Price Waterhouse banned from auditing listed firms: SEBI

The Securities and Exchange Board of India (SEBI) has banned Price Waterhouse (PW) from auditing listed companies in the country for a period of two years after conducting an investigation into nine-year-old Satyam fraud case. “Any entities or firms practicing as chartered accountants in India under the brand and banner of PW, shall not directly […]

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Trading in cryptocurrency to be banned in South Korea

South Korea has recently announced to ban trading in cryptocurrency after the law enforcement agencies and tax authorities raided local exchanges suspecting tax evasion. According to the press release issued by the country’s justice ministry, “There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through […]

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Den Networks to acquire majority stake in VBS Digital

Den Networks is planning to acquire 51 percent stake in VBS Digital Distribution Network Pvt. Ltd for $416,600 in cash. According to a statement issued by the company said that the deal will strengthen Den’s cable TV network in Uttar Pradesh. As per reports, Den Networks had suffered a net loss of Rs 186.6 crore […]

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Idea to raise Rs 6,750 crore before Vodafone merger

Idea Cellular has announced that the telecom company is planning to raise Rs 3,250 and will invest another Rs 3,250 before a merger with Vodafone India Ltd. According to a statement issued by the company, “The board constituted a panel to evaluate ways to raise an additional Rs 3,500 crore. The proposed capital raising by […]

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CapitaLand’s mall business stake to be acquired by Prestige

Prestige Group, Bangalore-based realty developer, has concluded acquisition of CapitaLand’s stake in its various special purpose vehicles through its subsidiary, for around Rs 342 crore. With these properties located in key growth markets across India, the acquisition will boost Prestige’s annuity portfolio with an estimated incremental rental income of Rs 75 crore per annum, the […]

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Arrow Electronics to acquire eInfochips

As per sources, US-based Arrow Electronics is acquiring eInfochips, a product engineering and software R&D services company, for Rs 1,800 crore. A formal announcement on the deal is expected soon. Initially, on January 9, eInfochips was planning to hold a press conference in Ahmedabad, but it has now been postponed. At first, on December 30, […]

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SBI to reduce minimum balance for savings account

After receiving flak for charging a whopping Rs 1,771.67 crore as penalty from customers for non-maintenance of monthly average balance in savings accounts in eight months of 2017-18 from April to November 2017, the State Bank of India (SBI) is planning to reduce the minimum average balance requirement by 70 percent. Presently, the minimum balance […]

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NIIT acquires US-based technology training firm Eagle International

US-based Eagle International Institute, Inc. has been acquired by technology education services provider NIIT Ltd for $8.1 million (Rs 51.3 crore) in cash. In a stock-exchange disclosure, NIIT said, the deal value includes both upfront and deferred payments to be made over five years. NIIT bought Eagle International, which operates under the name Eagle Productivity […]

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Bitcoin not legal tender in India: Govt

Reiterating its stand on Virtual Currencies (VCs) like bitcoin, the government has clarified that they are not legal tender and do not have any regulatory permission or protection in India. According to a statement issued by government, “These are also not legal tender. Hence, virtual currencies are not currencies. These are also being described as […]

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InnerChef to launch more kitchens and brands

InnerChef is planning to launch more kitchens alongside fresh food brands as it looks to leverage Artificial Intelligence (AI) and Data Analytics in 2018. Rajesh Sawhney, founder and CEO of InnerChef said, “We will launch additional kitchens alongside more food brands under our ‘multi-city and multi-brand’ strategy. We will add Pune and Ahmedabad under our […]

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Reliance Jio frontrunner to buy RCom tower assets

Reliance Jio, owned by Billionaire Mukesh Ambani, has become the frontrunner to buy the tower assets of Reliance Communication (RCom), after the latter had announced to reduce its debt by selling its wireless business. As per reports, the asset monetization drive is expected to conclude by March 2018. Reeling under a debt of Rs 45,000 […]

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