subsidiaries including Alliance Air and assets such as land and buildings will be monetised later.
* BANKING: The resolution process of 12 big accounts that the Reserve Bank of India had recommended for immediate resolution under the insolvency code will be completed by March, Insolvency and Bankruptcy Board of India head M. S. Sahoo said. Having failed to come up with resolution plans for most of the 28 stressed companies on the Reserve Bank of India's second list, bankers are understood to have asked for a little more time to resolve a few of them.
* CORPORATE: The National Corporate Law Tribunal is set to hear in early January a petition opposing plans to make Tata Sons a private company.
* ECONOMY: Gross foreign direct investment into India fell to $3.95 bln in October from $7.48 bln a year ago, according to data released by the Reserve Bank of India.
* FINANCE: International Finance Corp has committed to invest $20 mln in the third fund of private equity company Lighthouse Advisors India. BSE has announced separate transaction charges for different trade volumes in its currency futures segment, reducing rates for most categories, effective Jan 1.
* MEDIA: Viacom18, the 50-50 broadcasting venture between NETWORK18 MEDIA & INVESTMENTS and Viacom Inc, has identified three clear areas of synergy with telecom giant Reliance Jio - big data, content, and technology.
* POWER: The Delhi High Court has issued notices to the Centre and the Directorate for Revenue
Intelligence on a public interest litigation alleging over-invoicing of imported equipment by power
companies.
* TAXATION: In a pre-Budget consultative meeting chaired by Finance Minister Arun Jaitley,
representatives from the information technology sector have asked the government to expedite the process of disbursing refunds under the goods and services tax.
* TELECOMMUNICATION: A top panel, formed in September by the department of telecom, will meet on Wednesday to devise strategies for early deployment of 5G services in India. The Supreme Court is scheduled to hear the government's appeal against a Delhi High Court order that allowed Vodafone to go ahead with arbitration proceedings against India in its 110-bln-rupee tax dispute under the India-UK bilateral treaty.
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* BANKING: The resolution process of 12 big accounts that the Reserve Bank of India had recommended for immediate resolution under the insolvency code will be completed by March, Insolvency and Bankruptcy Board of India head M. S. Sahoo said. Having failed to come up with resolution plans for most of the 28 stressed companies on the Reserve Bank of India's second list, bankers are understood to have asked for a little more time to resolve a few of them.
* CORPORATE: The National Corporate Law Tribunal is set to hear in early January a petition opposing plans to make Tata Sons a private company.
* ECONOMY: Gross foreign direct investment into India fell to $3.95 bln in October from $7.48 bln a year ago, according to data released by the Reserve Bank of India.
* FINANCE: International Finance Corp has committed to invest $20 mln in the third fund of private equity company Lighthouse Advisors India. BSE has announced separate transaction charges for different trade volumes in its currency futures segment, reducing rates for most categories, effective Jan 1.
* MEDIA: Viacom18, the 50-50 broadcasting venture between NETWORK18 MEDIA & INVESTMENTS and Viacom Inc, has identified three clear areas of synergy with telecom giant Reliance Jio - big data, content, and technology.
* POWER: The Delhi High Court has issued notices to the Centre and the Directorate for Revenue
Intelligence on a public interest litigation alleging over-invoicing of imported equipment by power
companies.
* TAXATION: In a pre-Budget consultative meeting chaired by Finance Minister Arun Jaitley,
representatives from the information technology sector have asked the government to expedite the process of disbursing refunds under the goods and services tax.
* TELECOMMUNICATION: A top panel, formed in September by the department of telecom, will meet on Wednesday to devise strategies for early deployment of 5G services in India. The Supreme Court is scheduled to hear the government's appeal against a Delhi High Court order that allowed Vodafone to go ahead with arbitration proceedings against India in its 110-bln-rupee tax dispute under the India-UK bilateral treaty.
