QBiz: FinMin to Check GST Evasion; RBI Sells Stake in NHB, Nabard

Read all the top business stories of the day here.

Finance Minister Arun Jaitley. 

(Photo: PTI)

1. Madras High Court Lifts TikTok Ban in India, in Boost to ByteDance

In a boost to Beijing Bytedance Technology Co, the Madras high court on Wednesday lifted the TikTok ban that it had imposed on 3 April following a case accusing the short video-sharing app of propagating pornographic content and exposing children to predators.

"I argued that there shouldn't be a ban on the intermediary, there should be removal of offending content. I showed the court the do's and don'ts of the statutory guidelines on how intermediaries should function," said Arvind Datar, who was appointed as Amicus Curae (independent counsel) to the court.

(Source: Livemint)

2. RBI Sells Entire Stake in NHB, Nabard to Govt for ₹1,470 Crore

The Reserve Bank of India (RBI) on Wednesday said that it has divested its entire stake in Nabard and National Housing Bank (NHB) for ₹20 crore and ₹1,450 crore, on 26 February and 19 March, respectively.

Nabard is short for National Bank for Agriculture and Rural Development.

The divestment, RBI said, was based on the recommendations of the Narasimham Committee-II, and the discussion paper prepared by the central bank on harmonizing the role and operations of development financial institutions and banks. “With this, the government of India now holds 100% stake in both the financial institutions," RBI said.

(Source: Livemint)

3. Panel on Economic Capital Framework to Submit Report in May-June: Bimal Jalan

The report by the expert committee on economic capital framework (ECF) that is expected to spell out details regarding how the Reserve Bank of India (RBI) should handle its reserves and whether it can transfer its surplus to the government will now be submitted during May-June, missing its April deadline. The report is also expected to detail the amount the central bank should transfer to the government.

(Source: Livemint)

4. SEBI Bars Cash-Strapped Hotel Leelaventure From Asset Sale to Brookfield

The Securities and Exchange Board of India (Sebi) on Wednesday ordered cash-strapped Hotel Leelaventure to not proceed with the Brookfield Asset Management deal, following letters of objection from foods-to-tobacco major ITC and state-owned insurance giant Life Insurance Corporation (LIC).

Meanwhile, the National Company Law Tribunal (NCLT), which heard the matter following two applications moved by ITC against Hotel Leelaventure (Leela), seeking urgent hearing and the waiver of the requirement of minimum threshold of 10 per cent shareholding for filing a petition under Section 241 of the Companies Act, posted the case for further hearing to 18 June. ITC’s petition is on the grounds of oppression and mismanagement.

(Source: Business Standard)

5. Finance Ministry Brings in Changes in E-Way Bill System to Check GST Evasion

The Finance Ministry has introduced changes in the e-way bill system, including auto calculation of distance based on PIN codes for generation of e-way bill and blocking generation of multiple bills on one invoice, as it seeks to crack down on GST evaders.

Touted as an anti-evasion tool, the electronic way or e-way bill was rolled out on 1 April, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was rolled out a phased manner from 15 April.

(Source: The Economic Times)

6. With Iran and Trade Rifts, India Feels Brushed Aside by Trump

President Donald Trump may count Indian Prime Minister Narendra Modi among his international allies, but New Delhi is smarting over unexpected US decisions it sees as ignoring the interests of an increasingly close partner. The Trump administration this week said it would start to sanction countries that do not comply with its orders to stop buying oil from Iran, demanding that eight governments — including India and China – end all imports when six-month waivers run out next week.

The move, which triggered a hike in global oil prices that could disproportionately hit poorer Indians, came just as Modi was campaigning for a new mandate in ongoing, multi-phase elections.

(Source: Financial Express)

7. Good News for Jet Airways Employees: SpiceJet, Wework India, Others Offer Jobs to Workers of Cash-Starved Airlines

US-based co-working operator WeWork Wednesday said it will offer job opportunities to Jet Airways employees, who were affected by the recent suspension of operations. Running into a debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival. Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots. WeWork, in a statement, said it will actively consider job applications from Jet employees for openings across marketing, community management and sales.

“In line with WeWork’s mission to create a world where people work to make a life, not just a living, the company is opening up opportunities for jet employees to be a part of the global shared community,” it added. WeWork said interested candidates can send their resumes to an email ID created specifically for applications from Jet employees, and these profiles will be considered on priority for any of the open roles across verticals. Lowe’s India — the technology products and solutions centre for USD 71.3 billion Lowe’s Companies — has also offered to recruit employees from the IT division of Jet Airways.

(Source: Financial Express)

8. Bharti Infratel Q4 Net Profit Flat at Rs 608 Crore

Mobile tower company Bharti Infratel Wednesday posted a consolidated net profit of Rs 608 crore in the last quarter of 2018-19, almost flat on year, as consolidation in the telecom sector resulting in reduced tenancies.

The company had posted consolidated profit after tax of Rs 606 crore in the same period year ago.

(Source: Financial Express)

9. Uber APAC Head Quits in Major Recast; India Integrated With European Region

Uber Asia Pacific head Amit Jain has resigned from the company after a four-year stint. Jain, who started the rides business in India and headed Uber's India operations before becoming head of the Asia Pacific business, will remain with the company till the end of May.

The rides business of Uber India will now report to Pierre-Dimitri Gore-Coty, who as vice president heads the car-hailing company’s Europe, Middle East and Africa business from Amsterdam. So far, the India rides business was reporting to the Asia Pacific region, headquartered in Singapore. The move comes as part of a major restructuring of the India unit.

(Source: Business Standard)