BUSINESS
Indian-origin Ramesh Balwani found guilty of defrauding investors, patients in US
After a three-month trial, a jury has found him guilty of all 12 counts. He now faces up to 20 years in prison for each count, The Verge reported late on Thursday. Youngest billionaire Holmes has already been found guilty of defrauding investors. Indian-origin Balwani was Holmes' "boyfriend in secret". Holmes founded Theranos in 2003 and the company was once valued at more than $9 billion.
Pay as you drive should be applicable to 3rd party insurance as well
When asked by IANS, industry officials kept a stoic silence as the companies are raking in money from the motor insurance portfolio. At a time when the industry is lobbying for more regulatory relaxations, barring one or two CEOs, others are mum, when it comes to policyholder friendly moves like scrapping of administrative pricing for motor third party premium.
Companies operating in India need to follow law of land: MEA on Vivo
The remark was made by an MEA spokesperson in connection with the ongoing investigation related to Vivo and other Chinese firms. "Companies that operate here need to follow the law of the land. Our legal authorities are taking steps as per law of the land. I don't see the case to make comments as such on it," MEA spokesperson Arindam Bagchi in a media briefing.
NITI Aayog's ex-CEO Amitabh Kant may be India's G20 Sherpa
A Sherpa will have to devote a lot of time for meetings to be held in different parts of the country. On the other hand, Goyal has other important tasks on hand like serving as the Leader of the Rajya Sabha and also handling the work in his important Ministries like Commerce and Industry, Textiles, and Consumer Affairs, Food and Civil Supplies.
With licence to fly, Akasa Air to start operations this month
"The grant of the AOC is the final step of a comprehensive and rigorous process laid down by the DGCA and marks the satisfactory completion of all regulatory and compliance requirements for the airline's operational readiness," Akasa Air said in a statement. The airline added that it is the first airline whose end-to-end AOC process was conducted using the government's progressive eGCA digital platform.
RBI should internationalise Indian Rupee, says SBI
"The Russia-Ukraine war and the disruptions to payments caused by it, is a good opportunity to insist on export settlement in rupee, beginning with some of the smaller export partners," the SBI said. The banking major also welcomed the RBI's measures relaxing the external commercial borrowing (ECB) and foreign portfolio investors (FPI) norms in the debt segment.
Vivo India remitted Rs 62,476 crore abroad, almost 50% to China: ED
A senior ED official said that they carried out searches at 48 locations across the country belonging to Vivo Mobiles India Private Ltd and its 23 associated companies such as Grand Prospect International Communication Pvt Ltd (GPICPL), and so far, 119 bank accounts of various entities with gross balance to the tune of Rs 465 crore, including FDs to the tune of 66 crore, of Vivo India, 2 kg gold bars, and cash amounting to approximately Rs 73 lakh has been seized under the provisions of the PMLA.
SoftBank's Rajeev Misra leaving group to start his own ventur
Rajeev Misra, who joined SoftBank in 2014, will stay in a reduced capacity with the group's first $100 billion Vision Fund, reports The Wall Street Journal. "Misra will stay on in a reduced capacity at SoftBank, overseeing the original Vision Fund investments, while stepping back from oversight of its successor Vision Fund 2," the report said, citing an internal memo that was sent by SoftBank Founder Masayoshi Son.
SEBI cautions public against fraud refund promises
In a statement, the market regulator said some unscrupulous individuals are trying to cheat the public by holding themselves as officials of its Recovery and Refund Department and falsely informing them about refund of money in various cases through phone calls/e-mails/ messages. It cautioned the public against furnishing any documents, or money on such calls/e-mails/messages.
Now three pvt banks to provide LCs for overseas defence procurement
The Ministry said that MoUs in this connection have been signed with each of these three banks recently by the PCDA, on behalf of MoD, a statement said. Till now, only authorised public sector banks were utilised to provide these services to the MoD, and now for the first time, these private banks will be allowed to provide financial services for overseas procurement.
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