Top 5 NEWS headlines: Adani cos under Sebi lens, TCS on foreign remittances | Business Standard
Dealing in the shares of at least three aggressive companies under the lens of Sebi
The capital markets regulator, the Securities and Exchange Board of India (Sebi), is examining certain transactions in shares of at least three companies led by Gautam Adani — Adani Power, Adani Green Energy and Ambuja Cement — on suspicion of breaching securities laws related to insider trading, according to a report. to two people familiar with the ongoing investigation. Read more
TCS on foreign transfers: FinMin evaluates the problems identified by banks
The Ministry of Finance is “evaluating” issues related to the implementation of a new rule imposing a 20 percent collect-at-source (TCS) tax on foreign transfers. The decision to extend the July 1 deadline (to implement the new law) was not taken. However, it cannot be completely ruled out amid procedural challenges,” a government source familiar with the matter told Business Standard. He confirmed that a few banks had raised concerns with the Ministry of Finance about the readiness of the reporting systems required to implement the new rule. Read more
The Indian manufacturer of cough medicine that Uzbekistan said last year poisoned 19 children used an industrial-grade toxic ingredient instead of the legitimate pharmaceutical version, two sources familiar with the matter told Reuters. Marion Biotech has bought the ingredient – propylene glycol (PG) – from trader Maya Chemtech India, as reported by Reuters. But Maya did not have a license to sell pharmaceutical grade materials and “dealed in industrial grade only,” according to a company source familiar with Marion’s investigation. Read more
Government prepares new multi-billion dollar battery subsidy plan: report
The Indian government is preparing a new multibillion-dollar subsidy scheme for companies that make grid batteries as part of its transition to clean energy, the Financial Times reported on Wednesday, citing an energy ministry proposal. The Financial Times reported that the draft proposal for the production-linked stimulus subsidy scheme would provide 21,600 crore ($2.63 billion) from this year to 2030 for companies to set up battery cell manufacturing capacity in India. Read more
Prosus NV downgraded edtech giant Byju to $5.1 billion
Dutch-listed tech investor Prosus NV cut the valuation of struggling Indian education technology startup Byju to $5.1 billion according to its annual report, down more than 75% from the startup’s $22 billion valuation last year. The report added that Prosus reduced the value of its 9.6% stake in Byju to about $493 million in the fiscal year ending March 31, days after it resigned from Byju’s board of directors along with other investors. Prosus is the company’s largest shareholder. Read more
The Indian manufacturer of cough medicine that Uzbekistan said last year poisoned 19 children used an industrial-grade toxic ingredient instead of the legitimate pharmaceutical version, two sources familiar with the matter told Reuters. Marion Biotech has bought the ingredient – propylene glycol (PG) – from trader Maya Chemtech India, as reported by Reuters. But Maya did not have a license to sell pharmaceutical grade materials and “dealed in industrial grade only,” according to a company source familiar with Marion’s investigation. Read more