BUSINESS
'India fastest growing economy', says PM Modi at Summit for Democracy
In his virtual address at the leader-level plenary of the second Summit for Democracy, PM Modi said that this itself is the best advertisement for democracy in the world. "This itself says that democracy can deliver," he quipped. "Democracy is not just a structure, it is also a spirit. It is based on the belief that the needs and aspirations of every human being are equally important," he added.
NCLAT order in CCI-Google case a cautionary message to all platforms: Rajeev Chandrasekhar
The NCLAT said that Google will have to pay the fine of Rs 1,337.76 crore, imposed on it by the CCI in October last year for anti-competitive practices in relation to Android mobile devices. "This important judgement is a cautionary message to all platforms and companies," Chandrasekhar said in a tweet.
Pay Rs 1,337 crore fine imposed by Competition Commission, NCLAT tells Google
A two-member bench of the NCLAT directed Google to follow the CCI's order and deposit the amount in 30 days. The CCI had, on October 30, 2022, imposed a fine of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices.
Global cellular IoT module shipments grew 14% in 2022: Report
According to Counterpoint Research, Quectel and Qualcomm dominated the cellular IoT module and chipset markets, respectively. China continued to lead the global cellular IoT module market in terms of demand, followed by North America and Western Europe, while India was the fastest-growing market, , followed by Latin America.
Sequoia India-backed GoMechanic acquired by Lifelong Group consortium
The distressed startup was last valued at $30 million. "Acquisition of the GoMechanic business, aligns with our strategic vision of synergising the Lifelong Group's proven expertise in the automotive industry. We are focused on building upon GoMechanic's business," Lifelong Group said in a statement.
Alibaba shares jump after breakup plan announced
The firm says five of the six units created by the move will explore raising fresh funding and initial public offering (IPO) options, the BBC reported. Alibaba shares gained more than 14 per cent in New York on Tuesday and were more than 13 per cent higher in Hong Kong on Wednesday.
NPCI clarifies that customers won't be charged for UPI transactions
Additionally, there are no charges for the bank account to bank account based UPI payments (normal UPI payments). "The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers,a the NPCI said in a statement.
Adani debunks reports on repayment of loans against shares
Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion and all corresponding shares pledged for those facilities have been released. Adani said all share backed facilities availed by the promoters have been paid off. After such repayment, ListCo pledge positions for Adani Green, Adani Ports, Adani Transmission & Adani Enterprises have reduced substantially, and only residual share pledges corresponding to Operating Company (OpCo) facilities remained outstanding.
'Rs 5,000 cr from SEBI-Sahara fund to repay depositors', Supreme Court allows Centre's plea
A bench headed by justice M.R. Shah and comprising Justice C.T. Ravikumar passed the direction on the application filed by the government in a PIL by Pinak Mani Mohanty. The bench said the amount should be disbursed to depositors duped by the Sahara group of cooperative societies and the entire process will be monitored by a former judge of the top court.
Adani debunks reports on repayment of loans against shares
Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion and all corresponding shares pledged for those facilities have been released. Adani said all share backed facilities availed by the promoters have been paid off. After such repayment, ListCo pledge positions for Adani Green.
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